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●PositiveTier 2

Borosil Renewables LtdNSE:BORORENEW

Solar · ₹6,644 Cr market cap · covered for 1 quarter since Q1 2027

Current view Q1 2027

Only large Indian maker of solar-panel glass, and import duties now locked in to 2029 have transformed its margins. A fully funded expansion lifts capacity 60% by March 2027, and the loss-making German unit is written off and gone. A long furnace shutdown falls due around FY28.

Latest exchange filings last 5 · 5 after Q1 2027

Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.

AI concall report · Q1 2027

The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.

✨ Read the report ↗

Growth Q1 2027

Metric This year vs lastYoY · vs Q1 2026 vs the quarter beforeQoQ, sequential · vs Q4 2026 3-year yearly average3Y CAGR · compounded 5-year yearly average5Y CAGR · compounded
Sales▲ +17.0%−7.7%+20.4%+25.0%
Operating profit▲ +101.6%−6.6%+15.9%+19.2%
EPS▲ +149.4%−48.7%+19.9%+30.1%
PAT▲ +142.9%−48.5%——

Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +17.0%, which is ≥ 15% → Tier 2.

QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.

Multibagger potential Good66/100

Cheap, and growing fast. Profit per share grew 20% a year, while the price-tag on its earnings actually got smaller. That gap — real growth nobody has paid up for — is exactly what this score looks for.

Doubling needs a price-tag it has reached before

₹452 → ₹905 needs the P/E at 19× — it is 17× today, and has ranged 17× to 231× over the last 5 years. The rest would come from earnings growing as they have.

If this keeps up for 3 more years ×2.1 +108% — profit growing 20% a year, and buyers paying 20× for it

What you pay for its profitlog scale · 5-year range

17×today 17×5-year low 19×to double 29×to triple 50×usual level 231×5-year high

Tripling needs 29× — inside its 5-year range, under the 50× median.

Target capped at 20× — its 96× five-year average came from near-zero earnings.

The Treadmillearnings climbing while the price-tag on them has not — no re-rating yet⚠ inflection⚠ falling knife
Is it cheap right now?P/E 17× is 0.17× its own 5-year average of 96× — deeply below it; forward PEG 0.69 — cheap for its growth 23/25
Has the market paid for this growth yet?ΔMultiple ×0.85 a year (×0.61 over 3 years) — mostly unpaid 13/15
Is the growth real, or flattered?QoQ collapsed — a spike, not a trend; EPS fully backed by sales 20/30
What does it earn on its own money?earns 25% on its own book — high 10/10
Is the price trend agreeing?below all three EMAs — falling knife 0/20
Price vs its book value 4.2×P/B — ₹108 of book value per share
Price vs next year’s profit 14×forward P/E — what an entry pays now
Price over the last year ×1.02earnings ×1.20, price-tag ×0.85
At what price this changes
Good from ₹137 to ₹452 · now ₹452
above ₹457 → Average

At ₹545 the price-tag on its earnings reaches the 20× it is being projected toward — the point where being cheap against that yardstick is used up.

De-rating while below every EMA — value-trap risk, not a coiled spring.

How this is calculated

This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a small-cap at ₹6,644 cr, so the odds of a re-rate are not fighting its own size.

Why the target is capped at 20×. This company averaged 96× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 20× is what a 20% grower supports.

Growth rate used: 19.9% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.

How it compares with its rivals Solar · 6 shown

These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.

Company PriceP/ESizeROCE Profitlast qtr Saleslast qtr
Borosil Renew. ₹455 18.0× ₹6,695 Cr 25.3% +16939.4% +17.1%
Borosil Scienti. ₹119 23.8× ₹1,058 Cr 12.1% +94.0% +11.2%
Sejal Glass ₹716 25.9× ₹816 Cr 18.6% +63.4% +52.9%
Agarwal Toughene ₹162 14.5× ₹312 Cr 23.0% −12.1% +48.5%
Agarwal Float ₹27 13.2× ₹19 Cr 10.1% −98.1% −32.2%
Agarwal Fortune ₹19 108.0× ₹6 Cr 11.2% +0.0% −81.8%

Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.

Business quality to Aug 2026

Are the margins widening? yes — widening, and steadily operating margin 7% → 31% over 3 years
Did the profit turn into cash? more than all of it — reserves released cash too 112% last year, 150% over three · free cash flow ₹226 cr, positive in 1 of 5 years
Is the growth borrowed? lightly borrowed ₹162 cr — 0.11× its own equity (was 0.25×)
Is it being collected? collection is steady 28 days to collect, down 4 in a year · cash cycle 96 days
Who has been buying? the promoters have been selling promoters 56.0% (−5.8 in a year), 61.6% → 56.0% over 2.7 years · FIIs 5.6% (+0.8) · DIIs 3.3% (+2.5) · shareholders 2,77,747 → 2,24,437
What does it earn on its capital? earns a high return on the capital it employs ROCE 25.3% · ROE 25.7%

Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.

Screener's own checklist not mine, not the score

In its favour

  • Company has reduced debt.
  • Company's working capital requirements have reduced from 26.2 days to 16.7 days

Against it

  • Stock is trading at 4.22 times its book value
  • Promoter holding has decreased over last quarter: -2.76%
  • Company has a low return on equity of 5.17% over last 3 years.

Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.