Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Oct - Newspaper publication of Notice of Postal Ballot & remote e-voting
Source: Bse
Indo Borax & Chemicals Limited (INDOBORAX)
Small CapIndustrials stocks · Small cap · NSE
Indo Borax & Chemicals Limited operates in Fertilizers, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm ISTDetails
Quote21 Oct, 05:57 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:08 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
45NeutralSMA20 -4.7% / mo · MACD −
Stock trend: 44
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDOBORAXD candles · FIT view+71.5%Latest close ₹422.15 on 2026-10-21
Bar
-8.8%
RSI
34
MACD hist
-4.71
52W pos
61%
2026-10-21O ₹462.80H ₹464.80L ₹409.55C ₹422.15Vol 2.6L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDOBORAXNifty India ManufacturingNifty 500
- INDOBORAX
- -1.8%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +4.6 pp
Chart stats
21 Oct 2026- From 52W high
- -22.2%
- 52W range position
- 61%
- ATR (14)
- 6.3%
- Volume vs 20D
- 0.48x
- Avg traded value
- ₹26.7 Cr
- 20D price channel
- ₹409.6 - ₹508.7
₹542.8
₹230 - ₹542.8
₹26.7
Latest completed session
20-session average
50.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED25
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +29.6% · PAT +60.0% YoY
Technical
Neutral45
Price trend and sector-relative-strength timing.
Valuation
Legacy model-198.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +30% YoY · PAT +60% YoY · margin expansion · +11% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70 Cr | +29.6% | +11.1% |
| EBITDA | ₹20 Cr | +66.7% | +53.8% |
| Operating margin | 28.0% | +500 bps | +800 bps |
| PAT | ₹16 Cr | +60.0% | +6.7% |
| PAT margin | 22.9% | +434 bps | -95 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 30.20
- P/B
- 3.84
- EV/EBITDA
- 26.89
- Market Cap
- 1478.00Cr
Profitability
- ROE
- 10.10%
- ROCE
- 15.40%
- ROA
- 13.83%
- Dividend Y
- 2.17%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -9.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.66
- Book Value
- 120.00
Cash Flow
- FCF Yield
- 0.68%
- FCF Positive Y
- 7/5
- OCF
- 87.00 Cr
- EPS TTM
- 17.55
Shareholding
- Promoter Hold
- 38.41%
- Promoter Pledge
- 100.00%
- Momentum 52W
- 74%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 70.0+11.1% vs prev
Net Profit
₹ CrLatest: 16.0+6.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 34.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.9% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 83% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
91
RS percentile
Stage 2 UptrendEstablished S2
1M return
-9.0%
3M return
-1.8%
6M return
+66.5%
1Y return
+56.8%
RS 1D
-2
RS 20D
-2
Sector rank
#2
Industry rank
#51
Stage evidence
- Price is 11.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.6%.
50-DMA
price below
200-DMA
price above
S2 entered
08 May 2026
S2 age
116 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 192.89-7.01%
RS vs Nifty 500193
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 25 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth7/25
Quality4/20
Balance Sheet4/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
25
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
25/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 4/10 to the score.
- Growth contributes 7/25 to the score.
Main drags
- Promoter pledge is 100.0%.
- Fair-value margin of safety is negative at -198.4%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
30.2
PB
3.8
EV/EBITDA
26.9
ROE
10.1%
ROCE
15.4%
FCF Yield
0.7%
Debt/Equity
0.0
MoS
-198.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
25
Previous: 25
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-198.4%
Previous: -223.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
25
25
25
25
25
25
25
25
25
25
25
25
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹217.68
-93.9% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹141.45
-198.4% MoS
PEG
30.20
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANALIPETC
Small
Manali Petrochemicals Limited
Fertilizers & Agrochemicals
match 170
46
12.6
4.4%
-300%
FAIR VALUE
PUNJABCHEM
Small
Punjab Chemicals & Crop Protection Limited
Fertilizers & Agrochemicals
match 169
39
19.0
16.6%
-32%
WATCHLIST
SHREEPUSHK
Small
Shree Pushkar Chemicals & Fertilisers Limited
Fertilizers & Agrochemicals
match 169
47
22.2
12.1%
+42%
FAIR VALUE
TIRUMALCHM
Small
Thirumalai Chemicals Limited
Fertilizers & Agrochemicals
match 169
13
—
-11.8%
—
OVERVALUED
ULTRAMAR
Small
Ultramarine & Pigments Limited
Fertilizers & Agrochemicals
match 168
53
13.1
8.6%
+25%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Indo Borax & Chemicals Limited operates in Fertilizers, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: promoter alignment is weak at 17/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
11 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · Small: 47th pctile, median 66
Evidence depth
Financial-only
11 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
17
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸FCF yield is positive at 0.6%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.00.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoters have pledged 100% of holding.
- ▸Promoter holding fell 12.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indo Borax & Chemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptSep 2026
Sep 2026 · Transcript
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Updates on Acquisition 29 Sep - Indo Borax completed acquisition of 64.26% in Kronox Lab Sciences on September 29, 2026.
Source: Bse
Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 31 Aug - India Ratings placed Indo Borax bank facilities on negative rating watch after Kronox Lab acquisition announcement.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 20 Aug - Board approved acquiring 64.26% of Kronox Lab Sciences for ₹246.12 crore and launching open offer.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 20 Aug - Indo Borax to acquire 64.26% of Kronox Lab Sciences for Rs 246.12 crore; open offer for 25.79% stake.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Aug - Newspaper Advertisement regarding Notice of Postal Ballot and e-voting.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Scheme of Arrangement 2d - Board approved merger of WOS Indoborax Infrastructure and shifting registered office within Mumbai on 21 July 2026.
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 43m - India Ratings assigns Indo Borax bank loan facilities worth INR600 million IND BBB+/Stable on Jul 23, 2026.
Source: Bse
Annual reportJul 2026
Jul 2026 · Physical Letter To Shareholders Of The Company. 2 Jul - 45th AGM on July 28, 2026; annual report FY26 sent, shareholders urged to update email/KYC.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.