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
- Latest quarter profit grew 61.9% 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 283 to 502 days
- Valuation is stretched - P/E of 29.0 is well above its own 5-year median (13.5)
- Operating margins have contracted to 20.5% from 32.0%
- 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 | 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
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 | 29 | 9 | 14 | 20 |
| OPM % | 21.52% | 21.71% | 20.84% | 25.45% | 33.06% | 24.19% | 26.85% | 20.35% | 22.81% | 50.46% | 21.06% | 22.89% | 28.14% |
| Other Income | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 3 | 3 | 4 | 4 | 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 | 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 | 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
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 | 13 | 19 | 25 | 25 | 48 | 51 | 69 | 54 | 61 | 59 | — |
| OPM % | 20 | 19 | 20 | 21 | 33 | 29 | 32 | 28 | 35 | 27 | — |
| Other Income | 3 | 4 | 5 | 6 | 4 | 3 | 7 | 11 | 15 | 15 | 14 |
| 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 | 51 | 58 | 66 | 74 | |
| Tax % | 29 | 40 | 27 | 22 | 26 | 27 | 26 | 25 | 28 | 24 | 24 |
| Net Profit | 8 | 10 | 17 | 18 | 35 | 36 | 50 | 38 | 42 | 50 | 56 |
| EPS | 0 | 0 | 0 | 0 | 11 | 11 | 16 | 12 | 13 | 16 | — |
| Dividend Payout % | 6 | 5 | 3 | 4 | 9 | 9 | 6 | 8 | 8 | 258 | — |
| 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 | 6 | 11 | 11 | 16 | 12 | 13 | 16 | — |
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:
- 45%
- 1 Year:
- 111%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 91 | 100 | 117 | 135 | 170 | 204 | 252 | 289 | 331 | 381 | |
| Trade Payables | 4 | 3 | 2 | 3 | 5 | 5 | 3 | 4 | 5 | 3 |
| 5 | 9 | 9 | 8 | 12 | 10 | 17 | 14 | 16 | 15 | |
| Total Liabilities | 103 | 116 | 131 | 148 | 190 | 222 | 275 | 310 | 355 | 403 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | 29 | 43 | 61 | 70 | 55 | 98 | 140 | 175 | 136 | 296 |
| Contingent Liabilities | 0 | 0 | 21 | 21 | 32 | 21 | 21 | 21 | 0 | 0 |
| Book Value per Share | 292.20 | 322.36 | 375.08 | 430.00 | 538.91 | 64.57 | 79.40 | 91.18 | 104.08 | 119.84 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | -2 | 15 | 13 | 26 | 11 | 51 | 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 | |
| Free Cash Flow | 18 | -2 | 14 | 13 | 25 | 11 | 48 | 65 | -98 | 76 |
| OCF / Net Profit | 2.37 | -0.15 | 0.85 | 0.73 | 0.74 | 0.32 | 1.01 | 1.81 | -2.22 | 1.52 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 70 | 63 | 113 | 163 | 52 | 103 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 26.24 | 31.96 | 54.53 | 56.43 | 108.25 | 11.31 | 15.70 | 11.97 | 13.05 | 15.50 |
| Book Value (₹) | 292.20 | 322.36 | 375.08 | 430.00 | 538.91 | 64.57 | 79.40 | 91.18 | 104.08 | 119.84 |
| 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 (₹) | 3.08 | 3.61 | 5.86 | 6.04 | 11.16 | 11.63 | 16.19 | 12.68 | 13.87 | 16.48 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 17.93% | 18.84% | 19.84% | 21.42% | 33.42% | 29.07% | 31.98% | 22.36% | 26.19% | 20.50% |
| Net Margin % | 11.25% | 10.40% | 13.63% | 15.71% | 24.10% | 20.69% | 23.44% | 20.08% | 23.90% | 23.09% |
| ROE % | 9.37% | 10.40% | 15.64% | 14.02% | 22.34% | 19.10% | 21.81% | 14.03% | 13.37% | 13.84% |
| ROCE % | 13.23% | 17.46% | 21.60% | 18.11% | 30.30% | 26.28% | 29.73% | 18.82% | 18.52% | 18.34% |
| 8.54% | 9.39% | 14.19% | 12.96% | 20.53% | 17.63% | 20.29% | 13.12% | 12.58% | 13.12% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 26 | 26 | 26 | 28 | 21 | 20 | 19 | 25 | 31 | 22 |
| Inventory Days | 57 | 26 | 31 | 35 | 38 | 78 | 96 | 77 | 72 | 67 |
| Payable Days | 35 | 21 | 11 | 13 | 24 | 24 | 15 | 13 | 20 | 14 |
| 48 | 30 | 45 | 50 | 35 | 74 | 100 | 89 | 83 | 75 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 217.40x | 156.74x | 342.78x | 406.88x | 518.79x | 845.14x | 514.45x | 1859.41x | 313.58x | 958.93x |
| 4.92x | 5.31x | 8.04x | 9.35x | 4.54x | 8.67x | 8.96x | 12.47x | 8.64x | 20.05x | |
| GROWTH | ||||||||||
| Revenue Growth % | 1.90% | 45.38% | 32.54% | -10.20% | 25.07% | 21.69% | 22.52% | -10.99% | -8.39% | 22.93% |
| Operating Profit Growth % | -9.72% | 38.37% | 37.14% | -3.09% | 95.19% | 5.82% | 34.83% | -21.76% | 12.76% | -2.91% |
| Net Profit Growth % | -8.06% | 21.79% | 70.62% | 3.48% | 91.85% | 4.49% | 38.84% | -23.78% | 9.03% | 18.76% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -23.78% | 9.03% | 18.76% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.48x | 13.01x | 15.64x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.77x | 1.63x | 2.02x |
| 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 | 7.56x | 8.87x | 12.97x |
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