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Shareholding Info
  • Promoters
    61.6 %
  • Foreign institutions-FII
    4.48 %
  • Other domestic institutions
    0.01 %
  • Retail and other
    33.18 %
  • Mutual Funds
    0.73 %

About Borosil Renewables

Borosil Renewables Limited is a well-known Indian brand for manufacturing and selling iron textured solar glass in photovoltaic panels, flat plate collectors and greenhouses.

The total market capitalisation of the company is over ₹6,500 crore as of January 10, 2024. Borosil Renewables share price rose by over 80% in the last three years.

The company was started in 1960 by the Kheruka family when they set up Windows Glass Ltd in Kolkata. It became a public limited company when it acquired Industrial Engineering Apparatus Company Pvt Ltd in 1962. 1963 was the year when Borosil was born and joined hands with USA-based Corning Glass Works. After 15 years, Corning Glass divested from Borosil.

In 1991, Borosil first set up its manufacturing facility for architectural glass in Bharuch, Gujarat. In 2010, it started the nation’s first and only solar glass production line with a capacity of 180 tonnes per day. Borosil was also the first brand in India that introduced an anti-reflective coating for solar glass.

Borosil Renewable Ltd achieved a National Award in 2012 from the Government of India’s Department of Science and Technology for successfully commercialising indigenous technology.

Business operations

Borosil Renewables Ltd is the final venture after the amalgamation of Gujarat Borosil Ltd with Borosil Glass Works Ltd in 2020. Its corporate and registered office is in Bandra(East), Mumbai.

The company has two main segments: consumer products and scientific and industrial products.

Consumer products include microwave and flameproof kitchenware, glass tumblers, hydra bottles, tableware, dinnerware and appliances. These products become available in the market through crockery shops, retail stores, e-commerce platforms and Borosil’s own website.

The scientific and industrial division mainly deals with products like laboratory glassware, screw cap bottles, quartz ware, liquid handling system and benchtop equipment.

In 2022, Borosil Renewables Ltd announced their acquisition of Interfloat Group, one of the largest solar glass manufacturers in Europe with a capacity of more than 300 tons per day, equivalent to solar glass for 2GW solar modules.

It is the nation’s first solar glass manufacturer with a capacity of 450 tonnes per day. By the end of this year, Borosil Renewables wants to expand the production capacity to 550 tonnes per day, equivalent to solar glass for 3GW solar modules.

Financial Highlights

  • The company's operating profit margins witnessed a fall and stood at 15.6% in FY23 as against 31.4% in FY22.
  • The net profit margins declined from 25.7% in FY22 to 12.9% in FY23, and the debt to equity ratio for FY23 stood at 0.4 as compared to 0.2 in FY22.
  • During FY23, Borosil achieved a total revenue of 688.17 crore against 644.22 crore in FY22, representing a growth of almost 6.82%.
  • The net profit after tax for FY23 was ₹88.54 crore compared to ₹165.85 crore during the previous year.
  • In FY23, the earnings before interest, tax, depreciation and amortisation (EBITDA) decreased to ₹176.55 crore from the previous year's ₹265 crore.
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