Borosil Renewables was listed on the NSE on May 25, 2018. In the last five years, its stock has given a massive return of more than 300%. Will Borosil Renewables continue to provide such great returns in the future as well? Let’s explore Borosil Renewables’ growth potential and the Borosil Renewables share price target 2025 to 2050 in this article.
About Borosil Renewables
Borosil Renewables Limited is India’s first and only manufacturer of tempered solar glass that is used in photovoltaic (PV) panels, playing a critical role in the country’s renewable energy ecosystem. The company was established in 1962 as part of the Borosil Group and later focused on solar glass manufacturing.
Borosil Renewables Business Model
- Solar Glass Manufacturing Business: Borosil Renewables manufactures low-iron patterned solar glass that maximizes solar energy transmission. It supplies its products to domestic and international solar module manufacturers.
- Expansion and Backward Integration: To meet the rising demand from the solar sector, Borosil Renewables is expanding its manufacturing capacity and investing in technology upgrades. The company has also acquired solar glass businesses in Europe to diversify its markets and reduce supply chain risks. Through these initiatives, it aims to ensure a reliable supply, improve margins, and strengthen its position in the global solar glass industry.
Borosil Renewables Fundamental Analysis
| Stock Name | Borosil Renewables Ltd. |
|---|---|
| NSE Symbol | BORORENEW |
| Market Cap | ₹ 7544 Cr. |
| 52W High | ₹ 644 |
| 52W Low | ₹ 403 |
| Stock P/E | – |
| Book Value | ₹ 75.3 |
| Dividend Yield | 0.00 % |
| ROCE | -3.15 % |
| ROE | -7.44 % |
| Face Value | ₹ 1.00 |
| Industry PE | 45.8 |
| Price to book value | 7.56 |
| Debt to equity | 0.25 |
| PEG Ratio | – |
| Quick ratio | 0.95 |
| Shareholders | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Promoters | 61.62% | 61.60% | 62.20% |
| FIIs | 6.18% | 4.37% | 4.54% |
| DIIs | 0.10% | 0.26% | 1.20% |
| Public | 32.09% | 33.78% | 32.07% |
| No. of Shareholders | 2,68,947 | 3,20,502 | 2,77,795 |
Key Factors Driving Borosil Renewables Future Growth
- Government Push for Solar Energy Expansion: The Government of India has set ambitious targets under the National Solar Mission to achieve 500 GW of non-fossil fuel capacity by 2030. This includes rapid installation of solar panels across utility-scale projects, rooftop systems, and green hydrogen infrastructure. As the only domestic manufacturer of solar glass, Borosil Renewables stands to benefit significantly from this expansion.
- Government Supporting Policies: The Indian government has implemented measures like Basic Customs Duty (BCD) on solar glass imports and the Approved List of Models and Manufacturers (ALMM) to promote domestic production. These policies reduce dependency on Chinese imports and create a favorable environment for Borosil Renewables to grow its market share.
- Capacity Expansion: Borosil Renewables is expanding its solar glass manufacturing capacity both in India and abroad (such as in Europe via acquisitions). It is also investing in advanced glass technologies such as anti-reflective and high-transmittance coatings. This capacity addition will help meet rising domestic and global demand, while product innovation will enhance margins.
- Global Expansion: With acquisitions like Interfloat Group in Europe and increasing solar adoption globally, Borosil Renewables is expanding its footprint in the international market.
- Rapid Capacity Growth: Borosil Renewables wants to reach its goal of 2,100 tonnes per day (TPD) by FY25 and is planning to spend ₹1,500 crore over two years to do so. With this growth, the company will be able to provide solar glass for 15 GW of solar modules, making it even more of a world leader in the field.
- First-Mover Advantage: Borosil Renewables has a large market share of about 40% because it was India’s first and only company to make solar glass. Because they were the first to market, the company can set standards for the industry and build strong relationships with customers.
Pros of Borosil Renewables
- Low Debt Levels: Borosil Renewables debt-to-equity ratio is 0.25, which indicates that the company is less dependent on debt, which reduces its financial risk.
- Increase in DIIs Holding: Domestic Institutional Investors (DIIs) have increased their holding to 1.20% in March 2025 from 1.02% in December 2024, which indicates growing confidence in the Borosil Renewables future potential by the DIIs.
Cons of Borosil Renewables
- Low Return on Capital Employed (ROCE): Borosil Renewables 5-years average ROCE is -3.44%, which shows that Borosil Renewables is not using its capital efficiently to generate profits.
- High Price to Book Value: Borosil Renewables is trading at a Price-to-Book Value (P/B) ratio of 7.56, which indicates that its stock is significantly overvalued compared to its book value.
- Low Interest Coverage Ratio: The interest coverage ratio of Borosil Renewables is -3.36, which shows that the company is struggling to pay interest.
- Decrease in FIIs Holding: Foreign Institutional Investors (FIIs) have reduced their holding to 4.54% in March 2025 from 5.35% in December 2024, indicating a decline in FII’s confidence in the company’s future growth prospects.
Borosil Renewables Ltd Balance Sheet
| Particulars | March 2023 | March 2024 | March 2025 |
|---|---|---|---|
| Equity Capital | 13 | 13 | 13 |
| Reserves | 906 | 860 | 984 |
| Borrowings | 421 | 576 | 252 |
| Other Liabilities | 292 | 235 | 205 |
| Total Liabilities | 1,632 | 1,684 | 1,454 |
| Fixed Assets | 977 | 928 | 777 |
| CWIP | 70 | 126 | 135 |
| Investments | 11 | 12 | 50 |
| Other Assets | 574 | 618 | 493 |
| Total Assets | 1,632 | 1,684 | 1,454 |
By the end of 2025, the Borosil Renewables share price is expected to be around ₹710 in normal conditions. In a bear market, it might be ₹500, and in a bull market, it may go up to ₹880.
| Borosil Renewables Share Price Target 2025 | Rupees (₹) |
|---|---|
| Bear Market | 500 |
| Normal Market | 710 |
| Bull Market | 880 |
In 2026, the Borosil Renewables share price is expected to be around ₹850 in a normal situation. In a bear market, it might be ₹560, and in a bull market, it may cross ₹1150.
| Borosil Renewables Share Price Target 2026 | Rupees (₹) |
|---|---|
| Bear Market | 560 |
| Normal Market | 850 |
| Bull Market | 1150 |
According to our analysis, the Borosil Renewables share price is expected to be around ₹1050 in 2027. In a bear market, it might be ₹620, and in a bull market, it may cross ₹1500.
| Borosil Renewables Share Price Target 2027 | Rupees (₹) |
|---|---|
| Bear Market | 620 |
| Normal Market | 1050 |
| Bull Market | 1500 |
According to our analysis, the Borosil Renewables share price may trade near ₹1230 by 2028; bearish conditions could pull it down to ₹680, while a strong bull run might lift it to ₹1950.
| Borosil Renewables Share Price Target 2028 | Rupees (₹) |
|---|---|
| Bear Market | 680 |
| Normal Market | 1230 |
| Bull Market | 1950 |
Under normal conditions, the Borosil Renewables share price might hit ₹1480 by 2029. A bearish trend could lower it to ₹750, whereas a bullish surge could raise it to ₹2500.
| Borosil Renewables Share Price Target 2029 | Rupees (₹) |
|---|---|
| Bear Market | 750 |
| Normal Market | 1480 |
| Bull Market | 2500 |
In a normal situation, the Tata Steel share price is projected to be approximately ₹1800 in 2030. In a bear market, the value may be as low as ₹800, while in a bull market, it may rise to ₹3300.
| Tata Steel Share Price Target 2030 | Rupees (₹) |
|---|---|
| Bear Market | 800 |
| Normal Market | 1800 |
| Bull Market | 3300 |
By 2035, the Borosil Renewables share price is projected to be around ₹3600 under normal conditions. In adverse markets, the price could fall to ₹1200, while favorable conditions might push it up to ₹9900.
| Borosil Renewables Share Price Target 2035 | Rupees (₹) |
|---|---|
| Bear Market | 1200 |
| Normal Market | 3600 |
| Bull Market | 9900 |
Under normal conditions, the Borosil Renewables share price might hit ₹7200 by 2040. A bearish trend could lower it to ₹1800, whereas a bullish surge could raise it to ₹29,700.
| Borosil Renewables Share Price Target 2040 | Rupees (₹) |
|---|---|
| Bear Market | 1800 |
| Normal Market | 7200 |
| Bull Market | 29,700 |
In 2050, the Borosil Renewables share price is expected to be around ₹28,800 in a normal situation. In a bear market, it might be ₹5400, and in a bull market, it may go up to ₹1,78,000.
| Borosil Renewables Share Price Target 2050 | Rupees (₹) |
|---|---|
| Bear Market | 5400 |
| Normal Market | 28,800 |
| Bull Market | 1,78,000 |
Disclaimer
This article is for educational purposes only. It is not a stock recommendation and should not be treated as such. Please ask your financial advisor before making any investment decision.
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