Indo Borax & Chemicals Limited (INDOBORAX) AI Stock Analysis

• Market Cap: ₹8.74B
• Dividend Yield: 0.38%
• Average Volume (3M): 42.83K
• Price to Earnings (P/E): 22.6
• Beta (1Y): 1.11
• Revenue Growth: -3.77%
• EPS Growth: -9.20%
• Country: IN
• Employees: 106
• Sector: Basic Materials
• Sector Strength: 60
• Industry: Chemicals
• EPS (TTM): 3.18
• Shares Outstanding: 32,090,000
• 10 Day Avg. Volume: 5,099
• 30 Day Avg. Volume: 42,829
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ₹317.00
• Price Target Upside: 16.35% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 67 Neutral
• Price Target: ₹317.00 ▲(16.35% Upside)

The stock score reflects strong financial stability and profitability, but is hindered by declining revenue and negative cash flows. Technical indicators show bullish momentum, though overbought signals suggest caution. The valuation is reasonable but offers limited dividend yield.

Indo Borax & Chemicals Limited Business Overview & Revenue Model

Company Description

Indo Borax & Chemicals Limited (INDOBORAX) is a prominent Indian company engaged in the manufacturing and supply of boron-based products. Established in 1980, the company plays a significant role in the chemicals sector, focusing on producing boric acid, borax, and other boron derivatives. These products are essential in various industries, including pharmaceuticals, glass, ceramics, agriculture, and more. With a strong emphasis on quality and innovation, Indo Borax & Chemicals Limited has positioned itself as a key player in the boron chemicals market, catering to both domestic and international clients.

How the Company Makes Money

Indo Borax & Chemicals Limited generates revenue primarily through the production and sale of boron-based products. The company's key revenue streams include the sale of boric acid and borax, which are in high demand across multiple industries. The pharmaceutical, glass, and ceramics industries are significant consumers of these products, utilizing them in manufacturing processes and product formulations. Additionally, the company's involvement in the agriculture sector, where boron compounds are used as micronutrients, contributes to its earnings. Indo Borax & Chemicals Limited may also engage in strategic partnerships and collaborations to enhance its market reach and operational efficiency, further bolstering its financial performance.

Indo Borax & Chemicals Limited Financial Statement Overview

Summary

Indo Borax & Chemicals Limited shows strong profitability margins and financial stability with high equity ratio and low debt. However, declining revenue and recent negative cash flows indicate challenges, affecting the overall score.

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	Mar 2025	Mar 2023	Mar 2024	Mar 2022	Mar 2021
Income Statement
Total Revenue	1.75B	2.25B	1.91B	1.76B	1.44B
Gross Profit	933.41M	1.17B	840.05M	988.89M	822.75M
EBITDA	458.88M	706.41M	545.44M	510.83M	476.78M
Net Income	425.05M	506.94M	389.78M	363.71M	342.58M
Balance Sheet
Total Assets	3.57B	2.75B	3.11B	2.22B	1.90B
Cash, Cash Equivalents and Short-Term Investments	849.23M	913.46M	1.59B	390.52M	321.29M
Total Debt	326.00K	327.00K	326.00K	327.00K	1.07M
Total Liabilities	212.62M	202.54M	178.55M	144.92M	171.20M
Stockholders Equity	3.35B	2.55B	2.93B	2.07B	1.73B
Cash Flow
Free Cash Flow	-787.19M	457.57M	632.94M	114.41M	154.72M
Operating Cash Flow	-719.90M	507.28M	678.67M	114.76M	157.53M
Investing Cash Flow	-69.07M	-79.48M	-301.18M	255.73M	-540.05M
Financing Cash Flow	-33.88M	-33.01M	-32.15M	-32.17M	-6.77M

Indo Borax & Chemicals Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 272.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOBORAX, the sentiment is Positive. The current price of 272.45 is above the 20-day moving average (MA) of 267.51, above the 50-day MA of 233.00, and above the 200-day MA of 193.30, indicating a bullish trend. The MACD of 13.28 indicates Positive momentum. The RSI at 57.09 is Neutral, neither overbought nor oversold. The STOCH value of 36.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
MAHASTEEL	74 Outperform	₹5.50B	67.18		―	2.99%	45.21%
OCCL	68 Neutral	₹1.88B	17.96		7.44%	-76.65%	-76.77%
INDOBORAX	67 Neutral	₹8.74B	22.60		0.38%	-3.77%	-9.20%
KHAICHEM	60 Neutral	₹10.45B	26.43		0.41%	64.35%	―
Sector *	44 Neutral	C$923.76M	-8.68	-0.23%	2.69%	24.53%	-41.45%
SUKHJITS	―	₹5.25B	16.86		2.29%	―	―