BORORENEW

Borosil Renewables share price & financials

Price
₹598.25
Market cap
₹8.3k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 17 Jul 2026

Borosil Renewables Limited Q1 FY27

Standalone EBITDA ₹142 cr +53%Standalone EBITDA Margin 35% Standalone PAT ₹87 cr

What went well

  • Standalone sales increased by 22.1% YoY to INR405.69 crores, driven by higher selling prices and 8% growth in quantity terms.
  • Standalone EBITDA grew by 53.5% YoY to INR142 crores, with EBITDA margin expanding to 35% from 27.9% in Q1 FY26.
  • The new solar wind hybrid captive power plant, commissioned in March 2026, contributed over INR6 crores in savings in Q1 FY27 and increased renewable power share to 93%.

What to watch

  • Q1 FY27 Net Profit (PAT) of INR87 crores was lower than Q4 FY26 PAT of INR169 crores, primarily due to a one-time tax shield recognition in Q4 FY26.
  • Uncertainties persist regarding fuel prices and the West Asia war situation, despite some recent easing.
Read the full call →

What Borosil Renewables Limited does

Borosil Renewables manufactures low-iron, textured solar glass used to encapsulate photovoltaic modules, supplying solar-module and EPC customers in India as well as export markets across Europe, the Americas, Asia and Africa. It runs furnace-based glass production at its integrated Bharuch (Gujarat) facility and, through its German subsidiary Glasmanufaktur Brandenburg GmbH (GMB) in Tschernitz, in Europe. Beyond standard solar glass, it makes value-added variants such as anti-glare, anti-reflective and antimony-free textured glass for utility-scale, rooftop, BIPV and greenhouse applications. It is part of the six-decade-old Borosil Group, alongside sister companies making consumer glassware and lab/pharma packaging.

Segments

  • Solar Glass
Solar glass manufacturing capacity (India)
1,000 TPD (~6.5 GW equivalent)
Manufacturing facility footprint
100+ acre integrated plant at Bharuch, Gujarat
Market position
World's largest non-Chinese-owned solar glass producer; over 15% share of India's domestic solar glass market
Employees
685 employees plus 1,045 workmen (as of Mar 31, 2025)
Export/geographic footprint
Sells into roughly 18 countries across Europe, the Americas, Asia and Africa
Domestic customers served
100+ domestic customers
Founded 1962Employees 685 (2025-03-31) Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 5 delivered 2 missed 7 open
  • EBITDA Margin delivered said Q3 FY25 Promised: Sustain a 30% EBITDA margin once target selling prices are realized. Q1 FY27: Achieved 35% EBITDA margin, exceeding the sustained target for the fourth consecutive quarter.
  • German Operations EBITDA Loss missed said Q3 FY25 Promised: Reduce EBITDA level loss from INR 8 crores/month to INR 4 crores/month. Q1 FY27: The matter is closed. The impact was noted in the Q1 FY27 results via a one-time tax shield in the previous quarter related to the provision for the German subsidiary.
  • New Furnace Commissioning delayed said Q3 FY25 Promised: New 500 TPD facility commissioning by September 2026. Q1 FY27: Timeline pushed out. Management now expects commissioning in Q4 FY27 (Jan-Mar '27) with revenue recognition conservatively from Q1 FY28 (April '27), reversing the previous pull-forward.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.0%, net profit up 142.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue373 361 374 347 379 +2%390 +8%440 +18%406 +17%
EBITDA29 -10 15 63 118 +307%123 +1330%136 +807%127 +102%
Net profit-13 -30 -30 -203 62 +577%100 +433%169 +663%87 +143%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −14.9% 1Y

₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 29 Jan 2026Q4 FY26 — 13 May 2026Q1 FY27 — 17 Jul 2026

1Y: ₹582.1 on 10 Sept 2025 → ₹495.65. High ₹699.3 (11 Nov 2025), low ₹377 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.2%
17 Jul
Q4 FY26
−1.3%
13 May
Q3 FY26
−3.3%
29 Jan
Q2 FY26
−2.7%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 20.3% a year over 3 years, FY23 to FY26. Operating margin widened to 28.3%.

Year endingFY23FY24FY25FY26
Revenue₹894 Cr₹1.4k Cr₹1.5k Cr₹1.6k Cr
Operating profit₹143 Cr₹52 Cr₹56 Cr₹440 Cr
Operating margin16.0%3.8%3.8%28.3%
Interest₹7 Cr₹29 Cr₹32 Cr₹14 Cr
Depreciation₹55 Cr₹132 Cr₹135 Cr₹95 Cr
Net profit₹70 Cr₹-51 Cr₹-87 Cr₹128 Cr
Net margin7.8%-3.7%-5.9%8.2%
Cash from operations₹-6 Cr₹69 Cr₹100 Cr₹423 Cr
Free cash flow₹-353 Cr₹-148 Cr₹-8 Cr₹226 Cr
ROCE—-4.0%-4.0%25.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr₹14 Cr
Reserves₹602 Cr₹772 Cr₹906 Cr₹860 Cr₹880 Cr₹1.5k Cr
Borrowings₹79 Cr₹157 Cr₹421 Cr₹576 Cr₹203 Cr₹162 Cr
Other liabilities₹89 Cr₹113 Cr₹292 Cr₹235 Cr₹165 Cr₹152 Cr
Total liabilities₹783 Cr₹1.1k Cr₹1.6k Cr₹1.7k Cr₹1.3k Cr₹1.8k Cr
Fixed assets₹320 Cr₹278 Cr₹977 Cr₹928 Cr₹664 Cr₹614 Cr
Capital work in progress₹4 Cr₹297 Cr₹70 Cr₹126 Cr₹48 Cr₹108 Cr
Investments₹280 Cr₹214 Cr₹11 Cr₹12 Cr₹136 Cr₹606 Cr
Other assets₹178 Cr₹267 Cr₹574 Cr₹618 Cr₹414 Cr₹497 Cr
Total assets₹783 Cr₹1.1k Cr₹1.6k Cr₹1.7k Cr₹1.3k Cr₹1.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Aug 2026

Since Sep 2025, promoters trimmed −5.84 pp while DIIs added +2.55 pp. The shareholder count shrank 11% to 2,24,437.

Promoters
56.0%
FIIs
5.6%
DIIs
3.3%
Public
35.0%

Since Sep 2025

  • Promoters −5.84 pp
  • DIIs +2.55 pp
  • Public +2.47 pp

How it drifted, 12 quarters

Over this window promoters fell from 61.6% to 56.0% — −5.6 pp.

Dec '23Mar '25Aug '26

Ownership split by quarter, oldest first. Dec '23: Promoters 61.6%, FIIs 4.5%, DIIs 0.7%, Public 33.2%.Mar '24: Promoters 61.6%, FIIs 4.4%, DIIs 0.3%, Public 33.8%.Jun '24: Promoters 61.6%, FIIs 4.3%, DIIs 0.2%, Public 33.8%.Sep '24: Promoters 61.6%, FIIs 4.2%, DIIs 0.2%, Public 34.0%.Dec '24: Promoters 61.6%, FIIs 5.3%, DIIs 1.0%, Public 32.0%.Mar '25: Promoters 62.2%, FIIs 4.5%, DIIs 1.2%, Public 32.1%.Jun '25: Promoters 61.9%, FIIs 4.6%, DIIs 0.7%, Public 32.7%.Sep '25: Promoters 61.9%, FIIs 4.8%, DIIs 0.8%, Public 32.6%.Dec '25: Promoters 58.8%, FIIs 4.0%, DIIs 2.6%, Public 34.7%.Mar '26: Promoters 58.8%, FIIs 4.3%, DIIs 2.3%, Public 34.6%.Jun '26: Promoters 58.8%, FIIs 6.1%, DIIs 2.6%, Public 32.5%.Aug '26: Promoters 56.0%, FIIs 5.6%, DIIs 3.3%, Public 35.0%.

Who was buying across the market this quarter →

Who is on the register

Named in the Aug 2026 filing

Every holder of Borosil Renewables Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Bajrang Lal Family Trust(Trustees Pradeep Kumar Kheruka Rekha Kheruka & Shreevar Kheruka) 17.40%−0.86 pp
Pradeep Kumar Family Trust (Trustees- Kiran Kheruka Shreevar Kheruka & Rekha Kheruka) 17.40%−0.86 pp
Croton Trading Private Limited 8.89%−0.44 pp
Kiran Kheruka 3.87%−0.19 pp
Gujarat Fusion Glass LLP 2.13%−0.11 pp
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs 1.83%−0.09 pp
Rekha Kheruka 1.81%−0.08 pp
Pradeep Kumar Kheruka 1.59%−0.08 pp
Shreevar Kheruka 1.36%−0.07 pp
Spartan Trade Holdings LLP 0.78%unchanged
Borosil Holdings Llp 0.62%unchanged
Associated Fabricators LLP 0.16%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Borosil Renewables Limited

Guides on how to read this kind of business and the numbers that matter.