Indo Borax Q1 FY27: consolidated PAT jumps 59% YoY to ₹16.3 Cr, margins expand further
PAT +59.29% YoY · revenue +31.34% · margins expanding
₹70.36 Cr
+31.34% YoY
₹16.25 Cr
+59.29% YoY
22.29%
+4.3pp YoY
₹5.07
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.
Q1 FY-2027 vs prior quarters
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.
Management projects revenue growth between 20%-35% for the upcoming year, driven by increased realisations, debottlenecking, operational efficiencies, and the introduction of new products. They are committed to maintaining or improving current EBITDA percentage margins and are confident in sustaining and enhancing perf
— This quarter: met
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.
W1
NCLT approval and completion of the Indoborax Infrastructure Pvt Ltd amalgamation, approved by the board on July 21, 2026
W2
Whether revenue growth holds near the guided 20-35% FY27 band in coming quarters (Q1 at +31.3% YoY)
W3
Raw-material cost trend: cost of materials consumed grew 27.1% YoY versus 31.3% revenue growth this quarter — margin expansion depends on this gap persisting