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Indo Borax & Chem. Overview

Indo Borax & Chemicals Ltd manufactures and sells boron and lithium merchandise in India. It gives borax products, which include decahydrate crystals and decahydrate granular products; boric acid products that encompass I.P. Grade boric acid products, tech grade granular merchandise, and tech grade powders; and lithium hydroxide monohydrate merchandise. The enterprise changed into incorporated in 1980 and is primarily based in Mumbai, India.

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Indo Borax & Chem. Key Financials

Market Cap ₹891 Cr.

Stock P/E 21

P/B 2.4

Current Price ₹277.6

Book Value ₹ 115.4

Face Value 1

52W High ₹302

Dividend Yield 0.36%

52W Low ₹ 171.2

Indo Borax & Chem. Share Price

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Volume
Price

Indo Borax & Chem. Quarterly Price

Show Value Show %

Indo Borax & Chem. Peer Comparison

Indo Borax & Chem. Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 47 44 45 50 38 38 50 54 58 41
Other Income 3 3 3 3 4 4 4 3 4 4
Total Income 49 47 49 53 42 42 54 57 61 45
Total Expenditure 37 35 34 33 29 27 40 41 47 32
Operating Profit 13 12 15 20 14 14 14 15 14 13
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 0 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 9 0
Profit Before Tax 12 11 14 19 13 14 13 14 23 12
Provision for Tax 3 3 3 5 4 5 3 4 6 3
Profit After Tax 9 8 11 14 9 9 10 10 16 9
Adjustments 0 0 -0 0 0 -0 0 0 0 -0
Profit After Adjustments 9 8 11 14 9 9 10 10 16 9
Adjusted Earnings Per Share 2.8 2.6 3.6 4.4 2.9 2.8 3.2 3.2 5.1 2.9

Indo Borax & Chem. Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 87 70 67 101 128 115 144 176 225 191 175 203
Other Income 3 3 3 4 6 6 4 3 7 12 16 15
Total Income 90 72 70 105 134 121 148 179 232 203 191 217
Total Expenditure 69 57 56 86 108 97 100 128 163 149 129 160
Operating Profit 22 15 13 19 26 24 48 51 69 55 61 56
Interest 1 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 2 2 3 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 1 0 0 9
Profit Before Tax 20 14 12 17 24 23 47 50 69 52 59 62
Provision for Tax 6 4 3 7 7 5 12 14 18 13 16 16
Profit After Tax 14 9 8 11 17 18 34 36 51 39 43 45
Adjustments -0 0 0 0 0 0 1 1 0 3 3 0
Profit After Adjustments 13 9 8 11 17 18 35 38 51 42 45 45
Adjusted Earnings Per Share 4.1 2.9 2.5 3.3 5.4 5.5 10.9 11.7 15.9 13 14.1 14.4

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -8% -0% 9% 7%
Operating Profit CAGR 11% 6% 21% 11%
PAT CAGR 10% 6% 19% 12%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 48% 33% 28% 23%
ROE Average 14% 17% 18% 15%
ROCE Average 19% 23% 25% 21%

Indo Borax & Chem. Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 78 87 95 105 121 138 173 207 255 293 335
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 5 2 1 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 1 1 2 2 2 2 2 2 3 3 3
Total Current Liabilities 8 7 8 10 9 8 16 13 18 15 18
Total Liabilities 92 97 106 117 132 149 190 222 275 311 357
Fixed Assets 11 21 22 20 19 15 14 13 16 19 21
Other Non-Current Assets 23 42 44 42 41 54 95 87 91 91 180
Total Current Assets 58 34 40 55 72 80 81 121 168 201 156
Total Assets 92 97 106 117 132 149 190 222 275 311 357

Indo Borax & Chem. Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 4 16 4 0 5 3 41 2 36 85 121
Cash Flow from Operating Activities 0 18 21 1 15 13 16 11 60 70 -72
Cash Flow from Investing Activities 13 -26 -24 5 -16 26 -54 26 -8 -30 -7
Cash Flow from Financing Activities -1 -4 -1 -2 -1 -1 -1 -3 -3 -3 -3
Net Cash Inflow / Outflow 12 -12 -4 5 -2 38 -39 34 49 36 -82
Closing Cash & Cash Equivalent 16 4 0 5 3 41 2 36 85 121 39

Indo Borax & Chem. Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 4.08 2.88 2.52 3.28 5.44 5.46 10.94 11.7 15.93 12.95 14.1
CEPS(Rs) 4.58 3.27 2.98 3.73 5.88 5.89 11.01 11.66 16.28 12.86 14.07
DPS(Rs) 0.15 0.15 0.15 0.15 0.15 0.2 1 1 1 1 1
Book NAV/Share(Rs) 24.44 27.14 29.47 32.58 37.83 43.11 53.85 64.55 79.48 91.43 104.53
Core EBITDA Margin(%) 19.39 16 13.67 14.23 15.65 16.22 30.57 27.24 27.54 22.36 26.19
EBIT Margin(%) 21.34 18.04 15.74 17.1 18.85 19.88 32.35 28.48 30.69 27.32 33.58
Pre Tax Margin(%) 20.75 17.55 15.45 16.97 18.79 19.83 32.29 28.45 30.63 27.3 33.47
PAT Margin (%) 14.1 11.88 10.8 10.26 13.6 15.2 23.77 20.7 22.52 20.37 24.25
Cash Profit Margin (%) 15.3 13.5 12.76 11.65 14.69 16.4 24.51 21.29 23.21 21.57 25.76
ROA(%) 15.76 9.77 7.98 9.48 14.02 12.46 20.23 17.67 20.4 13.29 12.73
ROE(%) 18.62 11.15 8.9 10.58 15.45 13.48 22.02 19.14 21.94 14.21 13.52
ROCE(%) 26.5 16.24 12.72 17.51 21.41 17.64 29.98 26.34 29.89 19.06 18.72
Receivable days 18.38 27.4 26.44 24.93 25.9 27.68 21.34 19.51 18.49 25.18 30.61
Inventory Days 104.96 127.22 73.55 31.33 30.85 34.86 50.81 98.48 99.67 76.57 72.32
Payable days 30.98 40.87 36.08 20.57 11.61 12.93 24.05 24 13.79 12.56 20.2
PER(x) 5.75 10.3 11.46 15.82 7.7 2.84 5.98 12.25 6.4 12.46 12.05
Price/Book(x) 0.96 1.09 0.98 1.59 1.11 0.36 1.22 2.22 1.28 1.77 1.62
Dividend Yield(%) 0.64 0.51 0.52 0.29 0.36 1.29 1.53 0.7 0.98 0.62 0.59
EV/Net Sales(x) 0.73 1.33 1.4 1.6 1.03 0.07 1.44 2.41 1.07 2.07 2.88
EV/Core EBITDA(x) 2.95 6.09 7.06 8.52 5.14 0.35 4.35 8.29 3.49 7.26 8.22
Net Sales Growth(%) 14.03 -20.39 -4.32 51.46 27.22 -10.2 25.07 21.9 28.09 -15.01 -8.39
EBIT Growth(%) 27.16 -31.71 -15.88 48.93 37.81 -5.3 103.58 7.31 38.05 -24.35 12.6
PAT Growth(%) 30.51 -31.92 -12.39 30.27 65.71 0.34 95.61 6.17 39.38 -23.11 9.05
EPS Growth(%) 40.46 -29.56 -12.39 30.27 65.71 0.34 100.49 6.95 36.09 -18.67 8.82
Debt/Equity(x) 0.06 0.03 0.01 0 0 0 0 0 0 0 0
Current Ratio(x) 7.24 4.79 4.92 5.47 8.18 9.46 5.18 9.48 9.56 13.2 8.76
Quick Ratio(x) 3.3 1.65 3.99 4.46 6.85 8.23 3.27 4.4 6.27 11.74 6.11
Interest Cover(x) 36.35 36.84 54.14 133.88 306.97 398.38 513.04 846.78 517.11 1886.68 317.75
Total Debt/Mcap(x) 0.06 0.02 0.01 0 0 0 0 0 0 0 0

Indo Borax & Chem. Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 52.07 50.8 50.8 50.8 50.8 50.8 50.8 50.8 50.8 30.8
FII 0.03 0.1 0 0.06 0.01 0.02 0.02 0.53 0.23 0.45
DII 0 0 0.06 0 0 0.01 0.02 0.02 0.02 0.39
Public 47.9 49.1 49.14 49.14 49.2 49.17 49.16 48.66 48.96 68.37
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Indo Borax & Chem. News

Indo Borax & Chem. Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 30.8%.
  • Debtor days have increased from 12.56 to 20.2days.
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