Indo Borax & Chemicals Limited (INDOBORAX) AI Stock Analysis

• Market Cap: ₹7.45B
• Dividend Yield: 0.43%
• Average Volume (3M): 2.89K
• Price to Earnings (P/E): 19.3
• Beta (1Y): 1.13
• Revenue Growth: -3.77%
• EPS Growth: -9.19%
• Country: IN
• Employees: 106
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 3.18
• 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: ₹258.00
• Price Target Upside: 11.09% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 65 Neutral
• Price Target: ₹258.00 ▲(11.09% Upside)

The overall stock score of 65 reflects a mixed financial outlook with strong profitability and financial stability but concerns over declining revenue and negative cash flows. Technical indicators suggest weak momentum, and the valuation appears fair. The absence of earnings call data and corporate events limits the analysis.

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 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 a high equity ratio and low debt. However, declining revenue and negative cash flows in the latest period pose significant challenges.

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: Negative
• Last Price: 232.25
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 232.25 is below the 20-day moving average (MA) of 238.69, below the 50-day MA of 246.78, and above the 200-day MA of 203.57, indicating a neutral trend. The MACD of -2.43 indicates Positive momentum. The RSI at 44.08 is Neutral, neither overbought nor oversold. The STOCH value of 17.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
KHAICHEM	69 Neutral	₹11.97B	30.30	―	0.41%	64.35%	―
OCCL	68 Neutral	₹1.57B	14.97	―	8.92%	-76.65%	-76.77%
INDOBORAX	65 Neutral	₹7.45B	19.26	―	0.43%	-3.77%	-9.19%
MAHASTEEL	62 Neutral	₹9.24B	109.15	―	―	2.99%	45.22%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SUKHJITS	54 Neutral	₹5.10B	16.37	―	0.61%	1.68%	-41.36%