BORORENEWCapital Goods

BOROSIL RENEWABLES LIMITED

Glass - Industrial · ISIN INE666D01022 · BSE 502219 · NSE EQ · FV ₹1
Last price
₹449
+0.75%today
What this company does

BOROSIL RENEWABLES LIMITED operates in Glass - Industrial, part of the Capital Goods sector. It booked ₹406 cr of revenue in its latest quarter (Q1 FY27) and kept 21.4% of sales as profit. It is the largest of 3 Glass - Industrial companies we track, by market value.

In the report:
75out of 100
Equitytale Health Score
Solid

Healthier than 75% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 77–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
oversold
RSI (14)
20

At close. Not part of the score.

Profitability & returns83

How much profit it earns on the money it employs

Balance sheet67

How much it owes, and whether earnings cover the interest

Cash quality64

Whether reported profit actually arrives as cash

Growth & consistency60

Whether sales and profit have grown, and how steadily

Valuation84

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Looks broadly healthy
Strengths
Makes a profit
Strong 21% net margin
Sales up 17% vs last year
Promoters hold 56%
No promoter shares pledged
Strong 23% return on equity
Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in BORORENEW?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own revenue trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹449 +0.75%
latest close · 2026-09-17
1-year return
+48.5%
52-wk low ₹28952-wk high ₹833
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio18.1Average
LowAverageHigh
P/B ratio4.16High
Below bookModerateHigh
EV / EBITDA11.3Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity23.0%Strong
WeakFairStrong ▸15%
Return on capital29.3%Strong
WeakFairStrong
Net margin21.4%Strong
ThinDecentStrong
EBITDA margin34.8%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.11Comfortable
LowModerateHigh ▸1
Interest cover51.5×Strong
RiskyOkayStrong ▸5×
Current ratio4.76Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹6,289 cr
Book value
₹108
EPS
₹6.19
latest quarter
Net debt
₹101 cr
owes more than its cash
Enterprise value
₹6,390 cr
EBITDA
₹565 cr
annualised
EBIT
₹478 cr
annualised
Operating margin
29.5%
Return on assets
19.0%
Earnings yield
5.51%
P/S
3.88
Sales / share
₹115.9
Tax rate
26.6%
Face value
₹1,403
Shares
14.0 cr
Working capital
₹726 cr
Current assets
₹919 cr
Current liabilities
₹193 cr
Delivery %
49.8%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹44₹44, midpoint ₹44

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹406 cr
Other Income₹14 cr
Total Income₹420 cr
Cost of Materials₹91 cr
Purchases of Stock-in-Trade₹2 cr
Inventory Change (±)₹-9 cr
Employee Benefit Expense₹26 cr
Finance Costs₹2 cr
Depreciation & Amortisation₹22 cr
Other Expenses₹169 cr
Total Expenses₹302 cr
Profit before Tax₹117 cr
Tax Expense₹31 cr
Share of JV / Associates₹61.7 L
Net Profit₹87 cr
Net margin on total income20.6%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹84 cr19.9%
Employee benefit expense₹26 cr6.1%
Finance costs₹2 cr0.6%
Depreciation & amortisation₹22 cr5.1%
Other expenses₹169 cr40.3%
Tax expense₹31 cr7.4%
Profit for the period₹87 cr20.6%
Total income ₹420 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue390 cr440 cr406 cr
Total income398 cr449 cr420 cr
Expenses293 cr328 cr302 cr
Profit before tax122 cr121 cr117 cr
Tax22 cr-49 cr31 cr
Net profit (owners' share)100 cr169 cr87 cr
Net margin (owners' share, on revenue)25.6%38.4%21.4%
EPS (₹)7.2012.076.19
YoY (latest quarter): total income +18.9% · net profit
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹1,825 cr
Shareholder equity
₹1,511 cr
parent shareholders
Total debt
₹162 cr
Cash
₹61 cr
Cash flow · H1 FY26
Operating
₹136 cr
Investing
₹-132 cr
Financing
₹-6 cr
Peer comparison
Glass - Industrial · by market value
CompanyPriceMarket capP/E
BOROSIL RENEWABLES LIMITEDthis company₹449₹6,289 cr18.1
Borosil Scientific Limited₹118₹1,052 cr60.4
Sejal Glass Limited₹682₹777 cr27.2
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹0.65
ex 18 Dec 2019
ActionDetailEx-date
Dividend₹0.65 / share18 Dec 2019
Bonus issue1:32 Aug 2018
Dividend₹2.5 / share11 Jul 2018
Stock splitStock Split From Rs.10/- to Rs.1/-14 Sep 2017
Dividend₹25 / share2 Aug 2017
Dividend₹25 / share17 Mar 2016
Who owns it · 2026-08-14
No pledge
Promoter
56.0%
FII / Foreign
5.6%
DII / Domestic
3.3%
Retail / others
35.0%
Promoter stake down 5.6% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtShreevar Kheruka · Promoters52,577 · ₹2.0 cr30 Mar 26
BoughtRekha Kheruka · Promoter Group4.72 L · ₹25.0 cr14 Feb 25
BoughtKiran Kheruka · Promoter Group9.43 L · ₹50.0 cr14 Feb 25
Bulk / block deals
short · NSE288 Jul 26
short · NSE16 May 26
short · NSE1,86919 Mar 26
Stake changes
BoughtShreevar Kheruka · promoter→ 1.43% · 52,57730 Mar 26
BoughtPradeep Kumar Kheruka · promoter→ 62.20% · 18.87 L14 Feb 25
BoughtKiran Kheruka (Acquirer) · promoter→ 3.58% · 25.04 L8 Mar 22
What shareholders were asked to approve
3 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 27 Aug 2026
See the official result
1
To consider and adopt (a) the audited standalone financial statement of the Company for the financial year ended March 31, 2026, the reports of the Board of Directors and Statutory Auditor thereon; and (b) the audited consolidated financial statement of the Company for the financial year ended March 31, 2026 and report of Statutory Auditor.
Backed by 100% of shareholders other than promotersneeded 50%
1.06 cr votes for, 318 against · 0% of mutual funds and other big investors said no
2
To consider the re-appointment of Mr. Pradeep Kumar Kheruka (DIN: 00016909), who retires by rotation and being eligible, offers himself for re- appointment.
Backed by 63% of shareholders other than promotersneeded 50%
66.54 L votes for, 38.99 L against · 39% of mutual funds and other big investors said no
3
To consider the re-appointment of M/s Chaturvedi & Shah LLP, Chartered Accountants (Firm Registration No. 101720W / W100355) as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years.
Backed by 92% of shareholders other than promotersneeded 50%
97.37 L votes for, 8.16 L against · 8% of mutual funds and other big investors said no
4
To ratify remuneration of the Cost Auditors.
Backed by 100% of shareholders other than promotersneeded 50%
1.06 cr votes for, 1,572 against · 0% of mutual funds and other big investors said no
5
To approve terms of remuneration of Mr. Ashok Jain (DIN: 00025125), in his capacity as a Non-Executive Non-Independent Director of the Company, for FY 2026-27.
⚑ Passed only because promoters voted yes
Backed by 50% of shareholders other than promotersneeded 75%
52.25 L votes for, 53.28 L against · 53% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 13 named members
owning 56.0% between them · as of 2026-08-14
BAJRANG LAL FAMILY TRUST(TRUSTEES PRADEEP KUMAR KHERUKA REKHA KHERUKA & SHREEVAR KHERUKA)17.40%
PRADEEP KUMAR FAMILY TRUST (TRUSTEES- KIRAN KHERUKA SHREEVAR KHERUKA & REKHA KHERUKA)17.40%
CROTON TRADING PRIVATE LIMITED8.89%
KIRAN KHERUKA3.87%
GUJARAT FUSION GLASS LLP2.13%
REKHA KHERUKA1.81%
PRADEEP KUMAR KHERUKA1.59%
SHREEVAR KHERUKA1.36%
Business done with them
FY2026 · 1 of the group
The company paid ₹24.3 L to companies in the promoter group last year — about 0.0% of its ₹1,556 cr revenue.
Mr. Shreevar Kheruka
Other payments to them · Directors Sitting Fees, Commission Paid
also owns 1.36% of the company
₹24.3 L
company paid

The company also transacted with 10 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹371 cr raised in Oct 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 23% of what it set aside, leaving ₹286 cr still to be spent. CARE Ratings Limited watches the spending on the exchange’s behalf.

Capital Expenditure for expansion of the Company’s existing production capacity for manufacturing of solar glass at its facility situated in Bharuch, Gujarat
24%
₹76 cr of ₹317 cr
General Corporate Purposes
18%
₹10 cr of ₹54 cr
Spent by quarter: 0%21%23% (to Jun 2026)
₹518 cr raised in Feb 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 45% of what it set aside, leaving ₹283 cr still to be spent. ICRA Limited watches the spending on the exchange’s behalf.

Satisfaction of the liability of the Company arising from standby letter of credit (SBLC) extended on behalf of the Company as a security to the lenders of GMB Glasmanufaktur Brandenburg GmbH (“GMB”), a step-down subsidiary of the Company
100%
₹185 cr of ₹185 cr
Capital Expenditure for expansion of the Company’s existing production capacity for manufacturing of solar glass at its facility situated in Bharuch, Gujarat
15%
₹50 cr of ₹333 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.