NSE: INDOBORAX · BSE: 524342
INDO BORAX & CHEMICAL LTD
Manufactures boron-based commodity chemicals, principally Boric Acid, Boron Oxide and DOT (Decahydrate of Sodium Tetraborate), selling them into industrial markets. FY26 operating revenue was Rs 215.45 crore, up on higher boric acid volumes, but the year included a 45-day plant shutdown that pushed EBITDA margins down to 20.50% from 26.18% the year before. Raw materials are the dominant cost at 53.1% of revenue, followed by other operating expenses at 18.5% and employee costs at 8.3%; depreciation and capex are light at 1.5% and 0.1% of revenue respectively. A new Boron Oxide facility at Pithampur is being built for about Rs 20 crore, and a broader Rs 900 million capex programme is planned across FY27-FY28, funded from internal accruals. The company closed FY26 debt-free and intends to set up a Rs 600 million working capital facility. A wholly-owned subsidiary in real estate is being merged into the listed entity via NCLT route. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Boric Acid, Boron Oxide, DOT (Sodium Tetraborate Decahydrate). Small, single-product-family commodity chemicals maker with light asset base and no debt
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 176 | 225 | 191 | 175 | 215 |
| EBITDA (ex other income) | 48 | 63 | 43 | 46 | 54 |
| margin % | 27.2 | 28.2 | 22.3 | 26.2 | 25.2 |
| Owners' profit | 36 | 51 | 42 | 43 | 54 |
| EPS, as reported (₹) | 11.33 | 15.80 | 12.15 | 13.25 | 15.67 |
| ROE % · ROCE % | 17.6 · 23.9 | 19.9 · 26.8 | 13.3 · 17.6 | 12.7 · 17.4 | 13.0 · 17.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 11 | 60 | 68 | (72) | 87 |
| Capex | (0) | (5) | (5) | (7) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38 | 38 | 50 | 54 | 111 | 41 | 63 | 70 |
| Profit before tax | 13 | 14 | 13 | 14 | 37 | 12 | 17 | 22 |
| Net profit | 9 | 9 | 10 | 10 | 26 | 9 | 15 | 16 |
| EPS (₹) | 2.86 | 2.83 | 3.14 | 3.18 | 8.25 | 2.89 | 4.53 | 5.07 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,264 | — | 0.69 | 138.7 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,972 | 15.2 | 2.01 | 11.2 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,504 | 7.2 | 0.82 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,785 | 55.5 | 18.18 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,019 | 60.5 | 0.77 | 8.5 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,630 | 7.9 | 1.02 | 4.8 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,537 | 21.6 | 3.27 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,206 | 29.4 | 4.08 | 22.4 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.7 | 17.1 | 29 of 50 | 43% |
| P/B | 3.4 | 1.3 | 47 of 60 | 22% |
| ROCE | 17.1 | 6.0 | 9 of 62 | 87% |
| ROE | 13.0 | 5.0 | 12 of 60 | 81% |
| Debt / Equity | 0.0 | 0.2 | 2 of 60 | 85% |
| EBITDA margin | 31.8 | 13.3 | 6 of 58 | 91% |
| Revenue growth | 31.3 | 6.7 | 13 of 54 | 77% |
| Profit growth | 59.3 | 21.0 | 26 of 64 | 60% |
| Market cap | 1309 | 104 | 11 of 66 | 85% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Share purchase terms amended for Kronox Lab Sciences | strategic transactions | high | — | — |
| 19 Oct 2026 · Indo Borax pledges 14% Kronox stake for INR 225cr acquisition loan | ownership changes | high | — | — |
| 13 Oct 2026 · Postal Ballot Notice and E-voting Information Published in Newspapers | compliance | minimal | — | — |
| 12 Oct 2026 · Postal Ballot for pledging assets to secure borrowings up to Rs 400 Cr | board shareholder meetings | low | — | — |
| 10 Oct 2026 · RTA submits quarterly demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Indo Borax completes 64.26% Kronox stake buy, names new MD & CEO at subsidiary | management changes | critical | — | — |
| 29 Sept 2026 · Indo Borax completes 64.26 percent acquisition of Kronox Lab Sciences | strategic transactions | high | — | — |
| 28 Sept 2026 · Trading Window Closed from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 24 Sept 2026 · Indo Borax raises about 225 crore for Kronox Lab Sciences acquisition | strategic transactions | high | — | — |
| 23 Sept 2026 · Indo Borax to attend Arihant Capital Rising Stars conference on Sep 28 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.