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Swing Capital

Indo Borax & Chemicals Ltd

NSE: INDOBORAX BSE: 524342

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

₹273
52W: ₹177 — ₹302
PE 22.7 · Book ₹112 · +144% vs book
Market Cap₹877 Cr
Stock P/E22.7Price to Earnings
ROCE18.1%Return on Capital
ROE13.1%Return on Equity
Div. Yield0.37%Face Value ₹1

Strengths

  • +Company is almost debt free.

Weaknesses

  • −Promoter holding has decreased over last quarter: -20.0%
  • −The company has delivered a poor sales growth of 8.74% over past five years.
  • −Promoter holding is low: 30.8%
  • −Promoters have pledged 100% of their holding.
  • −Earnings include an other income of Rs.23.1 Cr.
  • −Dividend payout has been low at 7.46% of profits over last 3 years

Shareholding Pattern

Promoters30.8%
FIIs0.45%
DIIs2.19%
Public66.56%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters50.79%50.79%50.79%50.79%50.79%50.79%50.79%30.8%▼20.0
FIIs0%0.06%▲0.10.01%▼0.00.02%▲0.00.02%0.53%▲0.50.23%▼0.30.45%▲0.2
DIIs0.06%0%▼0.10%0.01%▲0.00.02%▲0.00.02%0.02%2.19%▲2.2
Public49.15%49.14%▼0.049.2%▲0.149.16%▼0.049.16%48.67%▼0.548.96%▲0.366.56%▲17.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales46.844.0645.4649.7637.8737.5150.1253.5757.8541.02
Expenses36.6434.8833.8933.3128.7127.4439.9241.3647.3532.39
Operating Profit10.169.1811.5716.459.1610.0710.212.2110.58.63
OPM %21.71%20.84%25.45%33.06%24.19%26.85%20.35%22.79%18.15%21.04%
Net Profit8.798.0811.2913.869.038.9210.0710.0416.099.11
EPS ₹2.742.523.524.322.812.783.143.135.012.84

AI Insights

Revenue Trend

TTM revenue at ₹203Cr, up 16% YoY. OPM at 21%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.19% (+2.19pp change). FIIs: 0.45% (+0.23pp change). Promoters hold 30.8%.

Margin & Efficiency

ROCE declining from 23% (Mar 2014) to 18% (Mar 2025). Working capital days: 111.

Valuation

PE 22.7x with 18.1% ROCE. Price is 144% above book value of ₹112. Dividend yield: 0.37%.

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