Indo Borax & Chemicals Ltd

₹ 254 3.04%

06 Apr - close price

indoborax.com BSE: 524342 NSE: INDOBORAX

About

Incorporated in 1980, Indo Borax & Chemicals Ltd is in the business of manufacturing Boron and Lithium products^[1]

Key Points

Change in Ownership^[1]
Company informed that the share purchase transaction under the SPA has been completed on January 23, 2026, wherein the existing promoter group (Jain family) transferred 1.63 crore equity shares representing ~50.8% stake to the acquirers including Zenrock Chemicals Pvt. Ltd., India Special Assets Fund III and Special Situation India Fund, resulting in a change in control and exit of the erstwhile promoters from the company’s shareholding.

Website BSE NSE

Market Cap ₹ 814 Cr.
Current Price ₹ 254
High / Low ₹ 302 / 165
Stock P/E 21.1
Book Value ₹ 112
Dividend Yield 0.39 %
ROCE 18.1 %
ROE 13.1 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.

Cons

The company has delivered a poor sales growth of 8.74% over past five years.
Earnings include an other income of Rs.23.1 Cr.
Dividend payout has been low at 7.46% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Chemicals & Petrochemicals Commodity Chemicals

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	55.36	55.94	54.98	46.80	44.06	45.46	49.76	37.87	37.51	50.12	53.57	57.85	41.02
	37.40	40.54	43.15	36.64	34.88	33.89	33.31	28.71	27.44	39.92	41.36	47.35	32.39
Operating Profit	17.96	15.40	11.83	10.16	9.18	11.57	16.45	9.16	10.07	10.20	12.21	10.50	8.63
OPM %	32.44%	27.53%	21.52%	21.71%	20.84%	25.45%	33.06%	24.19%	26.85%	20.35%	22.79%	18.15%	21.04%
	1.85	2.22	2.81	2.51	2.54	3.16	3.05	4.14	4.04	3.53	2.79	12.69	4.11
Interest	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.17	0.00	0.00	0.00
Depreciation	0.46	0.61	0.56	0.57	0.57	0.59	0.50	0.52	0.62	1.00	0.86	0.86	0.81
Profit before tax	19.26	17.01	14.08	12.10	11.15	14.14	19.00	12.78	13.49	12.56	14.14	22.33	11.93
Tax %	29.23%	26.40%	27.27%	27.36%	27.53%	20.16%	27.05%	29.34%	33.88%	19.75%	29.07%	27.94%	23.64%
	13.62	12.52	10.25	8.79	8.08	11.29	13.86	9.03	8.92	10.07	10.04	16.09	9.11
EPS in Rs	4.24	3.90	3.19	2.74	2.52	3.52	4.32	2.81	2.78	3.14	3.13	5.01	2.84
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	63	73	65	67	97	128	115	144	175	215	191	175	203
	51	57	53	56	79	108	97	100	128	153	149	129	161
Operating Profit	12	16	12	10	17	20	19	44	48	62	43	46	42
OPM %	19%	21%	18%	16%	18%	16%	16%	31%	27%	29%	22%	26%	21%
	3	4	3	3	4	5	5	4	3	8	11	15	23
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	2	2	3	4
Profit before tax	15	18	14	12	20	24	23	47	50	69	51	58	61
Tax %	33%	32%	32%	30%	35%	27%	23%	26%	27%	26%	25%	28%
	10	12	9	8	13	18	18	35	36	50	38	42	45
EPS in Rs	2.79	3.87	2.85	2.59	4.09	5.48	5.46	10.82	11.31	15.70	11.97	13.05	14.12
Dividend Payout %	5%	4%	5%	6%	4%	3%	4%	9%	1%	6%	8%	8%

Compounded Sales Growth
10 Years:	9%
5 Years:	9%
3 Years:	0%
TTM:	19%

Compounded Profit Growth
10 Years:	13%
5 Years:	19%
3 Years:	4%
TTM:	-10%

Stock Price CAGR
10 Years:	23%
5 Years:	31%
3 Years:	32%
1 Year:	50%

Return on Equity
10 Years:	16%
5 Years:	17%
3 Years:	16%
Last Year:	13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	63	74	83	91	100	117	135	170	204	252	289	331	356
	0	0	0	0	0	0	0	0	0	0	0	0	0
	7	8	8	9	12	11	10	17	14	20	18	21	23
Total Liabilities	74	85	94	103	116	131	148	190	222	275	310	355	382
	3	11	20	52	51	50	46	89	91	96	99	101	94
CWIP	1	2	2	1	1	1	1	1	1	1	1	1	1
Investments	35	15	33	24	21	38	19	41	14	19	53	67	74
	36	58	39	26	43	42	83	59	116	158	157	186	212
Total Assets	74	85	94	103	116	131	148	190	222	275	310	355	382

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	13	-7	12	20	-2	15	13	26	11	51	70	-61
	-7	22	-23	-24	5	-16	26	-63	26	-8	-31	-8
	-5	-2	-1	-0	-1	-1	-0	-1	-3	-3	-3	-3
Net Cash Flow	1	14	-12	-4	3	-2	39	-38	34	39	36	-72
Free Cash Flow	12	-17	1	18	-2	14	13	25	11	46	65	-68
CFO/OP	151%	-4%	141%	217%	22%	111%	100%	83%	53%	107%	197%	-99%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	16	17	30	28	33	27	25	22	21	22	26	33
Inventory Days	102	237	205	38	62	53	56	117	262	215	80	210
Days Payable	33	40	41	34	20	9	15	31	23	13	13	24
Cash Conversion Cycle	86	214	195	31	75	71	66	108	260	224	93	218
Working Capital Days	42	121	108	29	77	66	39	56	123	100	47	111
ROCE %	23%	25%	17%	13%	20%	22%	17%	30%	26%	29%	18%	18%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Number of Permanent Employees
count

	xx	xx	xx	xx	xxx	xxx	xx	xx	xxx	xxx
	xx.xx	xx.xx	xx.xx	xx.xx	x.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xx,xxx	xx,xxx	xx,xxx	xx,xxx		xx,xxx	xx,xxx	xx,xxx
x.xx	x.xx	xx.xx	xx.xx	xx.xx	x.xx	xx.xx

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Trade Receivables Turnover
ratio

Installed Capacity - Boron Products
MTPA

Production Growth - Boron Products
%

Shareholding Pattern

Numbers in percentages

4 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	53.00%	52.07%	52.07%	52.07%	50.80%	50.79%	50.79%	50.79%	50.79%	50.79%	50.79%	50.79%
	0.06%	0.22%	0.01%	0.03%	0.10%	0.00%	0.06%	0.01%	0.02%	0.02%	0.53%	0.23%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.01%	0.02%	0.02%	0.02%
	46.94%	47.71%	47.90%	47.89%	49.09%	49.15%	49.14%	49.20%	49.16%	49.16%	48.67%	48.96%
No. of Shareholders	21,068	22,919	27,029	27,863	28,111	27,436	29,817	29,646	28,603	27,039	22,387	21,091

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	55.42%	55.42%	55.42%	55.42%	55.42%	55.42%	53.00%	50.80%	50.79%	50.79%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.06%	0.10%	0.02%	0.23%
	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.02%
	44.47%	44.58%	44.58%	44.58%	44.58%	44.54%	46.94%	49.09%	49.16%	48.96%
No. of Shareholders	6,094	4,406	4,775	4,582	5,681	20,258	21,068	28,111	28,603	21,091

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Indo Borax & Chemicals Ltd

Indo Borax & Chemicals Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

Documents

Announcements

Annual reports