Borosil Renewables

Listed Manufacturer — per-stock model.

As of 21 Aug 2026

Manufacturer—

CMP ₹549NSE: BORORENEW

Latest concall

Q4 FY26 · 13 May 2026

Solar-glass capacity 1,000 TPD (~6.5 GW); Q4 India solar-glass EBITDA margin 33%.
Q4 consolidated PAT ₹169 cr (turnaround); revenue ₹440 cr (+18% YoY).
FY26 standalone revenue ₹1,535 cr (+38%), EBITDA ₹492 cr (+172% YoY).
Anti-dumping duty on China/Vietnam glass curbed imports, lifted pricing.

Order-book execution

Germany (GMB & Geosphere) deconsolidated post-insolvency (₹213 cr FY26 exceptional); FY26 ended in a consolidated net loss despite the strong India business.

Management guidance

Adding SG-4 & SG-5 furnaces (+600 TPD), commissioning Dec-2026 → 1,600 TPD.
Targeting 30-33% EBITDA margin; ₹750 cr fundraise approved.
Setting up a new Rooftop Solar Solutions division.

Q4 FY26 earnings call (Free Press Journal / SaurEnergy)

Revenue FY26E

1,556₹ cr

EBITDA margin

28%

P/E

21.7×

Financials

Annual · ₹ crore · E = estimate.

Annual financials

₹ crore · FY25 → FY28E

Period	Revenue	EBITDA	EBITDA %	PAT	Gross %	ROE %	ROCE %	Capex	Net debt	EPS ₹	WC days
FY14	156	9	6.0%	39	—	—	—	—	—	3.3	—
FY15	325	30	9.0%	51	—	—	—	—	—	4.1	—
FY16	415	46	11.0%	29	—	—	—	—	—	2.7	—
FY17	557	62	11.0%	137	—	—	—	—	—	13.9	—
FY18	633	92	14.0%	49	—	—	—	—	—	4.9	—
FY19	762	109	14.0%	60	—	—	—	—	—	5.9	—
FY23	891	143	16.0%	71	—	—	—	—	—	5.3	—
FY24	1,371	58	4.2%	-50	—	—	—	—	—	-3.6	—
FY25	1,476	58	3.9%	-87	—	—	—	—	—	-5.3	—
FY26	1,556	440	28.0%	127	—	—	—	—	—	9.2	—

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue, EBITDA & margin

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Quarterly

₹ crore · recent quarters.

Quarterly financials

₹ crore

Quarter	Revenue	EBITDA	EBITDA %	PAT	PAT %
Q1FY24	354	26	7.0%	-12	-3.4%
Q2FY24	402	32	8.0%	30	7.5%
Q3FY24	330	20	6.0%	-16	-4.8%
Q4FY24	283	-26	-9.0%	-53	-18.7%
Q1FY25	371	22	6.0%	-14	-3.8%
Q2FY25	373	29	8.0%	-13	-3.5%
Q3FY25	361	-10	-2.8%	-30	-8.3%
Q4FY25	374	15	4.1%	-30	-8.0%
Q1FY26	347	63	18.0%	-203	-58.5%
Q2FY26	379	118	31.0%	62	16.4%
Q3FY26	390	123	31.0%	100	25.6%
Q4FY26	440	136	31.0%	169	38.4%
Q1FY27	406	127	31.0%	87	21.4%

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Revenue & margin trend

Bars ₹cr (left) · margin % (right)

Source Market data (mid-2026) + company filings· As of 21 Aug 2026

Valuation

As of 21 Aug 2026

P/E

21.7×

EV / EBITDA

16.3×

P/B

5.1×

Operating & order mix

Unit economics and the order book.

Shareholding

% · as of 30 Jun 2026

Shareholding pattern

Source Market data (mid-2026) + company filings· As of 21 Aug 2026