Indo Borax & Chemicals Ltd(INDOBORAX)

NSE: INDOBORAXBSE: 524342

₹ 414.15-2.59%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,329 crWebsite: www.indoborax.comUpdated: 24 Oct 2026

About

Indo Borax & Chemicals Ltd manufactures boron-based chemicals at its plant in Pithampur, Madhya Pradesh, with Boric Acid as its primary product. The company describes itself as India's leading Boric Acid manufacturer, holding a dominant position in the domestic market. In FY26 it reported revenue of Rs. 215.45 Cr, and in September 2026 it completed the acquisition of a 64.26% stake in Kronox Lab Sciences, a listed specialty chemicals company.^[1][2]

Business segments

The company reports a single segment, chemical manufacturing (boron products), with segment revenue of Rs 215.45 Cr in FY26.^[1]
In FY25 the single reported segment was described as chemicals, covering boron products and lithium.^[3]

Products

Boric Acid is the main product, sold in technical and IP (pharmaceutical) grades. In Q1 FY27, IP grade made up ~7-8% of Boric Acid volumes (~100 MT vs ~1,500 MT technical grade).^[4]
The FY25 annual report describes the company as the market leader for Boric Acid in India by far, and as the only maker of IP-grade Boric Acid.^[3]
DOT is a forward-integrated, higher-margin product derived from Boric Acid. It contributed ~7% of revenue in FY26, with a target of ~9% in FY27.^[4]
Initial dispatches of Boron Oxide had begun as of the FY25 annual report.^[3]
All principal raw materials (boron ores and derivatives) are imported because India has no commercially viable boron ore reserves.^[1]

Operations

The plant is at Plot No. 43 to 46, 47A, 48, 48A, Industrial Estate, Sector II, Pithampur-454775, Madhya Pradesh.^[1]
DOT installed capacity is up to 4,000 MT without debottlenecking.^[4]
The company holds BIS certification and the other regulatory approvals needed to make and sell its products.^[1]

Key operating numbers

Boric Acid production was ~15,917 MT in FY26. The FY27 target is ~18,000 MT, at 96-98% of practical capacity.^[4]
Boric Acid realisation moved from ~Rs. 127 to Rs. 155-160 per unit in Q1 FY27, reflecting raw material cost pass-through and premium brand positioning.^[4]
DOT volume was ~750 MT at takeover and ~900 MT in FY26, with a target of 1,500 MT in FY27.^[4]

Customers and distribution

End-use sectors include refractories, metallurgy, glass, ceramics, agriculture, pharmaceuticals and specialty chemicals.^[1]
West Bengal, Rajasthan and Maharashtra were key domestic markets in FY26.^[1]
Sales are currently 100% domestic. The company plans to export through Kronox's distributor networks in Europe and North America, with added focus on South America and South-East Asia.^[4][1]

Expansion and capex

The company is investing ~Rs 20 Cr in a 4,000 MTPA Boron Oxide facility at Pithampur.^[1]
Total capex of ~Rs. 50 Cr is planned over the next 2-3 years: ~Rs. 20 Cr for Boron Oxide and ~Rs. 20-25 Cr for Boric Acid capacity, with Zinc Borate to follow.^[4]
Kronox plans Rs. 110 Cr of capex at Dahej in phases. Phase 1 is ~Rs. 55-60 Cr over 18-24 months, funded from Kronox's internal cash (~Rs. 80 Cr).^[4]
Kronox revenue is targeted to grow 3-3.5x after the Dahej capex, with benefits expected from FY29 and the full impact in FY30-31.^[4]

Kronox Lab Sciences acquisition

On September 29, 2026, Indo Borax completed the acquisition of 64.26% of Kronox Lab Sciences (2,38,44,000 equity shares), a listed specialty chemicals company based in Vadodara.^[5]
Kronox had FY26 revenue of Rs. 101 Cr and PAT of ~Rs. 28 Cr, with 185+ specialty chemical products and an export presence.^[4]
In September 2026, Indo Borax took Rs. 225 Cr of funding from a lending institution to finance the Kronox share purchase.^[6]

Recent developments

Change in control: Zenrock Chemicals acquired 50.80% of paid-up equity from the Jain promoters, triggering an open offer for 26% (FY26 annual report).^[1]
An FY26 special dividend of Rs 30 per share came from the monetisation of non-core assets.^[1]
ESOP 2026 was approved for 16,88,950 employee stock options.^[1]
In August 2026, India Ratings moved the long-term bank loan rating from IND BBB+/Stable to IND BBB+/Rating Watch Negative, and the short-term rating to IND A2+/Rating Watch Negative.^[7]
The board approved merging wholly-owned subsidiary Indo Borax Infrastructure Private Limited into the parent company.^[4]

Market Cap

₹1,329 Cr

High / Low

₹543 / 233

Stock P/E

23.9

Price / Book

3.5

Book Value

₹120

EPS

₹15.7

No. of Shares

3.21 Cr

ROCE

15.6%

ROE

13.9%

OPM

24.4%

Debt / Equity

0.00

Sales

₹215 Cr

Net Profit

₹50 Cr

Promoter holding

38.4%

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