BORORENEW - BOROSIL RENEWABLES LIMITED Share Price

Industrial Products

₹505.00-6.10(-1.19%)

Market Open as of Apr 28, 2025, 12:30 IST

What does BOROSIL RENEWABLES LIMITED do?

Glass - Industrial•Capital Goods•Small Cap

Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally. The company offers low iron textured solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses. It provides Selene, an anti-glare solar glass suitable for PV installations near airports; and anti-soiling and antireflective coating solar glass. The company was formerly known as Borosil Glass Works Limited and changed its name to Borosil Renewables Limited in February 2020. Borosil Renewables Limited was incorporated in 1962 and is based in Mumbai, India.

Industry Group:Industrial Products

Employees:809

Website:www.borosilrenewables.com

Valuation
Market Cap	6.77 kCr
Price/Earnings (Trailing)	-90.98
Price/Sales (Trailing)	5.17
EV/EBITDA	95.6
Price/Free Cashflow	-46.42
MarketCap/EBT	-92.43

Fundamentals
Revenue (TTM)	1.31 kCr
Rev. Growth (Yr)	12.79%
Rev. Growth (Qtr)	39.04%
Earnings (TTM)	-74.42 Cr
Earnings Growth (Yr)	-89.22%
Earnings Growth (Qtr)	-338.3%

Profitability
Operating Margin	0.60%
EBT Margin	-5.59%
Return on Equity	-8.58%
Return on Assets	-5.52%
Free Cashflow Yield	-2.15%

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Investor Care
Dividend Yield	0.15%
Shares Dilution (1Y)	0.03%
Diluted EPS (TTM)	-5.04

Financial Health
Current Ratio	0.98
Debt/Equity	0.39

Summary of Latest Earnings Report from BOROSIL RENEWABLES

Summary of BOROSIL RENEWABLES's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

The management of Borosil Renewables expressed a cautiously optimistic outlook, driven by regulatory developments and industry growth. Key points include:

Antidumping Duties: Final DGTR recommendations for 5-year antidumping (on China/Vietnam) and countervailing duties (Vietnam) are expected to restore fair competition. Landed prices post-duty (INR 140/mm/mÂ² or ~INR 56,000/ton) should boost domestic margins, with full impact visible from Q4 FY25.
Industry Growth: Solar installations in India are projected to rise to 25 GW in 2024 (vs. 15 GW in 2023), with module manufacturing capacity expanding to 150 GW in 2"“3 years. Government initiatives like ALMM (domestic modules) and ALCM (cells from June 2026) strengthen local value chains.
Capacity Expansion: Domestic solar glass capacity is 15 GW, with another 15 GW to be added by 2025. Borosil plans a 500 TPD (3.25 GW) expansion (commissioning by Sept 2026), part of India's total planned 41.25 GW (6,300 TPD) capacity.
Financial Recovery: Q3 FY25 saw subdued EBITDA (INR 20.89 Cr vs. INR 52.88 Cr QoQ) due to price pressures and one-time expenses. Post-duty ASP improvements (targeting ~30% EBITDA margins) are expected to drive profitability from Q4.
German Subsidiary: Operations paused due to political uncertainty; costs reduced via government-supported short-time work (EBITDA loss halved to ~INR 4 Cr/month). Awaiting EU policies (25% local renewable components mandate) post-elections.
Fundraising: Raised INR 517 Cr via preferential issue (INR 100 Cr from promoters) for capex.

Challenges include potential dumping via Malaysia and pending Finance Ministry approval for final duties. Management remains confident in India's solar growth and its capacity to leverage import substitution.

Q&A Session

Last updated: Feb 25

Question 1:
"What is the capex outlook for the 500 tons/day expansion, and how will it be funded?"
Answer: The initial capex estimate for the 500 tons/day expansion is INR 675 crores. Funds will come from the recent preferential issue proceeds (INR 517 crores), internal accruals, and bank loans.

Question 2:
"Why was a preferential issue chosen over a rights issue for fundraising?"
Answer: The preferential issue was pursued after investor interest, allowing consolidation of fundraising needs (INR 700 crores) into a single process. Stock exchanges required withdrawal of the concurrent rights issue, which was discontinued.

Question 3:
"Could Chinese manufacturers bypass antidumping duties via Malaysia?"
Answer: While possible, Malaysian exports are expected to be limited due to their focus on profitability. Indian demand is high, and domestic manufacturers can cater to customers avoiding imports.

Question 4:
"What is the timeline for final antidumping duty approval by the Finance Ministry?"
Answer: Approval is expected by early May 2025, following the DGTR's final recommendation. Historically, the Finance Ministry adheres to DGTR's findings.

Question 5:
"How will margins improve post-antidumping duty (ADD) implementation?"
Answer: Realizations are expected to rise to ~INR 56,000/ton (from ~INR 42,000/ton), boosting EBITDA margins to ~30% as costs remain stable.

Question 6:
"What is the current solar glass capacity and future expansion outlook?"
Answer: Current domestic capacity is 15 GW, rising to 41 GW by 2026. Expansion is driven by strong demand and ADD protection, ensuring import substitution.

Question 7:
"Are there plans for further fundraising?"
Answer: No immediate plans. The recent INR 517 crore preferential issue suffices for current capex; future needs may involve debt or internal accruals.

Question 8:
"What caused losses in the German subsidiary, and what steps are taken to mitigate them?"
Answer: Losses stem from low demand due to EU policy delays. The furnace was idled, reducing monthly EBITDA losses from INR 8 crore to ~INR 4 crore via government wage subsidies and cost cuts.

Question 9:
"How will the captive solar power project reduce costs?"
Answer: A 16.5 MW hybrid project under group captive model will save ~INR 17 crores annually via lower tariffs, operational by late 2025.

Question 10:
"Is forward integration into solar module manufacturing planned?"
Answer: No current plans. Focus remains on expanding solar glass production to meet domestic demand.

Share Holdings

Understand BOROSIL RENEWABLES ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
BAJRANG LAL FAMILY TRUST(TRUSTEES PRADEEP KUMAR KHERUKA REKHA KHERUKA & SHREEVAR KHERUKA)	19.33%
PRADEEP KUMAR FAMILY TRUST (TRUSTEES- KIRAN KHERUKA SHREEVAR KHERUKA & REKHA KHERUKA)	19.33%
CROTON TRADING PRIVATE LIMITED	9.88%
KIRAN KHERUKA	4.3%
GUJARAT FUSION GLASS LLP	2.37%
Investor Education And Protection Fund Authority	2.1%
REKHA KHERUKA	2.01%
PRADEEP KUMAR KHERUKA	1.77%
SHREEVAR KHERUKA	1.47%
SPARTAN TRADE HOLDINGS LLP	0.87%
BOROSIL HOLDINGS LLP	0.69%
ASSOCIATED FABRICATORS LLP	0.18%
Firm	0%
SONARGAON PROPERTIES LLP	0%
Alaknanda Ruia	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
BOROLTD	BorosilGlass - Consumer	3.81 kCr	1.1 kCr	-5.96%	-10.28%	55.91	3.47	-3.97%	-23.86%
INDOSOLAR	INDOSOLAROther	1.37 kCr	132.83 Cr	0.00%	0.00%	138.37	10.34	-	-
SURANASOL	Surana SolarHeavy Electrical Equipment	168.68 Cr	41.08 Cr	+3.88%	-20.09%	273.17	4.11	+75.84%	+172.44%

Income Statement for BOROSIL RENEWABLES

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	43.4%	986	688	644	502	271	357
Other Income	16.7%	22	19	21	5.36	3.6	48
Total Income	42.6%	1,008	707	665	508	275	405
Cost of Materials	65.1%	285	173	125	98	73	0
Purchases of stock-in-trade	-	0	0	0.12	0	0.02	236
Employee Expense	19.7%	74	62	45	35	27	39
Finance costs	288.8%	26	7.43	2.8	7.96	6.67	2.42
Depreciation and Amortization	130.6%	114	50	42	42	32	4.95
Other expenses	63.3%	522	320	241	163	124	103
Total Expenses	75.1%	1,029	588	445	355	273	335
Profit Before exceptional items and Tax	-118.9%	-21.34	119	220	153	1.28	70
Total profit before tax	-118.9%	-21.34	119	220	153	1.28	70
Current tax	-109.1%	-1.09	24	50	46	0	24
Deferred tax	-183.7%	-3.72	6.64	4.15	17	0.82	-0.54
Total tax	-119.4%	-4.81	31	54	63	0.82	23
Total profit (loss) for period	-119.9%	-16.52	89	166	90	0.45	47
Other comp. income net of taxes	-28.7%	-0.48	-0.15	-0.3	-0.62	-0.26	11
Total Comprehensive Income	-120.7%	-17	88	166	89	0.19	58
Earnings Per Share, Basic	-139.2%	-1.27	6.789	12.738	7.56	0.04	5.08
Earnings Per Share, Diluted	-139.2%	-1.27	6.789	12.738	7.56	0.04	5.08

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	3.8%	275	265	241	227	241	280
Other Income	-82.8%	1.84	5.87	3	5.31	4.3	5.57
Total Income	2.2%	277	271	244	233	245	286
Cost of Materials	-3.7%	80	83	74	62	75	72
Employee Expense	-5.6%	18	19	20	18	18	19
Finance costs	-42.5%	4.8	7.61	6.17	2.09	8.93	7.76
Depreciation and Amortization	-3.7%	27	28	29	29	29	26
Other expenses	5.3%	141	134	125	129	127	135
Total Expenses	13.9%	288	253	249	250	260	293
Profit Before exceptional items and Tax	-172.2%	-10.55	17	-4.99	-17.54	-15.38	-6.9
Total profit before tax	-172.2%	-10.55	17	-4.99	-17.54	-15.38	-6.9
Current tax	-	0.45	0	0	0	-1.09	-3.71
Deferred tax	-187.7%	-2.36	4.83	-1.35	-4.17	-3.25	2.61
Total tax	-176%	-1.91	4.83	-1.35	-4.17	-4.34	-1.1
Total profit (loss) for period	-180.3%	-8.64	13	-3.64	-13.37	-11.04	-5.8
Other comp. income net of taxes	0%	-0.12	-0.12	-0.12	-0.36	-0.04	-0.04
Total Comprehensive Income	-188.7%	-8.76	12	-3.76	-13.72	-11.08	-5.84
Earnings Per Share, Basic	-5433.3%	-0.66	0.97	-0.28	-1.02	-0.85	-0.44
Earnings Per Share, Diluted	-5433.3%	-0.66	0.97	-0.28	-1.02	-0.85	-0.44

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	53.2%	1,369	894	-	-	-	762
Other Income	5.3%	21	20	-	-	-	38
Total Income	52.1%	1,390	914	-	-	-	799
Cost of Materials	66.7%	351	211	-	-	-	113
Purchases of stock-in-trade	-	0	0	-	-	-	231
Employee Expense	85.5%	218	118	-	-	-	89
Finance costs	312.4%	29	7.79	-	-	-	6.08
Depreciation and Amortization	147.2%	132	54	-	-	-	45
Other expenses	54.5%	735	476	-	-	-	306
Total Expenses	81.8%	1,477	813	-	-	-	710
Profit Before exceptional items and Tax	-187.1%	-86.09	101	-	-	-	90
Exceptional items before tax	-	32	0	-	-	-	0
Total profit before tax	-154.7%	-53.65	101	-	-	-	90
Current tax	-98.3%	1.38	24	-	-	-	35
Deferred tax	-186.4%	-3.83	6.59	-	-	-	-2.8
Total tax	-111.9%	-2.46	30	-	-	-	32
Total profit (loss) for period	-173.2%	-50.27	71	-	-	-	60
Other comp. income net of taxes	-102.8%	-0.65	61	-	-	-	1.84
Total Comprehensive Income	-139.9%	-50.93	131	-	-	-	62
Earnings Per Share, Basic	-205.8%	-3.59	5.339	-	-	-	6.49
Earnings Per Share, Diluted	-205.8%	-3.59	5.339	-	-	-	6.49

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-3%	361	372	371	283	330	402
Other Income	189.9%	15	5.83	3.53	4.72	3.83	4.65
Total Income	-0.3%	377	378	374	288	334	406
Cost of Materials	-12.8%	96	110	96	73	96	95
Employee Expense	0%	54	54	58	54	54	54
Finance costs	-52.8%	5.08	9.64	7.29	3.16	7.44	9.61
Depreciation and Amortization	-3.1%	32	33	34	34	35	31
Other expenses	4.3%	217	208	189	180	174	201
Total Expenses	5.7%	409	387	390	345	352	410
Profit Before exceptional items and Tax	-251.8%	-32	-8.38	-15.32	-57.56	-18.1	-3.43
Exceptional items before tax	-	0	0	0	0.06	0.04	32
Total profit before tax	-251.8%	-32	-8.38	-15.32	-57.51	-18.05	29
Current tax	43.9%	0.45	0.02	0	0.36	0.99	-3.69
Deferred tax	-188.7%	-2.39	4.82	-1.34	-4.21	-3.27	2.58
Total tax	-177%	-1.95	4.83	-1.33	-3.85	-2.29	-1.1
Total profit (loss) for period	-119.9%	-30.07	-13.13	-14.24	-53.32	-15.89	30
Other comp. income net of taxes	-280.7%	-2.38	2.87	-1.06	-2.22	3.3	-1.1
Total Comprehensive Income	-197.1%	-32.45	-10.26	-15.3	-55.54	-12.59	29
Earnings Per Share, Basic	-74.3%	-2.05	-0.75	-0.99	-3.68	-1.19	1.92
Earnings Per Share, Diluted	-74.3%	-2.05	-0.75	-0.99	-3.68	-1.19	1.92

Balance Sheet for BOROSIL RENEWABLES

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-47.6%	78	148	157	126	14	-
Current investments	-	0	0	0	0	16	-
Loans, current	500%	1.08	0.98	0.82	0.66	0.52	-
Total current financial assets	-11%	285	320	353	244	135	-
Inventories	11.1%	272	245	211	265	113	-
Current tax assets	2.1%	8.82	8.66	6.94	3.21	10	-
Total current assets	0.8%	610	605	610	557	290	-
Property, plant and equipment	-5.7%	864	916	994	964	260	-
Capital work-in-progress	3.2%	130	126	83	70	600	-
Goodwill	0%	0.02	0.02	0.02	0.02	0.02	-
Non-current investments	0%	12	12	12	11	7.7	-
Loans, non-current	-9.6%	0.43	0.48	0.28	0.28	0.28	-
Total non-current financial assets	43.8%	24	17	25	22	14	-
Total non-current assets	-3.4%	1,042	1,079	1,121	1,076	902	-
Total assets	-1.9%	1,652	1,684	1,731	1,632	1,192	-
Borrowings, non-current	-12.7%	366	419	370	319	193	-
Total non-current financial liabilities	-11.9%	378	429	382	330	208	-
Provisions, non-current	22%	4.44	3.82	3.59	2.85	2.43	-
Total non-current liabilities	-10.3%	417	465	424	367	234	-
Borrowings, current	23.2%	187	152	109	97	20	-
Total current financial liabilities	16%	342	295	300	278	90	-
Provisions, current	22.2%	12	10	12	8.31	2.32	-
Current tax liabilities	-124.9%	0	5.01	16	13	7.35	-
Total current liabilities	12.9%	368	326	346	322	117	-
Total liabilities	-0.8%	785	791	770	690	351	-
Equity share capital	0%	13	13	13	13	13	-
Non controlling interest	-26.3%	15	20	25	23	0	-
Total equity	-2.9%	867	893	961	943	841	-
Total equity and liabilities	-1.9%	1,652	1,684	1,731	1,632	1,192	-

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-86.7%	2.99	16	1.62	1.07	13	11
Current investments	-	0	0	0	0	16	214
Loans, current	500%	1.08	0.98	22	23	0.52	0.39
Total current financial assets	-7.9%	152	165	166	105	134	295
Inventories	15.8%	170	147	144	174	113	69
Current tax assets	8.8%	7.3	6.79	6.39	2.65	10	10
Total current assets	6.5%	360	338	350	309	289	384
Property, plant and equipment	-5.6%	786	833	911	932	260	277
Capital work-in-progress	206.3%	24	8.51	14	14	600	297
Non-current investments	0%	69	69	12	12	8.35	0
Loans, non-current	3.8%	83	80	109	101	0.28	0.2
Total non-current financial assets	3.8%	167	161	139	126	15	5.29
Total non-current assets	-2.3%	988	1,011	1,072	1,082	903	671
Total assets	-0.1%	1,348	1,349	1,422	1,391	1,192	1,055
Borrowings, non-current	-16.2%	197	235	265	266	193	140
Total non-current financial liabilities	-15.8%	198	235	265	266	208	140
Provisions, non-current	22%	4.38	3.77	0	2.8	2.43	2.1
Total non-current liabilities	-12.7%	235	269	306	301	234	168
Borrowings, current	19.5%	142	119	109	97	20	18
Total current financial liabilities	11.3%	228	205	215	197	90	84
Provisions, current	65.1%	3.08	2.26	1.04	1.1	2.32	1.7
Current tax liabilities	-	0	0	1.31	1.31	7.35	0.37
Total current liabilities	10.6%	242	219	230	212	117	103
Total liabilities	-2.3%	477	488	535	514	351	271
Equity share capital	0%	13	13	13	13	13	13
Total equity	1%	871	862	886	878	842	785
Total equity and liabilities	-0.1%	1,348	1,349	1,422	1,391	1,192	1,055

Cash Flow for BOROSIL RENEWABLES

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	288.8%	26	7.43	0
Change in inventories	125.3%	28	-105.62	-30.92
Depreciation	130.6%	114	50	42
Unrealised forex losses/gains	83.4%	-0.6	-8.61	0.06
Adjustments for interest income	126.7%	10	4.97	0
Share-based payments	-1200%	0.61	0.97	1.53
Net Cashflows from Operations	140%	97	41	239
Interest paid	-	0	0	-2.8
Interest received	-	0	0	-2.04
Income taxes paid (refund)	-76%	4.36	15	66
Net Cashflows From Operating Activities	264%	92	26	173
Cashflows used in obtaining control of subsidiaries	-185.7%	0	0.65	0
Cash payment for investment in partnership firm or association of persons or LLP	-110%	0	11	0
Proceeds from sales of PPE	-133.3%	0.02	0.58	0.13
Purchase of property, plant and equipment	-75.5%	78	315	373
Proceeds from sales of investment property	-	0	0	372
Purchase of investment property	-	0	0	261
Proceeds from government grants	-	54	0	0
Purchase of other long-term assets	-100.9%	0	112	0
Cash receipts from repayment of advances and loans made to other parties	-	22	0	0
Interest received	92.3%	2	1.52	2.06
Net Cashflows From Investing Activities	85.3%	-31.54	-220.68	-259.99
Proceeds from issuing shares	-109.8%	0.75	3.54	0
Payments of other equity instruments	-	6.59	0	0
Proceeds from exercise of stock options	-	0	0	3.58
Proceeds from borrowings	-74.7%	57	222	98
Repayments of borrowings	282.4%	66	18	18
Interest paid	72.2%	32	19	5.6
Other inflows (outflows) of cash	78.5%	0	-3.66	18
Net Cashflows from Financing Activities	-125.8%	-46.42	185	96
Net change in cash and cash eq.	214%	14	-10.4	9.31

Consolidated figures (in Rs. Crores) / View Standalone Data

Finance costs	312.4%
Change in inventories	112.5%
Depreciation	147.2%
Impairment loss / reversal	-
Unrealised forex losses/gains	-116.6%
Adjustments for interest income	-43.6%
Share-based payments	-1200%
Net Cashflows from Operations	1268.6%
Income taxes paid (refund)	46.2%
Net Cashflows From Operating Activities	1022.7%
Cashflows used in obtaining control of subsidiaries	-101.2%
Cash payment for investment in partnership firm or association of persons or LLP	-110%
Proceeds from sales of PPE	-95.2%
Purchase of property, plant and equipment	-37.8%
Proceeds from government grants	10669.2%
Interest received	-
Other inflows (outflows) of cash	95.1%
Net Cashflows From Investing Activities	34.4%
Proceeds from issuing shares	-109.8%
Payments of other equity instruments	-
Proceeds from borrowings	-20.4%
Repayments of borrowings	282.4%
Payments of lease liabilities	-733.3%
Interest paid	77.8%
Other inflows (outflows) of cash	77.8%
Net Cashflows from Financing Activities	-53.6%
Net change in cash and cash eq.	281.8%

BORORENEW - BOROSIL RENEWABLES LIMITED Share Price

What does BOROSIL RENEWABLES LIMITED do?

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Summary of Latest Earnings Report from BOROSIL RENEWABLES

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Is BOROSIL RENEWABLES Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Income Statement for BOROSIL RENEWABLES

Balance Sheet for BOROSIL RENEWABLES

Cash Flow for BOROSIL RENEWABLES