Borosil Renewables Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Borosil Renewables Ltd trades at ₹605, in a confirmed uptrend and 4 weeks into that stage. That is +12.5% against its own 200-day average. It sits at 80% of a 52-week range of ₹386 to ₹659. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹605 it trades +12.5% versus its 200-day average and sits at 80% of its 52-week range (₹386–₹659).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +3,031% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 58th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Borosil Renewables Ltd trades at 22.0× P/E, mid-range by its own standards (58th percentile). Its long-run median P/E is 14.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 22.0× is mid-range by its own standards (58th percentile), against a long-run median of 14.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 5y, of the +16.0%/yr price move, ~+35.6%/yr came from earnings growth and ~−19.6 pp from the multiple (compressing); over 10y, of the +36.9%/yr price move, ~+20.5%/yr came from earnings growth and ~+16.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 57% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Borosil Renewables Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

61.0/100 — rank 3 of 6 in Glass & Glass Products · 62% evidence confidence

Borosil Renewables Ltd scores 61.0 out of 100 against the 6 companies it is compared with in Glass & Glass Products, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 24.2 + 18 + 10.9 + 7.9 = 61. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Borosil Renewables Ltd reported ₹406 Cr of revenue in the Jun 26 quarter, +17.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 12 years it has compounded at 21.1% a year. The last full year, FY26, came in at ₹1,556 Cr. The last four reported quarters add to ₹1,615 Cr.

Borosil Renewables Ltd reported ₹406 Cr of revenue in the Jun 26 quarter, +17.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 12 years it has compounded at 21.1% a year. The last full year, FY26, came in at ₹1,556 Cr. The last four reported quarters add to ₹1,615 Cr.

FY26 revenue came in at ₹1,556 Cr (+5.4% on the year), capping 12 years at 21.1% compound. The latest quarter (Jun 26) printed ₹406 Cr, +17.0% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +11.1% growth against the decade's 21.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.0% over the last 4 quarters against +7.9%/yr over the last 8 — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 31.0% this quarter (+13.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Borosil Renewables Ltd's operating margin is 31.0% in the Jun 26 quarter, +13.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 4.0% to 28.0%. The current quarter is running above every full year in that window.

Borosil Renewables Ltd's operating margin is 31.0% in the Jun 26 quarter, +13.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 10 fiscal years the operating margin has ranged 4.0% to 28.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 31.0%, +13.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 4.0%–28.0%, and FY26's 28.0% is the top of that band — a record year.

Why the margin moved: operating margin went +13.2 pp year on year while gross margin went +4.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Borosil Renewables Ltd earned ₹87.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹127 Cr. The 12-year compound rate is 10.3%. That is 21.4% of the quarter's revenue. The same quarter a year earlier lost ₹203 Cr. 7 of the last 12 reported quarters were loss-making.

Borosil Renewables Ltd earned ₹87.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹127 Cr. The 12-year compound rate is 10.3%. That is 21.4% of the quarter's revenue. The same quarter a year earlier lost ₹203 Cr. 7 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹87.0 Cr, null year on year. On the full year, FY26 printed ₹127 Cr (null), and the 12-year compound rate is 10.3%.

→ Profit rose — but did the cash follow? Next: 152% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 152% of Borosil Renewables Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹423 Cr of operating cash against ₹127 Cr of profit. After ₹−95.0 Cr of capital spending, ₹518 Cr was left as free cash.

FY26: operating cash of ₹423 Cr against reported profit of ₹127 Cr, leaving free cash of ₹518 Cr after ₹−95.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 152% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 152%: the cash cycle tightened 15 days between FY18 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 96-day cycle and ₹37.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Borosil Renewables Ltd's cash conversion cycle runs 96 days in FY26, down from 111 days in FY18. Capital spending ran ₹37.0 Cr over the last 3 years. At FY26 sales of ₹1,556 Cr each day of that cycle holds about ₹4.3 Cr, so roughly ₹409 Cr sits inside the business at any moment.

FY26: debtors at 28 days, inventory at 115 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 96 days, tighter than FY18's 111.

The full loop: cash goes out to suppliers and production on day 0; stock waits 115 days to sell; customers pay about 28 days after that; and suppliers themselves are paid at 48 days — netting out to the 96-day cycle.

In money terms: at FY26 sales of ₹1,556 Cr, each day of the cycle holds about ₹4.3 Cr — so the 96-day loop keeps roughly ₹409 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹37.0 Cr over the last 3 fiscal years against ₹362 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹108 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 25%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Borosil Renewables Ltd earns a ROCE of 25% in FY26. That is up from a trough of −4% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 8.2% net margin on 0.85× asset turns.

FY26 ROCE is 25%, recovered from a FY24 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.2% net margin × 0.85× asset turns × 1.21× balance-sheet leverage ≈ 8.4% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 57% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.11.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Borosil Renewables Ltd carries ₹162 Cr of borrowings against ₹1,511 Cr of equity in FY26, a debt-to-equity of 0.11. Operating profit covers the interest bill 31×. Over 8 years borrowings went from ₹50.0 Cr to ₹162 Cr. Capital spending ran ₹37.0 Cr across the last 3 of those years.

FY26: borrowings of ₹162 Cr against equity of ₹1,511 Cr — a debt-to-equity of 0.11. Operating profit covers the interest bill 31×. Over 8 years borrowings went from ₹50.0 Cr to ₹162 Cr while capital spending ran ₹37.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 57% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 2.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 2.8 points of Borosil Renewables Ltd over 8 quarters, the biggest move on the register. That takes promoters to 58.8% of the company. Domestic institutions moved +2.4 points over the same window, to 2.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −2.8 points over 8 quarters to 58.8%; Domestic institutions: +2.4 points over 8 quarters to 2.6%; Foreign institutions: +1.8 points over 8 quarters to 6.1%.

🚨 Why the register moved: promoters drove it (−2.8 points), absorbed on the other side by domestic institutions (+2.4 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Borosil Renewables Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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