Indo Borax & Chemicals Ltd.
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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
- Latest quarter profit grew 61.9% 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 283 to 502 days
- Operating margins have contracted to 20.5% from 32.0%
- Valuation is stretched - P/E of 27.7 is well above its own 5-year median (13.5)
- Company has delivered a poor profit growth of 7.4% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 22307.50 | 101.37 | 201860.69 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1567.45 | 60.23 | 159547.55 | 1.37 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2483.00 | 34.05 | 73602.28 | 0.36 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4771.75 | 85.23 | 52417.67 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8541.10 | 55.49 | 43822.77 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1127.00 | 32.29 | 37963.11 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| AETHER | 1672.95 | 94.41 | 22204.70 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| DEEPAKNTR | 1587.10 | 27.64 | 21646.94 | 0.47 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| ATUL | 6244.55 | 23.11 | 18385.05 | 0.48 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 492.15 | 33.62 | 17851.59 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1320.45 | 17.00 | 16725.20 | 0.76 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| INDOBORAX | 483.50 | 27.55 | 1551.55 | 8.27 | 16.25 | 59.29 | 70.36 | 31.33 | 18.44 | 28.14 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 10 | 9 | 13 | 19 |
| OPM % | 21.54% | 21.71% | 20.84% | 25.45% | 33.06% | 24.19% | 26.87% | 20.37% | 22.79% | 18.15% | 21.01% | 20.35% | 27.64% |
| 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 13 | 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 |
| Profit before Tax | 14 | 12 | 11 | 14 | 19 | 13 | 13 | 13 | 14 | 22 | 12 | 17 | 22 |
| Tax % | 27.27% | 27.36% | 27.53% | 20.16% | 27.05% | 29.34% | 33.88% | 19.75% | 29.05% | 27.96% | 23.62% | 16.67% | 26.12% |
| Net Profit | 10 | 9 | 8 | 11 | 14 | 9 | 9 | 10 | 10 | 16 | 9 | 14 | 16 |
| 3.19 | 2.74 | 2.52 | 3.52 | 4.32 | 2.81 | 2.78 | 3.14 | 3.13 | 5.01 | 2.84 | 4.52 | 5.07 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 67 | 97 | 128 | 115 | 144 | 175 | 215 | 191 | 175 | 215 | 232 | |
| 56 | 82 | 108 | 97 | 100 | 128 | 153 | 149 | 129 | 171 | 181 | |
| Operating Profit | 10 | 14 | 20 | 19 | 44 | 48 | 62 | 43 | 46 | 44 | 51 |
| OPM % | 15.54% | 14.81% | 15.65% | 16.22% | 30.58% | 27.25% | 28.82% | 22.36% | 26.19% | 20.50% | 22.13% |
| 3 | 4 | 5 | 6 | 4 | 3 | 8 | 11 | 15 | 25 | 25 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 | 3 |
| Profit before Tax | 12 | 17 | 24 | 23 | 47 | 50 | 69 | 51 | 58 | 66 | 74 |
| Tax % | 29.25% | 40.13% | 27.38% | 22.41% | 26.11% | 27.24% | 26.48% | 25.38% | 27.57% | 24.42% | 24.04% |
| Net Profit | 8 | 10 | 17 | 18 | 35 | 36 | 50 | 38 | 42 | 50 | 56 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 10.83 | 11.31 | 15.70 | 11.97 | 13.05 | 15.50 | — |
| Dividend Payout % | 5.72% | 4.69% | 2.75% | 3.54% | 9.24% | 8.84% | 6.37% | 8.35% | 7.66% | 258.06% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 13%
- 5 Years:
- 8%
- 3 Years:
- 0%
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:
- 16%
- 3 Years:
- 14%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 91 | 100 | 117 | 135 | 170 | 204 | 252 | 289 | 331 | 381 | |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | |
| Trade Payables | 4 | 3 | 2 | 3 | 5 | 5 | 3 | 4 | 5 | 3 |
| 4 | 8 | 8 | 7 | 11 | 9 | 16 | 13 | 14 | 13 | |
| Total Liabilities | 103 | 116 | 131 | 148 | 190 | 222 | 275 | 310 | 355 | 403 |
| 21 | 20 | 19 | 15 | 14 | 13 | 16 | 19 | 21 | 9 | |
| Capital Work in Progress | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 55 | 51 | 69 | 50 | 41 | 14 | 19 | 53 | 67 | 207 | |
| 4 | 10 | 12 | 10 | 20 | 55 | 58 | 22 | 47 | 32 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 16 | 10 | |
| Cash & Bank | 0 | 3 | 1 | 40 | 2 | 36 | 76 | 111 | 7 | 14 |
| 21 | 30 | 29 | 32 | 112 | 102 | 105 | 90 | 196 | 129 | |
| Total Assets | 103 | 116 | 131 | 148 | 190 | 222 | 275 | 310 | 355 | 403 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 4 | 22 | 19 | 37 | 26 | 67 | 70 | -93 | 76 | |
| Cash from Investing | -24 | 5 | -16 | 26 | -63 | 26 | -8 | -31 | -8 | -65 |
| Cash from Financing | -0 | -1 | -1 | -0 | -1 | -3 | -3 | -3 | -3 | -3 |
| -4 | 3 | -2 | 39 | -38 | 34 | 39 | 36 | -104 | 7 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Indo Borax & Chemicals Limited has informed the Exchange about Transcript
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
News
Recent coverage and analyst commentary for INDOBORAX
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