Indo Borax & Chemical Ltd
NSE: INDOBORAX · Commodity Chemicals · sector
₹404.40NSE close 2026-10-26
Key numbers
Market cap₹1,298 cr
Price₹404.40
52w high / low₹543 / ₹230
P/E23.0xSector median 15.2x
P/B3.4xSector median 1.3x
Book value₹120.5
Dividend yield0.25%Sector median 0.84%
ROE16.4%Sector median 7.2%
ROCE19.2%Sector median 9.4%
OPM26.6%Sector median 8.6%
Debt / equity0.00xSector median 0.25x
EV/EBITDA17.6xSector median 11.6x
Interest cover646.9x
Current ratio20.85x
Sales growth 3y-1.4%Sector median +1.0%
Profit growth 3y+2.4%Sector median -11.1%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 70 companies in Commodity Chemicals (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹212 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 646.9x in the last 12 months.
- 100.00% of the promoters' shares are pledged (38.4% of all shares).
- Promoter holding fell by 12.39 percentage points in a year, to 38.41% (2026-09-30).
- Operating cash flow was below net profit in 2 of the last 5 years (FY25, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 25% of net profit in the last 12 months.
- Dividend paid in 4 of the last 5 financial years.
- Price ₹404.40 on 2026-10-26: -25.5% from the 52-week high, +75.5% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹510.95 · low ₹147.81
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 38 | 38 | 50 | 54 | 58 | 41 | 63 | 70 |
| EBITDA | 9 | 10 | 10 | 12 | 20 | 9 | 14 | 20 |
| OPM % | 24.2% | 26.8% | 20.4% | 22.8% | 34.3% | 21.0% | 21.6% | 28.1% |
| Other income | 4 | 4 | 4 | 3 | 4 | 4 | 5 | 3 |
| Net profit | 9 | 9 | 10 | 1 | 17 | 10 | 16 | 16 |
| EPS (₹) | 2.86 | 2.83 | 3.14 | 3.18 | 5.07 | 2.89 | 4.53 | 5.07 |
| Revenue YoY | +52.8% | +9.4% | +25.7% | +31.3% | ||||
| Profit YoY | +89.5% | +8.8% | +54.5% | +1,418.7% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 176 | 225 | 191 | 175 | 215 | 232 |
| EBITDA | 48 | 63 | 43 | 46 | 54 | 62 |
| Net profit | 36 | 51 | 42 | 43 | 54 | 59 |
| EPS (₹) | 11.33 | 15.80 | 12.15 | 13.25 | 15.67 | 17.56 |
| Revenue growth | +28.1% | -15.0% | -8.4% | +22.9% | +29.7% | |
| Profit growth | +39.4% | -18.0% | +2.3% | +27.9% | +100.7% | |
| Dividend / share (₹) | – | 1.00 | 1.00 | 1.00 | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -1.4% | – | +29.7% |
| Net profit | +2.4% | – | +100.7% |
| EPS | -0.3% | – | – |
| Share price | – | +45.1% (2y) | +79.1% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 255 | 293 | 335 | 387 |
| Borrowings | – | 0 | 0 | 0 | 0 |
| Cash & equivalents | – | 91 | 159 | 85 | 212 |
| Total assets | – | 275 | 311 | 357 | 405 |
| Fixed assets | – | 16 | 19 | 21 | 8 |
| Capital work in progress | – | 1 | 1 | 1 | 1 |
| Investments | – | 3 | 4 | 12 | 12 |
| Receivables | – | 13 | 14 | 16 | 10 |
| Inventory | – | 58 | 22 | 47 | 32 |
| Payables | – | 3 | 4 | 5 | 3 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 11 | 60 | 68 | -72 | 87 |
| Cash from investing | 26 | -8 | -30 | -7 | -77 |
| Cash from financing | -3 | -3 | -3 | -3 | -3 |
| Capex | 0 | 5 | 5 | 7 | 0 |
| Free cash flow | 11 | 55 | 63 | -79 | 87 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 19.9% | 14.2% | 12.7% | 14.1% |
| ROCE % | – | 27.1% | 17.8% | 17.5% | 17.2% |
| Debtor days | – | 21 | 26 | 33 | 18 |
| Inventory days | – | 195 | 80 | 210 | 102 |
| Payable days | – | 11 | 13 | 24 | 10 |
| Cash conversion cycle (days) | – | 205 | 93 | 219 | 110 |
| Working capital days | – | 244 | 355 | 287 | 523 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 38.41% |
| FIIs | 0.10% |
| DIIs | 0.04% |
| Public (non-institutions) | 61.44% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 50.80% | 50.80% | 50.80% | 50.80% | 50.80% | 30.80% | 38.41% | 38.41% |
| Promoter group | % |
|---|---|
| Zenrock Chemicals Private Limited | 38.41% |
| Sunil Malhotra | 0.00% |
| Radhika Malhotra | 0.00% |
| Harsh Malhotra | 0.00% |
| Madhu Kapoor | 0.00% |
| Public holders above 1% | % |
|---|---|
| Investor Education and Protection Fund Authority Ministry of Corporate Affairs | 7.77% |
| Isaf III Onshore Fund | 7.56% |
| India Special Assets Fund III | 7.44% |
| Special Situation India Fund | 5.00% |
| Dipak Kanayalal Shah | 1.17% |
24,528 shareholders. Pledged: 100.00% of promoter shares.
Peers in Commodity Chemicals
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| SRF | ₹69,362 cr | 30.4x | 4.5x | 16.0% | 15.2% | 21.4% | +373.5% | 0.38% |
| TATACHEM | ₹15,184 cr | – | 0.7x | -10.1% | -4.2% | -1.6% | -4.6% | 1.84% |
| DEEPAKFERT | ₹14,422 cr | 14.7x | 2.1x | 15.1% | 13.6% | 16.7% | +0.6% | 0.89% |
| GNFC | ₹7,634 cr | 7.4x | 0.8x | 11.7% | 15.2% | 14.8% | -8.7% | 3.41% |
| TANFACIND | ₹4,989 cr | 66.3x | 13.4x | 19.7% | 20.5% | 15.5% | +23.8% | – |
| GUJALKALI | ₹4,043 cr | 60.9x | 0.8x | 1.2% | 3.6% | 11.3% | -1.2% | 2.88% |
| GRAUWEIL | ₹3,537 cr | 22.1x | 3.3x | 15.9% | 19.6% | 15.3% | +6.8% | 0.64% |
| GHCL | ₹3,486 cr | 6.7x | 1.0x | 14.9% | 19.9% | 24.8% | -12.3% | 3.29% |
| JGCHEM | ₹2,190 cr | 29.1x | 4.1x | 15.1% | 19.8% | 8.9% | – | 0.18% |
| INDOBORAX | ₹1,298 cr | 23.0x | 3.4x | 16.4% | 19.2% | 26.6% | -1.4% | 0.25% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-21 | Dividend | Dividend - Rs 10 Per Share/Special Dividend - Rs 30 Per Share |
| 2025-09-18 | Dividend | Dividend - Re 1 Per Share |
| 2024-08-20 | Other | Annual General Meeting |
| 2024-08-20 | Dividend | Dividend - Re 1 Per Share |
| 2023-08-11 | Dividend | Dividend - Rs 1 Per Share |
| 2023-08-11 | Other | Annual General Meeting |
| 2022-08-18 | Dividend | Annual General Meeting/Dividend - Re 1 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Commodities |
| Industry | Commodity Chemicals |
| Sub-industry | Commodity Chemicals |
| Symbol | INDOBORAX |
| BSE code | 524342 |
| ISIN | INE803D01021 |
| Face value | ₹1.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.