Indo Borax & Chemicals Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Indo Borax & Chemicals Ltd-$ filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Indo Borax reported Q4 FY26 operating revenue of Rs. 63.01 crores, up 25.70% year-on-year, with net profit rising 41.9% to Rs. 14.53 crores. For full-year FY26, operating revenue grew 23% to Rs. 215.45 crores while EBITDA stayed roughly flat versus FY25 due to higher raw material costs. Management, under a new ownership structure led by Zenrock Chemicals, discussed capacity utilisation, product mix, a one-time special dividend from sale of non-core assets, and plans for new products and capacity expansion.
Numbers mentioned
Operating revenue: Rs. 63.01 crores (Q4 FY26)
p. 4
“During Q4 FY26, our operating revenue was Rs. 63.01 crores, representing a 25.70% increase against Rs. 50.12 crores in Q4 FY25.”
Shashikant Bharuka, page 4 of the filed PDF · View the filing
EBITDA: Rs. 12.82 crores (Q4 FY26)
p. 4
“Our EBITDA for the quarter was up by 25.70% to Rs. 12.82 crores as compared to Rs. 10.2 crores in Q4 FY25.”
Shashikant Bharuka, page 4 of the filed PDF · View the filing
Net profit: Rs. 14.53 crores (Q4 FY26)
p. 5
“Our net profit increased by 41.9% to Rs. 14.53 crores in Q4 FY26 from Rs. 10.24 crores in Q4 FY25.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
PAT margin: 21.5% (Q4 FY26)
p. 5
“The PAT margin improved by 250 basis points to 21.5% per quarter under review.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
EPS: Rs. 4.53 (Q4 FY26)
p. 5
“The EPS stood at Rs. 4.53 for Q4 FY26.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
Operating revenue: Rs. 215.45 crores (FY26)
p. 5
“For the annual performance of FY26, the company clocked an operating revenue of Rs. 215.45 crores, registering a 22.9% increase over FY25.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
EBITDA: Rs. 44.16 crores (FY26)
p. 5
“The EBITDA for FY26 stood nearly at par with FY25 at Rs.44.16 crores.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
PAT: Rs. 50.27 crores (FY26)
p. 5
“Our PAT stood at Rs.50.27 crores in FY26 from Rs.42.51 crores in FY25.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
EPS: Rs. 15.67 (FY26)
p. 5
“The EPS for the year stood at Rs.15.67.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
Special and final dividend: Rs. 40 per equity share (FY26)
p. 5
“The company declared special and final dividend amounting to Rs.40 per equity share with face value of Re.1 each.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
Boric Acid Technical volume: about 15,000 tons (FY26)
p. 6
“so that comprises about Page 5 of 27 15,000-plus tons for this year”
Suresh Kalra, page 6 of the filed PDF · View the filing
DOT volume: 980 tons (FY26)
p. 6
“DOT was 980 tons, and then Boron Oxide and other traded products, everything put together was about 400 tons.”
Suresh Kalra, page 6 of the filed PDF · View the filing
Boric Acid realisation: Rs.127 to Rs.128 per Kg (FY26)
p. 18
“we are getting around Rs.127 to Rs.128 per Kg in this year as compared to last year of Rs.114 and Rs.115.”
Shashikant Bharuka, page 18 of the filed PDF · View the filing
DOT realisation: about Rs.150 a kilo
p. 20
“Now, current realisation, to be very specific, what we have is about Rs.150 a kilo of this product.”
Suresh Kalra, page 20 of the filed PDF · View the filing
EBITDA per Kg (Boric Acid): Rs.28-29
p. 8
“Yes, EBITDA per Kg would be about Rs.28-29 and I would say percentage-wise, it should be 20%-21%.”
Suresh Kalra, page 8 of the filed PDF · View the filing
Special dividend: Rs. 30 per equity share (FY26)
p. 4
“These assets were sold, resulting in an additional one-time reward as a special dividend of Rs. 30 per equity share, amounting to over 3,000% for shareholders.”
Suresh Kalra, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs. 250-plus crore · coming year
stated conditionally by Suresh Kalra
p. 7
“If we do more debottlenecking and sell more DOT, as I said, we expect to reach Rs. 250-plus crore of revenue in the coming year.”
Suresh Kalra, page 7 of the filed PDF · View the filing
Revenue growth at full utilisation — 20% to 35% · one and a half years
stated conditionally by Suresh Kalra
p. 7
“we would be easily doing 25% to 30% more in the coming one and a half years or so, depending on as I said, the pricing of the product, it can touch further up 10%, so, it can be anywhere between 20% to 35%, depending on the raw material inflation.”
Suresh Kalra, page 7 of the filed PDF · View the filing
DOT volume — 1,500 tons · coming year
stated firmly by Suresh Kalra
p. 6
“and in the coming year, we are planning to do about 1,500 tons of that product.”
Suresh Kalra, page 6 of the filed PDF · View the filing
Boron Oxide first output — three to four quarters
stated as an aspiration by Suresh Kalra
p. 9
“We are expecting that we will be able to kind of getting our first lot in three to four quarters from now.”
Suresh Kalra, page 9 of the filed PDF · View the filing
EBITDA margin — 20%-21% · coming quarters
stated firmly by Suresh Kalra
p. 8
“So, it is close to 21%-22% in the last couple of quarters and we are confident of maintaining that or surpassing that.”
Suresh Kalra, page 8 of the filed PDF · View the filing
Q1 performance — Q1 FY27
stated firmly by Suresh Kalra
p. 10
“I would say we are definitely surpassing, if I rephrase myself, but it will nowhere be less than our Quarter 4 earnings.”
Suresh Kalra, page 10 of the filed PDF · View the filing
Boric Acid capacity increase — 1,000 tons to 1,500 tons
stated as an aspiration by Suresh Kalra
p. 27
“So, we are trying to increase 1,000 tons to 1,500 tons of Boric Acid, definitely coming through our operational efficiencies, and better planned and balanced planned management rate.”
Suresh Kalra, page 27 of the filed PDF · View the filing
Revenue growth — 20% to 35% · coming years
stated conditionally by Suresh Kalra
p. 26
“I am not giving an exact number, I am saying we are moving between 20% to 35% of revenue growth, it can be to Rs.40 crores to Rs.50 crores to Rs.60 crores or something like that.”
Suresh Kalra, page 26 of the filed PDF · View the filing
EBITDA margin
stated firmly by Suresh Kalra
p. 26
“We definitely are not looking forward to lower down the quality of earnings which we have today.”
Suresh Kalra, page 26 of the filed PDF · View the filing
Dividend payout policy
stated as an aspiration by Suresh Kalra
p. 16
“We are in the process of making a stated dividend policy, which is not declared yet, but we are in the process so that we can give better information to the shareholders.”
Suresh Kalra, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Boric Acid Technical is the largest product by far, with DOT and Boron Oxide much smaller but growing.
Answered by Suresh Kalra
Asked by Rahil Desani: What is the sales contribution of each key product to annual revenue?
p. 6
“Boric Acid Technical continues to be our largest product right now, but going forward, we are looking forward to increasing our share in DOT”
Suresh Kalra, page 6 of the filed PDF · View the filing
Management said current margins are 21-22% and it expects to maintain or surpass that level going forward.
Answered by Suresh Kalra
Asked by Rahil Desani: Why have margins dipped from 25-30% historically to 20-22% in recent quarters?
p. 8
“So, it is close to 21%-22% in the last couple of quarters and we are confident of maintaining that or surpassing that.”
Suresh Kalra, page 8 of the filed PDF · View the filing
Zenrock is described as a holding company that conducted due diligence before the acquisition, with day-to-day operations run by an experienced chemicals team.
Answered by Harsh Malhotra
Asked by CA Garvit Goyal: What is Zenrock Chemicals' past experience in this industry given its steel/trading background?
p. 11
“Zenrock Chemicals is more of a holding company, whereas the day-to-day operations are led by industry experts, Mr. Kalra, our Chief Commercial Officer, as well as our Operations Head at the factory, as well as our experienced CFO.”
Harsh Malhotra, page 11 of the filed PDF · View the filing
Management said the dividend came from monetising non-core assets like flats and cars, not from operating cash needed for capex.
Answered by Suresh Kalra
Asked by Dhruv Bajaj: Was the special dividend a strategic move to deleverage or reduce over-capitalisation?
p. 13
“There are non-core assets to the company which we sold. There were flats and cars and things like that which is definitely not helping the business to grow.”
Suresh Kalra, page 13 of the filed PDF · View the filing
Management said it is working on de-risking raw material sourcing away from dependence on a single geography.
Answered by Suresh Kalra
Asked by Dhruv Bajaj: How does Indo Borax plan to compete given Turkey's dominance in crude boron supply?
p. 13
“But we are currently working very strongly on projects and also commercialised to some extent and de-risk ourselves from any dependence on one particular location.”
Suresh Kalra, page 13 of the filed PDF · View the filing
Management confirmed openness to non-boron opportunities if synergies and market attractiveness justify it.
Answered by Suresh Kalra
Asked by Vaibhav Badjatya: Is the company open to moving into non-boron chemistry?
p. 16
“Yes, “Open” is the right word. Vaibhav, you are absolutely right. We would prefer to have something closer to our current chemistry because it makes it easier for us.”
Suresh Kalra, page 16 of the filed PDF · View the filing
CFO said it was a mix of higher volume and better price realisation versus last year.
Answered by Shashikant Bharuka
Asked by Saloni Arya: What drove the strong quarterly results—volume or realisation?
p. 18
“So, Saloni, it is a mix of volume growth as well as the better price realisations compared to last year.”
Shashikant Bharuka, page 18 of the filed PDF · View the filing
Management directed the query to investor relations rather than answering directly, while noting Indo Borax itself has zero debt.
Answered by Shashikant Bharuka
Asked by Puran Manglilal Tak: What is the loan-to-value ratio on the pledged promoter shares?
p. 21
“We have zero debt in Indo Borax.”
Shashikant Bharuka, page 21 of the filed PDF · View the filing
CFO said specific absolute numbers cannot be shared due to insider trading policy, but expressed confidence in improving performance.
Answered by Shashikant Bharuka
Asked by Ashish Parikh: Can management provide revenue and EBITDA margin guidance?
p. 25
“Ashish, you asked a question, but it is part of our insider trading and other policies. We are unable to give any numbers on absolute basis.”
Shashikant Bharuka, page 25 of the filed PDF · View the filing
Management said Boric Acid is 85-90% of business and Boron Oxide is being developed as an anhydrous alternative product.
Answered by Suresh Kalra
Asked by Deepak Gupta: What percentage of sales is Boric Acid and what are plans for Boron Oxide?
p. 26
“So, 85% to 90% of our current business is Boric Acid.”
Suresh Kalra, page 26 of the filed PDF · View the filing
Risks flagged
Geopolitical conditions increasing raw material prices and pressuring margins
p. 5
“The challenging geopolitical conditions led to higher raw material prices and pressure on margins.”
Shashikant Bharuka, page 5 of the filed PDF · View the filing
Revenue outlook dependent on volatile raw material and inflation trends
p. 7
“But again, revenue is always a function of the raw material fluctuations and inflation.”
Suresh Kalra, page 7 of the filed PDF · View the filing
Concentration of boron ore supply in a few geographies creating dependence risk
p. 14
“they have effective control over the full global supply of the boron ore. So, having concentration in one or two is that we are trying to de-risk at this point.”
Harsh Malhotra, page 14 of the filed PDF · View the filing
Severe pricing fluctuations across the chemical industry generally
p. 7
“Right now, there are very severe fluctuations in pricing for a lot of chemical products.”
Suresh Kalra, page 7 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.