Indo Borax & Chemicals Ltd.
•Add ratio to table
ABOUT
KEY POINTS
Revenue Breakup Mar 2017 • Chemicals: 100.0% • Construction: 0.0%
AI Sector View
AI GENERATEDChemicals
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.
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
| 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 |
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 |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Indo Borax & Chemicals Limited has informed the Exchange about Link of Recording
2026-09-01 - Indo Borax & Chemicals Limited has informed the Exchange about Presentation
2026-08-31 - Indo Borax & Chemicals Limited has informed the Exchange about Credit Rating- Revision
2026-08-31 - Indo Borax & Chemicals Limited has informed the Exchange regarding 'Corporate Office'.
2026-08-27 - Indo Borax & Chemicals Limited has informed the Exchange about Schedule of meet
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 - Indo Borax & Chemicals Limited has informed the Exchange about Acquisition
2026-08-20 - Indo Borax & Chemicals Limited has informed the Exchange regarding Outcome of Board Meeting held on August 20, 2026.
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
Loading news…
AI Stock Analyst
Indo Borax & Chemicals Ltd.
Sign in to Chat with AI
Log in with your 5nance account to ask institutional questions about performance, financials, and outlook.
✨ Sign In to ChatFree 5nance Account