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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DEEPAK FERTILIZERS & PETR | 16,727 | 17.0 | 2.24 | 12.2 | 9.9 | 8.4 | 14.6 | 26.1 |
| TATA CHEMICALS LTD | 15,683 | — | 0.71 | 141.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| GUJ NAR VAL FER & CHEM L | 8,273 | 8.0 | 0.91 | 6.0 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,773 | 55.4 | 18.15 | — | 18.8 | 24.3 | — | 16.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Postal ballot results: borrowing limit hike to Rs 400 Crore approved | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Indo Borax Q1 FY27: 59% PAT growth, Kronox deal update, FY27 guidance | investor communications | medium | — | — |
| 2 Sept 2026 · Earnings call audio recording for Q1 FY27 now available | investor communications | low | — | — |
| 1 Sept 2026 · Indo Borax Q1 FY27: Revenue up 31%, PAT up 59%, Kronox acquisition announced | investor communications | medium | — | — |
| 31 Aug 2026 · Indo Borax credit rating placed on negative watch by India Ratings | credit debt | high | — | — |
| 31 Aug 2026 · New Corporate Office Address Effective September 15, 2026 | general | low | — | — |
| 27 Aug 2026 · Indo Borax to host Q1FY27 earnings call on September 2, 2026 | board shareholder meetings | low | — | — |
| 20 Aug 2026 · Indo Borax to acquire 64.26% stake in Kronox Lab Sciences for Rs 246.12 cr | strategic transactions | critical | — | — |
| 20 Aug 2026 · Indo Borax to acquire 64.26% stake in Kronox Lab Sciences, open offer triggered | strategic transactions | high | — | — |
| 20 Aug 2026 · Indo Borax to acquire 64.26% in Kronox Lab Sciences | strategic transactions | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| GUJARAT ALKALIES & CHEM |
| 5,179 |
| 78.0 |
| 1.00 |
| 10.7 |
| (0.0) |
| 0.7 |
| 12.4 |
| 18.4 |
| GHCL LIMITED | 3,879 | 8.4 | 1.09 | 5.1 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,469 | 21.2 | 3.21 | 14.1 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,330 | 31.0 | 4.31 | 23.7 | 12.7 | 16.9 | — | 11.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 23.4 | 17.0 | 38 of 57 | 34% |
| P/B | 4.0 | 1.4 | 48 of 59 | 17% |
| ROCE | 17.1 | 6.2 | 10 of 65 | 86% |
| ROE | 13.0 | 4.9 | 13 of 65 | 81% |
| Debt / Equity | 0.0 | 0.2 | 7 of 65 | 78% |
| 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 | 1555 | 77 | 11 of 65 | 84% |
| 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 |
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.
