Borosil Renewables Limited (BORORENEW) AI Stock Analysis

• Market Cap: ₹59.04B
• Dividend Yield: N/A
• Average Volume (3M): 76.43K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 1.12
• Revenue Growth: 7.68%
• EPS Growth: -114.23%
• Country: IN
• Employees: 809
• Sector: Energy
• Sector Strength: 52
• Industry: Packaging & Containers
• EPS (TTM): 7.14
• Shares Outstanding: 140,188,840
• 10 Day Avg. Volume: 56,945
• 30 Day Avg. Volume: 76,428
• PEG Ratio: -1.96
• Price to Book (P/B): 6.57
• Price to Sales (P/S): 4.43
• P/FCF Ratio: -700.94
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: ₹409.00 ▼(-25.34% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is primarily held back by weak financial quality (ongoing losses and pressured cash generation) and bearish technicals (price below key moving averages with negative MACD). A moderate P/E provides some support but is not enough to offset profitability and trend concerns.

Positive Factors

Revenue Growth & Equity Base

Consistent top-line growth and a solid equity base provide durable capacity to fund operations and expansion in the near term. Revenue momentum supports scale in manufacturing while equity strength helps absorb losses and finance capex without immediate reliance on dilutive financing.

Niche Solar-Glass Business Model

Specialization in high-transmittance PV module glass gives the company a focused, industrial moat within the solar supply chain. This positions it to capture persistent demand from module makers as global solar installations grow, supporting durable revenue visibility and customer relationships.

Manageable Leverage / Capital Structure

A manageable debt profile and healthy equity ratio provide financial flexibility to fund ongoing capex and scale capacity. This reduces short-term refinancing pressure and supports operational investments while management works to restore profitability.

Negative Factors

Persistent Negative Margins

Sustained negative operating and net margins undermine self-sustaining profitability. Over months this erodes retained earnings and limits reinvestment capacity, forcing reliance on external funding or cost restructuring to reach durable break-even margins.

Volatile and Negative Free Cash Flow

Fluctuating operating cash flow and recent negative FCF indicate weak cash generation versus capital needs. Persistently negative FCF constrains the company's ability to fund maintenance and growth capex internally, raising refinancing and liquidity risk over the medium term.

Rising Debt Trend and Declining ROE

An uptick in total debt alongside falling ROE from recurring losses increases financial leverage risk. If earnings recovery stalls, rising interest burdens and weaker returns can limit strategic flexibility and elevate credit costs or covenant risk over the coming quarters.

Borosil Renewables Limited Business Overview & Revenue Model

Company Description

Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally. The company offers low iron solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses. It also offers 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.

How the Company Makes Money

Borosil Renewables generates revenue primarily through the sale of solar glass products to manufacturers of solar panels and other renewable energy solutions. The company benefits from the growing demand for solar energy, driven by global initiatives to reduce carbon emissions and promote clean energy. Key revenue streams include direct sales contracts with solar panel manufacturers, exports to international markets, and potential partnerships with energy companies for specialized projects. Additionally, Borosil Renewables may engage in long-term supply agreements that provide stable revenue, along with opportunities for technological collaboration to enhance product offerings.

Borosil Renewables Limited Financial Statement Overview

Summary

Strong revenue growth and a healthy equity base are positives, but persistent net losses (negative net/EBIT/EBITDA margins) and volatile, recently negative free cash flow weigh heavily. Debt remains manageable, though rising leverage should be monitored given weak profitability.

Income Statement

The income statement reflects mixed performance. While there has been significant growth in total revenue over the years, with a notable increase from 2020 to 2025, the company is facing profitability challenges. The gross profit margin is strong, indicating effective cost management, but the net profit margin is negative due to consistent net losses, especially in recent years. This suggests high operating costs or other financial burdens impacting profitability. EBIT and EBITDA margins have also turned negative, indicating operational inefficiencies.

Balance Sheet

The balance sheet shows a relatively stable financial position with a solid equity base. The debt-to-equity ratio is manageable, suggesting that the company isn't overly leveraged. However, there has been an increase in total debt over the years, which may pose a risk if not managed carefully. Return on equity has been declining due to net losses, which is a concern. The equity ratio remains healthy, indicating a strong capital structure.

Cash Flow

Cash flow analysis indicates volatility. Operating cash flow has fluctuated, with some years showing negative values, highlighting operational cash generation challenges. Free cash flow is also negative in recent years, primarily due to high capital expenditures, which could be investments for future growth. The company needs to improve cash flow management to ensure sustainability and support for its growth initiatives.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.60B	14.79B	13.63B	8.91B	6.42B	5.01B
Gross Profit	10.42B	10.52B	4.23B	4.01B	2.80B	1.99B
EBITDA	-80.88M	925.87M	1.07B	1.62B	2.65B	2.02B
Net Income	-1.87B	-695.68M	-468.95M	696.32M	1.66B	896.45M
Balance Sheet
Total Assets	12.62B	14.54B	16.84B	16.32B	10.55B	7.83B
Cash, Cash Equivalents and Short-Term Investments	1.77B	892.92M	1.79B	1.44B	2.28B	3.18B
Total Debt	2.03B	2.52B	5.76B	4.21B	1.57B	788.74M
Total Liabilities	3.70B	4.55B	7.91B	6.90B	2.71B	1.68B
Stockholders Equity	8.93B	9.97B	8.73B	9.19B	7.85B	6.15B
Cash Flow
Free Cash Flow	891.38M	-93.52M	-1.48B	-3.54B	-2.00B	1.34B
Operating Cash Flow	1.36B	997.87M	687.46M	-63.71M	1.73B	1.61B
Investing Cash Flow	-1.30B	-1.42B	-2.15B	-2.41B	-2.60B	-3.32B
Financing Cash Flow	-62.03M	-526.84M	1.68B	2.38B	958.93M	1.72B

Borosil Renewables Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 547.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BORORENEW, the sentiment is Negative. The current price of 547.8 is above the 20-day moving average (MA) of 436.74, above the 50-day MA of 477.09, and below the 200-day MA of 556.23, indicating a bearish trend. The MACD of -19.46 indicates Negative momentum. The RSI at 41.20 is Neutral, neither overbought nor oversold. The STOCH value of 48.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BORORENEW.

Borosil Renewables Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TIMETECHNO	69 Neutral	₹80.17B	17.09	―	0.67%	7.53%	16.26%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
EPL	65 Neutral	₹60.90B	21.09	―	2.32%	8.19%	58.19%
HUHTAMAKI	64 Neutral	₹12.30B	13.53	―	0.95%	-1.59%	-75.34%
UFLEX	64 Neutral	₹31.34B	25.06	―	0.62%	7.44%	―
BORORENEW	49 Neutral	₹59.04B	18.86	―	―	7.68%	-114.23%

Borosil Renewables Limited Corporate Events

Borosil Renewables’ German SPV Geosphere Files for Insolvency; Parent Sees No Fresh Hit

Borosil Renewables has announced that Geosphere Glassworks GmbH, its wholly owned, non-operating German subsidiary set up as a special purpose vehicle to hold a majority stake in GMB Glasmanufaktur Brandenburg GmbH, has filed a voluntary insolvency application before the insolvency court in Cottbus, Germany. The move follows GMB’s own insolvency proceedings initiated in July 2025 amid weak European solar market conditions, and a claim by a German government bank seeking repayment of a €4.81 million capital subsidy granted to GMB, after certain operational conditions tied to that subsidy could not be met. Geosphere has attributed its financial distress and inability to honour the bank’s demand to broader policy failures by the European Union and German authorities to protect European solar PV manufacturing, and has now sought insolvency protection due to insufficient resources. Borosil Renewables stated that its entire exposure of about Rs 13,003.09 lakh to Geosphere had already been fully provided for as an exceptional item in its June 2025 quarter results, and therefore it does not expect any material financial impact on the parent company from Geosphere’s insolvency filing.

Borosil Renewables Strengthens Leadership with New Appointment

Borosil Renewables Limited has announced a change in its senior management with the appointment of Mr. Dhaval Patel as a Senior Management Personnel effective December 16, 2025. Mr. Patel, who has been with the company’s Finance Department for over three years, will now also lead the Investor Relations Department. This move is part of the company’s ongoing leadership development process, aimed at strengthening its management team. Mr. Patel’s extensive financial expertise and industry knowledge are expected to enhance the company’s strategic initiatives and investor engagement.