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India Ratings (Ind-Ra) has assigned Indo Borax & Chemicals' bank loan facilities an 'IND BBB+/Stable/IND A2+' rating. This reflects IBCL's established position in the domestic boric acid market, strong revenue growth (FY26 revenue up to INR 215.45 Cr), and adequate liquidity. Key constraints include moderate scale, import dependence for raw materials, and 100% promoter share pledge.