Arthneeti

Indo Borax & Chemicals Q2 FY27 Share Price & Earnings Call Analysis

₹378.70-1.70% today
Market cap
₹1,217 Cr
P/E
28.65
ROE
10.06%
PEG
-3.08
Price to sales
5.22
Debt to equity
1.03
52W high / low
₹516 / ₹238
Sales growth (5Y)
8.37%
EBITDA margin
18.31%
Net profit margin
16.85%
Promoter holding
38.41%
Sales (last year)
₹233 Cr

Incorporated in 1980, Indo Borax & Chemicals Ltd is in the business of manufacturing Boron and Lithium products[1]

Guidance scorecard · Q2 FY27 call

What Indo Borax & Chemicals's management guided
and where it ranks in Chemicals & Petrochemicals

Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

20–40%
  • The company achieved Rs. 175 crores revenue in the previous financial year and Rs. 215 crores in FY26, showing strong growth.
  • Management expects revenue growth between 20% to 35% in the coming years, driven by increased realisation, higher volumes from debottlenecking, operational efficiency, and new products.
  • Full capacity utilisation may boost revenue by 25% to 30% without additional CAPEX within one to one and a half years.
  • Sales volume growth and better price realisations are expected, especially in Boric Acid and DOT products.
  • Plans for expanding into new product lines, such as Boron Oxide, are underway to tap further growth opportunities.

2 more points from Indo Borax & Chemicals's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Indo Borax & Chemicals said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • The company is actively pushing ahead with CAPEX plans to expand capacity and broaden the product portfolio; details will be shared post board approval as discussions are ongoing.
  • Sufficient cash is available for budgeted CAPEX over the next two years while maintaining a strong balance sheet with zero debt.
  • The management is monetizing non-core assets to fund future technologies and investments.
  • There are strategic discussions about potential acquisitions or further investments, supported by Zenrock Chemicals' experience and cash availability.
  • Debottlenecking and operational efficiency improvements are planned to increase volumes without major CAPEX in the near term.

2 more points from Indo Borax & Chemicals's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Indo Borax & Chemicals said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Ask what Indo Borax & Chemicals said on the order book →

Full Q4 FY26 analysis
Full Chemicals & Petrochemicals ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Chemicals & Petrochemicals
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Indo Borax & Chemicals rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Indo Borax & Chemicals latest results (Sep 2026)

Revenue

₹59 Cr

+1.88% YoY

Net profit

₹5 Cr

-71% YoY

Operating margin

2.51%

EPS

₹1.48

What management said on the call →

Indo Borax & Chemicals shareholding (Sep 2026)

Promoters

38.41%

unchanged QoQ

FIIs

0.10%

−0.03 pp QoQ

DIIs

0.04%

unchanged QoQ

Public

61.45%

+0.02 pp QoQ

Full shareholding pattern →Dividend history →

Peers

Chemicals & Petrochemicals companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,878 Cr21.0
240%+Up 0–2%₹243 Cr3.1
340%+Flat₹7,887 Cr195.1
440%+Flat₹2,311 Cr26.4
540%+Flat₹180 Cr11.8
640%+Flat₹142 Cr15.7

Sign up free to see every company in the sector ranking and track Indo Borax & Chemicals.

Pro shows every company guiding 40%+ revenue growth →Full Chemicals & Petrochemicals ranking

Indo Borax & Chemicals announcements

All announcements →

Financials of Indo Borax & Chemicals

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Indo Borax & Chemicals

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +52.07%50.80%50.79%50.79%50.79%50.79%50.79%50.79%50.79%30.80%38.41%38.41%
FIIs +0.03%0.10%0.00%0.06%0.01%0.02%0.02%0.53%0.23%0.45%0.13%0.10%
DIIs +0.00%0.00%0.06%0.00%0.00%0.01%0.02%0.02%0.02%2.19%0.04%0.04%
Public +47.89%49.09%49.15%49.14%49.20%49.16%49.16%48.67%48.96%66.56%61.43%61.45%
No. of Shareholders27,86328,11127,43629,81729,64628,60327,03922,38721,09120,46620,59224,528

Financials of Indo Borax & Chemicals

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +46.8044.0645.4649.7637.8737.5150.1253.5757.8541.0263.0170.3658.94
YoY Sales growth-23.59%-20.41%-18.73%-9.49%-19.08%-14.87%+10.25%+7.66%+52.76%+9.36%+25.72%+31.34%+1.88%
Expenses +36.6434.8833.8933.3128.7127.4439.9241.3647.3532.4050.1950.5657.46
Operating Profit10.169.1811.5716.459.1610.0710.2012.2110.508.6212.8219.801.48
OPM %21.71%20.84%25.45%33.06%24.19%26.85%20.35%22.79%18.15%21.01%20.35%28.14%2.51%
Other Income +2.692.743.363.254.354.243.753.0212.924.335.322.567.89
Interest0.000.000.000.000.000.000.170.000.000.000.060.051.13
Depreciation0.570.570.590.500.520.621.000.860.860.810.630.310.46
Profit before tax12.2811.3514.3419.2012.9913.6912.7814.3722.5612.1417.4522.007.78
Tax %27.36%27.49%20.22%27.03%29.25%33.75%19.87%29.02%27.88%23.72%16.68%26.09%39.20%
Net Profit +8.938.2311.4414.019.189.0710.2410.2016.269.2714.5316.254.74
EPS in Rs2.782.563.564.372.862.833.193.185.072.894.535.061.48

Financials of Indo Borax & Chemicals

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +877067101128115144176225191175215233
Sales growth+14%-20%-4%+51%+27%-10%+25%+22%+28%-15%-8%+23%+17%
Expenses +6957568310897100128163149129171191
Operating Profit19121018201944486243464443
OPM %21%18%15%17%16%16%31%27%28%22%26%21%18%
Other Income +33346543912162520
Interest1000000000001
Depreciation1111111122332
Profit before tax20141220242247506952596759
Tax %32%32%31%34%28%24%26%27%26%25%28%24%
Net Profit +149813181734365139435045
EPS in Rs4.082.882.494.175.465.2810.6711.3315.8012.1513.2515.6713.96
Dividend Payout %4%5%6%4%3%4%9%1%6%8%8%6%

Financials of Indo Borax & Chemicals

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital3333333333333
Reserves758491101118135170204252290332383284
Borrowings +521000000001296
Other Liabilities +9810121110171420182117126
Total Liabilities9297106117132149190222275311357405708
Fixed Assets +1121525150468991969910148264
CWIP2211111111113
Investments1432232037183049435720914
Other Assets +65432945448470126169169198147427
Total Assets9297106117132149190222275311357405708

Financials of Indo Borax & Chemicals

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +018211151316116069-10487
Cash from Investing Activity +13-26-245-1626-5426-8-30-7-77
Cash from Financing Activity +-1-4-1-2-1-1-1-3-3-3-3-3
Net Cash Flow12-12-45-238-39344936-1157
Free Cash Flow-107191141315115765-111106
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit38%186%226%37%111%100%61%54%123%197%-194%242%

Financials of Indo Borax & Chemicals

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days253028322726222121263318
Inventory Days2522217059535617630919580210102
Days Payable35393519915312312132410
Cash Conversion Cycle2422116372716616630720493218110
Working Capital Days13912045746640811439648175165
ROCE %26%16%13%20%21%17%30%26%29%19%18%15%
36out of 100

Momentum score · price trend

36 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,937 stocks
Last 12 months+45.5%82%
Last 6 months+38.0%82%
Last 3 months−11.0%29%

The price is 26.6% below its all-time high of ₹516.05 (1 Sept 2026). Stocks more than 20% below their peak have their score halved, so 71 became 36.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,937 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indo Borax & Chemicals: 0.4 × 82 + 0.4 × 82 + 0.2 × 29 = 71, halved to 36 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 13 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Indo Borax & Chemicals: frequently asked questions

What is Indo Borax & Chemicals share price today?

Indo Borax & Chemicals last traded at ₹378.7, with a market capitalisation of ₹1,217 Cr and a P/E ratio of 28.6.

What were Indo Borax & Chemicals's latest quarterly results?

For the quarter ended Sep 2026, Indo Borax & Chemicals reported revenue of ₹59 Cr (+1.88% year on year) and net profit of ₹5 Cr, with an operating margin of 2.51%.

Is Indo Borax & Chemicals's profit growing?

Net profit was ₹5 Cr in Sep 2026 against ₹16 Cr in Sep 2025, a change of -71%.

What is Indo Borax & Chemicals's EPS?

Indo Borax & Chemicals's earnings per share for the quarter ended Sep 2026 was ₹1.48.

What is the promoter holding in Indo Borax & Chemicals?

Promoters held 38.41% of Indo Borax & Chemicals in Sep 2026 (unchanged versus Jun 2026).

How much do FIIs and DIIs hold in Indo Borax & Chemicals?

In Sep 2026, foreign institutional investors held 0.10% and domestic institutions (including mutual funds) held 0.04% of Indo Borax & Chemicals.

What is Indo Borax & Chemicals's ROE and ROCE?

Indo Borax & Chemicals's return on equity is 10.1% and its return on capital employed is 15.4%.

Does Indo Borax & Chemicals pay a dividend?

Yes. Indo Borax & Chemicals's dividend yield is 2.64% at the current price. The full payout history is on the Indo Borax & Chemicals dividends page.

Which sector does Indo Borax & Chemicals belong to?

Indo Borax & Chemicals is in the Chemicals & Petrochemicals sector. Its peer comparison and sector ranking are on this page.

What did Indo Borax & Chemicals's management say on the latest earnings call?

Arthneeti's analysis of the Q2 FY27 earnings call covers revenue, margins, capex and fundraising guidance from Indo Borax & Chemicals's management.

How does Arthneeti AI analyse Indo Borax & Chemicals?

Arthneeti reads Indo Borax & Chemicals's earnings call transcripts and filings and scores revenue growth, margins, capex and fundraising, then ranks the company against its sector.

Continue your research

What Indo Borax & Chemicals's management said in earlier quarters

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