Multibagger under selling pressure: Solar stock gets 'buy' call with 29% upside 

Shares of Borosil Renewables Ltd received a buy call from Kotak Neo with a 295 upside from the CMP. The multibagger stock has gained over 1,000% in ten years. However, the stock has been under selling pressure for a period up to two years. It slipped 26% in six months, 16% in 2026, 22% in a year and  8% in two years.

Kotak Neo said Borosil Renewables' relatively lower capex intensity gives it a competitive advantage over new entrants, while positioning the company to benefit from the rapid expansion of India’s solar manufacturing ecosystem. The company plans to invest around Rs 100 crore to add 600 TPD of capacity, with commissioning targeted for Q4FY27.

The industry outlook remains favourable, supported by strong government policy backing for renewable energy, particularly solar power. At the same time, domestic availability of solar glass continues to lag demand despite capacity expansion underway. Anti-dumping duties on imports from China and Vietnam should further improve pricing visibility and strengthen the competitive position of domestic manufacturers.

Kotak Neo expects Borosil Renewables to deliver revenue, EBITDA and adjusted PAT CAGRs of 19.2%, 22.2% and 21.6%, respectively, over FY26-FY29E. Given the company’s capacity expansion plans, favourable industry dynamics and long-term growth opportunities linked to India’s expanding solar manufacturing base, it believe the current valuation offers an attractive entry point.

In the current session, the stock traded at Rs 450 mark. Market cap of the firm stood at Rs 6396 crore.  Borosil Renewables stock is trading lower than the 5 day 10 day, 20-day, 50-day, 100 day, 150 day and 200 day moving averages.

Kotak Neo further said Borosil’s ongoing 600 TPD capacity expansion is fully funded, and the company is expected to remain in a net cash position even after deploying around Rs 1,100 crore of capex by March 2027. The stronger cash flows expected following the completion of the expansion could provide the financial flexibility to support the company’s next phase of growth.

Borosil already has the land and supporting infrastructure required to develop an additional 1,200 TPD brownfield furnace. However, management is likely to take a measured approach, focusing first on stabilising the ongoing capacity addition before evaluating market conditions and committing to the next expansion cycle.

The company is also exploring opportunities in specialty glass as part of its strategy to diversify its growth drivers. While no new specialty-glass products have been formally announced so far, the segment could provide an additional avenue for long-term growth.

Borosil Renewables is engaged in manufacturing of Low Iron textured Solar Glass for application in Photovoltaic panels, Flat plate collectors and Green houses.