Indo Borax & Ch. Q1 FY27 Results (NSE: INDOBORAX)
Signal: Growth reaccelerated
The read
The quarter marks a positive operating inflection: revenue reached ₹70.36 Cr, +31.3% YoY, and XBRL EBITDA reached ₹22.36 Cr, +46.8% YoY, with management citing robust demand, capacity utilisation and improved operational efficiency; however, the conflicting EBITDA and PAT figures across the XBRL and press release weaken confidence in the exact margin and earnings trajectory until reconciled.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹70.36 Cr | 31.3% | 11.66% |
| EBIT | ₹22.05 Cr | 53.4% | |
| Net profit | ₹16.25 Cr | 1418.7% | |
| EPS | ₹5.07 | 59.4% | |
| EBIT margin | 31.8% |
P&L walk
Consolidated revenue rose to ₹70.36 Cr, +31.3% YoY and +11.66% QoQ; XBRL EBITDA increased 46.8% YoY to ₹22.36 Cr with a 31.8% margin, while PAT was ₹16.25 Cr, although the XBRL PAT growth of +1418.7% conflicts with the press-release comparative of +59.31%.
Key positives
- Revenue of ₹70.36 Cr grew +31.34% YoY and +11.66% QoQ, indicating stronger momentum than Q4FY26 revenue of ₹63.01 Cr.
- XBRL EBITDA of ₹22.36 Cr grew +46.8% YoY, ahead of revenue growth of +31.3%, with the reported EBITDA margin at 31.8%.
- Management cites robust demand and extremely robust capacity utilisation across boron-based chemical applications.
- Standalone and consolidated revenue, EBIT and PAT are identical, indicating no material subsidiary drag in the quarter.
Key concerns
- The filing's press release reports EBITDA of ₹19.80 Cr and a 28.1% margin, while verified XBRL reports EBITDA of ₹22.36 Cr and a 31.8% margin; the difference must be reconciled.
- XBRL PAT growth of +1418.7% and standalone PAT growth of +61.9% conflict with the press-release PAT growth of +59.31%, making the reported earnings acceleration uncertain.
- EPS growth of +59.4% materially lags XBRL PAT growth of +1418.7%, triggering an earnings-quality reconciliation despite EPS tracking the press-release PAT growth.
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