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Indo Borax & Chemicals Ltd.

•
indoborax.comBSE: 524342NSE: INDOBORAX
Market Cap₹ 1,552 Cr.
Current Price
High / Low₹ 543 / 225
Stock P/E27.5
Book Value₹ 126
Price to Book2.01
Dividend Yield8.27 %
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 8.3%
  • 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 27.5 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 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.SOLARINDS22307.50101.37201860.690.05666.3788.983668.2070.2638.1627.91
2.PIDILITIND1567.4560.23159547.551.378835.101202.8645515.501112.7432.3826.28
3.SRF2483.0034.0573602.280.36758.8775.535033.2634.6314.2124.57
4.FLUOROCHEM4771.7585.2352417.670.06219.0019.021588.0023.979.5826.83
5.NAVINFLUOR8541.1055.4943822.770.18243.31107.671045.0844.0721.3934.17
6.GODREJIND1127.0032.2937963.110.00523.36-27.855448.0922.1610.6412.82
7.AETHER1672.9594.4122204.700.0062.7533.45326.5627.4911.6531.47
8.DEEPAKNTR1587.1027.6421646.940.47345.01207.362577.6036.3911.5820.96
9.ATUL6244.5523.1118385.050.48253.9391.851847.9525.0315.0521.41
10.AARTIIND492.1533.6217851.590.20155.00260.472387.0042.426.9516.00
11.DEEPAKFERT1320.4517.0016725.200.76490.04100.953256.2622.4712.1225.96
12.INDOBORAX483.5027.551551.558.2716.2559.2970.3631.3318.4428.14
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
55474445503838505458416370
43373534332927404147325051
Operating Profit12109121691010121091319
OPM %21.54%21.71%20.84%25.43%33.06%24.16%26.85%20.35%22.79%18.15%21.01%20.35%27.64%
33333444313453
Interest0000000000000
Depreciation1111011111110
Profit before Tax14121114191314131423121722
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 Profit0000149910101691516
3.232.782.563.574.372.862.833.193.185.072.894.535.07

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
67101128115144176225191175215232
568610897100128163149129171181
Operating Profit1015201944486243464451
OPM %15.37%14.47%15.65%16.22%30.57%27.24%27.53%22.36%26.19%20.50%22.13%
346643912162625
Interest00000000000
Depreciation11111122333
Profit before Tax1217242347506952596774
Tax %30.11%39.54%27.61%23.35%26.40%27.24%26.48%25.38%27.54%24.43%24.04%
Net Profit811171834365139435056
EPS0.000.000.000.0010.6811.3315.8012.9514.1016.94—
Dividend Payout %5.95%4.57%2.76%3.66%9.14%8.55%6.28%7.72%7.09%236.13%—

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:
42%
1 Year:
95%

RETURN ON EQUITY

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Jul 21

₹ 30

Rs.30.0000 per share(3000%)Special Dividend

2026

Jul 21

₹ 10

2025

Sep 18

₹ 1

Rs.1.0000 per share(100%)Final Dividend

2024

Aug 20

₹ 1

Rs.1.0000 per share(100%)Final Dividend

2023

Aug 11

₹ 1

Rs.1.0000 per share(100%)Dividend

2022

Aug 18

₹ 1

Rs.1.0000 per share(100%)Final Dividend

2021

Aug 24

₹ 1

Rs.10.0000 per share(100%)Final Dividend

2018

Aug 14

₹ 0.15

Rs.1.5000 per share(15%)Dividend

2017

Aug 10

₹ 0.15

Rs.1.5000 per share(15%)Dividend

2016

Aug 3

₹ 0.15

Rs.1.5000 per share(15%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital3333333333
91101118135170204252290332383
2111111123
Trade Payables4323553453
588711916131413
Total Liabilities106117132149190222275311357405
2220191514131619219
Capital Work in Progress1111111111
5450684930494357209
8101210306558224732
0000000141610
Cash & Bank0534133686122714
2130293211210210590207129
Total Assets106117132149190222275311357405

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
237221927267670-10487
Cash from Investing-245-1626-5426-8-30-7-77
Cash from Financing-1-2-1-1-1-3-3-3-3-3
-45-238-39344936-1157

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
50.8050.8050.8050.8050.8050.8050.8030.8038.41
0.000.060.010.020.020.530.230.450.13
0.060.000.000.010.020.020.020.390.04
Government0.000.000.000.000.000.000.000.000.00
49.1449.1449.2049.1749.1648.6648.9668.3661.42

Documents

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

2026-09-11
Shareholders meeting

2026-09-11 - Indo Borax & Chemicals Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

2026-09-08
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-08 - Indo Borax & Chemicals Limited has informed the Exchange about Transcript

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

News

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