2 Undervalued Glass Stocks Trading Below Fair Value
- August 27, 2026
- Posted by: Kunal Singla
- Category: Market
Glass sector PE near 36-38. Borosil Renewables trades at 18.6x. La Opala RG at 20.3x. Both post positive ROE with low leverage.
Quick Answer
Two glass stocks, Borosil Renewables and La Opala RG, are trading well below their respective sector average price to earnings ratios while both post positive return on equity. Borosil Renewables manufactures solar glass for the renewable energy industry, while La Opala RG makes opal glassware and crockery for the consumer market. This gap between valuation and profitability is why these glass stocks stand out on a simple sector screen, though a formal buy rating needs deeper company specific research.
India’s glass manufacturing industry spans very different end markets, from solar panel glass riding the renewable energy buildout to consumer glassware sold through retail channels. Not every stock in the space carries the same multiple. A screen of listed glass stocks against their sector average price to earnings ratios surfaces two names still priced well below that benchmark.
Borosil Renewables and La Opala RG both currently trade below their respective industry PE benchmarks, despite posting positive return on equity. This piece breaks down why each stock screens as undervalued, what the underlying financials show, and the risks that come with owning glass manufacturers.
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Why These Glass Stocks Screen as Undervalued
The glass industry currently carries average price to earnings ratios of close to 36 to 38 times trailing earnings across different sub-classifications in this space. A stock trading meaningfully below its own peer group average, while still posting positive return on equity, is a reasonable starting point for a relative valuation screen.
Both companies below clear that bar by a wide margin, despite serving very different end markets, a reminder that glass stocks span both industrial and consumer facing businesses.
The table below lists these two companies alongside their current price, valuation multiple and return ratios.
| Company | NSE Ticker | CMP (Rs) | PE Ratio | Sector PE | ROE | Market Cap (Rs Cr) |
|---|---|---|---|---|---|---|
| Borosil Renewables | BORORENEW | 520.80 | 18.58 | 37.85 | 21.67% | 7,760 |
| La Opala RG | LAOPALA | 167.51 | 20.26 | 35.78 | 11.25% | 1,886 |
Borosil Renewables: Solar Glass at a Steep Discount
Borosil Renewables manufactures solar glass used in photovoltaic modules, positioning it directly within India’s renewable energy supply chain. The stock trades at a price to earnings ratio of 18.58, less than half its sector average of 37.85, at a current price of around Rs 521.
Return on equity of 21.67 percent is the higher of the two glass stocks in this list, supported by a debt to equity ratio of 0.11. On an EPS of Rs 28.37 and book value of Rs 122.12, the price to book multiple works out to 4.32.
La Opala RG: Consumer Glassware, Debt Free
La Opala RG manufactures opal glassware, crockery and borosilicate glass products sold through retail and modern trade channels across India. Its price to earnings ratio of 20.26 sits well below its sector average of 35.78, at a current share price of around Rs 168.
Return on equity of 11.25 percent is more modest than Borosil Renewables, though the debt to equity ratio of 0.01 keeps the balance sheet essentially debt free. On an EPS of Rs 8.39 and book value of Rs 73.91, the price to book multiple works out to 2.30, alongside a dividend yield of 2.94 percent.
Valuation Snapshot: PE, PB and Dividend Yield
Beyond the headline price to earnings ratio, book value multiples and dividend yield highlight the different capital intensity of these two businesses. La Opala RG pays a meaningfully higher dividend yield, typical of a mature consumer facing manufacturer.
| Company | Price to Book | Book Value (Rs) | Dividend Yield | Debt to Equity |
|---|---|---|---|---|
| Borosil Renewables | 4.32 | 122.12 | 0.00% | 0.11 |
| La Opala RG | 2.30 | 73.91 | 2.94% | 0.01 |
La Opala RG carries almost no debt and rewards shareholders with a steady dividend, while Borosil Renewables reinvests earnings into capacity for its solar glass business and currently pays no dividend. Both remain conservatively financed relative to their respective peer groups.
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Risks to Consider Before Buying These Glass Stocks
A discount to the sector average price to earnings ratio does not remove company specific risk in businesses exposed to energy costs and end market demand.
Energy Cost Intensity
Glass manufacturing is highly energy intensive, and rising power and fuel costs can compress margins meaningfully even when product prices remain stable.
Solar Policy and Import Competition for Borosil Renewables
Demand for solar glass depends on India’s renewable energy capacity addition targets and policy support, while competition from imported solar glass can pressure pricing during periods of global oversupply.
Consumer Discretionary Demand for La Opala
Glassware and crockery purchases are discretionary in nature, making La Opala RG’s revenue sensitive to broader consumer sentiment and disposable income trends.
Raw Material Price Volatility
Silica sand, soda ash and other glass making inputs can see sharp price swings tied to commodity cycles, affecting margins across the sector.
How to Track These Glass Stocks
Investors evaluating these two names should track quarterly capacity utilisation, energy cost trends, and how each sector average PE moves relative to each company’s own multiple over time, rather than relying on the valuation gap in isolation among glass stocks. Comparing these numbers regularly is the most reliable way to judge whether the discount to fair value remains intact or has already closed.
Download the Univest iOS App or Univest Android App to track Borosil Renewables and La Opala RG share prices live and set price alerts.
Conclusion
Borosil Renewables and La Opala RG are the two glass stocks currently trading well below their respective sector average price to earnings ratios, while both maintain positive return on equity. That combination makes them worth a closer look for investors who already want exposure to India’s solar glass or consumer glassware themes, though energy cost intensity and demand cyclicality mean position sizing and diversification still matter when adding these names to a portfolio.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Undervalued Glass Stocks
Which glass stocks are trading below their sector average PE?
Ans. Borosil Renewables and La Opala RG are currently trading below their respective sector average price to earnings ratios, based on live NSE and BSE pricing.
Is Borosil Renewables undervalued compared to its sector?
Ans. Borosil Renewables trades at a price to earnings ratio of 18.58, less than half its sector average of 37.85, while delivering a return on equity of 21.67 percent from its solar glass manufacturing business.
Why does La Opala RG pay a dividend while Borosil Renewables does not?
Ans. La Opala RG is a mature, near debt free consumer glassware business paying a dividend yield of 2.94 percent, while Borosil Renewables reinvests earnings into capacity expansion for its growing solar glass business and currently pays no dividend.
What is the market capitalisation of La Opala RG?
Ans. La Opala RG has a market capitalisation of around Rs 1,886 crore, with a price to earnings ratio of 20.26 against its sector average of 35.78.
Are these glass stocks debt free?
Ans. La Opala RG is essentially debt free with a debt to equity ratio of 0.01, while Borosil Renewables carries a low ratio of 0.11.
What are the main risks in undervalued glass stocks?
Ans. The main risks include energy cost intensity in glass manufacturing, solar policy and import competition for solar glass makers, discretionary demand sensitivity for consumer glassware, and volatility in raw material costs.
Is a low PE enough reason to buy a glass stock?
Ans. A price to earnings ratio below the sector average is a useful starting screen for glass stocks but not a standalone buy signal. Investors should also review end market demand, energy cost management and capacity utilisation before investing.
