Management Or Ownership Change
Expected: Jan 2026HIGH confidence
What: Stake Acquired: 50.8%
Impact: ₹4.2 billion deal value
Indo Borax & Chemicals Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +12.5%WeakRe-Entry
In , Indo Borax & Chemicals Ltd (Chemicals - Inorganic) is outperforming Nifty 500 with +12.5% relative strength. Fundamentals: Weak.
Indo Borax & Chemicals Ltd Key Facts
- PE Ratio
- 22.2x
- Market Cap
- ₹870 Cr
- PAT Growth YoY
- +2%
- Revenue Growth YoY
- +9%
- OPM
- 21.0%
- RS vs Nifty 500
- +12.5%
PE: At PeakRiding Wave
What's Happening
📊PE near cycle highs — limited room for further expansion
💰Trading 48% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Management Or Ownership Change
Jan 2026HIGH
2. Value Added Product Mix Shift
FY26MEDIUM
Key Risks
1. Iran-Israel conflict causing logistical delays and higher freight costs for impo
HIGH2. Rising cost of materials and energy (LNG/Power) outpacing revenue growth
MEDIUMSector-Specific Signals
Raw Material Import RelianceHigh
Value-Added Product MixBoron Oxide / DOT
FDA License StatusActive
Plant Maintenance ImpactNegative
Key Numbers
PAT Growth YoY
+2%
Inflection Up
Revenue YoY
+9%
Stable
Operating Margin
21.0%
-584 bps YoY
PE Ratio
22.2
Current Price
₹271
Dividend Yield
0.37%
Fundamental Score
28/100
Weak
3Y PAT CAGR
+6%
Market Cap
870 Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Indo Borax & Chemicals Ltd's Earnings Accelerating?
Based on Q3 FY26 (web) earnings • Updated Apr 19, 2026
Value Added Product Mix Shift
Expected: FY26MEDIUM confidence
What: New Product: Boron Oxide
What Are the Key Risks for Indo Borax & Chemicals Ltd?
Earnings deceleration risks from management commentary
Iran-Israel conflict causing logistical delays and higher freight costs for impo
HIGHTrigger: Iran-Israel conflict causing logistical delays and higher freight costs for imported raw materials.
Impact: PAT impact: Margin compression from 25.97% to 20.98%
Management view: Exploring alternative sources for imported raw material to minimize risk.
Monitor: geopolitical
Rising cost of materials and energy (LNG/Power) outpacing revenue growth
MEDIUMTrigger: Rising cost of materials and energy (LNG/Power) outpacing revenue growth.
Impact: PAT impact: EBITDA decline of 11.55% YoY
Management view: Hedging foreign exchange risk and buying on receipt of documents.
Monitor: commodity
What Did Indo Borax & Chemicals Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹41.02 Cr
YoY +9.33%QoQ -29.09%
Revenue grew year-on-year but saw a sharp sequential decline of 29.09% compared to the previous quarter.
EBITDA
₹8.61 Cr
YoY -11.55%Margin 20.98%
Margins were pressured by plant maintenance and the impact of new labor codes during the quarter.
PAT
₹9.27 Cr
YoY +2.21%QoQ -42.99%
PAT remained flat year-on-year as higher other income offset the operational EBITDA decline.
Other Highlights
• 9M FY26 Revenue reached ₹152.44 Cr, up 21.82% YoY.
• 9M FY26 Net Profit stood at ₹35.73 Cr, up 10.78% YoY.
• Other income for Q3 FY26 was ₹4.32 Cr.
What Sector Metrics Matter for Indo Borax & Chemicals Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Raw Material Import Reliance
High
Why: Boron ores are not found in India, making basic inputs essentially imported.
Value-Added Product Mix
Boron Oxide / DOT
Why: Company is bullish on higher value-added products like Boron Oxide and DOT for agriculture.
FDA License Status
Active
Why: Sole manufacturer of Boric Acid Pharmaceutical grade (I.P.) in India.
Plant Maintenance Impact
Negative
Why: Plant maintenance and new labor codes impacted Q3 performance.
What Is Indo Borax & Chemicals Ltd's Management Guidance?
Forward-looking targets from management for Long-term
Capex Plan
₹20 Cr
Revenue Outlook
The company expects increasing volumes in future as the market for boron in agriculture is growing.
Capex Plan
₹20 Cr
New Boron Oxide facility at Pithampur
Volume
Bullish on Boron Oxide volumes due to rapid market growth.
Management Tone: CAUTIOUS
How Fast Is Indo Borax & Chemicals Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +9% | 0% | Stable |
| PAT (Net Profit) | +2% | +6% | Inflection Up |
| OPM | 21.0% | -584 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Other Top Chemicals - Inorganic Stocks Beating Nifty 500
Frequently Asked Questions: Indo Borax & Chemicals Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Indo Borax & Chemicals Ltd's latest quarterly results?
Indo Borax & Chemicals Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +2.2% (turning around (inflection up))
- Revenue Growth YoY: +9.4%
- Operating Margin: 21.0% (volatile)
Is Indo Borax & Chemicals Ltd's profit growing or declining?
Indo Borax & Chemicals Ltd's profit is growing with an turning around (inflection up) trend.
- PAT Growth YoY: +2.2% (latest quarter)
- PAT Growth QoQ: -43.0% (sequential)
- 3-Year PAT CAGR: +6.1%
- Trend: Turning around (inflection up) — consistent growth pattern
What is Indo Borax & Chemicals Ltd's revenue growth trend?
Indo Borax & Chemicals Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +9.4%
- Revenue Growth QoQ: -29.1% (sequential)
- 3-Year Revenue CAGR: -0.2%
How is Indo Borax & Chemicals Ltd's operating margin trending?
Indo Borax & Chemicals Ltd's operating margin is volatile.
- Current OPM: 21.0%
- OPM Change YoY: -5.8% basis points
- OPM Change QoQ: +2.9% basis points
What is Indo Borax & Chemicals Ltd's 3-year profit and revenue CAGR?
Indo Borax & Chemicals Ltd's long-term compounding rates
- 3-Year Profit CAGR: +6.1%
- 3-Year Revenue CAGR: -0.2%
Is Indo Borax & Chemicals Ltd's growth accelerating or decelerating?
Indo Borax & Chemicals Ltd's earnings growth is turning around (inflection up) with mixed signals on a sequential basis.
- YoY Acceleration: -74.9% bps
- Sequential Acceleration: -93.0% bps
- Margin Warning: Operating margins are under pressure
What is Indo Borax & Chemicals Ltd's trailing twelve month (TTM) performance?
Indo Borax & Chemicals Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹46 Cr
- TTM PAT Growth: +5.2% YoY
- TTM Revenue: ₹203 Cr
- TTM Revenue Growth: +18.7% YoY
- TTM Operating Margin: 20.5%
Is Indo Borax & Chemicals Ltd overvalued or undervalued?
Indo Borax & Chemicals Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 22.2x
- Price-to-Book: 2.4x
What is Indo Borax & Chemicals Ltd's current PE ratio?
Indo Borax & Chemicals Ltd's current PE ratio is 22.2x.
- Current PE: 22.2x
- Market Cap: 870 Cr
- Dividend Yield: 0.37%
How does Indo Borax & Chemicals Ltd's valuation compare to its history?
Indo Borax & Chemicals Ltd's current PE is 22.2x.
- Current PE: 22.2x
- Valuation Assessment: Significantly Overvalued
What is Indo Borax & Chemicals Ltd's price-to-book ratio?
Indo Borax & Chemicals Ltd's price-to-book ratio is 2.4x.
- Price-to-Book (P/B): 2.4x
- Book Value per Share: ₹112
- Current Price: ₹271
Is Indo Borax & Chemicals Ltd a fundamentally strong company?
Indo Borax & Chemicals Ltd is rated Weak with a fundamental score of 28.49/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +9.4% (10% weight)
- PAT Growth YoY: +2.2% (10% weight)
- PAT Growth QoQ: -43.0% (10% weight)
- Margins stable (10% weight)
Is Indo Borax & Chemicals Ltd debt free?
Indo Borax & Chemicals Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹0 Cr
What is Indo Borax & Chemicals Ltd's return on equity (ROE) and ROCE?
Indo Borax & Chemicals Ltd's return ratios over recent years
- FY2023: ROCE 29.0%
- FY2024: ROCE 19.0%
- FY2025: ROCE 18.0%
Is Indo Borax & Chemicals Ltd's cash flow positive?
Indo Borax & Chemicals Ltd's operating cash flow is negative (FY2025).
- Cash from Operations (CFO): ₹-72 Cr
- Free Cash Flow (FCF): ₹-79 Cr
- CFO/PAT Ratio: -167% (weak cash conversion)
What is Indo Borax & Chemicals Ltd's dividend yield?
Indo Borax & Chemicals Ltd's current dividend yield is 0.37%.
- Dividend Yield: 0.37%
- Current Price: ₹271
Who holds Indo Borax & Chemicals Ltd shares — promoters, FII, DII?
Indo Borax & Chemicals Ltd's shareholding pattern (Mar 2026)
- Promoters: 30.8%
- FII (Foreign): 0.5%
- DII (Domestic): 2.2%
- Public: 66.6%
Is promoter holding increasing or decreasing in Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 30.8% (Mar 2026)
- Previous Quarter: 50.8% (Dec 2025)
- Change: -19.99% (decreasing — worth monitoring)
How long has Indo Borax & Chemicals Ltd been outperforming Nifty 500?
Indo Borax & Chemicals Ltd has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
Is Indo Borax & Chemicals Ltd a new momentum entry or an established outperformer?
Indo Borax & Chemicals Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd has 2 key growth catalysts identified from recent earnings analysis
- Management Or Ownership Change — Complete change in promoter group and control by professional private equity-backed entities.
- Value Added Product Mix Shift — Diversification into higher-margin boron derivatives beyond basic boric acid.
What are the key risks in Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd has 2 key risks worth monitoring
- [HIGH] Iran-Israel conflict causing logistical delays and higher freight costs for impo — Iran-Israel conflict causing logistical delays and higher freight costs for imported raw materials.
- [MEDIUM] Rising cost of materials and energy (LNG/Power) outpacing revenue growth — Rising cost of materials and energy (LNG/Power) outpacing revenue growth.
What is Indo Borax & Chemicals Ltd's management guidance for growth?
Indo Borax & Chemicals Ltd's management has provided the following forward guidance for Long-term
- Revenue outlook: The company expects increasing volumes in future as the market for boron in agriculture is growing.
- Margin outlook: Not Given
- Capex plan: ₹20 Cr for New Boron Oxide facility at Pithampur
- Management tone: cautious
What sector-specific metrics matter most for Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd's most important sub-sector-specific KPIs from the latest concall
- Raw Material Import Reliance: High — Boron ores are not found in India, making basic inputs essentially imported.
- Value-Added Product Mix: Boron Oxide / DOT — Company is bullish on higher value-added products like Boron Oxide and DOT for agriculture.
- FDA License Status: Active — Sole manufacturer of Boric Acid Pharmaceutical grade (I.P.) in India.
- Plant Maintenance Impact: Negative — Plant maintenance and new labor codes impacted Q3 performance.
Is Indo Borax & Chemicals Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Indo Borax & Chemicals Ltd may be worth studying
- Earnings growing at +2.2% YoY
What is the investment thesis for Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd investment thesis summary:
Research Signals (Bull Case)
- Growth catalyst: Management Or Ownership Change
Risk Factors (Bear Case)
- Margins under pressure
- Appears significantly overvalued
- Key risk: Iran-Israel conflict causing logistical delays and higher freight costs for impo
What is the future outlook for Indo Borax & Chemicals Ltd?
Indo Borax & Chemicals Ltd's forward outlook based on current data signals
- Earnings Trend: turning around (inflection up)
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Management Or Ownership Change
- Key Risk: Iran-Israel conflict causing logistical delays and higher freight costs for impo
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.