Indo Borax & Chemicals Limited – Investor Presentation Summary

Key Operational Highlights

  • Boric acid production capacity of 20,000 MTPA with BIS and FDA licenses
  • Strong client relationships maintained for decades supporting volume growth
  • Steel and refractory applications contribute ~55–60% of Boric Acid demand
  • DOT (Di-Sodium Octaborate Tetrahydrate) plant with production capacity of 6,000 MTPA at Pithampur, MP
  • Improved plant balancing initiatives enhanced capacity utilization and supported demand growth

Key drivers of operational performance: Improved capacity utilization, operational efficiencies, higher realizations, and steady domestic demand

Financial Highlights

Revenue: Rs. 215.45 Cr (FY26 Consolidated)

EBITDA: Not Specified (Margin: 20.5%)

PAT: Rs. 50.27 Cr (FY26)

EPS: Rs. 15.67 (FY26)

Margins: EBITDA margin 20.5%, PAT margin 21.8% during FY26

YoY/QoQ comparison: Consolidated operating revenue increased by 22.9% YoY in FY26; PAT grew by 18.3% YoY in FY26

Drivers of financial performance: Improved capacity utilization, operational efficiencies, higher realizations, and steady domestic demand

Comparison to market estimates: Not Specified

Key Risks: Not Specified

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Balance Sheet Snapshot

Net Debt/Equity: Near-zero debt position

Reserves: Not Specified

Current Assets/Liabilities: Not Specified

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong balance sheet with near-zero debt, robust liquidity

Capex & Cash Flow Health

Capital Expenditure: Evaluating downstream expansion and debottlenecking opportunities

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Near-zero debt position maintained

Investment Rationale: Focus on capturing incremental domestic demand through capacity expansion

Strategic & R&D Initiatives

Investments in Innovation: DOT production facility (6,000 MTPA capacity), evaluating downstream expansion opportunities

Expected impact on growth: Positioned to capture estimated boric acid market growth at CAGR of 7%-8% from FY26 to FY30P (incremental demand of 40,000 MT to 53,000 MT)

Strategic Rationale: Leveraging in-house raw material supply for high-margin DOT production, reducing import dependency through tie-ups with fertilizer companies and offering import parity price and quality

Industry Trends & Business Environment

Macro/Industry Trends: Boric acid market estimated to grow at CAGR of 7%-8% from FY26 to FY30P; 'Aatmanirbhar Bharat' and 'Make in India' initiatives creating opportunities; DOT mainly imported from Turkey, USA, PERU and Argentina

Impact on Company: Strong linkage with India's infrastructure and industrial growth through steel and refractory applications; well-positioned as leading player to capture incremental market demand

Management Commentary & Growth Outlook

Strategic Outlook: "This financial year marked a transformational phase for Indo Borax, driven by resilient financial performance, improved operational efficiencies and strategic expansion initiatives. Going forward, we remain optimistic about the opportunities emerging from the 'Aatmanirbhar Bharat' and 'Make in India' initiatives." - Mr. Suresh Kalra, Managing Director & CEO

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Not Specified

Ownership Transition

  • Share Purchase Agreement executed in January 2026 for approximately 50.80% of total paid-up equity share capital
  • Buyers include Zenrock Chemicals Private Limited along with investment funds India Special Assets Fund III, ISAF III Onshore Fund and Special Situation India Fund
  • Transaction date: January 23, 2026
  • Represents significant ownership transition and potential strategic change in management/control

Management Team

  • Mr. Suresh Kalra (Managing Director & CEO): 28 years experience in chemical industry, former roles at Aquapharm Chemical Limited, Hubergroup, SI Group, Pidilite Industries, Valvoline Cummins, and W. R. Grace
  • Mr. Harsh Malhotra (Executive Director): Former Amazon executive with 10 years experience in supply chain operations and global planning
  • Mr. Sunil Malhotra (Non-Executive Director): Veteran entrepreneur with 38 years experience, designated partner at She Capital LLP
  • Independent Directors: Mr. Prasad Parameswaranpillai Naga (former SBI executive), Ms. Prajnaparamita Sarkar (former Givaudan commercial director), Mr. Rakesh Kumar Shrivastava (IAS officer)