Indo Borax & Chemicals Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indo Borax & Chemicals Ltd trades at ₹465, in a confirmed uptrend and 59 weeks into that stage. That is +58.9% against its own 200-day average. It sits at 100% of a 52-week range of ₹232 to ₹465. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 23 straight weeks.

Today the stock is in a confirmed uptrend — week 59 of stage 2, confirmed. At ₹465 it trades +58.9% versus its 200-day average and sits at 100% of its 52-week range (₹232–₹465).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +1,398% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 23 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indo Borax & Chemicals Ltd trades at 36.8× P/E, about the priciest it has ever traded. Its long-run median P/E is 11.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 36.8× is about the priciest it has ever traded, against a long-run median of 11.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +18.3% against a +88.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +23.1%/yr price move, ~+1.2%/yr came from earnings growth and ~+21.9 pp from the multiple (expanding); over 10y, of the +28.5%/yr price move, ~+14.7%/yr came from earnings growth and ~+13.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indo Borax & Chemicals Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 15.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

69.4/100 — rank 1 of 9 in Chemicals - Inorganic · 83% evidence confidence

Indo Borax & Chemicals Ltd scores 69.4 out of 100 against the 9 companies it is compared with in Chemicals - Inorganic, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 23.4 + 19.4 + 6.6 + 20 = 69.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indo Borax & Chemicals Ltd reported ₹63.0 Cr of revenue in the Mar 26 quarter, +26.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.9% a year. The last full year, FY26, came in at ₹215 Cr. The last four reported quarters add to ₹216 Cr.

Indo Borax & Chemicals Ltd reported ₹63.0 Cr of revenue in the Mar 26 quarter, +26.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.9% a year. The last full year, FY26, came in at ₹215 Cr. The last four reported quarters add to ₹216 Cr.

FY26 revenue came in at ₹215 Cr (+22.9% on the year), capping 10 years at 11.9% compound. The latest quarter (Mar 26) printed ₹63.0 Cr, +26.0% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +23.6% growth against the decade's 11.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +22.7% over the last 4 quarters against +6.3%/yr over the last 8 — accelerating; TTM profit +19.0% vs +14.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 20.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indo Borax & Chemicals Ltd's operating margin is 20.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 31.0%. The current quarter sits inside that band.

Indo Borax & Chemicals Ltd's operating margin is 20.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 31.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 20.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–31.0%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +1.9 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +50.0% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indo Borax & Chemicals Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹50.0 Cr. The 10-year compound rate is 18.7%. That is 23.8% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.

Indo Borax & Chemicals Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹50.0 Cr. The 10-year compound rate is 18.7%. That is 23.8% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.

Mar 26 profit was ₹15.0 Cr, +50.0% year on year. On the full year, FY26 printed ₹50.0 Cr (+16.3%), and the 10-year compound rate is 18.7%.

Why profit moved: revenue contributed +26.0% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +24.8% vs revenue +23.6%. Profit and revenue are moving roughly in step.

→ Profit rose — but did the cash follow? Next: 39% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 39% of Indo Borax & Chemicals Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹87.0 Cr of operating cash against ₹50.0 Cr of profit. After ₹−50.0 Cr of capital spending, ₹137 Cr was left as free cash.

FY26: operating cash of ₹87.0 Cr against reported profit of ₹50.0 Cr, leaving free cash of ₹137 Cr after ₹−50.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 39% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 39%: the cash cycle tightened 56 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 110-day cycle and ₹−40.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indo Borax & Chemicals Ltd's cash conversion cycle runs 110 days in FY26, down from 166 days in FY21. Capital spending ran ₹−40.0 Cr over the last 3 years. At FY26 sales of ₹215 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹65.0 Cr sits inside the business at any moment.

FY26: debtors at 18 days, inventory at 102 days — roughly 3.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 110 days, tighter than FY21's 166.

The full loop: cash goes out to suppliers and production on day 0; stock waits 102 days to sell; customers pay about 18 days after that; and suppliers themselves are paid at 10 days — netting out to the 110-day cycle.

In money terms: at FY26 sales of ₹215 Cr, each day of the cycle holds about ₹0.6 Cr — so the 110-day loop keeps roughly ₹65.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−40.0 Cr over the last 3 fiscal years against ₹8.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 15% and the ROIC − WACC spread is +5.6 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Indo Borax & Chemicals Ltd earns a ROCE of 15% in FY26. That is up from a trough of 13% in FY17. Return on invested capital clears the cost of that capital by +5.6 percentage points, so growth here adds value rather than only size. The wiring behind it is 23.3% net margin on 0.53× asset turns.

FY26 ROCE is 15%, recovered from a FY17 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 23.3% net margin × 0.53× asset turns × 1.05× balance-sheet leverage ≈ 13.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 17.6% − 12.0% = a +5.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Indo Borax & Chemicals Ltd carries total debt of ₹1.0 Cr against shareholder equity of ₹387 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹1.0 Cr against shareholder equity of ₹387 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.00 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 12.4 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 12.4 points of Indo Borax & Chemicals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 38.4% of the company. Foreign institutions moved +0.1 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −12.4 points over 8 quarters to 38.4%; Foreign institutions: +0.1 points over 8 quarters to 0.1%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−12.4 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indo Borax & Chemicals Ltd: the Z-score reads 27.84. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 27.84 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 27.84.

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