Indo Borax & Chemicals shareholders approved a special resolution to increase the company’s borrowing limits to ₹400 crore. The postal ballot process, conducted through remote e-voting, concluded on September 10, 2026.

The resolution was passed under Section 180(1)(C) of the Companies Act, 2013. Scrutinizer CS Sandhya Malhotra of M/s. Manish Ghia & Associates confirmed that votes cast in favor exceeded those against by more than three times, meeting the requisite majority for a special resolution.

Voting Breakdown

A total of 19,125,074 valid votes were polled out of 32,090,000 shares held as on the record date of August 7, 2026. This represents a participation rate of approximately 59.6%.

Promoter and promoter group shareholders voted unanimously in favor. Among public non-institutional shareholders, 94.51% supported the measure. No public institutional shareholders participated in the vote.

What the Numbers Show

The voting data reveals a distinct divergence between promoter and retail shareholder sentiment. While promoters provided unanimous backing for the increased debt capacity, nearly 5.5% of participating non-institutional public shareholders voted against the resolution. This suggests some minority investor caution regarding the company’s leverage expansion, despite the overwhelming aggregate support required to pass the special resolution.

Indo Borax & Chemicals Limited has released the transcript of its Q1FY27 earnings call, held on September 2, 2026, alongside its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported strong top-line and bottom-line growth driven by improved operational efficiencies.

Financial Performance

Indo Borax recorded an operating revenue of ₹70.36 crore in Q1FY27, marking a 31.34% increase from ₹53.57 crore in Q1FY26. EBITDA rose by 62.16% to ₹19.8 crore, up from ₹12.21 crore in the corresponding previous quarter, with margins expanding to 28.1%.

Net profit grew by 59.31% to ₹16.25 crore, compared to ₹10.2 crore in Q1FY26. The profit after tax (PAT) margin improved by 430 basis points to 22.3%. Earnings per share (EPS) stood at ₹5.07 for the quarter.

Strategic Acquisitions and Capex

The company announced the acquisition of a 64.26% equity stake in Kronox Lab Sciences, a listed specialty chemical player. The total consideration for the deal is approximately ₹250 crore. Funding will be sourced through internal accruals of roughly ₹134-135 crore, the sale of non-core assets valued at around ₹48 crore, and term loans to cover the remaining gap and potential open offer costs.

Kronox holds approximately ₹80 crore in cash on its balance sheet and has a planned capex of ₹110 crore. Management indicated that the first phase of this expansion requires about ₹55-60 crore, which will be funded through internal accruals. Full benefits from the Kronox capex are expected to materialize by FY30-FY31.

For Indo Borax, management outlined a capex plan of ₹50 crore over the next two to three years. This includes approximately ₹20 crore for Boron oxide production and ₹20-25 crore for additional Boric acid capacity.

Operational Updates

Indo Borax aims to increase its Boric acid production capacity utilization to about 18,000 tons this year, up from a historical average of 15,000-15,500 tons. The company also plans to produce 1,500 tons of Disodium Octaborate Tetrahydrate (DOT), a forward-integrated product, targeting a 9% revenue contribution from DOT this year, up from 7% last year.

What the Numbers Show

The significant divergence between revenue growth (31%) and net profit growth (59%) highlights the impact of operational leverage and margin expansion. With EBITDA margins rising to 28.1% from lower levels in the prior year, the new management team’s focus on cost efficiency and better realizations is already translating into disproportionately higher bottom-line gains relative to top-line growth.

Guidance and Outlook

Management provided full-year guidance for FY27, projecting revenue between ₹250 crore and ₹260 crore, against ₹215 crore in the previous year. The target EBITDA margin for the full year is set at 20%, implying an absolute EBITDA growth of 11-12%. Quarter 2 is expected to be softer due to seasonal monsoon impacts, while Quarter 3 should see a pickup.

Regulatory Compliance

This disclosure is issued pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Pravin Prabhakar Chavan, Company Secretary and Compliance Officer, signed the communication addressed to BSE Limited and National Stock Exchange of India Limited.