Indo Borax & Chemicals Limited (INDOBORAX)
₹472.40 -0.94% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indo Borax's revenue was ₹70.0 Cr (+30.7% year on year, +11.1% on the previous quarter), and net profit ₹16.0 Cr (+59.4% year on year); the operating margin was 28.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹70.0 | +30.7% | +11.1% |
| Operating profit | ₹20.0 | +63.8% | +53.8% |
| Net profit | ₹16.0 | +59.4% | +6.7% |
| EPS (₹) | 5.06 | +61.7% | +11.7% |
| Operating margin | 28.6% | — | — |
INDOBORAX delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 64.07% of the INDOBORAX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 37.79%. Delivery was unusually high while the price barely moved (-0.94%). Volume was 0.5 times its average, well below normal. 10 bulk or block deals were reported in INDOBORAX in the last 60 days: ₹87 Cr bought and ₹87 Cr sold.
Delivery in the last 5 sessions: 40.9% · 38.3% · 27.1% · 37.9% · 64.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Sell | Microcurves Trading Private Limited | ₹29.55 Cr | ₹489.82 | 603,252 | Bulk |
| 28 Sep | Buy | Microcurves Trading Private Limited | ₹29.51 Cr | ₹489.18 | 603,252 | Bulk |
| 28 Sep | Sell | Nk Securities Research Private Limited | ₹18.06 Cr | ₹489.01 | 369,255 | Bulk |
| 28 Sep | Buy | Nk Securities Research Private Limited | ₹18.05 Cr | ₹488.74 | 369,255 | Bulk |
| 28 Sep | Sell | Junomoneta Finsol Private Limited | ₹16.46 Cr | ₹487.72 | 337,448 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indo Borax & Chemicals Limited has issued a Postal Ballot notice seeking shareholder approval under Section 180(1)(a) to create security on its assets, including pledging shares of recently acquired subsidiary Kronox Lab Sciences Limited. The security creation aligns with its previously approved overall borrowing limit of ₹400 crore (equivalent to ~104% of its net worth of ₹384 crore). Remote e-voting runs from October 13, 2026, to November 11, 2026, with the cut-off date fixed as October 9, 2026.
- Shareholder approval sought under Section 180(1)(a) to secure borrowings within the pre-approved ₹400 crore limit
- Security includes possible pledge of shares of newly acquired controlling interest in Kronox Lab Sciences Limited
- Remote e-voting begins on October 13, 2026 (09:00 AM IST) and ends on November 11, 2026 (05:00 PM IST)
- Eligibility cut-off date set as Friday, October 9, 2026
Indo Borax & Chemicals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by Registrar & Transfer Agent MUFG Intime India Private Limited for the quarter ended September 30, 2026. It confirms that securities received for dematerialisation were verified, cancelled, and substituted in the register of members within the prescribed timelines. This is a standard quarterly administrative disclosure with no financial impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Filing submitted to exchanges on October 10, 2026
Indo Borax & Chemicals completed the acquisition of a 64.26% controlling stake in Kronox Lab Sciences on September 29, 2026, while erstwhile promoters retain 9.95%. Kronox reported approximately INR 101 crore in revenue and INR 28 crore in PAT for FY2026, which represents roughly 43.5% of Indo Borax's FY2026 revenue (Rs 215.44 crore) and 55.5% of its FY2026 PAT (Rs 50.41 crore). Indo Borax also reconstituted Kronox's board and appointed industry veteran Suresh Kalra as MD & CEO for a 5-year term alongside Shashikant Bharuka as CFO.
- Completed acquisition of a 64.26% stake in Kronox Lab Sciences on September 29, 2026
- Kronox erstwhile promoters retain a 9.95% stake
- Target company generated approximately INR 101 crore in revenue and INR 28 crore in PAT in FY2026
- Kronox brings a portfolio of over 185 high-purity speciality fine chemical products and multiple manufacturing units in Gujarat
- Appointed Suresh Kalra as Managing Director and CEO of Kronox for a term of 5 years
Indo Borax & Chemicals Limited has completed the acquisition of a 64.26% majority equity stake in Kronox Lab Sciences Limited on September 29, 2026. The company acquired 2,38,44,000 equity shares from sellers Ketan Vinodchandra Ramani, Pritesh Vinodchandra Ramani, and Jogindersingh Gianchand Jaswal, pursuant to a Share Purchase Agreement entered on August 20, 2026. This acquisition makes Kronox Lab Sciences a subsidiary of Indo Borax, significantly broadening its specialty chemical footprint beyond its core boron operations.
- Completed acquisition of 2,38,44,000 equity shares of Kronox Lab Sciences Limited on September 29, 2026
- Acquired stake represents 64.26% of the total paid-up equity share capital of the target company
- Concludes transaction executed under the Share Purchase Agreement dated August 20, 2026
Indo Borax & Chemicals Limited has announced the closure of its trading window for designated persons and connected persons starting October 01, 2026. The closure is pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 for the unaudited financial results for the quarter and half-year ending September 30, 2026. The window will reopen 48 hours after the declaration of the financial results. The date of the board meeting to approve the results will be communicated separately.
- Trading window closes on October 01, 2026
- Applies to Designated Persons and Connected Persons including immediate relatives
- Closure is for Q2 and half-year ending September 30, 2026 financial results
- Window will reopen 48 hours after financial results are declared
- Board meeting date to consider results will be intimated separately
Indo Borax & Chemicals has availed ₹225 crore in funding from a lending institution on September 23, 2026. The funds are earmarked to finance the acquisition of equity shares in Kronox Lab Sciences Limited, as previously disclosed. For a company with TTM revenue of ₹232 crore, net worth of ₹384 crore, and previously near-zero debt (₹1 crore), taking on ₹225 crore in debt represents a significant shift in its capital structure and leverage profile.
- Availed funding of ₹225 crore from a lending institution on September 23, 2026
- Funding raised specifically to finance the acquisition of Kronox Lab Sciences Limited equity shares
- Borrowing of ₹225 crore is massive relative to current debt of ₹1 crore and TTM revenue of ₹232 crore
- Transaction represents approximately 58.6% of Indo Borax's net worth of ₹384 crore
Indo Borax & Chemicals Limited has scheduled a group meeting with analysts and institutional investors on September 28, 2026, from 12:00 p.m. to 1:00 p.m. The virtual interaction is organized by Arihant Capital as part of the 'Bharat Connect Conference: Rising Stars - September 2026'. The company stated that discussions will be based entirely on publicly available information and no unpublished price-sensitive information will be shared. Indo Borax has a market capitalization of Rs 1,496 Cr with TTM revenue of Rs 232 Cr.
- Virtual group investor meeting scheduled for September 28, 2026
- Meeting time fixed from 12:00 p.m. to 1:00 p.m.
- Organized by Arihant Capital under the 'Bharat Connect Conference: Rising Stars'
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
Indo Borax & Chemicals Limited announced the results of its Postal Ballot, where shareholders approved a Special Resolution under Section 180(1)(c) of the Companies Act, 2013, to enhance borrowing limits up to ₹400 Crore. The resolution passed with an overwhelming majority, receiving 98.05% of votes in favour (1.88 crore votes) against 1.95% opposed. Indo Borax currently maintains a virtually debt-free balance sheet with total debt of just ₹1 Crore against a net worth of ₹384 Crore. The ₹400 Crore ceiling represents a significant headroom of over 104% of its existing net worth and 172% of TTM revenue (₹232 Crore).
- Shareholders approved borrowing limits under Section 180(1)(c) up to ₹400,00,00,000/- (₹400 Crore)
- Special Resolution passed with 98.0489% votes in favour (18,751,916 votes) and 1.9511% against (373,158 votes)
- Remote e-voting was conducted from August 12, 2026 to September 10, 2026, with cut-off date of August 7, 2026
- Total voter turnout represented 59.5982% of outstanding shares (19,125,074 votes polled across 32,090,000 shares)
Indo Borax reported strong Q1 FY27 results, with revenue growing 31.34% YoY to ₹70.36 crore and PAT surging 59.31% YoY to ₹16.25 crore, delivering an EBITDA margin of 28.1%. Management highlighted operational turnaround under new promoter Zenrock Chemicals and a newly installed leadership team. Additionally, the company detailed its strategic acquisition of a 64.26% controlling stake in listed peer Kronox Lab Sciences to diversify beyond core boron chemicals. The company operates at 26,000 MTPA capacity in Pithampur and commands an estimated 50% domestic boric acid market share.
- Q1 FY27 operating revenue rose 31.34% YoY to ₹70.36 crore from ₹53.57 crore in Q1 FY26
- Net profit increased 59.31% YoY to ₹16.25 crore with PAT margin expanding by 430 bps to 22.3%
- EBITDA grew 62.16% YoY to ₹19.80 crore, achieving an operating margin of 28.1%
- Approved acquisition of a 64.26% controlling equity stake in listed specialty chemical firm Kronox Lab Sciences
- Current Pithampur manufacturing capacity stands at 26,000 tons/year (20,000 tpa Boric Acid + 6,000 tpa DOT)
Indo Borax & Chemicals Limited has made available the audio recording for its Q1 FY27 (quarter ended June 30, 2026) earnings call held on September 02, 2026 at 4:00 PM IST. The earnings call discussed the company's un-audited standalone and consolidated financial results for the quarter. For context, the company reported Q1 revenue of Rs 70.36 crore and net profit of Rs 16.25 crore for the quarter ended June 2026. The audio file is accessible via the web link provided in the regulatory filing.
- Audio recording published for the earnings call held on September 02, 2026 at 4:00 PM
- Call covered un-audited standalone and consolidated results for quarter ended June 30, 2026
- Compliance filing made under Regulation 30 read with Part A of Schedule III of SEBI LODR
Indo Borax & Chemicals released its Q1 FY27 investor presentation, reporting a 31.34% YoY rise in revenue to ₹70.36 Cr and a 59.31% YoY surge in PAT to ₹16.25 Cr with EBITDA margins expanding to 28.14%. A major strategic focus is the board-approved acquisition of a 64.26% stake in Kronox Lab Sciences for ₹246.12 Cr, followed by an open offer for up to 25.79%. Kronox brings ₹101 Cr in FY26 revenue, ₹28 Cr PAT, and over 185 specialty chemical products, substantially expanding Indo Borax's scale relative to its ₹232 Cr TTM revenue.
- Q1 FY27 revenue rose 31.34% YoY to ₹70.36 Cr; PAT surged 59.31% YoY to ₹16.25 Cr with 28.14% EBITDA margin
- Agreed to acquire 64.26% stake (2.38 Cr shares) in Kronox Lab Sciences for an aggregate of ₹246.12 Cr
- Announced open offer along with Zenrock Chemicals for up to 95.70 lakh shares (25.79% stake) in Kronox
- Kronox profile adds FY26 revenue of ₹101 Cr, PAT of ~₹28 Cr, and 185+ specialty chemical products
- Current installed capacity stands at 20,000 MTPA for Boric Acid (~50% domestic market share) and 6,000 MTPA for DOT
Indo Borax & Chemicals Limited announced that India Ratings and Research has placed its bank loan facility ratings on 'Rating Watch with Negative Implications'. The long-term rating remains at IND BBB+ and short-term rating at IND A2+, revised from a 'Stable' outlook previously. While the company operates with negligible debt of Rs 1 Cr against a net worth of Rs 384 Cr, the negative watch flags potential risks being evaluated by the rating agency.
- Long-term bank facility rating revised from IND BBB+/Stable to IND BBB+/Rating Watch with Negative Implications
- Short-term bank facility rating revised to IND A2+/Rating Watch with Negative Implications from IND A2+
- Rating action executed by India Ratings and Research Private Limited as of August 31, 2026
- Company balance sheet remains virtually debt-free with reported debt of approximately Rs 1 Cr
Indo Borax & Chemicals Limited announced that its Board of Directors has approved establishing a Corporate Office in Andheri (East), Mumbai, effective September 15, 2026. The approval was passed via circular resolution on August 31, 2026. Books of accounts and relevant corporate records will also be maintained at this new Corporate Office under the Companies Act, 2013. This is an administrative relocation/addition of corporate office space and has no direct financial impact on the company's core chemical operations.
- Board approved establishment of Corporate Office via circular resolution on August 31, 2026
- New Corporate Office effective date set for September 15, 2026
- Office located at Office No. 201-A, 2nd Floor, Vedanta, 779, Makwana Road, Marol, Andheri (East), Mumbai - 400059
- Statutory books of account and company records to be kept and maintained at the new office
Indo Borax & Chemicals Limited has scheduled its Q1 FY27 earnings conference call on Wednesday, September 2, 2026, at 4:00 PM IST. The management team will discuss the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. Dial-in details and registration links have been provided through Fortuna PR.
- Earnings call scheduled for September 2, 2026, at 4:00 PM IST
- Discussion to cover unaudited financial results for the quarter ended June 30, 2026
- Universal dial-in numbers provided: +91 22 6280 1341 and +91 22 7115 8242
Indo Borax & Chemicals has signed a Share Purchase Agreement to acquire a controlling 64.26% stake (2,38,44,000 equity shares) in listed speciality chemicals player Kronox Lab Sciences for ₹246.12 crore. The company along with Zenrock Chemicals will also launch an Open Offer for an additional 25.79% stake (95,70,000 shares). Kronox Lab Sciences reported FY26 revenue of approximately ₹101 crore and PAT of around ₹28 crore. The transaction size represents ~106% of Indo Borax's TTM revenue (₹232 crore) and ~64% of its net worth (₹384 crore), marking a transformative expansion.
- Acquiring 64.26% stake (2,38,44,000 shares) in Kronox Lab Sciences for ₹246.12 crore
- Open Offer launched with PAC Zenrock Chemicals for up to 25.79% stake (95,70,000 shares)
- Target company Kronox reported ~₹101 crore revenue and ~₹28 crore PAT in FY26
- Indicative completion timeline is 3 months from SPA signing date
- Kronox promoters retain 9.95% equity and will provide transition support
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.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Boron ore) and the operational stability of the Pithampur plant are primary risks.
Third Party Dependencies
High dependency on external suppliers for boron minerals.
Credit & Counterparty Risk
Trade receivables stood at INR 11.84 Cr as of September 30, 2025, representing approximately 10% of H1 revenue, indicating healthy collections.
