Indo Borax & Chemicals Ltd.

•

indoborax.comBSE: 524342NSE: INDOBORAX

Market Cap₹ 1,623 Cr.

Current Price

High / Low₹ 538 / 225

Stock P/E28.8

Book Value₹ 126

Price to Book2.01

Dividend Yield7.91 %

ROCE18.4 %

ROE13.9 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Chemicals: 100.0% • Construction: 0.0%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 59.3% YoY, showing strong momentum
Offers a healthy dividend yield of 7.9%
Company generates healthy free cash flow
Company has a consistent dividend-paying track record

CONS

Promoter holding has decreased over last 2 years: -12.4pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.40x)
Working capital days have increased from 285 to 523 days
Valuation is stretched - P/E of 28.8 is well above its own 5-year median (12.5)
Operating margins have contracted to 20.5% from 30.7%
Company has delivered a poor profit growth of 8.0% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	20550.00	93.38	185957.06	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1636.40	62.88	166565.83	1.31	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2597.00	35.61	76981.53	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4731.25	84.51	51972.78	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8538.25	55.47	43808.15	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1138.55	32.62	38352.18	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1733.65	30.19	23645.78	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1646.05	92.89	21847.67	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6484.40	24.00	19091.21	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	505.45	34.53	18334.02	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1417.10	18.24	17949.40	0.71	490.04	100.95	3256.26	22.47	12.12	25.96
12.	INDOBORAX	505.80	28.82	1623.11	7.91	16.25	59.29	70.36	31.33	18.44	28.14

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55	47	44	45	50	38	38	50	54	58	41	63	70
	43	37	35	34	33	29	27	40	41	47	32	50	51
Operating Profit	12	10	9	12	16	9	10	10	12	29	9	14	20
OPM %	21.54%	21.73%	20.84%	25.45%	33.08%	24.16%	26.85%	20.35%	22.79%	50.46%	21.04%	22.89%	28.14%
Other Income	3	3	3	3	3	4	4	4	3	4	4	5	3
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	0	1	1	1	1	1	1	1	0
	14	12	11	14	19	13	14	13	14	23	12	17	22
Tax %	27.21%	27.34%	27.49%	20.22%	27.02%	29.28%	33.75%	19.87%	29.02%	27.89%	23.70%	16.69%	26.12%
Net Profit	0	0	0	0	14	9	9	10	10	16	9	15	16
	3	3	3	4	4	3	3	3	3	5	3	5	1
Equity Capital	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	67	101	128	115	144	176	225	191	175	215	232
	56	86	108	97	100	128	163	149	129	171	181
Operating Profit	13	19	26	24	48	51	69	55	61	60	—
OPM %	20	19	20	21	33	29	31	29	35	28	—
Other Income	3	4	6	6	4	3	7	12	16	15	15
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	2	2	3	3	3
	12	17	24	23	47	50	69	52	59	67	74
Tax %	30	40	28	23	26	27	26	25	28	24	24
Net Profit	8	11	17	18	34	36	51	39	43	50	56
EPS	0	0	0	0	11	11	16	13	14	17	—
Dividend Payout %	6	5	3	4	9	9	6	8	7	236	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	3	5	5	11	12	16	13	14	17	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 8%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 19%
5 Years:: 9%
3 Years:: 2%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 45%
1 Year:: 111%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 17%
3 Years:: 14%
Last Year:: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	3	3	3	3	3	3	3	3	3	3
	91	101	118	135	170	204	252	290	332	383
Trade Payables	4	3	2	3	5	5	3	4	5	3
	7	9	9	8	12	10	17	14	16	15
Total Liabilities	106	117	132	149	190	222	275	311	357	405
ASSETS	-	-	-	-	-	-	-	-	-	-
	22	20	19	15	14	13	16	19	21	9
Capital Work in Progress	1	1	1	1	1	1	1	1	1	1
	54	50	68	49	30	4	9	43	57	209
	8	10	12	10	30	65	58	22	47	32
	0	0	0	0	0	0	0	14	16	10
Cash & Bank	0	5	3	41	3	36	86	122	7	14
	21	30	29	32	112	102	105	90	207	129
Total Assets	106	117	132	149	190	222	275	311	357	405
Total Debt	1	0	0	0	0	0	0	0	0	0
Net Working Capital	32	45	63	72	65	109	151	186	137	309
Contingent Liabilities	0	0	21	21	32	0	21	0	0	0
Book Value per Share	294.73	325.75	378.33	431.10	538.51	64.55	79.48	91.43	104.53	120.47
Face Value	10.00	10.00	10.00	10.00	10.00	1.00	1.00	1.00	1.00	1.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	21	1	15	13	16	11	60	70	-104	87
Cash from Investing	-24	5	-16	26	-54	26	-8	-30	-7	-77
Cash from Financing	-1	-2	-1	-1	-1	-3	-3	-3	-3	-3
	-4	5	-2	38	-39	34	49	36	-115	7
Free Cash Flow	19	1	14	13	16	11	58	65	-109	87
OCF / Net Profit	2.55	0.11	0.85	0.75	0.46	0.32	1.19	1.78	-2.46	1.73
Cumulative 5-Year FCF	0	0	0	0	63	56	113	163	40	112

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	25.20	32.82	54.39	54.58	109.42	11.70	15.93	12.95	14.10	16.94
Book Value (₹)	294.73	325.75	378.33	431.10	538.51	64.55	79.48	91.43	104.53	120.47
Dividend per Share (₹)	1.50	1.50	1.50	2.00	10.00	1.00	1.00	1.00	1.00	40.00
Cash EPS (₹)	2.98	3.73	5.88	5.89	11.01	11.66	16.28	12.86	14.07	16.65
PROFITABILITY
Operating Margin %	17.70%	18.49%	19.94%	21.08%	33.10%	29.07%	30.72%	22.36%	26.19%	20.50%
Net Margin %	10.80%	10.26%	13.60%	15.20%	23.77%	20.70%	22.52%	20.37%	24.25%	23.33%
ROE %	8.90%	10.58%	15.45%	13.48%	22.02%	19.14%	21.94%	14.21%	13.52%	13.92%
ROCE %	12.72%	17.51%	21.41%	17.64%	29.98%	26.34%	29.89%	19.06%	18.72%	18.44%
	7.98%	9.48%	14.02%	12.46%	20.23%	17.67%	20.40%	13.29%	12.73%	13.20%
EFFICIENCY
Debtor Days	26	25	26	28	21	20	18	25	31	22
Inventory Days	74	31	31	35	51	98	100	77	72	67
Payable Days	36	21	12	13	24	24	14	13	20	14
	64	36	45	50	48	94	104	89	83	75
FINANCIAL HEALTH
Debt to Equity (x)	0.01x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	54.14x	133.88x	306.97x	398.38x	513.04x	846.78x	517.11x	1886.68x	317.92x	969.25x
	4.92x	5.47x	8.18x	9.46x	5.18x	9.48x	9.56x	13.20x	8.68x	20.85x
GROWTH
Revenue Growth %	-4.32%	51.46%	27.22%	-10.20%	25.07%	21.90%	28.09%	-15.01%	-8.39%	22.93%
Operating Profit Growth %	-13.15%	43.20%	34.82%	-5.08%	96.40%	7.07%	35.37%	-21.12%	12.73%	-3.07%
Net Profit Growth %	-12.39%	30.27%	65.71%	0.34%	95.61%	6.17%	39.38%	-23.11%	9.05%	18.27%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-18.67%	8.82%	20.18%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.46x	12.05x	14.31x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.77x	1.62x	2.01x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.62%	0.59%	16.51%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.26x	8.75x	12.82x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.80	50.80	50.80	50.80	50.80	50.80	50.80	30.80	38.41
	0.00	0.06	0.01	0.02	0.02	0.53	0.23	0.45	0.13
	0.06	0.00	0.00	0.01	0.02	0.02	0.02	0.39	0.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.14	49.14	49.20	49.17	49.16	48.66	48.96	68.36	61.42

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - Indo Borax & Chemicals Limited has informed the Exchange about Link of Recording

2026-09-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Indo Borax & Chemicals Limited has informed the Exchange about Presentation

2026-08-31

Credit Rating- Revision

2026-08-31 - Indo Borax & Chemicals Limited has informed the Exchange about Credit Rating- Revision

2026-08-31

Updates

2026-08-31 - Indo Borax & Chemicals Limited has informed the Exchange regarding 'Corporate Office'.

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Indo Borax & Chemicals Limited has informed the Exchange about Schedule of meet

2026-08-20

Press Release

2026-08-20 - Indo Borax & Chemicals Limited has informed the Exchange regarding a press release dated August 20, 2026, titled "Press Release - Indo Borax and Chemicals Limited to Acquire 64.26% Stake in Kronox Lab Sciences Limited".

2026-08-20

Acquisition

2026-08-20 - Indo Borax & Chemicals Limited has informed the Exchange about Acquisition

2026-08-20

Outcome of Board Meeting

2026-08-20 - Indo Borax & Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on August 20, 2026.

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Indo Borax & Chemicals Limited has informed the Exchange about Copy of Newspaper Publication regarding notice of Postal Ballot and Remote E-voting

News

Recent coverage and analyst commentary for INDOBORAX

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Free 5nance Account

Name

SOLARINDS

20550.00

93.38

185957.06

0.05

666.37

88.98

3668.20

70.26

38.16

27.91

PIDILITIND

1636.40

62.88

166565.83

1.31

8835.10

1202.86

45515.50

1112.74

32.38

26.28

SRF

2597.00

35.61

76981.53

0.35

758.87

75.53

5033.26

34.63

14.21

24.57

FLUOROCHEM

4731.25

84.51

51972.78

0.06

219.00

19.02

1588.00

23.97

9.58

26.83

NAVINFLUOR

8538.25

55.47

43808.15

0.18

243.31

107.67

1045.08

44.07

21.39

34.17

GODREJIND

1138.55

32.62

38352.18

0.00

523.36

-27.85

5448.09

22.16

10.64

12.82

DEEPAKNTR

1733.65

30.19

23645.78

0.43

345.01

207.36

2577.60

36.39

11.58

20.96

AETHER

1646.05

92.89

21847.67

0.00

62.75

33.45

326.56

27.49

11.65

31.47

ATUL

6484.40

24.00

19091.21

0.46

253.93

91.85

1847.95

25.03

15.05

21.41

AARTIIND

505.45

34.53

18334.02

0.20

155.00

260.47

2387.00

42.42

6.95

16.00

DEEPAKFERT

1417.10

18.24

17949.40

0.71

490.04

100.95

3256.26

22.47

12.12

25.96

INDOBORAX

505.80

28.82

1623.11

7.91

16.25

59.29

70.36

31.33

18.44

28.14

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

21.54%

21.73%

20.84%

25.45%

33.08%

24.16%

26.85%

20.35%

22.79%

50.46%

21.04%

22.89%

28.14%

Other Income

Interest

Depreciation

Tax %

27.21%

27.34%

27.49%

20.22%

27.02%

29.28%

33.75%

19.87%

29.02%

27.89%

23.70%

16.69%

26.12%

Net Profit

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

101

128

115

144

176

225

191

175

215

232

108

100

128

163

149

129

171

181

Operating Profit

—

OPM %

—

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

—

Dividend Payout %

236

—

Minority Interest

Share of Associates

Adjusted EPS

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

101

118

135

170

204

252

290

332

383

Trade Payables

Total Liabilities

106

117

132

149

190

222

275

311

357

405

ASSETS

Capital Work in Progress

209

Cash & Bank

122

112

102

105

207

129

Total Assets

106

117

132

149

190

222

275

311

357

405

Total Debt

Net Working Capital

109

151

186

137

309

Contingent Liabilities

Book Value per Share

294.73

325.75

378.33

431.10

538.51

64.55

79.48

91.43

104.53

120.47

Face Value

10.00

1.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-104

Cash from Investing

-24

-16

-54

-8

-30

-7

-77

Cash from Financing

-1

-2

-1

-3

-4

-2

-39

-115

Free Cash Flow

-109

OCF / Net Profit

2.55

0.11

0.85

0.75

0.46

0.32

1.19

1.78

-2.46

1.73

Cumulative 5-Year FCF

113

163

112

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

25.20

32.82

54.39

54.58

109.42

11.70

15.93

12.95

14.10

16.94

Book Value (₹)

294.73

325.75

378.33

431.10

538.51

64.55

79.48

91.43

104.53

120.47

Dividend per Share (₹)

1.50

2.00

10.00

1.00

40.00

Cash EPS (₹)

2.98

3.73

5.88

5.89

11.01

11.66

16.28

12.86

14.07

16.65

PROFITABILITY

Operating Margin %

17.70%

18.49%

19.94%

21.08%

33.10%

29.07%

30.72%

22.36%

26.19%

20.50%

Net Margin %

10.80%

10.26%

13.60%

15.20%

23.77%

20.70%

22.52%

20.37%

24.25%

23.33%

ROE %

8.90%

10.58%

15.45%

13.48%

22.02%

19.14%

21.94%

14.21%

13.52%

13.92%

ROCE %

12.72%

17.51%

21.41%

17.64%

29.98%

26.34%

29.89%

19.06%

18.72%

18.44%

7.98%

9.48%

14.02%

12.46%

20.23%

17.67%

20.40%

13.29%

12.73%

13.20%

EFFICIENCY

Debtor Days

Inventory Days

100

Payable Days

104

FINANCIAL HEALTH

Debt to Equity (x)

0.01x

0.00x

Interest Coverage (x)

54.14x

133.88x

306.97x

398.38x

513.04x

846.78x

517.11x

1886.68x

317.92x

969.25x

4.92x

5.47x

8.18x

9.46x

5.18x

9.48x

9.56x

13.20x

8.68x

20.85x

GROWTH

Revenue Growth %

-4.32%

51.46%

27.22%

-10.20%

25.07%

21.90%

28.09%

-15.01%

-8.39%

22.93%

Operating Profit Growth %

-13.15%

43.20%

34.82%

-5.08%

96.40%

7.07%

35.37%

-21.12%

12.73%

-3.07%

Net Profit Growth %

-12.39%

30.27%

65.71%

0.34%

95.61%

6.17%

39.38%

-23.11%

9.05%

18.27%

0.00%

-18.67%

8.82%

20.18%

VALUATION

P/E (x)

0.00x

12.46x

12.05x

14.31x

P/B (x)

0.00x

1.77x

1.62x

2.01x

Dividend Yield %

0.00%

0.62%

0.59%

16.51%

0.00x

7.26x

8.75x

12.82x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

50.80

30.80

38.41

0.00

0.06

0.01

0.02

0.53

0.23

0.45

0.13

0.06

0.00

0.01

0.02

0.39

0.04

Government

0.00

49.14

49.20

49.17

49.16

48.66

48.96

68.36

61.42

Indo Borax & Chemicals Ltd.

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Indo Borax & Chemicals Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI