Indo Borax & Chemicals LimitedChemicalsINDOBORAX
Q1 FY27 concall · earnings callIndo Borax & Chemicals Limited
Q1 FY27 delivered 31.34% revenue growth and 59.31% profit growth from better utilization and realizations while Indo Borax moved to acquire 64.26% of Kronox Lab Sciences.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Operating revenue | ₹70.36 Cr | +31.34% increase against ₹53.57 Cr in Q1 FY 26 | |
| EBITDA | ₹19.8 Cr | up by 62.16% vs ₹12.21 Cr in Q1 FY 26 | |
| EBITDA margin | 28.1% | — | |
| Net profit | ₹16.25 Cr | +59.31% increase vs ₹10.2 Cr in Q1 FY 26 | |
| PAT margin | 22.3% | improved by 430 basis points | |
| EPS | Rs. 5.07 | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹37.51 Cr-14.9% YoY-1% QoQ | ₹9.07 Cr+10.2% YoY-1.2% QoQ | ₹2.83+10.5% YoY-1% QoQ |
| Q2 FY25 | ₹37.87 Cr-19.1% YoY-23.9% QoQ | ₹9.18 Cr+2.8% YoY-34.5% QoQ | ₹2.86+2.9% YoY-34.6% QoQ |
| Q1 FY25 | ₹49.76 Cr-9.5% YoY+9.5% QoQ | ₹14.01 Cr+35% YoY+22.5% QoQ | ₹4.37+35.3% YoY+22.4% QoQ |
| Q4 FY24 | ₹45.46 Cr-18.7% YoY+3.2% QoQ | ₹11.44 Cr-9.6% YoY+39% QoQ | ₹3.57-9.4% YoY+39.5% QoQ |
| Q3 FY24 | ₹44.06 Cr-20.4% YoY-5.9% QoQ | ₹8.23 Cr-39.9% YoY-7.8% QoQ | ₹2.56-40% YoY-7.9% QoQ |
TL;DR
- Operating revenue was Rs. 70.36 crore, up 31.34% YoY, with EBITDA of Rs. 19.8 crore at 28.1% margin and net profit of Rs. 16.25 crore at 22.3% margin.
- Growth attributed to new leadership, capacity optimization, operational efficiencies and improved realizations.
- Board approved amalgamation of Indo Borax Infrastructure Private Limited and acquisition of 64.26% in Kronox Lab Sciences.
- FY27 guidance is Rs. 250 crores to Rs. 260 crores revenue at about 20% EBITDA margin with Q2 seasonally soft.
- Planned Rs. 50 crores capex in Boron oxide and Boric acid plus phased Rs. 110 crores Kronox Dahej capex over 18-24 months.
Said on the call
“we remain confident of delivering sustainable growth and long-term value to our stakeholders in FY '27 and beyond.”
From the Q&A
| Topic | What management said |
|---|---|
| Kronox acquisition rationale | Management said rationale was complementary specialty-chemicals fit, Kronox's 185 products and global reach plus Indo Borax operational and supply-chain strength; declined to comment on why prior promoters exited. |
| Kronox Dahej capex | Management said Dahej expansion land and plant design are ready, capex of about Rs. 110 crores to come in phases over 18-24 months funded by about Rs. 80 crores cash on Kronox balance sheet plus internal accruals; at full strength revenue could be 3 to 3.5x current levels. |
| Group structure | Management said both companies will continue as separate listed entities for now with a common leadership team and arm's-length transactions; no decision on merger. |
| FY27 outlook and margins | Management guided FY27 to Rs. 250 crores to Rs. 260 crores revenue at about 20% EBITDA margin, noting Q1 benefited from pre-war decisions and Q2 is seasonally soft with higher raw material costs. |
| Acquisition funding | Management said Rs. 250 crores promoter consideration to be met by about Rs. 134-135 crores internal accruals, about Rs. 48 crores from sale of two Mumbai offices, plus term loan and Rs. 25 crores promoter backstop for Rs. 151 crores open offer contingency. |
| DOT progress | Management targets 1,500 tons DOT sales this year from 6,000 tons nameplate capacity, about 9% of revenue versus 7% last year, describing it as forward integration using about 0.60-0.65 tonne Boric acid per tonne. |
Guidance
- FY27 revenue Rs. 250 crores to Rs. 260 crores versus Rs. 215 crores last year with about 20% EBITDA margin
- Q2 expected to be softer due to monsoon seasonality and higher raw material costs with Q3 picking up
- DOT sales target of 1,500 tons in FY27 versus about 900 tons last year
- Rs. 50 crores capex over next two to three years: about Rs. 20 crores for Boron oxide and Rs. 20 crores to Rs. 25 crores for Boric acid
- Kronox Dahej capex of about Rs. 110 crores to be executed in phases over 18-24 months with benefits from Financial Year '29 and full impact in Financial Year '30 and '31
Source
Summary written from the transcript filed by Indo Borax & Chemicals Limited for the call held on 8 Sept 2026; published 28 Sept 2026, 18:43 IST.
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