Indo Borax Q1 FY27: consolidated PAT jumps 59% YoY to ₹16.3 Cr, margins expand further

Indo Borax posted consolidated revenue of ₹70.36 Cr, up 31.3% YoY and 11.7% QoQ, with PAT of ₹16.25 Cr, up 59.3% YoY and 11.9% QoQ; EPS rose to ₹5.07 from ₹3.18 a year ago. Unlike the March quarter, which carried a ₹0.80 Cr exceptional gain, this quarter's growth is on a clean base with no one-off items in either the current or year-ago period, so the YoY numbers are directly comparable.

Net profit margin (PAT/total income) expanded to 22.3% from 18.0% a year ago and 21.5% last quarter. Cost of materials consumed rose to ₹35.18 Cr from ₹27.67 Cr YoY (+27.1%), growing slower than revenue (+31.3%), which drove the margin gain; other expenses were roughly flat YoY at ₹10.45 Cr (vs ₹10.82 Cr), while employee costs rose faster, to ₹5.12 Cr from ₹3.39 Cr (+51%), reflecting scaled-up operations.

The stock went into the print at ₹439.3, down 3.2% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; PAT has now risen for 2 consecutive quarters.

The 31.3% YoY revenue growth sits within the 20-35% band management guided for FY27 at its June 2026 concall, and the margin expansion is consistent with their stated commitment to maintain or improve EBITDA margins — the print is tracking guidance one quarter in. No brokerage previews or consensus estimates for this small-cap turned up in a web search (Screener, TipRanks and AlphaSpread show no forward Q1 FY27 estimates), so there is no street benchmark to grade against. Separately, the board approved amalgamating wholly-owned subsidiary Indoborax Infrastructure Pvt Ltd into the parent on July 21, 2026 (pending NCLT approval) and cleared a postal ballot notice for shareholder resolutions — corporate actions that don't move this quarter's numbers given the subsidiary's negligible ₹16.39 lakh revenue contribution.