Key Metrics 
Check Before You Invest 
10 Yrs X-Ray 
Profit & Loss 
Valuation 
Analyst Note 
Balance Sheet 
Cash Flow 
Financial Ratio 
Qtr. Results 
News 
About
Indo Borax & Chemicals Ltd (INDOBORAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524342 NSE: INDOBORAX Chemicals | Small Cap | Indo Borax & Chem. Share Price
₹403.55 10.30 (2.62%)
As on 06-Jul'26 16:59
Indo Borax & Chemicals Ltd (INDOBORAX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524342 NSE: INDOBORAX Chemicals | Small Cap | Indo Borax & Chem. Share Price
₹403.55 10.30 (2.62%)
As on 06-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,295 Cr.
Current Price
₹403.6
52-Week Low / High
₹213 / 423
TTM EPS
₹15.5
TTM Sales
₹215 Cr.
Book Value per Share
₹119.8
P/E Ratio
26.04
Higher than its 5-year historical median
Industry PE
52.9
Price to Book (P/B)
3.37
Higher than its 5-year historical median
Price to Sales (P/S)
6.01
Higher than its 5-year historical median
EV/EBITDA
21.76
Higher than its 5-year historical median
Dividend Yield
9.91%
Profitability Efficiency
Return on Equity (ROE)
13.84%
Outperforms industry median
Return on Capital Employed (ROCE)
18.34%
Outperforms industry median
Return on Assets (ROA)
13.12%
Operating Profit Margin
20.5%
Net Profit Margin
23.09%
Gross Profit Margin
27.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
22.93%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
-3.79%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
18.77%
Asset Quality
Promoter Holding
30.80%
Pledged shares (%) of Promoter's holding (%)
100.00%
Reserves
₹381 Cr.
Equity
₹3.2 Cr.
Face Value
₹1
All Time Low / High
₹0.10 / 422.60
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Indo Borax & Chemicals Ltd a good quality company?
Indo Borax & Chemicals Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Indo Borax & Chemicals Ltd performance compare with that of its Peers?
Revenue growth of Indo Borax & Chemicals Ltd vs industry peers?
Indo Borax & Chemicals Ltd revenue CAGR is 8.74%, compared to the industry median CAGR of 7.53%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Indo Borax & Chemicals Ltd?
Promoters hold 30.80% of the Indo Borax & Chemicals Ltd, with 100.00% of their stake pledged, indicating high pledge risk.
Stock return of Indo Borax & Chemicals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Indo Borax & Chemicals Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 13.2% | 17.5% | 21.6% | 18.1% | 30.3% | 26.3% | 29.7% | 18.8% | 18.5% | 18.3% | - |
| Value Creation Index ⓘ | -0.1 | 0.3 | 0.5 | 0.3 | 1.2 | 0.9 | 1.1 | 0.3 | 0.3 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 66.6 | 96.8 | 128 | 115 | 144 | 175 | 215 | 191 | 175 | 215 | 215 |
| Sales YoY Gr. | - | 45.4% | 32.5% | -10.2% | 25.1% | 21.7% | 22.5% | -11% | -8.4% | 22.9% | - |
| Adj EPS ⓘ | 2.6 | 3 | 5.1 | 5.3 | 10.7 | 11 | 14.9 | 11.5 | 12.5 | 12.8 | 15.5 |
| YoY Gr. | - | 13.8% | 71% | 4.5% | 100.8% | 2.9% | 36.2% | -23.1% | 8.5% | 2.9% | - |
| BVPS (₹) ⓘ | 29.2 | 32.2 | 37.5 | 43 | 53.9 | 64.6 | 79.4 | 91.2 | 104.1 | 119.8 | 119.8 |
| Adj Net Profit ⓘ | 8.4 | 9.5 | 16.3 | 17.1 | 34.2 | 35.2 | 47.9 | 36.9 | 40 | 41.2 | 50 |
| Cash Flow from Ops. ⓘ | 19.9 | -1.6 | 14.8 | 13.3 | 25.7 | 11.5 | 50.7 | 68.1 | -93 | 75.7 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 13.9% | 8.4% | 0.1% | 22.9% | ||||
| Adj EPS ⓘ | 19.4% | 3.8% | -5% | 2.9% | ||||
| BVPSⓘ | 17% | 17.3% | 14.7% | 15.1% | ||||
| Share Price | 26.4% | 21.9% | 46.2% | 82.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.3 | 9.7 | 14.6 | 13.2 | 22 | 18.5 | 20.8 | 13.5 | 12.8 | 11.5 | 12.9 |
| Op. Profit Mgn % ⓘ | 15.5 | 14.8 | 15.7 | 16.2 | 30.6 | 27.3 | 28.8 | 22.4 | 26.2 | 20.5 | 20.5 |
| Net Profit Mgn % ⓘ | 12.6 | 9.8 | 12.7 | 14.8 | 23.7 | 20.1 | 22.3 | 19.3 | 22.8 | 19.1 | 23.1 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 146 | 120 | 115 | 132 | 126 | 142 | 138 | 125 | 234 | 264 | 199 |
| Cash Conv. Cycle ⓘ | 56 | 36 | 48 | 53 | 44 | 82 | 105 | 93 | 90 | 80 | 186 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 67 | 97 | 128 | 115 | 144 | 175 | 215 | 191 | 175 | 215 |
| Operating Expenses ⓘ + | 56 | 82 | 108 | 97 | 100 | 128 | 153 | 149 | 129 | 171 |
| Operating Profit ⓘ | 10 | 14 | 20 | 19 | 44 | 48 | 62 | 43 | 46 | 44 |
| Operating Profit Margin (%) | 15.5% | 14.8% | 15.7% | 16.2% | 30.6% | 27.3% | 28.8% | 22.4% | 26.2% | 20.5% |
| Other Income ⓘ + | 3 | 4 | 5 | 6 | 4 | 3 | 7 | 11 | 15 | 15 |
| Interest ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 3 |
| Profit Before Tax ⓘ | 12 | 17 | 24 | 23 | 47 | 50 | 69 | 51 | 58 | 66 |
| Tax ⓘ | 3 | 7 | 7 | 5 | 12 | 14 | 18 | 13 | 16 | 16 |
| Profit After Tax | 8 | 10 | 17 | 18 | 35 | 36 | 50 | 38 | 42 | 50 |
| PAT Margin (%) | 12.6% | 10.6% | 13.6% | 15.7% | 24.1% | 20.7% | 23.5% | 20.1% | 23.9% | 23.1% |
| Adjusted EPS (₹) | 2.6 | 3.2 | 5.5 | 5.6 | 10.8 | 11.3 | 15.7 | 12.0 | 13.1 | 15.5 |
| Dividend Payout Ratio (%) | 5.70% | 4.70% | 2.80% | 3.50% | 9.20% | 8.80% | 6.40% | 8.40% | 7.70% | 258.10% |
Valuation of Indo Borax & Chem. - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 94 | 103 | 120 | 138 | 173 | 207 | 255 | 293 | 334 | 385 | |
| Debt + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 4 | 3 | 2 | 3 | 5 | 5 | 3 | 4 | 5 | 3 | |
| Others Liabilities ⓘ | 5 | 9 | 9 | 8 | 12 | 10 | 17 | 14 | 16 | 15 | |
| Total Liabilities ⓘ | 103 | 116 | 131 | 148 | 190 | 222 | 275 | 310 | 355 | 403 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 21 | 20 | 19 | 15 | 14 | 13 | 16 | 19 | 21 | 9 | |
| CWIP ⓘ | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |
| Investments ⓘ | 55 | 51 | 69 | 50 | 41 | 14 | 19 | 53 | 67 | 207 | |
| Inventories | 4 | 10 | 12 | 10 | 20 | 55 | 58 | 22 | 47 | 32 | |
| Trade Receivables | 5 | 9 | 9 | 8 | 9 | 10 | 13 | 14 | 16 | 10 | |
| Cash Equivalents | 0 | 3 | 1 | 40 | 2 | 36 | 76 | 111 | 7 | 14 | |
| Others Assets ⓘ | 16 | 21 | 20 | 24 | 103 | 92 | 92 | 90 | 196 | 129 | |
| Total Assets ⓘ | 103 | 116 | 131 | 148 | 190 | 222 | 275 | 310 | 355 | 403 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 20 | -2 | 15 | 13 | 26 | 11 | 51 | 70 | -93 | 76 |
| Cash Flow From Investing Activity ⓘ + | -24 | 5 | -16 | 26 | -63 | 26 | -8 | -31 | -8 | -65 |
| Cash Flow From Financing Activity ⓘ + | -0 | -1 | -1 | -0 | -1 | -3 | -3 | -3 | -3 | -3 |
| Net Cash Flow ⓘ | -4 | 3 | -2 | 39 | -38 | 34 | 39 | 36 | -104 | 7 |
Financial Ratio
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.37 | 10.4 | 15.64 | 14.02 | 22.34 | 19.1 | 21.81 | 14.03 | 13.37 | 13.84 |
| ROCE (%) | 13.23 | 17.46 | 21.6 | 18.11 | 30.3 | 26.28 | 29.73 | 18.82 | 18.52 | 18.34 |
| Asset Turnover Ratio | 0.76 | 0.9 | 1.04 | 0.82 | 0.85 | 0.85 | 0.87 | 0.65 | 0.53 | 0.57 |
| PAT to CFO Conversion(x) | 2.5 | -0.2 | 0.88 | 0.72 | 0.74 | 0.31 | 1.02 | 1.84 | -2.21 | 1.52 |
| Working Capital Days | ||||||||||
| Receivable Days | 25.50 | 25.60 | 25.80 | 27.60 | 21.20 | 19.50 | 19.40 | 25.20 | 30.60 | 22.20 |
| Inventory Days | 56.80 | 26.20 | 30.90 | 34.90 | 38.30 | 78 | 95.90 | 76.60 | 72.30 | 66.80 |
| Payable Days | 34.80 | 21.40 | 11.50 | 12.80 | 24 | 24 | 15.20 | 12.60 | 20.20 | 13.70 |
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 100.00 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Indo Borax & Chemicals Ltd FAQs
The current trading price of Indo Borax & Chem. on 06-Jul-2026 16:59 is ₹403.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 05-Jul-2026 the market cap of Indo Borax & Chem. stood at ₹1,295 Cr
The latest P/E ratio of Indo Borax & Chem. as of 05-Jul-2026 is 26.04.
The latest P/B ratio of Indo Borax & Chem. as of 05-Jul-2026 is 3.37.
The 52-week high of Indo Borax & Chem. is ₹422.6 and the 52-week low is ₹213.3.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indo Borax & Chem. is ₹215 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Indo Borax & Chemicals Ltd is a good quality company.
The key valuation ratios of Indo Borax & Chemicals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Indo Borax & Chemicals Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Indo Borax & Chemicals Ltd
Indo Borax is synonymous with Boric Acid and is referred to as the industry standard for many comparisons made in the industry. Indo Borax came into existence in 1980 and has its roots to Asangaon in Maharashtra where its first Boric Acid plant was established in the year 1981, followed by the establishment of a Borax plant in 1983.
The stock of the company was offered to Public in 1993, resulting in an overwhelming response from investors. Presently, it has over 6000 stockholders who have helped it ensure that the rich heritage and unique values established in 1980 are continued over the years uncompromisingly.
Today, Indo Borax operates a most modern Boric Acid and Borax plant at Pithampur, Madhya Pradesh. Situated near the commercially important town of Indore in the heart of the country, the plant is well connected by an efficient transport network to all parts of India. The plant employs continuous process and is fully capable of generating its own power requirements. The plant also enjoys the approval of Food and Drug Administration for manufacturing pharmaceutical grade of Boric Acid.
The company has a dedicated team of over 300 employees and additionally provides indirect means of subsistence to over 200 people. It has a highly skilled pool of talent consisting of experienced chemicals engineers, mechanical engineers, electrical engineers and chemists. Superior product qualities, together with highly dependable supplies, have earned Indo Borax a high credibility among customers with unflinching customer loyalty being the hallmark of the company.
Products:
• Boric Acid (Tech. Grade) Powder • Boric Acid (Tech. Grade) Granular • Boric Acid (I.P.) • Borax Decahydrate Granular • Borax Decahydrate Crystal
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