Indo Borax & Chemicals Limited (INDOBORAX) AI Stock Analysis

• Market Cap: ₹8.20B
• Dividend Yield: 0.38%
• Average Volume (3M): 2.89K
• Price to Earnings (P/E): 17.9
• Beta (1Y): 1.24
• Revenue Growth: 12.35%
• EPS Growth: 6.79%
• Country: IN
• Employees: 106
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 5.07
• Shares Outstanding: 32,090,000
• 10 Day Avg. Volume: 4,145
• 30 Day Avg. Volume: 2,891
• PEG Ratio: 1.46
• Price to Book (P/B): 1.67
• Price to Sales (P/S): 3.20
• P/FCF Ratio: -7.13
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: ₹259.00 ▼(-3.30% Downside)

The overall stock score of Indo Borax & Chemicals Limited is primarily influenced by strong financial stability and profitability margins. However, declining revenue and negative cash flows are significant concerns. Technical indicators suggest bearish momentum, and the valuation is fair but with a low dividend yield.

Positive Factors

Profitability Margins

Strong profitability margins indicate cost efficiency and effective pricing strategies, which can sustain earnings even amidst revenue challenges.

Balance Sheet Health

A strong balance sheet with minimal leverage reduces financial risk, providing stability and flexibility for long-term strategic investments.

Operational Efficiency

High operational efficiency margins indicate effective cost management and resource utilization, supporting sustained profitability and competitive positioning.

Negative Factors

Revenue Decline

Declining revenue trends raise concerns about market demand and competitive pressures, potentially impacting future growth and market share.

Negative Cash Flow

Negative cash flow indicates potential liquidity issues and challenges in operational cash management, which could affect financial flexibility and investment capacity.

Earnings Growth

Negative earnings growth suggests challenges in maintaining profitability and could impact investor confidence and the ability to reinvest in business expansion.

Indo Borax & Chemicals Limited Business Overview & Revenue Model

Company Description

Indo Borax & Chemicals Limited manufactures and sells boron and lithium products in India. It offers borax products, such as decahydrate crystals and decahydrate granular products; boric acid products that include I.P. grade boric acid powder and granular, tech grade granular, and tech grade powders; and lithium hydroxide monohydrate products. The company was incorporated in 1980 and is based in Mumbai, India.

How the Company Makes Money

Indo Borax & Chemicals Limited generates revenue through the production and sale of its core chemical products, including borax and boric acid, which are used in multiple applications such as glass manufacturing, agriculture (as fertilizers and pesticides), and pharmaceuticals. The company's revenue model is primarily based on direct sales to businesses in these sectors, with a focus on both domestic and international markets. Key revenue streams include bulk sales to industrial clients, partnerships with distributors, and long-term contracts with major manufacturers. Additionally, INDOBORAX may benefit from strategic alliances with companies in related sectors, enhancing its market reach and operational efficiencies, thereby contributing to its overall earnings.

Indo Borax & Chemicals Limited Financial Statement Overview

Summary

Indo Borax & Chemicals Limited shows strong profitability margins and financial stability with a high equity ratio and low debt. However, declining revenue and negative cash flows in the latest period raise concerns about future growth and liquidity.

Income Statement

The company has shown a decreasing revenue trend over recent years, with a notable drop in total revenue from 2023 to 2025. However, the gross profit margin remains strong at 53.3% in 2025, indicating cost efficiency. The net profit margin is also solid at 24.3% in 2025, suggesting profitability. The EBIT margin of 33.5% and an EBITDA margin of 26.2% further reflect operational efficiency. Nevertheless, the revenue decline raises concerns about future growth.

Balance Sheet

The balance sheet is robust, with a very low debt-to-equity ratio, demonstrating minimal leverage and financial risk. The equity ratio is high at 94.0%, indicating strong financial stability and a well-capitalized position. Return on equity is substantial at 12.7%, showcasing effective utilization of equity. The strong cash position and low liability levels highlight financial prudence.

Cash Flow

The cash flow statement reveals challenges, with operating cash flow turning negative in 2025, leading to a negative free cash flow. This indicates potential liquidity issues and operational cash management concerns. However, historically, the company has managed positive cash flows, suggesting this might be a temporary issue. The free cash flow to net income ratio is negative, which is a concern for cash sustainability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.79B	1.75B	1.91B	2.25B	1.76B	1.44B
Gross Profit	909.45M	933.41M	559.38M	783.13M	660.95M	822.75M
EBITDA	529.12M	458.88M	545.44M	706.41M	510.83M	476.78M
Net Income	386.98M	425.05M	389.78M	506.94M	363.71M	342.58M
Balance Sheet
Total Assets	0.00	3.57B	3.11B	2.75B	2.22B	1.90B
Cash, Cash Equivalents and Short-Term Investments	849.23M	849.23M	1.59B	913.46M	390.52M	321.29M
Total Debt	0.00	326.00K	326.00K	327.00K	327.00K	1.07M
Total Liabilities	-3.35B	212.62M	178.55M	202.54M	144.92M	171.20M
Stockholders Equity	3.35B	3.35B	2.93B	2.55B	2.07B	1.73B
Cash Flow
Free Cash Flow	0.00	-787.19M	632.94M	457.57M	114.41M	154.72M
Operating Cash Flow	0.00	-719.90M	678.67M	507.28M	114.76M	157.53M
Investing Cash Flow	0.00	-69.07M	-301.18M	-75.64M	255.73M	-540.05M
Financing Cash Flow	0.00	-33.88M	-32.15M	-33.01M	-32.17M	-6.77M

Indo Borax & Chemicals Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 267.85
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOBORAX, the sentiment is Neutral. The current price of 267.85 is above the 20-day moving average (MA) of 267.02, above the 50-day MA of 257.65, and above the 200-day MA of 229.82, indicating a neutral trend. The MACD of 0.89 indicates Positive momentum. The RSI at 45.25 is Neutral, neither overbought nor oversold. The STOCH value of 6.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:INDOBORAX.

Indo Borax & Chemicals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCCL	72 Outperform	₹1.31B	12.52	―	10.99%	-76.65%	-76.77%
MAHASTEEL	66 Neutral	₹14.80B	143.33	―	―	11.83%	124.74%
INDOBORAX	63 Neutral	₹8.20B	17.90	―	0.38%	12.35%	6.79%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
KHAICHEM	58 Neutral	₹6.82B	10.63	―	―	67.43%	―
SUKHJITS	54 Neutral	₹5.53B	24.18	―	0.63%	-5.05%	-57.82%

Indo Borax & Chemicals Limited Corporate Events

Indo Borax Files SEBI Demat Compliance Certificate for December 2025 Quarter

Indo Borax & Chemicals Limited has submitted a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025, as issued by its registrar and transfer agent MUFG Intime India Private Limited. The certificate confirms that all securities received for dematerialisation during the quarter were duly verified, accepted or rejected, mutilated and cancelled where applicable, and that the corresponding securities are listed on the relevant stock exchanges with depository records updated within prescribed timelines, underscoring the company’s adherence to regulatory and listing requirements for its shareholders’ dematerialised holdings.

Indo Borax Executes Framework Agreement for Asset Transfer

Indo Borax & Chemicals Limited has executed a framework agreement with Mr. Sajal Sushilkumar Jain, Mrs. Sreelekha Sajal Jain, and Mrs. Pranika Saumya Jain for the sale and transfer of certain immovable properties and vehicles. This transaction, approved by the company’s audit committee, board of directors, and shareholders, involves members of the promoter group who collectively hold a significant share of the company.

Indo Borax Resumes Operations at Pithampur Plant

Indo Borax & Chemicals Limited has announced the resumption of operations at its Pithampur plant as of November 22, 2025. This development is significant for the company’s operational capabilities and may positively impact its market positioning by ensuring continued production and supply of its chemical products.