INDOBORAX

Indo Borax & Chemicals share price & financials

Price
₹364.1
Market cap
₹1.6k Cr
Sector
Chemicals
Calls analysed
2
Latest concall · Q1 FY27 · call held 02 Sept 2026

Indo Borax & Chemicals Limited Q1 FY27

Operating Revenue ₹70.36 cr +31%EBITDA ₹19.8 cr +62%EBITDA Margin 28.1% Net Profit ₹16.25 cr +59%

What went well

  • Operating revenue increased by 31.34% to ₹70.36 crores in Q1 FY27, driven by robust execution and improved capacity utilization.
  • EBITDA grew by 62.16% to ₹19.8 crores, with EBITDA margin expanding to 28.1% for the quarter.
  • Net profit increased by 59.31% to ₹16.25 crores, and PAT margin improved by 430 basis points to 22.3%.

What to watch

  • Management anticipates Q2 FY27 to be a low-volume monsoon quarter, potentially impacting revenue and margins compared to Q1.
  • Raw material costs remain 'extremely expensive' due to ongoing geopolitical events, and not all cost increases can be passed on to the market.
Read the full call →

What Indo Borax & Chemicals Limited does

Indo Borax & Chemicals manufactures boron-based specialty chemicals — Boric Acid (Technical and IP/pharmacopoeia grades), Disodium Octaborate Tetrahydrate (DOT), Boron Oxide, Borax Pentahydrate, Gypsum and Lithium Hydroxide Monohydrate — at its integrated plant in Pithampur, Madhya Pradesh. It is India's largest Boric Acid producer, holding roughly half the domestic market, and is the country's sole manufacturer of FDA-licensed, pharmacopoeia-grade (IP) Boric Acid. Its Boric Acid Technical grade serves glass, ceramics, metallurgy and flame-retardant end-uses, the IP grade serves pharmaceuticals, personal care and healthcare, and DOT is sold as a boron micronutrient fertilizer and fire retardant. Key raw material Ulexite ore is imported from Turkey, South America and North America.

Segments

  • Boron-based chemicals
Boric Acid installed capacity
20,000 MTPA
DOT installed capacity
6,000 MTPA
Market position
India's leading Boric Acid producer with ~50% domestic market share
Product exclusivity
Sole Indian manufacturer of pharmacopoeia (IP) grade Boric Acid, FDA and BIS licensed
Manufacturing facility
Single integrated plant at Pithampur, Madhya Pradesh
Core product range
7 boron-based chemical products (Boric Acid Technical, Boric Acid IP, DOT, Boron Oxide, Borax Pentahydrate, Gypsum, Lithium Hydroxide Monohydrate)
Founded 1980Headquarters Mumbai, Maharashtra, IndiaEmployees 106 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 0 delivered 0 missed 12 open
  • Revenue Growth revised down said Q4 FY26 Promised: 20-35% Q1 FY27: While the full year guidance, which I said last time and I will continue beyond that, that we will be closing at about Rs. 250 crores to Rs. 260 crores of revenue... versus Rs. 215 crores last year.
  • Revenue Target on track said Q4 FY26 Promised: Rs. 250-plus crore Q1 FY27: While the full year guidance... we will be closing at about Rs. 250 crores to Rs. 260 crores of revenue.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.6%, net profit up 60.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue38 38 50 54 58 +53%41 +8%63 +26%70 +30%
EBITDA9 10 10 12 10 +11%9 −10%13 +30%20 +67%
Net profit9 9 10 10 16 +78%9 +0%15 +50%16 +60%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +96.0% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 2 Jun 2026Q1 FY27 — 2 Sept 2026

1Y: ₹247.27 on 10 Sept 2025 → ₹484.55. High ₹516.05 (1 Sept 2026), low ₹227.89 (29 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−1.9%
2 Sept
Q4 FY26
+0.8%
2 Jun

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 20.4%.

Year endingFY23FY24FY25FY26
Revenue₹225 Cr₹191 Cr₹176 Cr₹216 Cr
Operating profit₹62 Cr₹43 Cr₹45 Cr₹44 Cr
Operating margin27.5%22.5%25.6%20.4%
Interest₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Depreciation₹1 Cr₹4 Cr₹3 Cr₹4 Cr
Net profit₹51 Cr₹38 Cr₹42 Cr₹50 Cr
Net margin22.5%19.9%23.9%23.1%
Cash from operations₹60 Cr₹69 Cr₹-104 Cr₹87 Cr
Free cash flow₹57 Cr₹65 Cr₹-111 Cr₹106 Cr
ROCE29.0%19.0%18.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹3 Cr₹3 Cr₹3 Cr₹3 Cr₹3 Cr₹3 Cr
Reserves₹170 Cr₹204 Cr₹252 Cr₹290 Cr₹358 Cr₹383 Cr
Borrowings₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹1 Cr
Other liabilities₹17 Cr₹14 Cr₹20 Cr₹18 Cr₹23 Cr₹17 Cr
Total liabilities₹190 Cr₹222 Cr₹275 Cr₹311 Cr₹384 Cr₹405 Cr
Fixed assets₹89 Cr₹91 Cr₹96 Cr₹99 Cr₹94 Cr₹48 Cr
Capital work in progress₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Investments₹30 Cr₹4 Cr₹9 Cr₹43 Cr₹64 Cr₹209 Cr
Other assets₹70 Cr₹126 Cr₹169 Cr₹169 Cr₹225 Cr₹147 Cr
Total assets₹190 Cr₹222 Cr₹275 Cr₹311 Cr₹384 Cr₹405 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −12.38 pp while the public added +12.27 pp. The shareholder count shrank 24% to 20,592.

Promoters
38.4%
FIIs
0.1%
DIIs
0.0%
Public
61.4%

Since Jun 2025

  • Promoters −12.38 pp
  • Public +12.27 pp
  • FIIs +0.11 pp

How it drifted, 12 quarters

Over this window promoters fell from 52.1% to 38.4% — −13.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 52.1%, FIIs 0.0%, Public 47.9%.Dec '23: Promoters 52.1%, FIIs 0.0%, Public 47.9%.Mar '24: Promoters 50.8%, FIIs 0.1%, Public 49.1%.Jun '24: Promoters 50.8%, DIIs 0.1%, Public 49.1%.Sep '24: Promoters 50.8%, FIIs 0.1%, Public 49.1%.Dec '24: Promoters 50.8%, FIIs 0.0%, Public 49.2%.Mar '25: Promoters 50.8%, FIIs 0.0%, DIIs 0.0%, Public 49.2%.Jun '25: Promoters 50.8%, FIIs 0.0%, DIIs 0.0%, Public 49.2%.Sep '25: Promoters 50.8%, FIIs 0.5%, DIIs 0.0%, Public 48.7%.Dec '25: Promoters 50.8%, FIIs 0.2%, DIIs 0.0%, Public 49.0%.Mar '26: Promoters 30.8%, FIIs 0.5%, DIIs 2.2%, Public 66.6%.Jun '26: Promoters 38.4%, FIIs 0.1%, DIIs 0.0%, Public 61.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 5 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Indo Borax & Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Zenrock Chemicals Private Limited 38.41%+7.61 pp
Investor Education And Protection Fund Authority Ministry Of Corporate Affairs - 2 7.80%unchanged
Others Unclassified7.56%newly disclosed
Dipak Kanayalal Shah 1.16%unchanged
Harsh Malhotra 0.00%unchanged
Radhika Malhotra 0.00%unchanged
Madhu Kapoor 0.00%unchanged
Sunil Malhotra 0.00%unchanged
Isaf Iii Onshore Fund —off the list
India Special Assets Fund Iii —off the list
Special Situation India Fund —off the list
Rajasthan Global Securities Private Limited NBFC / DFI—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹485, this stock must grow earnings at 24% every year for 7 years. Our analysis caps realistic growth at ~-8%. At that growth it is worth ₹89 — downside of 82%.

Growth the price implies
24.3% a year
for 7 years, fading to 4%
It has actually compounded at
-7.6% a year
net profit, FY23–FY26 · EPS -7.5%
The gap
0.3 pp
-82% downside if it only repeats history
Price today ₹484.55 Value at the reference growth ₹88.6

Change the assumptions yourself →

All earnings calls (2)

Read the Q1 FY27 call →

Learn to analyse Indo Borax & Chemicals Limited

Guides on how to read this kind of business and the numbers that matter.