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INDOBORAX - Indo Borax & Ch.

📊 NSE: INDOBORAX 🏢 Chemicals 📅 Last Updated: 12/14/2025 8:01

📢 Recent Corporate Announcements

Indo Borax Shareholders Approve Suresh Kalra as MD & CEO with 99.29% Votes

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 16 Apr 2026, 07:13 PM

Indo Borax & Chemicals Limited has announced the results of its postal ballot, where shareholders approved eight key resolutions regarding board restructuring. Most significantly, Mr. Suresh Kalra was appointed as the Managing Director and CEO with 99.29% of the votes in favor. Mr. Harsh Malhotra was also appointed as an Executive Director with similar support. The board has been further strengthened by the appointment of three new Independent Directors, all receiving over 99.99% approval, indicating strong shareholder consensus for the new leadership.

Appointment of Mr. Suresh Kalra as MD & CEO approved with 1,66,45,231 votes in favor (99.29%)
Mr. Harsh Malhotra appointed as Executive Director with 99.29% support from voting shareholders
Three Independent Directors and one Non-Executive Director appointed with near-unanimous 99.99% support
A total of 8 resolutions were passed via postal ballot conducted between March 17 and April 15, 2026
The leadership transition is backed by a significant majority of both promoter and public institutional shareholders

💡 The overwhelming support for the new MD and CEO suggests high investor confidence in the leadership transition. Shareholders should monitor the company's strategic direction and operational performance under the new management team.

Indo Borax to Implement ESOP 2026 Plan for Grant of 16.89 Lakh Equity Shares

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 08 Apr 2026, 05:49 PM

Indo Borax & Chemicals Limited has issued a postal ballot notice to seek shareholder approval for the introduction of the 'ESOP 2026' scheme. The plan proposes to grant up to 16,88,950 stock options, which are convertible into an equal number of equity shares of Re. 1 face value each. The scheme is designed to attract and retain talent through equity-based incentives for eligible employees and directors. The remote e-voting period for shareholders is set from April 9, 2026, to May 8, 2026, with final results to be declared by May 12, 2026.

Proposed issuance of up to 16,88,950 Employee Stock Options (ESOPs) under the 2026 Plan.
Each option is convertible into one equity share of face value Re. 1/- upon exercise.
The scheme will be implemented via a direct route involving fresh allotment of shares.
Remote e-voting period is scheduled from April 9, 2026, to May 8, 2026, with a cut-off date of April 3, 2026.
Promoters and Independent Directors are excluded from participating in the ESOP scheme.

💡 Investors should note the potential minor equity dilution and monitor the final approval of the resolution. This is generally a positive move for long-term management stability and employee alignment.

Indo Borax Submits SEBI Regulation 74(5) Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 11:25 AM

Indo Borax & Chemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. The certificate, issued by Registrar & Transfer Agent MUFG Intime India Private Limited, confirms that securities received for dematerialization were processed and listed on the stock exchanges. It also verifies that physical certificates were mutilated and cancelled after due verification. This is a standard regulatory filing ensuring the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by MUFG Intime India Private Limited (formerly Link Intime India).
Confirms dematerialization requests were processed and securities listed on BSE and NSE.
Verification and cancellation of physical certificates completed within prescribed timelines.

💡 No action is required as this is a routine administrative filing. It indicates the company is adhering to standard SEBI compliance protocols regarding share registry management.

Indo Borax Announces Trading Window Closure from April 1, 2026 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 04:48 PM

Indo Borax & Chemicals Limited has informed the exchanges that its trading window for designated persons will be closed starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, regarding the upcoming audited financial results for the quarter and year ending March 31, 2026. The window will remain closed until 48 hours after the financial results are declared. The specific date for the board meeting to approve these results will be communicated separately.

Trading window closure effective from April 1, 2026
Closure covers audited financial results for the quarter and year ended March 31, 2026
Window to reopen 48 hours after the official declaration of results
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the board meeting date to assess the company's annual financial performance.

Indo Borax Appoints Suresh Kalra as MD & CEO with ₹7 Crore Annual Pay Package

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 16 Mar 2026, 06:29 PM

Indo Borax & Chemicals is seeking shareholder approval via postal ballot for the appointment of Mr. Suresh Kalra as Managing Director and CEO for a five-year term effective January 23, 2026. The proposed compensation package is substantial, featuring a fixed salary of ₹3.50 crore and a performance-linked bonus of up to ₹3.50 crore tied to EBITDA targets. Furthermore, the appointee is eligible for ESOPs representing up to 5% of the company's fully diluted capital base. Shareholders can cast their votes electronically between March 17 and April 15, 2026.

Appointment of Suresh Kalra as MD & CEO for a 5-year tenure starting January 23, 2026
Fixed annual salary set at ₹3.50 crore with performance-based annual increments
Performance bonus of up to ₹3.50 crore linked to achieving specific EBITDA targets
Eligibility for equity-linked incentives (ESOPs) up to 5% of the fully diluted capital base
Remote e-voting period scheduled from March 17, 2026, to April 15, 2026

💡 Investors should support the leadership transition but monitor the 5% potential equity dilution from ESOPs and track if the high compensation leads to improved EBITDA performance.

Indo Borax Appoints Shashikant Bharuka as CFO Effective March 6, 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 25 Feb 2026, 12:55 PM

Indo Borax & Chemicals Limited has appointed Mr. Shashikant Bharuka as its new Chief Financial Officer, effective March 6, 2026. Mr. Bharuka is a seasoned professional with over 24 years of post-qualification experience as a CA and CS. He has previously held significant financial roles at major listed pharmaceutical companies including Lupin, Unichem Laboratories, and Ajanta Pharma. This appointment is expected to strengthen the company's financial governance and reporting frameworks.

Mr. Shashikant Bharuka appointed as CFO and Key Managerial Personnel effective March 6, 2026
Brings over 24 years of experience in finance, accounts, and tax compliance from public listed companies
Previously served 9 years at Unichem Laboratories managing audits and consolidation of foreign subsidiaries
Professional background includes roles at Lupin Limited, Ajanta Pharma, and IPCA Laboratories
The Board approved the appointment following recommendations from the Audit and Nomination committees

💡 Investors should view this as a positive step towards professionalizing management with an experienced industry veteran. Monitor the company's financial reporting and capital allocation strategies following his transition into the role.

Indo Borax Appoints Mr. Shashikant Bharuka as CFO Effective March 06, 2026

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 25 Feb 2026, 12:52 PM

Indo Borax & Chemicals Limited has appointed Mr. Shashikant Bharuka as the Chief Financial Officer (CFO) and Key Managerial Personnel, effective March 06, 2026. Mr. Bharuka is a highly experienced professional with over 24 years of experience in finance and accounts, having worked with major listed firms like Lupin, Unichem Laboratories, and Ajanta Pharma. The Board also approved a draft Postal Ballot Notice for seeking shareholder approval on unspecified resolutions. This leadership addition is expected to strengthen the company's financial reporting and compliance oversight.

Mr. Shashikant Bharuka appointed as CFO and Key Managerial Personnel effective March 06, 2026
Appointee is a qualified CA and CS with over 24 years of post-qualification experience in finance
Previous experience includes a 9-year tenure at Unichem Laboratories and senior roles at Lupin Limited
The Board approved a draft Postal Ballot Notice for upcoming shareholder resolutions
Appointment was based on recommendations from the Audit and Nomination & Remuneration Committees

💡 Investors should view the hiring of an experienced professional from larger pharmaceutical firms as a positive step for corporate governance. Monitor the upcoming Postal Ballot for details on other proposed resolutions.

Indo Borax Corrects Audit Committee Reconstitution Composition

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jan 2026, 04:23 PM

Indo Borax & Chemicals Limited has issued a minor correction to its previous filing dated January 23, 2026, regarding the reconstitution of its Audit Committee. The committee is now officially composed of three members, led by Chairman Mr. Parameswaranpillai Prasad, who is an Independent Director. The other members include Mr. Suresh Katra, an Executive Director, and Mr. Rakesh Kumar Srivastav, an Independent Director. This update ensures compliance with SEBI Listing Regulations regarding the structure of key board committees.

Correction made to the Audit Committee composition originally filed on January 23, 2026
Committee consists of 3 members: 2 Independent Directors and 1 Executive Director
Mr. Parameswaranpillai Prasad designated as the Chairman of the Audit Committee
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 This is a routine administrative update regarding corporate governance structure and requires no specific action from investors. The company's fundamental outlook remains unchanged by this announcement.

Indo Borax Promoters to Complete 50.80% Stake Sale on Jan 23, 2026

🔵 WATCH ⭐ 10/10

M&A 📅 23 Jan 2026, 11:10 PM

Indo Borax & Chemicals has announced that its promoter group will complete the sale of a 50.80% stake in the company on January 23, 2026. The transaction involves the transfer of 1,63,00,230 equity shares to a consortium including Zenrock Chemicals Private Limited and India Special Assets Fund III. Upon completion, the existing promoters will cease to be in control and will be de-classified from the promoter group. This significant change in ownership marks a major transition for the company's management and strategic oversight.

Transfer of 1,63,00,230 equity shares representing 50.80% of total paid-up capital
Transaction completion date finalized as January 23, 2026, via a new SPA Letter Agreement
Purchasers include Zenrock Chemicals and multiple India Special Assets/Situation Funds
Current promoters to be de-classified and will lose control of the company post-transfer
The company itself is not a party to the SPA Letter Agreement but is facilitating the disclosure

💡 Investors should closely monitor the incoming management's strategic plans and any potential open offer implications. The shift from a family-led promoter group to institutional and private equity ownership could lead to significant changes in operational focus.

Zenrock Chemicals Acquires 50.80% Stake in Indo Borax; Becomes New Promoter

🟢 POSITIVE ⭐ 10/10

M&A 📅 23 Jan 2026, 10:03 PM

Zenrock Chemicals Private Limited, along with India Special Assets Fund III and other purchasers, has completed the acquisition of 1,63,00,230 equity shares of Indo Borax & Chemicals Limited, representing a 50.80% stake. Following this transfer on January 23, 2026, the Acquirer has taken control of the company and is now classified as the new promoter. The erstwhile promoters, including Mr. Sajal Sushilkumar Jain and others, have exited their holdings and have been de-classified from the promoter group. An open offer for an additional 26.00% stake (83,43,400 shares) is also being undertaken for public shareholders.

Acquisition of 1,63,00,230 equity shares representing 50.80% of the total paid-up equity capital.
Zenrock Chemicals and associated funds have officially become the new promoters of the company.
The transaction was completed on January 23, 2026, following a Share Purchase Agreement dated December 15, 2025.
An Open Offer is being conducted to acquire up to 83,43,400 additional shares (26.00% stake) from public shareholders.
The former promoter group has been entirely de-classified as they no longer hold shares or exercise control.

💡 Investors should closely monitor the Open Offer price and the strategic roadmap provided by the new management, Zenrock Chemicals. A change in control by institutional funds often leads to professionalization and potential re-rating of the company.

Indo Borax Promoters to Transfer 50.80% Stake; Completion Set for Jan 23, 2026

🔵 WATCH ⭐ 10/10

M&A 📅 23 Jan 2026, 12:21 PM

Indo Borax & Chemicals has announced the finalization of a major Share Purchase Agreement (SPA) involving the transfer of 1,63,00,230 equity shares. This transaction represents 50.80% of the company's total paid-up equity capital, moving from the existing promoter group to a consortium including Zenrock Chemicals and India Special Assets Fund III. Upon completion on January 23, 2026, the current sellers will cease to be in control and will be de-classified as promoters. This marks a significant shift in the company's ownership and potential management direction.

Transfer of 1,63,00,230 equity shares representing 50.80% of total paid-up capital
Transaction completion date finalized as January 23, 2026
Purchasers include Zenrock Chemicals Private Limited and India Special Assets Fund III
Existing promoters to be de-classified and will cease to have control of the company
The company itself is not a party to the SPA Letter Agreement but is the subject of the transfer

💡 Investors should closely monitor the transition of power and any subsequent changes in business strategy or management by the new majority owners. The stock may see significant volatility as the market assesses the capabilities of the incoming controlling entities.

Indo Borax Promoters to Complete 50.80% Stake Sale on January 23, 2026

🔵 WATCH ⭐ 10/10

M&A 📅 23 Jan 2026, 11:50 AM

Indo Borax & Chemicals has announced that the completion date for a major Share Purchase Agreement (SPA) is set for January 23, 2026. The transaction involves the transfer of 1,63,00,230 equity shares, which represents 50.80% of the company's total paid-up equity capital. The current promoter group, including Mr. Sajal Sushilkumar Jain and others, will sell their stake to a group of purchasers including Zenrock Chemicals and India Special Assets Fund III. Following this completion, the existing sellers will cease to be in control and will be de-classified from the promoter group.

Transfer of 1,63,00,230 equity shares representing 50.80% of total paid-up capital
Transaction completion date confirmed as January 23, 2026, via a letter agreement
Purchasers include Zenrock Chemicals Private Limited and India Special Assets Fund III
Current promoters will lose control and be de-classified under SEBI Regulation 31A(10)
The company itself is not a party to the SPA Letter Agreement but is the subject of the transfer

💡 Investors should closely monitor the transition of management and any strategic shifts introduced by the new majority shareholders. A change in control of over 50% is a critical event that may lead to significant changes in the company's operational direction.

Indo Borax Completes Residential Property Transfer Under Framework Agreement

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 22 Jan 2026, 05:49 PM

Indo Borax & Chemicals Limited has officially transferred its residential property to Mr. Sajal Sushilkumar Jain and family members on January 22, 2026. This transaction is the culmination of a Framework Agreement dated December 13, 2025, which was previously approved via a postal ballot in July 2025. Alongside the transfer, the company has terminated an existing leave and license agreement for the property that had been in place since May 2022. This move represents the final execution of a planned asset disposal to specific purchasers.

Transfer of Residential Property completed on January 22, 2026, following a deed of transfer.
Framework Agreement for the sale was originally executed on December 13, 2025.
Termination of a prior leave and license agreement dated May 3, 2022, for the same property.
Purchasers include Sajal Sushilkumar Jain, Sreelekha Sajal Jain, Pranika Saumya Jain, and Saumya Sajal Jain.
The transaction follows a series of regulatory intimations starting from July 21, 2025.

💡 Investors should look for the financial impact of this asset sale in the upcoming quarterly reports to see if it results in any significant non-core gains. No immediate action is required as this is a routine execution of a previously disclosed agreement.

Indo Borax Amends Framework Agreement for Property Sale to Promoter Group

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Jan 2026, 06:29 PM

Indo Borax & Chemicals Limited has executed an amendment to its framework agreement dated December 13, 2025, concerning the sale of a residential property. The amendment adds Mr. Saumya Sajal Jain as a fourth purchaser alongside existing promoter group members. The purchasers collectively hold a significant 47.25% stake in the company. The company has clarified that this is a related party transaction conducted at arm's length.

Amendment executed on January 20, 2026, to include an additional purchaser for a residential property.
The purchasers are members of the promoter group holding approximately 47.25% of total share capital.
Transaction is classified as a Related Party Transaction (RPT) and is stated to be at arm's length.
The amendment follows previous intimations dated July 21, August 28, and December 13, 2025.

💡 This is a routine administrative update regarding a property disposal to promoters. No immediate action is required as it does not impact core business operations.

Indo Borax Completes Sale of Identified Vehicles to Related Parties

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Jan 2026, 04:53 PM

Indo Borax & Chemicals Limited has announced the successful conclusion of the sale and transfer of identified vehicles to related parties. This action follows the Framework Agreement dated December 13, 2025, which also includes the proposed sale of certain immovable properties. The transaction was previously approved by the audit committee, board, and shareholders through a postal ballot on August 26, 2025. This update confirms that the vehicle transfer portion of the agreement is now complete in all respects.

Sale of 'Identified Vehicles' completed as per the Framework Agreement dated Dec 13, 2025
Purchasers are related parties including Mr. Sajal Sushilkumar Jain and family members
Shareholder approval for the asset disposal was secured via postal ballot on August 26, 2025
The broader agreement also covers the future sale of certain immovable properties

💡 This is a routine disposal of non-core assets and has no material impact on the company's core chemical business. Investors should monitor for updates regarding the sale of immovable properties which may involve more significant cash inflows.

View All INDOBORAX Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment, 'Manufacturing and selling of Chemicals', which generated revenue of INR 117.55 Cr for H1 FY26, representing a growth of 23.97% compared to INR 94.82 Cr in H1 FY25.

Profitability Margins

Standalone Net Profit Margin for H1 FY26 stood at 22.22% (INR 26.13 Cr profit on INR 117.55 Cr revenue). Profit before tax (PBT) margin was 31.02% (INR 36.47 Cr).

EBITDA Margin

EBITDA margin for H1 FY26 was approximately 24.53% (INR 28.84 Cr core EBITDA on INR 117.55 Cr revenue), excluding the exceptional gain of INR 9.35 Cr from the sale of office premises.

Capital Expenditure

Property, Plant & Equipment (PPE) decreased from INR 21.01 Cr as of March 31, 2025, to INR 14.55 Cr as of September 30, 2025, primarily due to the disposal of office premises which resulted in an exceptional profit of INR 9.35 Cr.

Credit Rating & Borrowing

Finance costs were negligible at INR 0.12 Lakhs for H1 FY26, down from INR 0.23 Lakhs in H1 FY25, indicating a virtually debt-free status or very low borrowing costs.

⚙️ Operational Drivers

Raw Materials

Boron minerals (such as Colemanite or Kernite) are the primary raw materials for the chemical segment, though specific names and cost percentages are not explicitly detailed in the provided financial tables.

Capacity Expansion

The Pithampur plant resumed operations on November 22, 2025, following a period of inactivity. Specific installed capacity in MTPA was not disclosed.

Raw Material Costs

Cost of materials consumed for H1 FY26 was INR 61.33 Cr, representing 52.17% of revenue, compared to INR 38.49 Cr (40.59% of revenue) in H1 FY25, indicating a significant YoY cost increase of 59.34%.

Manufacturing Efficiency

Depreciation and amortization expenses increased by 68.1% YoY to INR 1.72 Cr in H1 FY26, suggesting recent asset additions or changes in depreciation schedules.

Logistics & Distribution

Other expenditure, which includes distribution and logistics, rose 21.68% YoY to INR 21.01 Cr in H1 FY26.

📈 Strategic Growth

Expected Growth Rate

15-20%

Growth Strategy

Growth is expected to be driven by the resumption of operations at the Pithampur plant in November 2025 and the continued expansion of the core chemical manufacturing business. The company is also leveraging its infrastructure subsidiary, which contributed INR 45.56 Lakhs in revenue in Q2 FY26.

Products & Services

Boric Acid and Borax (implied by company name and chemical segment focus).

Brand Portfolio

Indo Borax.

🌍 External Factors

Industry Trends

The specialty chemicals industry is seeing a shift toward higher-purity products and stable supply chains. Indo Borax is positioned as a niche player in boron chemistry, benefiting from the resumption of its primary manufacturing unit.

Competitive Moat

The company's moat is built on its specialized manufacturing capabilities in boron chemicals and a strong balance sheet with negligible debt, providing resilience against interest rate cycles.

Macro Economic Sensitivity

Highly sensitive to industrial demand for chemicals and global boron mineral pricing cycles.

Geopolitical Risks

Potential trade barriers or supply chain disruptions in countries exporting boron minerals could impact raw material security.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to chemical manufacturing standards and environmental pollution norms; the company appointed M/s. Y. B. Modi & Associates as Cost Auditors for FY 2025-26 to ensure regulatory compliance.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 28.37% (INR 10.35 Cr tax on INR 36.47 Cr PBT).

Legal Contingencies

The secretarial audit report for FY25 did not contain any qualifications or reservations having a material adverse effect on the company's functioning.