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Indo Borax & Chemicals Ltd

₹ 245-4.55%
16 Jan – close price
🔗indoborax.com•BSE: 524342•NSE: INDOBORAX
Market Cap₹ 787 Cr.
Current Price₹ 245
High / Low₹ 302
Stock P/E20.4
Book Value₹ 112
Dividend Yield0.41 %
ROCE18.5 %
ROE13.4 %
Face Value₹ 1.00
Sales₹ 203 Cr.
OPM20.5 %
Mar Cap₹ 787 Cr.

ABOUT

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

KEY POINTS

Product & Usage:[1]a) Boric Acid Technical Grade Granular:IBCL is first in the country to be awarded BIS certification for manufacturing Boric Acid Technical Grade. This is used in fused products i.e. glass, glass fibre ceramics, fritss, glazed, porcelain enamels. It is also used as fluxes and metallurgical operations like welding, brazing, paste fluxes and soldering fluxes, etc. and as a catalyst in cyclohexane and hydrocarbon oxidation.b) Boric Acid Technical Grade Powder:This is used in metallurgical operations like welding and brazing, fire retardant, and as catalysts in cyclohexane and hydrocarbon oxidation. Itis also used as condensers, dishwashing products, lubricants, in nuclear applications and in agricultural as micronutrients in thefertilizers.c) Boric Acid IP Grade:Company is the only Indian manufacturer of IP grade Boric Acid with an FDA license. IP Grade is used in eye wash, ointments, foot powder, shampoo, skin cream, mouthwash and in veterinary formulations.Disodium Octaborare Tetra hydrate (D.O.T.):IBCL has a Fertilizer licence for manufacturing Disodium OCTA-borate Tetra-hydrate, which is an important value-added Agriculture Micro nutrient Fertilizer. It was developed using in-house technology and is used in manufacturing solution or suspension fertilizers, formulations of high-performance liquids containing Boron or with combination of other nutrients for spraying on soil or through irrigation, and for formulationof soluble micronutrients powders for foliar spraying. It is also used as fire retardant in cellulosic materials such as cotton batting,paper, fabric, wooden composites etc.,in fire retardant treatments for clothing,drapes or curtains, rugs, ironing boardcovers, firefighter clothing and fire retardedpaper products, in water-based systemsfor corrosion inhibition, lubrication, thermal oxidative stabilization. It is used to manufacture water treatment chemicals and as an additive to reduce abrasiveness and to control viscosity in cleaning products such hand cleaners, polishes, and waxes, cleaning compounds.**d) Lithium Hydroxide Monohydrate: **This is used in manufacturing lubricant greases, dyestuff and speciality resins. It is also used in batteries of electricvehicles

Also present in buckets:
Aggressive Growth TriggersAggressive Growth TriggersExcellent ResultsExcellent ResultsAsset Base ExpansionAsset Base ExpansionCapacity Expansion And ProductsCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsJv Partnerships AcquisitionsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor PerformanceRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.SRF3027.4055.5289804.820.24388.1892.723640.196.3012.2715263.4620.841617.64388.186.775.950.35
2.Tata Chemicals755.0559.1219263.161.46154.00-49.383877.00-3.053.9614695.0013.25325.8398.210.861.160.34
3.Deepak Fertilis.1198.2015.3015064.530.83214.021.483005.839.4315.6710910.9517.81984.32213.202.327.470.68
4.G N F C477.4011.037017.853.77179.0070.481968.002.669.577523.007.82636.00179.000.815.490.00
5.GHCL548.858.835031.212.19106.70-31.09721.29-9.0224.193077.3626.08569.50106.701.4515.100.03
6.Tanfac Inds.4483.5047.544472.290.2017.18-11.03168.6951.2841.76694.8220.4294.0717.1813.1723.900.09
7.Chemplast Sanmar274.80–4354.350.00-51.04-63.281033.204.071.834341.532.97-218.28-51.042.22-1.780.97
8.Indo Borax & Ch.245.2020.40787.000.419.112.1341.029.3618.51202.5620.5138.589.112.1912.580.00
–Median: 38 Co.224.2817.76634.840.298.30.73159.193.879.5610.9910.6629.248.31.444.850.18

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
51555655474445503838505458
Expenses
38374143373534332927404147
Operating Profit
141815121091216910101210
Other Income
22233333444313
Profit before tax
15191714121114191313131422
Tax %
26%29%26%27%27%28%20%27%29%34%20%29%28%
Net Profit
1114131098111499101016
EPS in Rs
3.554.243.903.192.742.523.524.322.812.783.143.135.01

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
6373656797128115144175215191175203
Expenses
515753567910897100128153149129161
Operating Profit
12161210172019444862434642
Other Income
3433455438111523
Interest
0000000000000
Depreciation
1111111112234
Profit before tax
15181412202423475069515861
Net Profit
101298131818353650384245
EPS in Rs
2.793.872.852.594.095.485.4610.8211.3115.7011.9713.0514.12
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:20%
3 Years:5%
TTM:-10%

Stock Price CAGR

10 Years:23%
5 Years:40%
3 Years:23%
1 Year:47%

Return on Equity

10 Years:16%
5 Years:17%
3 Years:16%
Last Year:13%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
3333333333333
Reserves
63748391100117135170204252289331356
Borrowings
0000000000000
Other Liabilities
7889121110171420182123
Total Liabilities
748594103116131148190222275310355382
Fixed Assets
31120525150468991969910194
Gross Block
10.4519.6030.1263.2163.1263.4360.32104.58107.66112.16116.79––
Accumulated Depreciation
7.548.729.7611.2312.3013.5114.8015.8416.8715.9418.23––
CWIP
1221111111111
Investments
35153324213819411419536774
Other Assets
3658392643428359116158157186212
Total Assets
748594103116131148190222275310355382

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
13-71220-2151326115168-61
Cash from Investing Activity
-722-23-245-1626-6326-8-31-8
Cash from Financing Activity
-5-2-1-0-1-1-0-1-3-3-3-3
Net Cash Flow
114-12-43-239-38343934-72

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
161730283327252221222633
Inventory Days
1022372053862535611726221580210
Days Payable
33404134209153123131324
Cash Conversion Cycle
862141953175716610826022493218
Working Capital Days
42121108297766395612310050205
ROCE %
23%25%17%13%20%22%17%30%26%29%18%19%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
53.78%53.00%52.07%52.07%52.07%50.80%50.79%50.79%50.79%50.79%50.79%50.79%
FIIs
0.11%0.06%0.22%0.01%0.03%0.10%0.00%0.06%0.01%0.02%0.02%0.53%
DIIs
0.00%0.00%0.00%0.00%0.00%0.00%0.06%0.00%0.00%0.01%0.02%0.02%
Public
46.10%46.94%47.71%47.90%47.89%49.09%49.15%49.14%49.20%49.16%49.16%48.67%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Open Offer for Indo Borax & Chemicals Commences April 10, 2026

9th April 2026, 8:57 pm

Indo Borax Announces Shareholder E-Voting; ASREC Auctions Goa Property

9th April 2026, 5:13 pm

Indo Borax Shareholders to Vote on ESOPs, Rs 700 Cr Investment Limit, and Director Remuneration via Postal Ballot

8th April 2026, 11:19 pm

Indo Borax IDC Recommends Zenrock Chemicals' Open Offer

7th April 2026, 11:35 pm

Indo Borax Corrects CSR Committee Composition Error in Board Meeting Outcome

7th April 2026, 7:17 pm

Published by Other Websites

External media mentions & references

Zenrock & EAAA India Buy 50.8% Stake in Indo Borax, Triggering Open Offer!

2nd January 2026, 3:50 pm

Indian Stocks Set for Ex-Dividend, Stock Split, and Rights Issue on September 18, 2025

18th September 2025, 4:22 pm

Indo Borax Appoints Shashikant Bharuka CFO; Board Approves Postal Ballot
Indo Borax Promoters Exit, Sell 50.80% Stake in Landmark Off-Market Deal
Indo Borax Appoints New CFO; Greenlights Postal Ballot Notice

News Articles

Editorial & research coverage

Zenrock & EAAA India Buy 50.8% Stake in Indo Borax, Triggering Open Offer!
Zenrock & EAAA India Buy 50.8% Stake in Indo Borax, Triggering Open Offer!

2nd January 2026, 3:50 pm

Documents

Announcements

Intimation Under Regulation 8(2) Of The SEBI(PIT) Regulations, 2015

3h - Amended Code for Fair Disclosure of UPSI submitted to exchanges; uploaded on website, dated 16 Jan 2026

Board Meeting Outcome for Submission Of Outcome Of Board Meeting Of The Company For The Quarter Ended 31St December, 2025

4h - Unaudited results for quarter and nine months ended 31-Dec-2025; Q3 net profit Rs.911.11L, 9M Rs.3,523.70L.

Result- Financial Result For The Quarter Ended 31St December, 2025
Board Meeting Intimation for Consideration And Approval Of The Unaudited Financial Results For The Quarter And Nine Months Ending On December 31, 2025

12 Jan - Board meeting on 16 Jan 2026 to approve Q3/9M Dec 31, 2025 unaudited results; trading window closed.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

9 Jan - Certificate under Reg 74(5) for quarter ended 31 Dec 2025 issued by RTA MUFG Intime.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from bse)

Credit Ratings

No credit ratings.

Concalls

No concalls.

Stock Analysis

Description

  1. Indo Borax & Chemicals Ltd is in the business of manufacturing Boron and Lithium products.

Key Growth Triggers

  1. Product & Usage: a) Boric Acid Technical Grade Granular, b) Boric Acid Technical Grade Powder:, c) Boric Acid IP Grade:, d) Disodium Octaborare Tetra hydrate (D.O.T.) (Agriculture Micro nutrient Fertilizer), e) Lithium Hydroxide Monohydrate (used in lubricant greases, dyestuff and speciality resins, batteries of electric vehicles).

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. The company has a history of poor sales growth over the past five years, and earnings have been influenced by other income. Dividend payout has been low, and working capital days have increased significantly.

Key Dates To Watch

  1. AGM on September 25, 2025; Record date for dividend entitlement September 18, 2025; Open offer for shares runs February 6-19, 2026.

Corporate Announcements

9th Apr 26
Impact Rating: 8
Zenrock Chemicals and its partners are making an open offer for Indo Borax & Chemicals shares. The tendering period is April 10-23, 2026, with payment by May 18. The offer is made as per SEBI regulations. Specific offer price and transaction value are not disclosed in this announcement.
9th Apr 26
Impact Rating: -
No description available.
8th Apr 26
Impact Rating: 9
Indo Borax & Chemicals Ltd. has initiated a postal ballot process for shareholders to vote on key proposals including an Employee Stock Option Plan (ESOP 2026), enhancing borrowing/investment powers to Rs 700 crore, and approving commission for non-executive directors.
7th Apr 26
Impact Rating: -
No description available.
7th Apr 26
Impact Rating: 3
Indo Borax & Chemicals Ltd. corrected a clerical error in the CSR Committee composition disclosed after its April 6, 2026 Board Meeting. The company confirmed no other matters from the outcome were affected by this revision.