Indo Borax & Chemicals share price today

Indo Borax & Chemicals Ltd's share price was ₹436.10 at the close on 5 November 2026. It has been rising for 74 weeks. That is 15.3% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 15 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Indo Borax & Chemicals Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹243 and ₹515, and at that close it sat 71% of the way up from that low.

Over the last 11 years the share price moved +1,307% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: best operating margin in 8 quarters, revenue up on a year earlier for 6 quarters in a row and highest quarterly revenue in 15 quarters.

1. Best operating margin in 8 quarters

   Operating margin was 28% in the June 2026 quarter, against 23% a year earlier.

   Why: Management cited premium specifications and higher prices for its special grade boric acid as the reason the company kept more of each rupee of sales after running costs.

   Next results: check whether boric acid output improves as maintenance and spare parts work is done.

   From the earnings call on 28 Sep 2026.

2. Revenue up on a year earlier for 6 quarters in a row

   In the June 2026 quarter revenue was ₹70 crore, +29.6% on a year earlier.

3. Highest quarterly revenue in 15 quarters

   Revenue of ₹70 crore in the June 2026 quarter is the highest of the last 15 quarters.

For April to June 2026 (the quarter ended 30 June 2026), Indo Borax & Chemicals reported revenue of ₹70.0 crore, up 29.6% from ₹54.0 crore a year earlier, and a profit of ₹16.0 crore, up 60.0% from ₹10.0 crore.

Indo Borax & Chemicals results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Indo Borax & Chemicals' management discussed these results on a call held on 28 September 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Indo Borax & Chemicals closed at ₹436.10 on 5 November 2026, up 72.1% from ₹253.45 a year earlier (7 November 2025) and up 175.2% over five years. Its highest weekly close since March 2016 was ₹514.50 on 4 September 2026.

Indo Borax & Chemicals share price: then and now

Weekly closing prices. Each change is the move from that price to the 5 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 11 March 2016 to 5 November 2026.

5 Nov 2026: Indo Borax & Chemicals closed at ₹436.10, up 12.0% on the week and down 8.3% on the month. Our read, 10 Oct 2026: Indo Borax has about half of India's boric-acid market and the only domestic IP-grade licence, and its April to June 2026 operating margin hit 28% on higher boric-acid prices. A new promoter (Genrock Capital) is spending the treasury on a ₹40 dividend and about 400 crore on 64.26% of Kronox, with boron oxide and DOT as the in-house growth legs.

Earlier

• 28 Sep 2026: Indo Borax & Chemicals held its results call for April to June 2026. Management guided: Boric acid production goal of 17,500-18,000 tons this year.
• 21 Jul 2026: ex-date for a dividend + special dividend of ₹40 a share.
• Results for April to June 2026: Revenue up 29.6% and profit up 60.0% on a year earlier.

Our read of the business

Indo Borax has about half of India's boric-acid market and the only domestic IP-grade licence, and its April to June 2026 operating margin hit 28% on higher boric-acid prices. A new promoter (Genrock Capital) is spending the treasury on a ₹40 dividend and about 400 crore on 64.26% of Kronox, with boron oxide and DOT as the in-house growth legs.

April to June 2026: Price-led record quarter: 70 crore revenue, 28% operating margin, profit up 60%.

Our read after the April to June 2026 results, written 10 October 2026.

Indo Borax & Chemicals paid ₹10 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 2.29% at the ₹436.10 close on 5 November 2026. The last was a dividend + special dividend of ₹40 a share, ex-date 21 July 2026.

Indo Borax & Chemicals dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Indo Borax & Chemicals Ltd paid out 6% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 28 September 2026, Indo Borax & Chemicals' management guided: Boric acid production goal of 17,500-18,000 tons this year.

“We have already decided to establish 4,000 tons of capacity. However, when we utilize that 4,000 tons, boric acid will be required to manufacture it, which means that we will have less boric acid available to sell.”Sushil, on the call for April to June 2026

What management guided

• DOT sales goal of approximately 1,400-1,600 tons this year.
• Boron oxide 4,000-ton plant online in 12-18 months; FY28 utilization 30-40% for the full year.
• Next year's capacity utilization planned 5-6% higher through process and maintenance improvements.
• Kronox Dahej expansion ₹110 crore approved; completion in 18-24 months through 2 major phases, with a possible smaller third.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 28 September 2026.

What is changing at Indo Borax & Chemicals, from the latest results and calls: boric-acid pricing and plant uptime, dot and boron oxide, moving up the boron chain and .

• Boric-acid pricing and plant uptime. Price went from about ₹127 to ₹155-160 per kg and maintenance work goals 17,500-18,000 tons against about 15,000 tons last year. ✓ fact
• DOT and boron oxide, moving up the boron chain. DOT sales planned at 1,400-1,600 tons from about 900 tons, and a 4,000-ton boron oxide plant due online in 12-18 months. ✓ fact
• . 64.26% of Kronox (101 crore revenue, 34% operating margin, 28 crore profit) for about 400 crore of funding, with a 110 crore Dahej expansion. ✓ fact

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Our read after the April to June 2026 results, written 10 October 2026.

Boric-acid realization falls back toward ₹130 per kg or ore costs rise faster than price for two quarters.

Each change stops working if

• Boric-acid pricing and plant uptime: Boric-acid realization falls back toward ₹130 per kg or ore costs rise faster than price for two quarters.
• DOT and boron oxide, moving up the boron chain: Boron oxide slips past March 2028 or DOT sales stay below 1,400 tons in FY27.
• : Dahej phase one slips beyond 24 months or Kronox profit stalls near 28 crore while acquisition interest runs.
• New owner, cleaner company: The new promoter stake falls or pledged shares rise.

The main risks

• Acquisition larger than the company's own equity: About 400 crore of funding for an 18 crore profit stream, with management refusing a return goal. ✓ fact
• Guidance that keeps moving: Margin guidance was cut, boron oxide slipped, the Kronox goal was raised without a bridge, and FY26 revenue was misquoted. ✓ fact
• Promoter-level debt and pledge: The new promoter group carries pledged shares and debt with no unwinding timetable. ⚠ estimate
• Imported ore and a steel-linked customer base: All ore is imported from Turkey and the Americas, and 55-60% of demand is steel. ✓ fact

Our read after the April to June 2026 results, written 10 October 2026.

When Indo Borax & Chemicals reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Standalone revenue and DOT ramp versus the stated full-year framework - check whether agricultural adoption converts into reported growth.

Indo Borax & Chemicals is on one of our India lists: Dividend stocks.

Indo Borax & Chemicals Ltd earned ₹16.0 Cr of net profit in the Jun 2026 quarter, +60.0% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹50.0 Cr. Over 10 years profit has grown 18.7% a year on average. That is 22.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹10.0 Cr.

For the full year, FY26 profit was ₹50.0 Cr (+16.3% on the year before).

Why profit moved: revenue changed +29.6% on a year earlier and the margin moved +5.0 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +47.0% and revenue +29.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q4. revenue ₹63 Cr and profit ₹15 Cr as reported.

FY27-Q1. revenue ₹70 Cr and profit ₹16 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Indo Borax & Chemicals Ltd reported ₹70.0 Cr of revenue in the Jun 2026 quarter, +29.6% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 10 years it has grown 11.9% a year on average. The last full year, FY26, came in at ₹215 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹232 Cr.

FY26 revenue was ₹215 Cr, +22.9% on the year before.

Recent pace: the last four quarters grew +29.0% on average, against 11.9% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +28.9%, against +11.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +47.4%, against +15.5% a year (accelerating).

FY26-Q4. revenue ₹63 Cr and profit ₹15 Cr as reported.

FY27-Q1. revenue ₹70 Cr and profit ₹16 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Indo Borax & Chemicals Ltd's operating margin was 28.0% in the Jun 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 13 years it has been between 15.0% and 31.0%. The latest quarter is within that range.

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

Why this happened. 64.26% of Kronox (101 crore revenue, 34% OPM, 28 crore profit) for about 400 crore of funding, with a 110 crore Dahej expansion.

Why the margin moved: operating margin changed +5.4 percentage points on the year while gross margin changed +1.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY26-Q4. revenue ₹63 Cr and profit ₹15 Cr as reported.

FY27-Q1. revenue ₹70 Cr and profit ₹16 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Over the last 3 years, 39% of Indo Borax & Chemicals Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹87.0 Cr of operating cash against ₹50.0 Cr of profit. After −₹50.0 Cr of spending on assets, ₹137 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 39% of profit came in as cash: the cash cycle got 56 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: it has been selling more assets than it buys. The next section shows those figures.

Indo Borax & Chemicals Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 110 days in FY26, down from 166 days in FY21. Over the last 3 years it sold more assets than it bought, by ₹40.0 Cr. Customers take 18 days to pay, and stock sits for 102 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. This is the engine of the Q1 jump: on a plant near nameplate, each rupee of price drops mostly to profit. Volume adds a little, 5-8 more operating days a year from planned maintenance. But part of the price gain was already given back for the monsoon, and input inflation is only partly passed on, so the driver is cyclical. The Pricing Power Litmus Test is mixed here: half the market and a BIS licence give the company room to lead price, but gross margin is not rebuilding.

At FY26 sales of ₹215 Cr, each day of that cycle ties up about ₹0.6 Cr, so roughly ₹65.0 Cr is tied up in the business at any time.

FY26: customers took 18 days to pay and stock sat for 102 days, about 3.4 months of sales sitting as stock, for a full cycle of 110 days, shorter than FY21's 166.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 102 days. Customers pay about 18 days after that. Suppliers are paid at 10 days. Together that makes the 110-day cycle.

Over the last 3 years, money from selling assets was ₹40.0 Cr more than it spent on new ones. Work still in progress is ₹1.0 Cr (FY26).

In short: assets are being sold, not built, so this cash is not going into new capacity.

Indo Borax & Chemicals Ltd's P/E is 28.5×, near the high end of its own history: higher than 97% of past readings. Its usual P/E (the middle reading) is 11.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹17.55.