Indo Borax & Chemicals Limited (INDOBORAX) Financial Results — Revenue ₹215.45 Cr

Investor Takeaways

Revenue reached ₹215.45 Cr, up 22.9% YoY, with net profit at ₹50.27 Cr, up 18% YoY.

EBITDA margin was 21.8% and PAT margin 21.5%, reflecting stable profitability.

Special dividend of Rs. 40 per share was declared.

Capacity expansion plans target 1,500 tons of DOT production and 25-30% revenue contribution from Boron Oxide.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹215.45 Cr	22.9%
Net Profit	₹50.27 Cr	18%
EBITDA Margin	21.8%	Not available
PAT Margin	21.5%	Not available
EPS	₹2.83 (Q3FY25)	—

What Changed

The company reported FY26 revenue of ₹215.45 Cr, marking a 22.9% year-on-year increase, while net profit rose 18% to ₹50.27 Cr. This growth was supported by improved operational performance and new leadership initiatives. EBITDA margin remained stable at 21.8%, and PAT margin held at 21.5%, indicating consistent cost and margin management. The company maintains near-zero debt, reinforcing financial stability. Quarterly performance showed fluctuating revenue and profit trends across Q1FY25 to Q3FY25, with OPM declining from a peak of 33.06% in Q1FY25 to 26.85% in Q3FY25, suggesting variability in operational efficiency. The special dividend of Rs. 40 per share was announced to meet promoter covenants and support balance sheet deleveraging. Management highlighted pricing resilience, export potential, and forward integration into high-margin products such as Boron Oxide and DOT. Capacity expansion plans include increasing DOT production from 980 tons to 1,500 tons next year and scaling Boron Oxide capacity to contribute 25-30% of revenue. CAPEX for Boron Oxide is expected to be completed within the current financial year, with exploration of export markets underway. The company emphasized strategic positioning amid industry volatility through product diversification and margin-focused growth.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Indo Borax & Chemicals	20.14	N/A	N/A	880.71
Solar Industries India	132.27	N/A	N/A	1,56,674.48
Pidilite Industries	75.73	N/A	N/A	1,49,378.89
SRF Limited	69.51	N/A	N/A	79,723.46

The company trades at a significantly lower P/E multiple compared to peers like Solar Industries and Pidilite, suggesting potentially lower market expectations or different growth profiles. However, direct comparative metrics like ROE and ROCE are not available for any of the companies, limiting depth in profitability and efficiency assessment. Market capitalization indicates that Indo Borax & Chemicals is substantially smaller in scale relative to large-cap peers.

Risks & Concerns

No specific risks were identified in the filing.

Revenue and profit trends across quarters show inconsistency, with Q1FY25 peak margins not sustained in subsequent quarters.

Dependence on new product lines (DOT, Boron Oxide) for future growth may introduce execution or market adoption risks.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	37.51	9.07	26.85
Q2FY25	37.87	9.18	24.16
Q1FY25	49.76	14.01	33.06
Q4FY24	45.46	11.44	25.43

The quarterly data reveals that revenue and profit peaked in Q1FY25, followed by a decline in subsequent quarters, with OPM also trending downward from 33.06% to 26.85%. This suggests seasonality or operational variability, though full-year FY26 performance showed improvement with 22.9% revenue growth and 18% profit growth. The annual figures reflect a consolidated performance beyond quarterly fluctuations.

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