Indo Borax & Chemicals Limited (INDOBORAX) AI Stock Analysis

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Indo Borax & Chemicals Limited

(NSE:INDOBORAX)

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Rating:78.5Outperform

Price Target:INR 440.00▲(14.32% Upside)

Action:reiterated

Date:08/21/26

The score is driven primarily by strong financial fundamentals—solid profitability and an extremely conservative balance sheet—tempered by uneven cash-flow consistency (notably the FY2025 cash outflow) and recent revenue volatility. Technically, price momentum is strong and supports the outlook, while valuation is a modest headwind given the higher P/E and low dividend yield.

Positive Factors

Strong profitabilitySustained net margins above 20% and healthy operating earnings indicate that Indo Borax has maintained strong underlying profitability across several years. This provides internal funding capacity, supports resilience through normal industry cycles, and strengthens the durability of its operating model.

Negative Factors

Uneven revenue growthThe recent revenue pattern is choppy, with two years of contraction followed by a moderate rebound. This volatility makes forward sales momentum less dependable, complicates capacity and inventory planning, and suggests that growth may remain sensitive to industrial demand and product pricing.

Indo Borax & Chemicals Limited (INDOBORAX) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 15.27B
Dividend Yield: 2.61%
Average Volume (3M): 31.16K
Price to Earnings (P/E): 27.6
Beta (1Y): 0.66
Revenue Growth: 17.23%
EPS Growth: -2.11%
Country: India
Employees: 111
Sector: General
Sector Strength: 55
Industry: Chemicals

Indo Borax & Chemicals Limited Business Overview & Revenue Model

Company Description

Indo Borax & Chemicals Ltd., founded in 1980 and based in Mumbai, India, is an Indian producer and supplier specializing in boron and lithium compounds. The company's product portfolio includes various borax offerings such as decahydrate crystals and...

How the Company Makes Money

Indo Borax & Chemicals Limited primarily makes money by manufacturing and selling boron-based industrial chemicals. Its revenue model is product-sales driven: (1) Sale of finished boron chemicals (e.g., borax/borate products and boric-acid-related pr...

Indo Borax & Chemicals Limited Financial Statement Overview

Summary

Strong profitability with healthy operating earnings and ~20%+ net margins in FY2021–FY2025, supported by an exceptionally low-debt balance sheet (near-zero debt-to-equity) and rising equity. Key offset is cash-flow reliability: FY2025 had negative operating and free cash flow despite positive net income, and revenue/gross profit have been volatile (contraction in FY2024–FY2025 before +8.2% rebound in FY2026).

Income Statement

78Positive

Balance Sheet

92Very Positive

Cash Flow

64Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.15B	2.15B	1.75B	1.91B	2.25B	1.76B
Gross Profit	902.69M	809.49M	933.41M	559.38M	783.13M	660.95M
EBITDA	697.42M	441.59M	458.88M	545.44M	706.41M	510.83M
Net Income	502.70M	502.70M	425.05M	389.78M	506.94M	363.71M
Balance Sheet
Total Assets	4.05B	4.05B	3.57B	3.11B	2.75B	2.22B
Cash, Cash Equivalents and Short-Term Investments	2.12B	2.12B	849.23M	1.59B	913.46M	390.52M
Total Debt	14.30M	14.30M	326.00K	326.00K	327.00K	327.00K
Total Liabilities	182.89M	182.89M	212.62M	178.55M	202.54M	144.92M
Stockholders Equity	3.87B	3.87B	3.35B	2.93B	2.55B	2.07B
Cash Flow
Free Cash Flow	440.24M	954.87M	-787.19M	632.94M	457.57M	114.41M
Operating Cash Flow	440.51M	957.78M	-719.90M	678.67M	507.28M	114.76M
Investing Cash Flow	136.04M	-855.95M	-69.07M	-301.18M	-75.64M	255.73M
Financing Cash Flow	-32.10M	-32.09M	-33.88M	-32.15M	-33.01M	-32.17M

Indo Borax & Chemicals Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price384.90

Price Trends

50DMA460.99Negative

100DMA434.57Negative

200DMA341.44Positive

Market Momentum

MACD-17.15Positive

RSI35.82Neutral

STOCH27.42Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:INDOBORAX, the sentiment is Negative. The current price of 384.90 is below the 20-day moving average (MA) of 426.93, below the 50-day MA of 460.99, and above the 200-day MA of 341.44, indicating a neutral trend. The MACD of -17.15 indicates Positive momentum. The RSI at 35.82 is Neutral, neither overbought nor oversold. The STOCH value of 27.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:INDOBORAX.

Indo Borax & Chemicals Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:INDOBORAX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:INDOBORAX	79Outperform	INR 12.31B	27.58	―	2.61%	17.23%	-2.11%
IN:GHCL	76Outperform	INR 41.03B	7.65	―	2.69%	1.69%	-1.63%
IN:INDOAMIN	76Outperform	INR 8.59B	10.51	―	0.43%	13.23%	22.22%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:PUNJABCHEM	55Neutral	INR 11.18B	18.50	―	0.33%	13.95%	15.36%
IN:GUJALKALI	54Neutral	INR 44.50B	66.59	―	2.95%	11.16%	88398.04%
IN:DEEPAKFERT	48Neutral	INR 157.67B	16.14	―	0.80%	13.63%	0.30%

* General Sector Average

Performance Comparison

IN:INDOBORAX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:INDOBORAX	Indo Borax & Chemicals Limited	384.90	145.95	61.08%
IN:DEEPAKFERT	Deepak Fertilisers and Petrochemicals Corporation Ltd.	1256.95	-144.53	-10.31%
IN:GHCL	Ghcl Limited	446.00	-144.39	-24.46%
IN:GUJALKALI	Gujarat Alkalies & Chemicals Ltd.	600.30	60.84	11.28%
IN:INDOAMIN	Indo Amines Limited	116.70	-15.27	-11.57%
IN:PUNJABCHEM	Punjab Chemicals & Crop Protection Ltd.	910.00	-395.37	-30.29%

Indo Borax & Chemicals Limited Corporate Events

Indo Borax Eases Lock-In Terms on Kronox Lab Sciences Stake

Oct 22, 2026

Indo Borax & Chemicals Limited has amended its share purchase agreement with the erstwhile promoters of Kronox Lab Sciences Limited and Zenrock Chemicals, removing lock-in restrictions on the sellers’ remaining 9.95% stake in Kronox and relinquishing...

Indo Borax Launches Remote Postal Ballot for Special Business Approvals

Oct 12, 2026

Indo Borax & Chemicals Limited has initiated a postal ballot process to seek shareholder approval for special business matters, conducting the exercise entirely through remote e-voting in line with Companies Act provisions, SEBI Listing Regulations,...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 21, 2026

Indo Borax & Chemicals Limited AI Stock Analysis