Indo Borax & Chemicals Limited (INDOBORAX)

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Indo Borax & Chemicals Limited (INDOBORAX) · mywealthgrid

About

Indo Borax & Chemicals operates in commodity chemicals within the Materials sector. At ₹1,365 Cr market cap, it's a mid-sized player with a recent quarterly peak (Jun 2026) of ₹70.36 Cr revenue and 28.16% operating margin. The company is debt-free and delivers consistent profitability across quarters.

Face value: ₹1

Market cap

₹1,507 Cr

P/E

26.8×

P/B

3.9×

Dividend yield

8.7%

ROE

15.1%

ROCE

15.5%

Debt / equity

OPM

20.5%

EPS (TTM)

₹17.5

Book value

₹120.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Revenue volatility: quarterly range ₹41–₹70 Cr (71% variance between Dec 2025 trough and Jun 2026 peak) — verify cyclicality vs. supply/demand instability
Operating margin swings 10 percentage points (18.15% to 28.16%) quarter-to-quarter — cost or input-price sensitivity to assess
Valuation at PE 24.25 vs ROE 15.06% suggests premium pricing — verify growth outlook and earnings trajectory to justify multiples
Commodity chemicals sector exposure to industrial cycles — verify market demand outlook and company's positioning in specialty vs. commodity segments

Generated analysis · source review pending

Growth drivers

Jun 2026 revenue ₹70.36 Cr (peak in dataset) and OPM 28.16% (highest across periods) — verify if reflects sustainable operational improvements or one-off favorable mix
EPS doubled from ₹2.84–2.89 (Dec 2025) to ₹5.07 (Jun 2026) — verify if sustainable as commodity cycle and cost pressures evolve
Zero debt (D/E 0) and ROE 15.06% mean unlevered balance sheet with capital deployment capacity — verify management's growth capex plans and expected returns
Quarterly net profit ranges ₹9–₹16 Cr with consistent dividend distributions (Jul 2026, Sep 2025, Aug 2024, Aug 2023) — verify capital allocation: retention for growth vs. dividend payout policy

Generated analysis · source review pending

1,236 historical price candles were omitted because the exchange source has not been verified.

₹469.5-4.1%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 20.5%
+Profit CAGR of 26.2% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 806.3×
+Dividend yield of 8.7%

Cons

−Promoter holding fell 12.4 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 65
Growth: 52
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	67	101	128	115	176	225	191	175	215
COGS	—	—	—	—	77	108	102	82	114
Gross profit	—	—	—	—	99	117	89	93	102
	56	83	108	97	51	55	46	47	58
	10	17	20	19	48	62	43	46	44
OPM %	15.3%	17.3%	15.7%	16.2%	27.2%	27.5%	22.4%	26.2%	20.5%
Depreciation	1	1	1	1	1	2	2	3	3
Interest	0	0	0	0	0	0	0	0	0
	3	4	6	5	3	9	12	16	26
Profit before tax	12	20	24	22	50	69	52	59	67
Tax	4	7	7	5	14	18	13	16	16
Tax %	30.8%	34.3%	27.5%	24.1%	27.2%	26.5%	25.4%	27.6%	24.4%
	8	13	18	17	36	51	39	43	50
PAT margin %	12%	13.3%	13.7%	14.7%	20.7%	22.5%	20.4%	24.3%	23.3%
EPS (₹)	24.9	41.8	54.6	52.8	11.3	15.8	12.2	13.3	15.7
EPS adjusted (₹)	2.5	4.2	5.5	5.3	—	15.8	13	13.2	16.9
	6%	3.6%	2.7%	3.8%	8.8%	6.3%	8.2%	7.5%	255.3%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	3	3	3	3	3	3	3	3
Reserves	84	101	118	135	252	290	332	383
	0	—	—	—	0	0	0	0
	10	12	11	10	20	18	21	18
Total equity & liabilities	97	117	132	149	275	311	357	405
	21	20	19	15	16	19	21	9
CWIP	2	1	1	1	1	1	1	1
Investments	23	20	37	18	89	123	137	248
	51	76	74	115	169	169	198	147
Total assets	97	117	132	149	275	311	357	405

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	56.3%	51.9%	46.5%	53.3%	47.3%
EBITDA margin %	17.3%	15.7%	16.2%	27.2%	27.5%	22.4%	26.2%	20.5%
EBIT margin %	15.9%	14.6%	15%	26.6%	26.8%	21.2%	24.7%	19%
PAT margin %	13.3%	13.7%	14.7%	20.7%	22.5%	20.4%	24.3%	23.3%
Working capital
Receivable days	32	27	26	—	21	26	33	18
Inventory days	44	39	39	—	195	80	210	102
Payable days	0	0	0	—	11	13	24	10
NWC days	76	66	64	—	204	93	218	110
Leverage
Current ratio	17.21	—	—	—	9.56	13.2	8.76	20.85
Debt to EBITDA	—	—	—	—	0	0	0	0
Debt to equity	—	—	—	—	0	0	0	0
Interest coverage	680.7	2,421	—	4,999	750.7	5,224	326.9	806.3
Asset turnover	0.86	0.97	0.77	—	0.82	0.61	0.49	0.53
Return ratios
Return on assets %	11.5%	13.3%	11.4%	—	18.4%	12.5%	11.9%	12.4%
Return on capital employed %	18%	19.7%	15.9%	—	26.2%	18.9%	18.5%	15.5%
Return on equity %	12.8%	14.4%	12.3%	—	19.9%	13.3%	12.7%	13%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	52.07%	52.07%	50.8%	50.8%	50.8%	50.8%	50.8%	50.8%	50.8%	50.8%	30.8%	38.41%
	0.01%	0.03%	0.1%	0%	0.06%	0.01%	0.02%	0.02%	0.53%	0.23%	0.45%	0.13%
	0%	0%	0%	0.06%	0%	0%	0.01%	0.02%	0.02%	0.02%	2.19%	0.04%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	47.92%	47.9%	49.1%	49.14%	49.14%	49.19%	49.17%	49.16%	48.65%	48.95%	66.56%	61.42%
No. of shareholders	—	—	—	—	—	—	—	—	22,387	21,091	20,466	20,592

Promoter holding down 13.66 percentage points since Sep 2023.

53 deals · 26 Jul 2023 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	6,03,252	₹489.18	₹29.51 Cr
28 Sept 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	6,03,252	₹489.82	₹29.55 Cr
28 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	3,69,255	₹489.01	₹18.06 Cr
28 Sept 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	3,69,255	₹488.74	₹18.05 Cr
28 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	3,37,448	₹487.72	₹16.46 Cr
28 Sept 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	3,37,437	₹487.23	₹16.44 Cr
28 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	2,75,929	₹488.77	₹13.49 Cr
28 Sept 2026	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	2,74,604	₹489.20	₹13.43 Cr
28 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	1,89,216	₹490.47	₹9.28 Cr
28 Sept 2026	SILVERLEAF CAPITAL SERVICES PRIVATE LIMITED	Bulk	NSE	Buy	1,89,216	₹490.33	₹9.28 Cr

1–10 of 53

1 / 6

Mr. PRASAD PARMESWARANPILLAI NAGANon-Executive - Independent Director-Chairperson
Mr. SURESH KALRAExecutive Director-CEO-MD
Mr. SUNIL JUGAL MALHOTRANon-Executive - Non Independent Director
Mr. HARSH MALHOTRAExecutive Director
Mr. RAKESH KUMAR SHRIVASTAVANon-Executive - Independent Director
Mrs. PRAJNAPARAMITA SARKARNon-Executive - Independent Director
Mr. Shashikant BharukaChief Financial Officer
Pravin ChavanCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Indo Borax & Chemicals Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

22

Final dividend21 Jul 2026 · ex-date₹10
Special dividend21 Jul 2026 · ex-date₹30
Final dividend18 Sept 2025 · ex-date₹1
Final dividend20 Aug 2024 · ex-date₹1
Dividend dividend11 Aug 2023 · ex-date₹1
Final dividend18 Aug 2022 · ex-date₹1
Final dividend24 Aug 2021 · ex-date₹10
Dividend dividend17 Sept 2020 · ex-date₹2
Dividend dividend5 Sept 2019 · ex-date₹1.5
Dividend dividend14 Aug 2018 · ex-date₹1.5
Dividend dividend10 Aug 2017 · ex-date₹1.5
Final dividend3 Aug 2016 · ex-date₹1.5
Final dividend12 Aug 2015 · ex-date₹1.5
Final dividend18 Sept 2014 · ex-date₹1.5
Final dividend13 Aug 2013 · ex-date₹1.5
Final dividend18 Jul 2012 · ex-date₹1.5
Dividend dividend10 Aug 2011 · ex-date₹1.5
Dividend dividend17 Aug 2010 · ex-date₹1.5
Dividend dividend18 Aug 2009 · ex-date₹1.5
Final dividend2 Jul 2008 · ex-date₹0.5
Final dividend18 Sept 2007 · ex-date₹1.5
Interim dividend20 Jul 2007 · ex-date₹1

1

Board meeting to consider results10 Aug 2026

1

Face value ₹10 → ₹127 Sept 2021 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

1 Oct 2026, 5:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

29 Sept 2026, 3:44 pmCompany Update

Announcement under Regulation 30 (LODR)-Updates on Acquisition

Acquisition PDF

28 Sept 2026, 7:15 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

11 Sept 2026, 1:45 pmAGM/EGM

Indo Borax & Chemicals Ltd-$ - 524342 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report

Postal Ballot PDF

8 Sept 2026, 3:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

2 Sept 2026, 8:44 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

1 Sept 2026, 6:04 pmCompany Update

Announcement under Regulation 30 (LODR)-Investor Presentation

Investor Presentation PDF

31 Aug 2026, 7:13 pmCompany Update

Announcement under Regulation 30 (LODR)-Credit Rating

Credit Rating PDF

Date	Category	Subject	Filing
1 Oct 2026, 5:59 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
29 Sept 2026, 3:44 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Updates on Acquisition

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Ratio	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	56.3%	51.9%	46.5%	53.3%	47.3%
EBITDA margin %	17.3%	15.7%	16.2%	27.2%	27.5%	22.4%	26.2%	20.5%
EBIT margin %	15.9%	14.6%	15%	26.6%	26.8%	21.2%	24.7%	19%
PAT margin %	13.3%	13.7%	14.7%	20.7%	22.5%	20.4%	24.3%	23.3%
Working capital
Receivable days	32	27	26	—	21	26	33	18
Inventory days	44	39	39	—	195	80	210	102
Payable days	0	0	0	—	11	13	24	10
NWC days	76	66	64	—	204	93	218	110
Leverage
Current ratio	17.21	—	—	—	9.56	13.2	8.76	20.85
Debt to EBITDA	—	—	—	—	0	0	0	0
Debt to equity	—	—	—	—	0	0	0	0
Interest coverage	680.7	2,421	—	4,999	750.7	5,224	326.9	806.3
Asset turnover	0.86	0.97	0.77	—	0.82	0.61	0.49	0.53
Return ratios
Return on assets %	11.5%	13.3%	11.4%	—	18.4%	12.5%	11.9%	12.4%
Return on capital employed %	18%	19.7%	15.9%	—	26.2%	18.9%	18.5%	15.5%
Return on equity %	12.8%	14.4%	12.3%	—	19.9%	13.3%	12.7%	13%

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-2	15	13	11	60	68	-72	87
	5	-16	26	26	-8	-30	-7	-77
	-1	-1	-0	-3	-3	-3	-3	-3
Net cash flow	3	-2	39	34	49	35	-82	7
Free cash flow	-2	14	13	11	55	63	-79	87
CFO / Operating profit %	-9%	73.6%	71.1%	24%	97.3%	158.8%	-156.9%	197.4%

Indo Borax & Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

22

1

1

Announcements

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

1

Not in the F&O segment

Compounded sales growth

Compounded profit growth

Return on equity

No fund holdings on record

Indo Borax & Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends22

Board meetings1

Stock splits1

Announcements

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Stock splits1

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

No fund holdings on record

22

1

1

22

1

1