1. At a Glance
India’s OG solar glass manufacturer just posted a ₹272 crore quarterly loss — yes, you read that right — thanks to its German misadventure filing for insolvency. The stock still trades at a P/E of 120, a valuation hotter than the glass they melt. It’s a green energy tale… with red ink.
2. Introduction with Hook
Imagine building a solar empire so shiny that even the sun wears shades. Now imagine your biggest overseas unit suddenly yelling, “Insolvenz!” and torching ₹272 crore from your bottom line.
• Revenue for Q1FY26: ₹332 Cr
• Net loss: ₹272 Cr (🔥 record-breaking for all the wrong reasons)
Borosil is India’s solar glass king. But lately, it’s less “shatterproof monopoly,” more “glass house in a hailstorm.”
3. Business Model (WTF Do They Even Do?)
Basically, Borosil Renewables melts sand and turns it into overpriced transparency — aka solar glass. This isn’t your average windowpane. It’s low-iron, high-transparency stuff that goes into solar panels.
- Core products: Extra clear patterned glass & solar photovoltaic glass
- Customers: Solar panel manufacturers, EPC players, global solar majors
- Mode: Manufacture in India + Overseas (Germany, etc.)
So, they make glass for solar panels, but try to sell it like they’re building the future of energy. It’s fancy sand with attitude.
4. Financials Overview
Q1 FY26 Results:
| Metric | Q1 FY26 | Q4 FY25 | QoQ Change |
|---|---|---|---|
| Revenue | ₹332 Cr | ₹327 Cr | +1.5% |
| Operating Profit | ₹87 Cr | ₹70 Cr | +24.2% |
| Net Profit | ₹-272 Cr | ₹33 Cr | RIP |
| OPM % | 26% | 21% | 🔼 |
| EPS | -20.56 | 2.50 | 🔻 |
Margins are recovering, sure. But that “net profit” looks like the result of a financial roadkill.
5. Valuation
Let’s break it down like CFOs at a yoga retreat.
Method 1: P/E Ratio
- Current EPS (TTM): -₹17.75 (LOL)
- But let’s assume normalized FY26E EPS of ₹5
- At a reasonable 40x multiple (since it’s a green energy play):
Fair Value = ₹200
Method 2: EV/EBITDA
- TTM EBITDA ~ ₹224 Cr
- EV = Market Cap ₹8,531 Cr + Debt ₹251 Cr – Cash ~₹100 Cr = ~₹8,682 Cr
- EV/EBITDA = 38.7x
Reasonable multiple = 18x
Implied EV = ₹4,032 Cr → Fair value ~ ₹300
Fair Value Range: ₹200 – ₹300
If you’re paying ₹644, you’re either too rich or just mistook this for Borosil Scientific.
6. What’s Cooking – News, Triggers, Drama
- Subsidiary GMB Insolvency: That’s where ₹272 Cr vanished.
- Preferential Allotment: ₹379 Cr at ₹535/share to fund expansion
- Concall Masala: Management still bullish. Said “temporary phase.” Translation: “Trust us, bro.”
- Capacity Expansion: India unit to expand, insulating some pain.
It’s like a solar soap opera. Every act ends with a “loss” episode.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹13 Cr |
| Reserves | ₹1,076 Cr |
| Borrowings | ₹251 Cr |
| Total Liabilities | ₹1,514 Cr |
| Fixed Assets | ₹704 Cr |
| Investments | ₹107 Cr |
| Cash & Others | ₹686 Cr |
Key Comment:
Borrowings are manageable. Assets got downgraded thanks to “Euro tragedy.” But it’s not a Titanic — yet.
8. Cash Flow – Sab Number Game Hai
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash from Ops | 26 | 92 | 186 |
| Cash from Investing | -221 | -86 | -342 |
| Cash from Financing | 185 | 8 | 142 |
| Net Cash Flow | -10 | 14 | -14 |
Insight:
Burning more cash than a crypto startup at a bull market party.
9. Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROE | 3.43% |
| ROCE | 5.68% |
| P/E | 120 |
| D/E | 0.24 |
| PAT Margin (FY25) | -1.4% |
Verdict:
ROE this low makes even FDs look like equity funds. But hey, clean energy, right?
10. P&L Breakdown – Show Me the Money
| ₹ Cr | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 685 | 984 | 1,110 |
| EBITDA | 158 | 97 | 164 |
| PAT | 89 | -17 | 33* |
*Excludes Q1 FY26 nuclear meltdown.
PAT fluctuates more than a crypto chart. Management blames “seasonality.” We blame Germany.
11. Peer Comparison
| Company | P/E | ROE % | Revenue (Cr) | PAT (Cr) |
|---|---|---|---|---|
| Borosil Renewables | 120 | 3.43 | 1,200 | -235 |
| Sejal Glass | 44.3 | 32.6 | 244 | 10.9 |
| Agarwal Float Glass | 14.3 | 18.1 | 72 | 3.1 |
| Borosil Scientific | 59.6 | 6.9 | 434 | 26.7 |
Caption this:
Like being the tallest dwarf. High revenue, zero profitability. Premium priced for pain.
12. Miscellaneous – Shareholding, Promoters
| Category | Jun 2025 |
|---|---|
| Promoters | 61.93% |
| FIIs | 4.62% |
| DIIs | 0.72% |
| Public | 32.74% |
- No major dilution yet, but preferential issue at ₹535 = 17% below CMP
- GMB Glasmanufaktur insolvency = deadweight
- Shareholder count dropping = retail fatigue?
Also, 2.66 lakh shareholders. That’s enough to fill Wankhede stadium. Twice.
13. EduInvesting Verdict™
Borosil is a solar monopoly in India — but has recently fried itself on the international stove. German woes have wiped profits, and the P/E ratio is living in another galaxy.
It could be a clean energy leader.
Right now?
A sizzling solar play… with a broken inverter.
Metadata:
Written by EduInvesting Team | 24 July 2025
Tags: Borosil Renewables, Solar Glass, Analysis, EduInvesting Premium
