Indo Borax & Chemicals Limited (INDOBORAX) AI Stock Analysis

Indo Borax & Chemicals Limited

(NSE:INDOBORAX)

Select Model

Rating:75Outperform

Price Target:INR 438.00▲(12.52% Upside)

Action:reiterated

Date:08/21/26

Robust balance sheet and strong technical momentum are the primary drivers, tempered by cash flow volatility and modest valuation appeal.

Positive Factors

Strong ProfitabilitySustained net margins above 20% across FY2021–FY2025 indicate a profitable operating model with meaningful earnings retention. This profitability can support internal funding for capacity, product development, or market expansion, while providing resilience against normal fluctuations in chemical pricing and demand.

Negative Factors

Volatile Cash ConversionNegative operating and free cash flow in FY2025 despite reported profits demonstrates that accounting earnings have not converted consistently into cash. Such volatility can constrain internally funded investment and may reflect working-capital pressure, making cash generation a continuing execution risk.

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

Market Cap: INR 15.27B
Dividend Yield: 2.57%
Average Volume (3M): 33.80K
Price to Earnings (P/E): 22.1
Beta (1Y): 0.62
Revenue Growth: 29.69%
EPS Growth: 45.54%
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 balance sheet with near-zero debt and solid profitability margins above 20%, offset by revenue volatility and cash flow fluctuations in 2025.

Income Statement

72Positive

Balance Sheet

92Very Positive

Cash Flow

65Positive

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 Price389.25

Price Trends

50DMA471.92Negative

100DMA429.08Negative

200DMA335.24Positive

Market Momentum

MACD-19.89Positive

RSI28.50Positive

STOCH5.99Positive

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 389.25 is below the 20-day moving average (MA) of 449.87, below the 50-day MA of 471.92, and above the 200-day MA of 335.24, indicating a neutral trend. The MACD of -19.89 indicates Positive momentum. The RSI at 28.50 is Positive, neither overbought nor oversold. The STOCH value of 5.99 is Positive, 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	75Outperform	INR 12.49B	22.14	―	2.57%	29.69%	45.54%
IN:GHCL	73Outperform	INR 34.73B	6.81	―	3.18%	-3.37%	-13.58%
IN:GUJALKALI	68Neutral	INR 39.71B	59.87	―	3.27%	7.07%	―
IN:PUNJABCHEM	67Neutral	INR 11.64B	17.83	―	0.32%	8.15%	41.80%
IN:INDOAMIN	61Neutral	INR 8.68B	10.73	―	0.42%	13.23%	22.22%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:DEEPAKFERT	51Neutral	INR 138.86B	14.11	―	0.91%	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	389.25	155.94	66.84%
IN:DEEPAKFERT	Deepak Fertilisers and Petrochemicals Corporation Ltd.	1099.95	-393.71	-26.36%
IN:GHCL	Ghcl Limited	377.00	-223.32	-37.20%
IN:GUJALKALI	Gujarat Alkalies & Chemicals Ltd.	540.75	-8.44	-1.54%
IN:INDOAMIN	Indo Amines Limited	119.55	-13.01	-9.82%
IN:PUNJABCHEM	Punjab Chemicals & Crop Protection Ltd.	949.65	-351.78	-27.03%

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 rel...

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 Regulatio...

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