India Ratings assigns IND BBB+/Stable to bank loan facilities

India Ratings assigned IND BBB+/Stable (long-term) and IND A2+ (short-term) to Indo Borax & Chemicals bank loan facilities of INR 600 million. Company is debt-free at FYE26. Revenue grew to INR 2,154.51 mn in FY26 from INR 1,752.61 mn in FY25 on higher boric acid volumes, but EBITDA margins moderated to 20.50% from 26.18% due to higher raw material costs and a 45-day plant shutdown. Plans INR 900 mn capex over FY27-FY28 funded by internal accruals, and intends to avail an INR 600 mn working capital facility. 100% promoter shareholding is pledged to secure acquisition debt with bullet repayment due in FY31.