# Indo Borax & Chemicals share price today (Indo Borax & Chemicals Ltd, NSE: INDOBORAX)

> Indo Borax & Chemicals share price today: ₹433.60 at the NSE close on 3 November 2026, up 60.4% in a year. Indo Borax & Chemicals (NSE: INDOBORAX) is worth ₹1,391 crore, trades at a P/E of 28.4 and has closed between ₹243.00 and ₹514.50 over the past 52 weeks. > Indo Borax & Chemicals Ltd's share price has risen faster than its earnings: +60.4% in a year, against +18.3% for earnings per share. INDOBORAX · Chemicals - Inorganic · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/indo-borax-chemicals-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹433.60 (+60.4% in a year)
- P/E: 28.4× (higher than 97% of the last 11 years)
- Revenue (Jun 2026): ₹70.0 Cr (+29.6% on a year ago)
- Profit (Jun 2026): ₹16.0 Cr (+60.0% on a year ago)
- Operating margin: 28.0% (+5.0 points on a year ago)
- ROCE: 15%, FY26
- ROIC: 17.6%, against a 12.0% cost of capital: +5.6 points

The main question: profits are rising, but only 39% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. ## What is the Indo Borax & Chemicals share price today? Indo Borax & Chemicals Ltd's share price was ₹433.60 at the close on 3 November 2026. It has been rising for 74 weeks. That is 15.2% 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. In the last 52 weeks it traded between ₹243 and ₹515, and at that close it sat 70% of the way up from that low. Over the last 11 years the share price moved +1,299% 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. ## What changed at Indo Borax & Chemicals this quarter? 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. ## What are Indo Borax & Chemicals' latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹70.0 crore | ₹54.0 crore | +29.6% |
| Profit | ₹16.0 crore | ₹10.0 crore | +60.0% |
| Earnings per share | ₹5.06 | ₹3.18 | +59.1% |
| Operating margin | 28.0% | 23.0% | +5.0 points |

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.)

## What is the Indo Borax & Chemicals share price history? Indo Borax & Chemicals closed at ₹433.60 on 3 November 2026, up 60.4% from ₹270.25 a year earlier (31 October 2025) and up 173.7% 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

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹413.35 | +4.9% |
| 1 month ago · 1 Oct 2026 | ₹471.30 | −8.0% |
| 6 months ago · 30 Apr 2026 | ₹276.70 | +56.7% |
| 1 year ago · 31 Oct 2025 | ₹270.25 | +60.4% |
| 3 years ago · 3 Nov 2023 | ₹155.85 | +178.2% |
| 5 years ago · 4 Nov 2021 | ₹158.45 | +173.7% |
| 10 years ago · 4 Nov 2016 | ₹28.82 | +1,404.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹31.00 | +1,298.7% |
| Highest weekly close since March 2016, also the 52-week high · 4 Sep 2026 | ₹514.50 | −15.7% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹15.45 | +2,706.5% |
| 52-week low (weekly close) · 28 Nov 2025 | ₹243.00 | +78.4% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Indo Borax & Chemicals? 3 Nov 2026: Indo Borax & Chemicals closed at ₹433.60, up 4.9% on the week and down 8.0% 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.)

## What dividend does Indo Borax & Chemicals pay? Indo Borax & Chemicals paid ₹10 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 2.31% at the ₹433.60 close on 3 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

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 21 Jul 2026 | ₹40 | Dividend + Special |
| 18 Sep 2025 | ₹1 | Dividend |
| 20 Aug 2024 | ₹1 | Dividend |
| 11 Aug 2023 | ₹1 | Dividend |
| 18 Aug 2022 | ₹1 | Dividend |

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. 4 of 5 Of the last 5 financial years, years with an NSE dividend record

₹30 Special dividends, last 12 months

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 4 November 2026.)

## What did Indo Borax & Chemicals management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/2646-28-Sep-2026.pdf). (From the call for April to June 2026, 28 September 2026.)

## What is the future of Indo Borax & Chemicals? What is changing in the business? 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.)

## What could change the Indo Borax & Chemicals story? What are the risks? 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.)

## What to watch in Indo Borax & Chemicals' next results? 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. - What to check (from the call)
- Standalone revenue and DOT ramp versus the stated full-year framework - check whether agricultural adoption converts into reported growth. - Boric-acid maintenance and raw-material continuity - check for unplanned stoppages as output moves toward the operating goal. - Boron oxide project design and companion boric-acid capacity - check phase milestones before the planned launch window. - Kronox integration and Dahej mobilization - check former-promoter continuity, contractor progress and oversight by the new team. ## Which stock lists is Indo Borax & Chemicals on? Indo Borax & Chemicals is on one of our India lists: Dividend stocks. [Dividend stocks Regular dividend yield (%): 2.47](https://www.sectoralpha.in/dividend-stocks-india)

## Is Indo Borax & Chemicals profitable? 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. 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. ## How much revenue does Indo Borax & Chemicals make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Indo Borax & Chemicals keep? 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. 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. ## Is Indo Borax & Chemicals' profit turning into cash? 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. 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. ## Where does Indo Borax & Chemicals' cash go? 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. 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. ## What is Indo Borax & Chemicals' P/E ratio, and how does it compare with its own history? Indo Borax & Chemicals Ltd's P/E is 28.4×, 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. 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. Why the multiple is where it is: over the past year earnings per share moved +18.3% while the price moved +60.4%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +22.3% a year; about +5.1% a year came from earnings growth and about +17.2 percentage points from the multiple (the market paying more); over 10 years the price moved +31.1% a year; about +18.2% a year came from earnings growth and about +12.9 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Indo Borax & Chemicals share price assume? Worked out from its price on 11 October 2026, Indo Borax & Chemicals Ltd's share price assumed profit growth of about 16.7% a year. Over the past 10 years its profit actually grew 18.7% a year. Today its P/E is 28.4×, higher than 97% of its own last 11 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 3 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Indo Borax & Chemicals business getting better or worse? Indo Borax & Chemicals Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 18.1%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the Indo Borax & Chemicals story, and has it been checked? Indo Borax & Chemicals Ltd's story is not scored yet against the checks our research set on 10 October 2026. Our read, 10 October 2026. From the numbers. The operating cycle and the price cycle are out of step. Earnings are in an early upswing driven by price, operating profit has grown for two quarters after a flat FY26, but the margin is price-led and guided to fade…

From the price. Price stage 2, week 74, above its 200-day line, relative strength falling. From the research. Where they disagree. The operating cycle and the price cycle are out of step. Earnings are in an early upswing driven by price, operating profit has grown for two quarters after a flat FY26, but the margin is price-led and guided to fade, and gross margin is not rebuilding. What is proven. The test written in advance. Paying peak-quarter prices for a price-led margin. Measured by: Paying peak-quarter prices for a price-led margin Q2 FY27 OPM below 20% or Q2 PAT below 10 crore. by the next result. The test written in advance. Acquisition larger than the company's own equity. Measured by: Acquisition larger than the company's own equity Net debt after the deal above 200 crore, or Kronox quarterly profit below 6 crore. by the next result. What the company does. Indo Borax has about half of India's boric-acid market and the only domestic IP-grade licence, and its Q1 FY27 OPM hit 28% on higher boric-acid prices. A new promoter (Genrock Capital) is spending the treasury on a Rs 40 dividend and about 400 crore on 64.26% of Kronox, with boron oxide and DOT as the in-house growth legs. What the surface reading misses. The surface reading is: OPM of 28% is the best quarter since June 2024 and sits at the 83rd percentile of the last ten years, the business looks like it has stepped up. The research reads it further: The jump is price-led, not a new cost structure. Gross margin in the same quarter was 50.28%, below the 57-61% the company earned in the 2021 boom, so the 28% OPM comes from boric-acid prices moving from about Rs 127 to Rs 155-160 per kg on a fixed plant, not from lower inputs. Management itself guides the full year to about 20% EBITDA margin, which leaves roughly 17% for the remaining nine months. What the surface reading misses. The surface reading is: PAT up 60% looks like accelerating earnings. The research reads it further: Both quarters carried the same 3 crore of other income, so this jump is operating, not a one-off: operating profit went from 12 to 20 crore. The cause is price: management credits higher realisations, and boric-acid volume is capped near nameplate. A price-led jump on a low base (June 2025 OPM was 23%) is real but cyclical. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Indo Borax & Chemicals management deliver what it promised? What Indo Borax & Chemicals Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. FY26 Revenue Reporting Conflict · 28 September 2026. Both prior calls anchor FY26 operating revenue at approximately Rs. 215 crores, with the June 2026 call reporting Rs. 215.45 crores. The latest call instead states that FY26 closed at approximately Rs. 250 crores, a roughly 16% difference in a historical reported figure. The latest call later refers to approximately Rs. 215 crores, so management should reconcile the conflicting FY26 base before shareholders use it for growth calculations. Boron Oxide Launch Timeline Appears Extended · 28 September 2026. The prior Sep 2026 call expected the first boron oxide lot in three to four quarters, while the latest Sep 2026 call goals the product coming online in 12-18 months. Although the ranges overlap at 12 months, the latest lower bound is later and its upper bound extends by up to six months, with no explicit schedule reset or explanation. This matters because the timing of the plant affects the company's FY28 utilization and revenue assumptions. Kronox Revenue Goal Raised Without a Clear Bridge · 28 September 2026. In the prior Sep 2026 call, management said full-strength Kronox after the capex should reach 3 to 3.5 times its current business. The latest call identifies the current top line as approximately Rs. 100 crores and now goals Rs. 400 crores or more by 2030, implying at least 4 times current revenue and an uplift above the prior implied upper bound of approximately Rs. 350 crores. Management did not provide a clear bridge between the two post-capex goals, making the revised scale assumption important to validate. FY27 EBITDA Margin Guidance Cut to 20% Despite Prior Assurance of Maintaining Margins · 2 September 2026. In the Jun 2026 call, management repeatedly assured shareholders that EBITDA margins of 21%-22% would be maintained or surpassed and that raw material volatility posed no threat to margins for at least a few quarters. In the Sep 2026 call, management guided to a full-year FY27 EBITDA margin of 20%, which is below the FY26 margin of 21.8%, attributing the pressure to war-driven raw material costs that it had previously characterized as limited and fully passed on, without adequately reconciling this reversal. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Indo Borax & Chemicals earn on its capital? Indo Borax & Chemicals Ltd earned a ROCE of 15% in FY26. That is up from a low of 13% in FY17. Its return on capital used (ROIC) is 5.6 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 23.3% net margin and 0.53× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 23.3% net margin × 0.53× asset turnover × 1.05× leverage (assets divided by equity) ≈ 13.0% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 17.6% − 12.0% = +5.6 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. The 17.6% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 14.9%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Indo Borax & Chemicals have too much debt? Indo Borax & Chemicals Ltd has total debt of ₹1.0 Cr against shareholder equity of ₹387 Cr as of Mar 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY22 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Indo Borax & Chemicals shareholding pattern? Promoters cut their stake in Indo Borax & Chemicals Ltd by 12.4 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 38.4% of the company. Foreign institutions moved +0.0 points over the same period, to 0.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Why this happened. The property sales funded a one-time Rs 40 dividend. This driver is already in the price, and it brings promoter-level pledges and debt that management has not yet explained. Why the owners changed: promoters drove it (−12.4 points). They reduced their stake. ## How far is Indo Borax & Chemicals from balance-sheet trouble? For Indo Borax & Chemicals Ltd, the Z-score is 27.84. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 27.84 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Indo Borax & Chemicals rank in its industry? 59.6 out of 100, rank 2 of 9 in Chemicals - Inorganic, with 96% of the evidence available. Indo Borax & Chemicals Ltd scores 59.6 out of 100 against the 9 companies it is compared with in Chemicals - Inorganic, ranking 2. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 24.8 + 18.6 + 4.4 + 11.8 = 59.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Indo Borax & Chemicals compared with? Indo Borax & Chemicals ranks 2 of 9 Chemicals - Inorganic companies on the 4-Factor Sector Score, with 59.6 out of 100. 1. [Deepak Nitrite Ltd](https://www.sectoralpha.in/stocks/deepak-nitrite-ltd) DEEPAKNTR · quiet · Most evidence points up · 100% evidence 70.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.7/35 · Revenue 23.8% · Profit 100% · Operating margin change 9 points · 100% evidence Capital efficiency 12.4/25 · ROCE 11.4% · Operating margin 20% · 100% evidence Valuation 15.6/20 · P/E 19.4× · PEG 0.89 · 100% evidence Relative strength 9.3/20 · Lead over its industry -6.1% · Lead over NIFTY 500 -1.7% · 1 year -12.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 32.7 + 12.4 + 15.6 + 9.3 = 70 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Indo Borax & Chemicals Ltd this page INDOBORAX · leader · Evidence leans up · 96% evidence 59.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.8/35 · Revenue 28.9% · Profit 47.4% · Operating margin change 5 points · 88% evidence Capital efficiency 18.6/25 · ROCE 15.4% · Operating margin 28% · 100% evidence Valuation 4.4/20 · P/E 25.5× · PEG 1.77 · 100% evidence Relative strength 11.8/20 · Lead over its industry 19.3% · Lead over NIFTY 500 22.2% · 1 year 44% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24.8 + 18.6 + 4.4 + 11.8 = 59.6 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Ganesh Benzoplast Ltd](https://www.sectoralpha.in/stocks/ganesh-benzoplast-ltd) GANESHBE · losing its lead · Evidence leans up · 74% evidence 57.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.1/35 · Revenue 13.1% · Profit 87.2% · Operating margin change -7 points · 88% evidence Capital efficiency 11.2/25 · ROCE 14.5% · Operating margin 23% · 100% evidence Valuation 16.1/20 · P/E 9.7× · PEG 0.25 · 65% evidence Relative strength 8.7/20 · Lead over its industry n/a · Lead over NIFTY 500 -3.7% · 1 year 1.9% · 25% evidence · 9 of 12 weeks ahead Exact sum: 21.1 + 11.2 + 16.1 + 8.7 = 57.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Tanfac Industries Ltd](https://www.sectoralpha.in/stocks/tanfac-industries-ltd) TANFACIND · leader · Evidence leans up · 76% evidence 57.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.0/35 · Revenue 13.2% · Profit -29.2% · Operating margin change -1 points · 83% evidence Capital efficiency 16.5/25 · ROCE 23.9% · Operating margin 15% · 95% evidence Valuation 8.5/20 · P/E 112× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 44.2% · Lead over NIFTY 500 48.6% · 1 year 82.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 12 + 16.5 + 8.5 + 20 = 57 · What this means: Relative strength against the index is 48.6%, and revenue and profit growth are weak. 5. [J.G.Chemicals Ltd](https://www.sectoralpha.in/stocks/jgchemicals-ltd) JGCHEM · leader · Evidence leans up · 63% evidence 56.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.9/35 · Revenue 24% · Profit 16.4% · Operating margin change 2 points · 83% evidence Capital efficiency 15.5/25 · ROCE 17.7% · Operating margin 11% · 76% evidence Valuation 7.5/20 · P/E 29.3× · PEG n/a · 50% evidence Relative strength 12.0/20 · Lead over its industry n/a · Lead over NIFTY 500 33.3% · 1 year 31.2% · 25% evidence · 12 of 12 weeks ahead Exact sum: 21.9 + 15.5 + 7.5 + 12 = 56.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Sree Rayalaseema Hi-Strength Hypo Ltd](https://www.sectoralpha.in/stocks/sree-rayalaseema-hi-strength-hypo-ltd) SRHHYPOLTD · breaking out · Evidence leans up · 81% evidence 52.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.5/35 · Revenue 7.6% · Profit 1.1% · Operating margin change -1 points · 88% evidence Capital efficiency 12.9/25 · ROCE 13.7% · Operating margin 14% · 100% evidence Valuation 12.9/20 · P/E 8.4× · PEG 1.29 · 100% evidence Relative strength 10.7/20 · Lead over its industry n/a · Lead over NIFTY 500 2.9% · 1 year -12.1% · 25% evidence · 8 of 12 weeks ahead Exact sum: 15.5 + 12.9 + 12.9 + 10.7 = 52 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [POCL Enterprises Ltd](https://www.sectoralpha.in/stocks/pocl-enterprises-ltd) POEL · Evidence leans down · 69% evidence 46.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.8/43.75 · Revenue 4.6% · Profit -2% · Operating margin change -3 points · 88% evidence Capital efficiency 19.8/31.25 · ROCE 26.6% · Operating margin 2.5% · 100% evidence Valuation 18.4/25 · P/E 12.2× · PEG 0.71 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 7.8 + 19.8 + 18.4 = 46 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 8. [Archean Chemical Industries Ltd](https://www.sectoralpha.in/stocks/archean-chemical-industries-ltd) ACI · quiet · Most evidence points down · 90% evidence 29.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 6.9/35 · Revenue 6% · Profit -43.3% · Operating margin change -3 points · 100% evidence Capital efficiency 9.6/25 · ROCE 7.4% · Operating margin 24% · 100% evidence Valuation 8.5/20 · P/E 54.7× · PEG n/a · 50% evidence Relative strength 4.8/20 · Lead over its industry -18.3% · Lead over NIFTY 500 -14% · 1 year -33.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 6.9 + 9.6 + 8.5 + 4.8 = 29.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Fischer Medical Ventures Ltd](https://www.sectoralpha.in/stocks/fischer-medical-ventures-ltd) FISCHER · quiet · Most evidence points down · 71% evidence 26.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.2/35 · Revenue 39.1% · Profit -80% · Operating margin change -269.5 points · 65% evidence Capital efficiency 1.8/25 · ROCE -1.6% · Operating margin -261.1% · 100% evidence Valuation 8.9/20 · P/E 58.4× · PEG n/a · 15% evidence Relative strength 1.7/20 · Lead over its industry -36.8% · Lead over NIFTY 500 -33.5% · 1 year -79% · 100% evidence · 2 of 12 weeks ahead Exact sum: 14.2 + 1.8 + 8.9 + 1.7 = 26.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Chemicals - Inorganic](https://www.sectoralpha.in/sectors/chemicals-inorganic), all 9 compared on one page. ## Which companies are close to Indo Borax & Chemicals in size? Indo Borax & Chemicals is the 6th largest of 9 Chemicals - Inorganic companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Archean Chemical Industries, J.G.Chemicals and Fischer Medical Ventures. Just below it: Sree Rayalaseema Hi-Strength Hypo, Ganesh Benzoplast and POCL Enterprises. ### Chemicals - Inorganic companies close in size

1. [Archean Chemical Industries Ltd](https://www.sectoralpha.in/stocks/archean-chemical-industries-ltd) ₹5,460 crore
2. [J.G.Chemicals Ltd](https://www.sectoralpha.in/stocks/jgchemicals-ltd) ₹2,204 crore
3. [Fischer Medical Ventures Ltd](https://www.sectoralpha.in/stocks/fischer-medical-ventures-ltd) ₹1,732 crore
4. Indo Borax & Chemicals Ltd ₹1,248 crore
5. [Sree Rayalaseema Hi-Strength Hypo Ltd](https://www.sectoralpha.in/stocks/sree-rayalaseema-hi-strength-hypo-ltd) ₹833 crore
6. [Ganesh Benzoplast Ltd](https://www.sectoralpha.in/stocks/ganesh-benzoplast-ltd) ₹634 crore
7. [POCL Enterprises Ltd](https://www.sectoralpha.in/stocks/pocl-enterprises-ltd) ₹447 crore

[All 9 Chemicals - Inorganic companies, largest first](https://www.sectoralpha.in/sectors/chemicals-inorganic#all-companies)

### Companies close in size in other industries

1. [India Motor Parts & Accessories Ltd](https://www.sectoralpha.in/stocks/india-motor-parts-accessories-ltd) ₹1,256 crore · Auto Ancillaries - Spare Parts Accessories
2. [Onix Solar Energy Ltd](https://www.sectoralpha.in/stocks/onix-solar-energy-ltd) ₹1,250 crore · Trading
3. Indo Borax & Chemicals Ltd ₹1,248 crore
4. [Uttam Sugar Mills Ltd](https://www.sectoralpha.in/stocks/uttam-sugar-mills-ltd) ₹1,248 crore · Sugar
5. [United Polyfab Gujarat Ltd](https://www.sectoralpha.in/stocks/united-polyfab-gujarat-ltd) ₹1,246 crore · Textiles - Others

## What else do people ask about Indo Borax & Chemicals? ### What is Indo Borax & Chemicals's share price today? Indo Borax & Chemicals Ltd's share price is ₹433.60, +60.4% over the past year. The whole company is worth ₹1,391 Cr on the market. In the last 52 weeks it traded between ₹243 to ₹515; today it is 70% of the way up from the low, 15.2% above its 200-day average (as of 3 November 2026). ### What were Indo Borax & Chemicals's latest quarterly results? Indo Borax & Chemicals Ltd reported revenue of ₹70.0 Cr and net profit of ₹16.0 Cr for the Jun 2026 quarter. Revenue rose 29.6% and profit rose 60.0% compared with a year earlier. Earnings per share were ₹5.06 (as of 3 November 2026). ### What is Indo Borax & Chemicals's market cap? Indo Borax & Chemicals Ltd's market capitalisation is ₹1,391 Cr at a share price of ₹433.60. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Indo Borax & Chemicals performing? Indo Borax & Chemicals Ltd's share price has been rising for 74 weeks. In its latest quarter, revenue rose 29.6% and profit rose 60.0% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 15 weeks running (as of 3 November 2026). ### Will Indo Borax & Chemicals's share price go up? This page does not forecast Indo Borax & Chemicals Ltd's share price. What it shows instead: the share price is ₹433.60, and it has been rising for 74 weeks. Its P/E of 28.4× is higher than 97% of its own last 11 years (as of 3 November 2026). ### Who owns Indo Borax & Chemicals? Promoters own 38.4% of Indo Borax & Chemicals Ltd, foreign institutions 0.1%, domestic institutions 0.0% and the public 61.5% (latest quarter). The biggest change over the last two years: Promoters cut their stake by 12.4 percentage points over 8 quarters (as of 3 November 2026). ### Does Indo Borax & Chemicals have too much debt? No, Indo Borax & Chemicals Ltd has little debt: its debt is 0.00× its equity, and its operating profit is 19 times its interest bill. FY26 borrowings were ₹1.0 Cr against equity of ₹386 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### What is Indo Borax & Chemicals's capex? Indo Borax & Chemicals Ltd sold more long-term assets (plants, machines and the like) than it bought over the last 3 years, by ₹40.0 Cr, worked out from the change in fixed assets plus depreciation. Depreciation over the same years was ₹8.0 Cr (as of 3 November 2026). ### Where is Indo Borax & Chemicals in its business cycle? Indo Borax & Chemicals Ltd's FY26 operating margin was 21.0%, against a 13-year range of 15.0% to 31.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 28.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Indo Borax & Chemicals story? The main question: profits are rising, but only 39% of the last 3 years' profit came in as cash from operations. The gap between reported profit and actual cash is the thing to watch. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Indo Borax & Chemicals a stock worth studying right now? What the numbers show: Indo Borax & Chemicals Ltd's share price has risen faster than its earnings: +60.4% in a year, against +18.3% for earnings per share. The main open question: whether the cash starts to follow the profit. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Indo Borax & Chemicals share price forecast for 2026? What management itself guided: Boric acid production goal of 17,500-18,000 tons this year. 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 . What would change the story: Boric-acid realization falls back toward ₹130 per kg or ore costs rise faster than price for two quarters. ## Lists

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