---
title: "Borax Morarji Ltd(Merged) (506315) — Share Price, Financials & Analysis"
symbol: "506315"
company: "Borax Morarji Ltd(Merged)"
canonical: "https://tapetide.com/stocks/506315"
isin: "INE658B01015"
bse_code: "506315"
sector: "Commodities"
industry: "Chemicals & Petrochemicals"
generated_at: "2026-09-13T19:50:12.738Z"
---

# Borax Morarji Ltd(Merged) (506315)

Canonical page: https://tapetide.com/stocks/506315

## Company

- **BSE Code:** 506315
- **ISIN:** INE658B01015
- **Sector:** Commodities
- **Industry:** Chemicals & Petrochemicals
- **Macro Sector:** Commodities
- **Stock Type:** DELISTED
- **Listed Since:** 2006-03-01
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** boraxmorarji.com

## About

Borax Morarji Limited is engaged in the manufacture of boron-based chemicals and wind power generation.

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -10.8% over past five years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 15% | — | — |
| revenue growth | 12% | -12% | -11% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2014 | Dec 2014 | Mar 2015 | Jun 2015 | Sep 2015 | Dec 2015 | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 14.05 | 21.07 | 11.59 | 9.64 | 9.62 | 11 | 11.51 | 15.78 | 13.86 | 12.34 | 13.41 | 13.85 |
| Expenses | 15.27 | 22.47 | 13.56 | 10.59 | 10.22 | 11.94 | 26.08 | 15.8 | 13.66 | 12.52 | 13.94 | 14.05 |
| Operating Profit | -1.22 | -1.4 | -1.97 | -0.95 | -0.6 | -0.94 | -14.57 | -0.02 | 0.2 | -0.18 | -0.53 | -0.2 |
| OPM % | -8.68 | -6.64 | -17 | -9.85 | -6.24 | -8.55 | -126.59 | -0.13 | 1.44 | -1.46 | -3.95 | -1.44 |
| Other Income | -0.38 | -3.23 | 0.45 | -0.42 | 0.03 | -0.08 | 28.63 | 0.03 | 0.01 | 0.07 | 0.14 | 0.04 |
| Interest | 0.86 | 0.84 | 0.81 | 0.81 | 0.76 | 0.78 | 0.97 | 0.9 | 0.89 | 0.84 | 0.88 | 0.8 |
| Depreciation | 0.46 | 0.52 | 0.08 | 0.32 | 0.34 | 0.34 | 0.32 | 0.22 | 0.23 | 0.23 | 0.25 | 0.22 |
| Profit before tax | -2.92 | -5.99 | -2.41 | -2.5 | -1.67 | -2.14 | 12.77 | -1.11 | -0.91 | -1.18 | -1.52 | -1.18 |
| Tax % | 0 | 0 | -65.15 | 0 | 0 | 0 | 14.88 | -0.9 | 0 | 0 | 0 | 0.85 |
| Net Profit | -2.92 | -5.99 | -0.83 | -2.5 | -1.66 | -2.14 | 10.87 | -1.1 | -0.9 | -1.18 | -1.52 | -1.19 |
| EPS in Rs | -6.49 | -13.31 | -1.84 | -5.56 | -3.69 | -4.76 | 24.16 | -2.44 | -2 | -2.62 | -3.38 | -2.64 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Jun 2014 15m | Mar 2015 9m | Mar 2016 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 79.87 | 74.27 | 69.35 | 74.01 | 77.27 | 61.74 | 66.21 | 46.71 | 41.77 | 53.46 |
| Expenses | 70.94 | 64.99 | 64.17 | 67.91 | 76.59 | 62.14 | 74.35 | 47.82 | 58.25 | 54.17 |
| Operating Profit | 8.93 | 9.28 | 5.18 | 6.1 | 0.68 | -0.4 | -8.14 | -1.11 | -16.48 | -0.71 |
| OPM % | 11.18 | 12.49 | 7.47 | 8.24 | 0.88 | -0.65 | -12.29 | -2.38 | -39.45 | -1.33 |
| Other Income | 1.15 | 0.09 | 3 | 0.11 | 0.37 | 0.14 | 1.36 | -6.65 | 27.58 | 0.26 |
| Interest | 2.23 | 2.03 | 2.24 | 2.12 | 2.84 | 2.15 | 4.39 | 2.5 | 3.32 | 3.41 |
| Depreciation | 2.02 | 2.06 | 2.1 | 2.01 | 2.06 | 2.01 | 2.79 | 1.06 | 1.32 | 0.93 |
| Profit before tax | 5.83 | 5.28 | 3.84 | 2.08 | -3.85 | -4.42 | -13.96 | -11.32 | 6.46 | -4.79 |
| Tax % | 35.51 | 26.33 | 32.55 | 33.65 | -22.08 | -33.26 | -30.95 | -13.87 | 29.41 | — |
| Net Profit | 3.76 | 3.89 | 2.59 | 1.38 | -2.99 | -2.94 | -9.64 | -9.74 | 4.56 | -4.79 |
| EPS in Rs | 8.36 | 8.64 | 5.76 | 3.07 | -6.64 | -6.53 | -21.42 | -21.64 | 10.13 | -10.64 |
| Dividend Payout % | 42.07 | 40.67 | 43.63 | 49.13 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Jun 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 | 4.52 |
| Reserves | 8.12 | 8.74 | 10.71 | 11.97 | 12.55 | 9.65 | 6.71 | -2.93 | -12.89 | -9 |
| Borrowings | 19.34 | 21.49 | 23.09 | 26.04 | 27.36 | 36.45 | 30.93 | 29.76 | 28.26 | 33 |
| Other Liabilities | 23.99 | 24.37 | 23.2 | 22.03 | 19.68 | 17.84 | 19.72 | 29.82 | 38.51 | 24.06 |
| Total Liabilities | 55.97 | 59.12 | 61.52 | 64.56 | 64.11 | 68.46 | 61.88 | 61.17 | 58.4 | 52.58 |
| Fixed Assets | 14.1 | 20.05 | 21.83 | 19.57 | 20.21 | 20.19 | 27.86 | 29.41 | 28.76 | 23.37 |
| CWIP | 0.07 | 0.72 | 0.42 | 1.59 | 2.34 | 6.58 | 3.25 | 1.09 | 1.4 | 0.14 |
| Investments | 1.99 | 0.47 | 0.48 | 0.42 | 0.42 | 0.42 | 0.43 | 0.19 | 0.19 | 0.19 |
| Other Assets | 39.81 | 37.88 | 38.79 | 42.98 | 41.14 | 41.27 | 30.34 | 30.48 | 28.05 | 28.88 |
| Total Assets | 55.97 | 59.12 | 61.52 | 64.56 | 64.11 | 68.46 | 61.88 | 61.17 | 58.4 | 52.58 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Jun 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 5.51 | 9.54 | 4.84 | 1 | 5.04 | 1.73 | 15.63 | 6.17 | 4.93 | -24.96 |
| Cash from Investing Activity | -2.17 | -8.05 | -3.22 | 0.53 | -3.36 | -6.03 | -6.27 | -1.32 | -0.53 | 22.71 |
| Cash from Financing Activity | -3.21 | -1.31 | -2.28 | -1.11 | -2.32 | 4.77 | -8.99 | -5.53 | -4 | 1.43 |
| Net Cash Flow | 0.13 | 0.18 | -0.66 | 0.42 | -0.64 | 0.47 | 0.37 | -0.68 | 0.4 | -0.81 |
| Free Cash Flow | 3.14 | 0.88 | 1.29 | 1.36 | 1.63 | -4.46 | 9.26 | 4.29 | 4.17 | -2.4 |
| CFO/OP | 105 | 124 | 72 | 35 | 94 | 331 | -3908 | -77 | -450 | 152 |

### Ratios

| Item | Mar 2007 | Mar 2008 | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Jun 2014 | Mar 2015 | Mar 2016 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 67.01 | 55.71 | 39.32 | 45.84 | 29.15 | 64.2 | 31.63 | 27.12 | 66.97 | 54.96 |
| Inventory Days | 214.12 | 108.75 | 204.5 | 205.01 | 216.42 | 132.52 | 147.59 | 105.51 | 74.46 | 66.52 |
| Days Payable | 158.51 | 104.15 | 124.7 | 99.99 | 84.57 | 74.58 | 120 | 116.74 | 182.89 | 210.33 |
| Cash Conversion Cycle | 122.62 | 60.3 | 119.12 | 150.86 | 161 | 122.13 | 59.23 | 15.9 | -41.47 | -88.84 |
| Working Capital Days | 97.91 | 65.81 | 81.58 | 113.79 | 106.53 | 104.72 | 41.32 | -35.94 | -143.23 | -2.71 |
| ROCE % | 17.81 | 24.28 | 20.99 | 11.65 | 9.66 | -2.31 | -4.89 | -27.29 | — | -15.45 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Sep 2017 |
| --- | --- | --- |
| Promoters | 63.47% | 63.63% |
| DIIs | 0.24% | 0.24% |
| Public | 36.29% | 36.13% |
| No. of Shareholders | 3313 | 3146 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 63.47% | 63.47% | 63.47% | 63.47% | 63.63% | 63.63% |
| DIIs | 0.22% | 0.24% | 0.24% | 0.24% | 0.24% | 0.24% |
| Public | 36.31% | 36.29% | 36.29% | 36.29% | 36.13% | 36.13% |
| No. of Shareholders | 3323 | 3319 | 3364 | 3313 | 3194 | 3146 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 6 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 1163.15 | Sell |
| EMA (10) | 1139.83 | Sell |
| SMA (20) | 1143.83 | Sell |
| EMA (20) | 1142.43 | Sell |
| SMA (50) | 1141.07 | Sell |
| EMA (50) | 1148.64 | Sell |
| SMA (100) | 1181.79 | Sell |
| EMA (100) | 1164.77 | Sell |
| SMA (200) | 1194.9 | Sell |
| EMA (200) | 1178.75 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.43 | Neutral |
| MACD (12,26,9) | -0.79 | Sell |
| Stochastic (14,3,3) | 23.47 | Neutral |
| ADX (14) | 16.37 | Neutral |
| Williams %R (14) | -72.9 | Neutral |
| ATR (14) | 41.82 | High Volatility |
| ROC (12) | 1.24 | Buy |
| Stoch RSI (14) | 19.26 | Buy |
| UO (7,14,28) | 50.99 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 7 Feb - Newspaper Publication of Unaudited Standalone and Consolidated Financial Results for the Quarter and Nine Months ended 31st December, 2025 | [Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Feb - Newspaper Publication of Unaudited Standalone and Consolidated Financial Results for the Quarter and Nine Months ended 31st December, 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8ef7909a-2402-4abb-91f4-9f93cb314c17.pdf) |
| 5 Feb - Board (5 Feb 2026) reviewed and amended Insider Trading Code; available on company website. | [Announcement under Regulation 30 (LODR)-Code of Conduct under SEBI (PIT) Regulations, 2015 5 Feb - Board (5 Feb 2026) reviewed and amended Insider Trading Code; available on company website.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/7e7a1cf7-0f8b-4829-bcec-41ee2dc0c686.pdf) |
| 5 Feb - Approved Q3 FY26 unaudited standalone and consolidated results; appointed Nimeshkumar Gandhi; reconstituted committees; altered insider trading code. | [Board Meeting Outcome for Outcome Of Board Meeting Held On 5Th February, 2026 5 Feb - Approved Q3 FY26 unaudited standalone and consolidated results; appointed Nimeshkumar Gandhi; reconstituted committees; altered insider trading code.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/2f27046c-6d7e-46c2-a151-6227192c66e0.pdf) |
| 5 Feb - Appointed Mr. Nimeshkumar N. Gandhi as additional independent director; committees reconstituted effective 5 Feb 2026. | [Announcement under Regulation 30 (LODR)-Change in Management 5 Feb - Appointed Mr. Nimeshkumar N. Gandhi as additional independent director; committees reconstituted effective 5 Feb 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/42001397-a90e-4147-9c7e-5f1fdaed7421.pdf) |
| 2 Mar - Postal ballot to appoint Nimeshkumar Gandhi as independent director (05/02/2026–04/02/2031); e-voting 07/03–06/04/2026 | [Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 2 Mar - Postal ballot to appoint Nimeshkumar Gandhi as independent director (05/02/2026–04/02/2031); e-voting 07/03–06/04/2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d4d6b182-ab04-4cfb-b22c-63f3d0eea439.pdf) |
| 16 Oct 2017 - Activities in relation to both physical and electronic share transfer facility are maintained during the period April 1, 2017 to September 30, 2017 ( both … | [Compliance Certificate For The Month Ended 30Th September , 2017 16 Oct 2017 - Activities in relation to both physical and electronic share transfer facility are maintained during the period April 1, 2017 to September 30, 2017 ( both …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b2f447cb-2691-4ddb-8e44-48d0ae3f31b1.pdf) |
| 16 Oct 2017 - Activities in relation to both physical and electronic share transfer facility are maintained during the period April 1, 2017 to September 30, 2017 ( both … | [Compliance Certificate For The Month Ended 30Th September , 2017 16 Oct 2017 - Activities in relation to both physical and electronic share transfer facility are maintained during the period April 1, 2017 to September 30, 2017 ( both …](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/10/b2f447cb-2691-4ddb-8e44-48d0ae3f31b1.pdf) |
| 16 Nov 2017 - The Company has fixed November 22, 2017 as the Record Date for the purpose of issue and allotment of company's Equity shares to the Equity … | [Updates 16 Nov 2017 - The Company has fixed November 22, 2017 as the Record Date for the purpose of issue and allotment of company's Equity shares to the Equity …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=58BDFD81_965A_47BF_ABA1_88E1458C88B3_161821.pdf) |
| 16 Nov 2017 - The Company has fixed November 22, 2017 as the Record Date for the purpose of issue and allotment of company's Equity shares to the Equity … | [Updates 16 Nov 2017 - The Company has fixed November 22, 2017 as the Record Date for the purpose of issue and allotment of company's Equity shares to the Equity …](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/58BDFD81_965A_47BF_ABA1_88E1458C88B3_161821.pdf) |
| 14h - Newspaper Publication for Notice of Postal Ballot. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 14h - Newspaper Publication for Notice of Postal Ballot.](https://www.bseindia.com/xml-data/corpfiling/AttachLive/d69d2e7e-60cc-415f-b55d-9936c400263f.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/840b9631-7e3a-4879-b5b8-b2f193501868.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b0e0604b-a73c-4e0b-815f-ee6378a0dc67.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150315.pdf) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150614.pdf) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150313.pdf) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150312.pdf) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150311.pdf) |
| from bse | [Annual Report 2010 from bse](https://www.bseindia.com/bseplus/AnnualReport/506315/5063150310.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Mar 2017 | [Concall - Mar 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=334fe262-dc67-49a9-9649-131d36458802.pdf) |
| Mar 2017 | [Concall - Mar 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/3/334fe262-dc67-49a9-9649-131d36458802.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:50:12.738Z.