Borosil Renewables
Stock Snapshot
Price Performance
Vista Outlook
Basis of our Recommendation
Borosil Renewables is navigating a complex landscape marked by both domestic growth opportunities and international challenges. Management has highlighted the company's strategic focus on expanding production capacity to 1600 TPD by late 2026, which aligns with India's aggressive solar energy targets and supportive government policies. This capacity expansion is crucial for capturing the growing demand in the domestic solar market, particularly in the commercial and industrial sectors. However, the company faces execution risks, particularly related to its European operations and the need to maintain technological differentiation in a competitive environment. Vista's financial outlook reflects a moderate revenue growth trajectory, supported by improving margins as operational efficiencies are realized. The anticipated stabilization of international operations and the successful execution of domestic projects are pivotal for achieving the projected revenue of INR 4,000 crores in the medium term. While the macroeconomic environment remains cautious, the structural growth in the solar sector provides a favorable backdrop for Borosil's long-term prospects. Key opportunities include the expansion into rooftop solar solutions and leveraging government incentives, while watchpoints include execution risks and potential volatility in energy costs over the next 12-24 months
Why We Like This Stock
- Strategic capacity expansion to 1600 TPD aligns with India's solar energy targets
- Strong government support and protectionist measures enhance competitive positioning
- Improving margins expected as operational efficiencies are realized
Things To Watch Out For
- Execution risks related to large-scale furnace projects and international operations
- Potential volatility in energy costs could impact profitability
- Entry into lower-margin rooftop solar solutions may dilute overall margins
Key Parameters
Financial Snapshot
View Technicals Analysis →| Actuals | Forecast | ||||
|---|---|---|---|---|---|
| FY24 | FY25 | FY26 | FY27 | FY28 | |
| Revenue (Cr.) | 1,371 | 1,476 | 1,556 | 1,622 | 1,859 |
| Profit Before Tax (Cr.) | -85 | -91 | 355 | 458 | 499 |
| PBT Margin | -6.2% | -6.2% | 22.8% | 28.2% | 26.9% |
| Net Profit (Cr.) | -87 | -102 | 319 | 404 | 440 |
| Earnings Per Share | -6.2 | -7.3 | 22.7 | 28.8 | 31.4 |
Analyst Recommendations
No analyst recommendations available.
Company Overview
Show Company Profile
Borosil Renewables Limited engages in the manufacture and sale of flat glass products in India and internationally. It provides low iron textured solar glass for various applications in photovoltaic (PV) panels, flat plate collectors, and greenhouses. It also offers 2 MM fully tempered solar glass; Shakti, a solar glass in matt-matt finish; NoSbEra, an antimony-free solar glass; Selene, an anti-glare solar glass; and solar glass with anti-reflective and anti-soiling, and grid printed back glass for bifacial, as well as solar glass for green house and roof tile applications. 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.