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Indo Borax & Chemicals Q2 FY27 results: net profit down 82.1% to ₹4.75 crore, revenue down 47.1%
Indo Borax & Chemicals Ltd reported consolidated Q2 FY27 revenue of ₹58.94 crore and a net profit of ₹4.75 crore, with EBITDA of ₹1.48 crore and an EBITDA margin of 2.5%. Revenue and profit were lower than both Q2 FY26 and Q1 FY27.
Key points
- Consolidated Q2 FY27 revenue was ₹58.94 crore, down 47.1% from ₹111.42 crore in Q2 FY26 and down 16.2% from ₹70.36 crore in Q1 FY27.
- EBITDA was ₹1.48 crore, down 93.5% year on year and 92.5% sequentially; the EBITDA margin fell to 2.5% from 20.4% in Q2 FY26.
- Net profit was ₹4.75 crore, down 82.1% from ₹26.47 crore in Q2 FY26 and 70.8% from ₹16.25 crore in Q1 FY27.
- Basic EPS was ₹1.47, compared with ₹8.25 in Q2 FY26 and ₹5.07 in Q1 FY27.
- The company reported H1 FY27 revenue of ₹129.29 crore and net profit of ₹21.0 crore; it also completed the acquisition of a controlling stake in Kronox Lab Sciences Limited during the quarter.
How did Indo Borax & Chemicals perform in Q2 FY27?
Indo Borax & Chemicals reported consolidated revenue of ₹58.94 crore in Q2 FY27, against ₹111.42 crore in Q2 FY26 and ₹70.36 crore in Q1 FY27. Revenue fell 47.1% year on year and 16.2% sequentially. EBITDA was ₹1.48 crore, down 93.5% from ₹22.71 crore a year earlier and 92.5% from ₹19.80 crore in the previous quarter.
The EBITDA margin was 2.5%, compared with 20.4% in Q2 FY26 and 28.1% in Q1 FY27. Profit before tax was ₹7.79 crore, against ₹36.93 crore in the year-ago quarter and ₹22 crore in Q1 FY27. Net profit was ₹4.75 crore, down 82.1% year on year and 70.8% sequentially, while basic EPS was ₹1.47 against ₹8.25 and ₹5.07 respectively.
On a standalone basis, the company reported Q2 FY27 revenue of ₹58.94 crore and PAT of ₹11.47 crore. The board approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, following a limited review by the statutory auditors.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 58.94 | 70.36 | 111.42 | −47.1% | −16.2% |
| Other income | 4.42 | 2.56 | 6.59 | −32.9% | +72.7% |
| Total expenses | 59.04 | 50.91 | 90.43 | −34.7% | +16.0% |
| EBITDA | 1.48 | 19.80 | 22.71 | −93.5% | −92.5% |
| EBITDA margin | 2.5% | 28.1% | 20.4% | −17.9 pp | −25.6 pp |
| Profit before tax | 7.79 | 22 | 36.93 | −78.9% | −64.6% |
| Tax | 3.04 | 5.75 | 10.46 | −70.9% | −47.1% |
| Net profit | 4.75 | 16.25 | 26.47 | −82.1% | −70.8% |
| EPS (₹) | 1.47 | 5.07 | 8.25 | −82.2% | −71.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indo Borax & Chemicals' costs and profit?
Total expenses were ₹59.04 crore in Q2 FY27, down 34.7% from ₹90.43 crore in Q2 FY26 but up 16.0% from ₹50.91 crore in Q1 FY27. Cost of materials was ₹40.61 crore, down ₹17.45 crore year on year and up ₹5.43 crore sequentially. Employee cost rose to ₹10.06 crore from ₹7.60 crore a year earlier and ₹5.12 crore in the previous quarter.
Other income was ₹4.42 crore, down ₹2.17 crore from Q2 FY26 but up ₹1.86 crore from Q1 FY27. Other expenses were ₹7.20 crore, down ₹13.81 crore year on year and ₹3.26 crore sequentially. Finance costs were ₹1.13 crore, compared with no finance costs in Q2 FY26, while depreciation was ₹0.46 crore against ₹1.72 crore.
The quarter included an exceptional gain of ₹3.48 crore, compared with a gain of ₹9.35 crore in Q2 FY26 and no exceptional item in Q1 FY27. Tax expense was ₹3.04 crore, down ₹7.42 crore from the year-ago quarter and ₹2.71 crore from the previous quarter. The filing states that exceptional items included profit on disposal of investment property and other assets, net of related expenses.
The company said it acquired 2,38,44,000 equity shares, representing 64.26% of Kronox Lab Sciences Limited, for a consideration of Rs. 25,276.14 lakhs, including acquisition-related costs of Rs. 664.36 lakhs. Kronox became a subsidiary effective September 29, 2026. The filing does not state a reason for the quarter’s changes in revenue, margin or profit beyond reporting the acquisition and the exceptional gain.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 40.61 | 58.06 | −17.45 | −30.1% |
| Employee cost | 10.06 | 7.60 | +2.46 | +32.4% |
| Finance costs | 1.13 | 0 | +1.13 | |
| Depreciation | 0.46 | 1.72 | −1.26 | −73.3% |
| Other expenses | 7.20 | 21.01 | −13.81 | −65.7% |
| Total expenses | 59.04 | 90.43 | −31.39 | −34.7% |
| Other income | 4.42 | 6.59 | −2.17 | −32.9% |
| Tax | 3.04 | 10.46 | −7.42 | −70.9% |
| Exceptional items | +3.48 (gain) | +9.35 (gain) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At September 30, 2026, total assets were ₹708.08 crore, compared with ₹404.87 crore at March 31, 2026. Total equity was ₹359.67 crore, against ₹386.58 crore. Borrowings were ₹288.67 crore, while cash was ₹42.54 crore, compared with ₹13.61 crore at the previous balance sheet date.
Inventories were ₹103.42 crore at September 30, 2026, against ₹31.83 crore at March 31, 2026. Trade receivables were ₹41.7 crore, compared with ₹10.38 crore, and trade payables were ₹20.04 crore, against ₹3.1 crore.
For H1 FY27, operating cash flow was negative ₹131.99 crore, compared with positive ₹44.05 crore in H1 FY26. Investing cash flow was ₹1.98 crore against ₹13.6 crore, financing cash flow was ₹158.94 crore against negative ₹3.21 crore, and capital expenditure was ₹0.06 crore compared with ₹0.03 crore. The board approved the statement of assets and liabilities and the half-year cash flow statement.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 708.08 | 404.87 |
| Total equity | 359.67 | 386.58 |
| Borrowings | 288.67 | 0 |
| Cash and equivalents | 42.54 | 13.61 |
| Inventories | 103.42 | 31.83 |
| Trade receivables | 41.70 | 10.38 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −131.99 | 44.05 |
| Cash from investing | 1.98 | 13.60 |
| Cash from financing | 158.94 | −3.21 |
| Capital expenditure | 0.06 | 0.03 |
Source: Company's results filing (XBRL).
How has Indo Borax & Chemicals done over the last 8 quarters?
Revenue increased from ₹37.51 crore in Q3 FY25 to ₹50.12 crore in Q4 FY25 and ₹53.57 crore in Q1 FY26, before rising to ₹111.42 crore in Q2 FY26. It then fell to ₹41.02 crore in Q3 FY26 and recovered to ₹63.01 crore in Q4 FY26 and ₹70.36 crore in Q1 FY27, before declining to ₹58.94 crore in Q2 FY27.
Net profit reached its highest level in Q2 FY26 at ₹26.47 crore and its lowest level in Q3 FY25 at ₹9.07 crore. It was ₹16.25 crore in Q1 FY27 and fell to ₹4.75 crore in Q2 FY27. The EBITDA margin peaked at 28.1% in Q1 FY27 and fell to 2.5% in Q2 FY27, the lowest margin in the reported period.
How did other Commodity Chemicals companies do?
Twenty-seven Commodity Chemicals companies filed for the quarter, with a median revenue growth of 25.3%. All 27 peers grew faster than Indo Borax & Chemicals, while none grew slower. The company’s revenue declined 47.1% in Q2 FY27.
Profit was higher for 26 of the 33 peers whose profit was compared. The peer figures were available as of November 6, 2026, the date on which Indo Borax & Chemicals announced its results.
| Indo Borax & Chemicals revenue growth (YoY) | −47.1% |
|---|---|
| Median of 27 other Commodity Chemicals companies | +25.3% |
| Companies with slower revenue growth than Indo Borax & Chemicals | 0 of 27 |
| Companies with faster revenue growth than Indo Borax & Chemicals | 27 of 27 |
| Companies whose net profit rose | 26 of 33 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Indo Borax & Chemicals' revenue in Q2 FY27?
Revenue from operations was ₹58.94 crore, down 47.1% from ₹111.42 crore in Q2 FY26 (consolidated).
Did Indo Borax & Chemicals make a profit in Q2 FY27?
Yes. Net profit was ₹4.75 crore, against a net profit of ₹26.47 crore in Q2 FY26.
What was Indo Borax & Chemicals' EPS in Q2 FY27?
Basic earnings per share were ₹1.47, against ₹8.25 in Q2 FY26.
When did Indo Borax & Chemicals announce its Q2 FY27 results?
On 6 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter & Half-Year Ended 30Th September, 2026. (BSE, 30 October 2026) · PDF
- Outcome of Board Meeting (NSE, 6 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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