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BOROSIL RENEWABLES (BORORENEW) had a P/E of 13.4× on 6 Nov 2026, below the industry P/E of 15.5×, and the shares are 44% below their 52-week high. Sales and net profit grew 20% and 23% a year over 3 years; its ROCE of 9.5% is the lowest among the 7 largest Solar peers. It carries very little debt. It is a small-cap company with a market cap of ₹5,934 Cr, ranked 6th of 27 Solar companies by market cap; the shares fell 38% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹410.80
Day high
₹411.00
Day low
₹394.05
Prev. close
₹413.75
Volume
5.3 L

Health check

1 good · 1 fair · 4 to check
  • ReturnsBehind

    −37.6% over a year, better than 1 of 7 peers.

  • Price tagIn line

    P/E 13.4 vs industry 15.5.

  • GrowthSlow

    Sales +20.2%, profit +22.8% a year over 3 years.

  • ProfitabilityWeak

    ROCE 9.5% vs peer median 28.9%.

  • Balance sheetSolid

    Debt 0.07× equity, interest covered 11.7×, Piotroski 7 of 9.

  • Red flags2 to check

    44% below its 52-week high.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Solar

26 listed peers. Screen the industry

Small cap

₹5,934 Cr, #6 of 27 in its industry by size.

Defensive

Beta 0.27 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹1,633 Cr · profit ₹425 Cr
Market cap
₹5,934 Cr
Small cap
P/E
13.4
Industry 15.5
Price to book
2.99
Peers 4.38
Dividend yield
0.00%
ROE
29.9%
Peers 36.4%
ROCE
9.5%
Peers 28.9%
Debt to equity
0.07
Debt ₹128 Cr
EPS (TTM)
₹30.14
Face value ₹1
OPM (TTM)
30.1%
Net margin 26.0%
Sales growth
+4.7%
Latest quarter vs a year ago
Profit growth
+160.8%
Latest quarter vs a year ago
Price to sales
3.63
EV/EBITDA 10.4

Strengths and risks

Strengths

  • Return on equity of 29.9%.
  • Practically debt-free.
  • Quarterly profit up 160.8% on a year ago.
  • Net margin of 26.0%.

Risks to check

  • 44% below its 52-week high.
  • Promoter stake down from 58.8% to 56.0%.

Derived automatically from reported figures. Not a recommendation.

About BOROSIL RENEWABLES

Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally. It provides low iron textured solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses. It also offers 2 MM fully tempered solar glass; Shakti, a solar glass in matt-matt finish; NoSbEra, an antimony-free solar glass; Selene, an anti-glare solar glass; and solar glass with anti-reflective and…

Headquarters
Mumbai
Employees
785
Sector
Technology
ISIN
INE666D01022
Website
borosilrenewables.com

Price range

52 weeks

₹369.00₹721.00

Today

₹394.05₹411.00
Avg volume (3M)
4.1 L
1-year return
minus 37.6%
From 52-week high
minus 44.1%

Peers · Solar

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
WAAREEENERWaaree Energies2,438.00minus 0.46%70,12919.012.030.1%19.9%0.3157.8%minus 27.3%
PREMIERENEPremier Energies890.00plus 0.85%40,31622.517.427.4%29.9%0.8676.2%minus 15.3%
EMMVEEEmmvee Photovoltaic Power251.31minus 0.28%17,39912.19.734.5%34.7%0.25102.7%plus 14.5%
KARAMTARAKaramtara Engineering375.70minus 0.96%12,09152.827.718.1%9.0%0.9140.4%plus 6.7%
UTLSOLARFujiyama Power Systems351.80minus 9.21%10,81135.722.528.9%18.8%0.4158.7%plus 68.8%
BORORENEWBOROSIL RENEWABLES403.20minus 2.55%5,93413.412.19.5%30.1%0.0720.2%minus 37.6%
VIKRAMSOLRVikram Solar142.39plus 1.95%5,16014.16.020.5%15.4%0.2032.3%minus 56.6%
SAATVIKGLSaatvik Green Energy358.60plus 0.01%4,55826.58.930.8%9.7%0.6995.5%minus 32.1%
Median of 7 peers–−0.28%12,09122.512.028.9%18.8%0.4158.7%−15.3%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
379390440406397
260267304279291
119123136127105
31.3%31.5%31.0%31.3%26.6%
1.77.78.514.610.6
3.633.42.32.6
22.322.221.521.623.7
−7.816.7–––
86.612212011889.6
28.9%18.0%−40.8%26.5%23.2%
26.410016986.868.9
1.977.1512.066.194.76

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+20.2%
Profit CAGR 3Y
+22.8%
EPS CAGR 3Y
+21.0%
ROE
29.9%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
8911,3631,4731,549
–+53.0%+8.1%+5.2%
7421,2971,4141,298
14965.358.3251
16.7%4.8%4.0%16.2%
12.810.314.5198
7.32930.613.3
5413213595.4
0.632.418.7−198
101−52.7−74.4142
30.1%4.7%−16.9%10.5%
69.6−46.9−69.6129
5.34-3.59-5.329.46

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1313.113.214
9068609841,497
421576252162
292235205152
1,6321,6841,4541,825
1,0401,045912811
75.7130141201
8.2513.83.4
14417983.5640
365325303169
1,6321,6841,4541,825

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
−6.468.799.8423
−241−215−142−736
238168−52.7323
−1021.4−9510.5
−347−217−109−199
−354−148−9.4225

Shareholding pattern

Source: NSE filings
56.0%
promoters
  • Promoters56.02%
  • Public43.98%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202656.02%43.98%0.00
14 Aug 202656.02%43.98%minus 2.75
30 Jun 202658.77%41.23%0.00
31 Mar 202658.77%41.23%0.00
31 Dec 202558.77%41.23%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you