Indo Borax & Chemicals Ltd

₹ 323 -0.52%

22 May - 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 ₹ 1,035 Cr.
Current Price ₹ 323
High / Low ₹ 346 / 177
Stock P/E 24.2
Book Value ₹ 120
Dividend Yield 0.31 %
ROCE 15.6 %
ROE 11.9 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Debtor days have improved from 25.5 to 17.6 days.

Cons

Promoter holding has decreased over last quarter: -20.0%
The company has delivered a poor sales growth of 8.37% over past five years.
Promoter holding is low: 30.8%
Company has a low return on equity of 12.9% over last 3 years.
Promoters have pledged 100% of their holding.
Earnings include an other income of Rs.25.6 Cr.
Dividend payout has been low at 5.26% of profits over last 3 years
Working capital days have increased from 220 days to 500 days

* 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

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	56	55	47	44	45	50	38	38	50	54	58	41	63
	41	43	37	35	34	33	29	27	40	41	47	32	50
Operating Profit	15	12	10	9	12	16	9	10	10	12	10	9	13
OPM %	28%	22%	22%	21%	25%	33%	24%	27%	20%	23%	18%	21%	20%
	2	3	3	3	3	3	4	4	4	3	13	4	5
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	0	1	1	1	1	1	1	1
Profit before tax	17	14	12	11	14	19	13	14	13	14	23	12	17
Tax %	26%	27%	27%	27%	20%	27%	29%	34%	20%	29%	28%	24%	17%
	13	10	9	8	11	14	9	9	10	10	16	9	15
EPS in Rs	3.94	3.23	2.78	2.56	3.56	4.37	2.86	2.83	3.19	3.18	5.07	2.89	4.53
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	87	70	67	101	128	115	144	176	225	191	175	215
	69	57	56	83	108	97	100	128	163	149	129	171
Operating Profit	19	12	10	18	20	19	44	48	62	43	46	44
OPM %	21%	18%	15%	17%	16%	16%	31%	27%	28%	22%	26%	20%
	3	3	3	4	6	5	4	3	9	12	16	26
Interest	1	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	2	2	3	3
Profit before tax	20	14	12	20	24	22	47	50	69	52	59	67
Tax %	32%	32%	31%	34%	28%	24%	26%	27%	26%	25%	28%	24%
	14	9	8	13	18	17	34	36	51	39	43	50
EPS in Rs	4.08	2.88	2.49	4.17	5.46	5.28	10.67	11.33	15.80	12.15	13.25	15.67
Dividend Payout %	4%	5%	6%	4%	3%	4%	9%	1%	6%	8%	8%	0%

Compounded Sales Growth
10 Years:	12%
5 Years:	8%
3 Years:	-1%
TTM:	23%

Compounded Profit Growth
10 Years:	17%
5 Years:	5%
3 Years:	-4%
TTM:	3%

Stock Price CAGR
10 Years:	26%
5 Years:	31%
3 Years:	38%
1 Year:	73%

Return on Equity
10 Years:	15%
5 Years:	15%
3 Years:	13%
Last Year:	12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	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	3	3
Reserves	75	84	91	101	118	135	170	204	252	290	332	383
	5	2	1	0	0	0	0	0	0	0	0	1
	9	8	10	12	11	10	17	14	20	18	21	17
Total Liabilities	92	97	106	117	132	149	190	222	275	311	357	405
	11	21	52	51	50	46	89	91	96	99	101	48
CWIP	2	2	1	1	1	1	1	1	1	1	1	1
Investments	14	32	23	20	37	18	30	4	9	43	57	209
	65	43	29	45	44	84	70	126	169	169	198	147
Total Assets	92	97	106	117	132	149	190	222	275	311	357	405

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	18	21	1	15	13	16	11	60	68	-72	87
	13	-26	-24	5	-16	26	-54	26	-8	-30	-7	-77
	-1	-4	-1	-2	-1	-1	-1	-3	-3	-3	-3	-3
Net Cash Flow	12	-12	-4	5	-2	38	-39	34	49	35	-82	7
Free Cash Flow	-10	7	19	1	14	13	15	11	57	63	-79	106
CFO/OP	38%	186%	226%	37%	111%	100%	61%	54%	123%	193%	-123%	243%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	25	30	28	32	27	26	22	21	21	26	33	18
Inventory Days	252	221	70	59	53	56	176	309	195	80	210	102
Days Payable	35	39	35	19	9	15	31	23	12	13	24	10
Cash Conversion Cycle	242	211	63	72	71	66	166	307	204	93	218	110
Working Capital Days	139	120	45	74	66	40	81	143	96	51	111	500
ROCE %	26%	16%	13%	20%	21%	17%	30%	26%	29%	19%	18%	16%

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 ・Standalone data

	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 ・Standalone data

Installed Capacity - Boron Products
MTPA ・Standalone data

Production Growth - Boron Products
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	52.07%	52.07%	52.07%	50.80%	50.79%	50.79%	50.79%	50.79%	50.79%	50.79%	50.79%	30.80%
	0.22%	0.01%	0.03%	0.10%	0.00%	0.06%	0.01%	0.02%	0.02%	0.53%	0.23%	0.45%
	0.00%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.01%	0.02%	0.02%	0.02%	2.19%
	47.71%	47.90%	47.89%	49.09%	49.15%	49.14%	49.20%	49.16%	49.16%	48.67%	48.96%	66.56%
No. of Shareholders	22,919	27,029	27,863	28,111	27,436	29,817	29,646	28,603	27,039	22,387	21,091	20,466

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	55.42%	55.42%	55.42%	55.42%	55.42%	55.42%	53.00%	50.80%	50.79%	30.80%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%	0.06%	0.10%	0.02%	0.45%
	0.11%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	2.19%
	44.47%	44.58%	44.58%	44.58%	44.58%	44.54%	46.94%	49.09%	49.16%	66.56%
No. of Shareholders	6,094	4,406	4,775	4,582	5,681	20,258	21,068	28,111	28,603	20,466

* 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