Following the Zenrock Chemicals-led consortium's acquisition of a 50.8% controlling stake in Indo Borax & Chemicals and subsequent board restructuring, what strategic and operational priorities is the new leadership redefining to accelerate growth in Boron segment? 

The acquisition marks the beginning of a new growth chapter for Indo Borax. Our primary focus is to strengthen our leadership position in Boron chemistry by expanding our portfolio of value-added Boron products and increasing our presence across high-growth end-use industries. We see significant opportunities beyond traditional Boric acid and Borax applications. Accordingly, we are investing in downstream and specialty Boron chemistry products such as Boron Oxide, Disodium Octaborate Tetrahydrate (DOT), Zinc Borate, and other advanced Boron derivatives that cater to sectors such as specialty glass, ceramics, metallurgy, agriculture, flame retardants, electronics, and performance materials.

Operationally, our priorities include capacity expansion, plant debottlenecking, supply chain optimization, and strengthening technical capabilities. At the same time, we are actively exploring new domestic and international markets, enhancing customer engagement, and building a stronger innovation-led product pipeline. Our objective is to transform Indo Borax from a leading Boron products manufacturer into a diversified Boron chemistry company with a broader portfolio and global relevance.

Revenue and Profitability numbers for FY 2025-26 and what were the key business drivers behind revenue and profitability growth? How do you see demand trends evolving across Boron and Specialty Chemical applications in the coming quarters?

For FY 2025-26, Indo Borax reported a 22.9 per cent increase in operating revenue to Rs. 215.45 crore and an 18.2 per cent rise in consolidated net profit to Rs. 50.27 crore. Growth was driven by robust market demand, improved capacity utilization via plant debottlenecking, and high operational leverage. Looking ahead, demand is expected to accelerate across Boron and specialty chemical segments, fuelled by expanding industrial applications in ceramics, agriculture, and glass manufacturing under the structural tailwinds of Make in India.

Company’s revenue mix in FY2025-26 among Industrial Chemicals and Specialty Applications? What are your revenue growth expectations for FY2026-27 and which sectors are likely to drive incremental demand?

Our business continues to be anchored by core Boron products, while specialty Boron chemistry is becoming an increasingly important growth driver. For FY2026-27, we are targeting 20-25 per cent revenue growth, supported by capacity expansion, new product launches, and strong demand from steel, glass, ceramics, agriculture, and specialty chemical sectors. 

Have export opportunities improved for the company amid changing global supply-chain dynamics in chemicals? How are you addressing volatility in raw material prices and imported competition?

Export opportunities have improved as Indo Borax actively explores new international markets in South America and South east Asia leveraging global supply chain shifts, backed by around 50 per cent domestic market share. To counter raw material price volatility and imported competition, the company relies on niche pricing power, superior cost management, and forward integration into high-margin derivatives like Disodium Octaborate Tetrahydrate (DOT) and Boron Oxide.  

What is the strategic rationale behind plans for a Boron Oxide plant at Pithampur with an estimated investment of around Rs. 20 crore. What are the expected production capacity and commercialization timeline? Which end-user industries are expected to benefit most from this project?

The strategic rationale behind Rs. 20 crore Pithampur plant is to forward-integrate existing Boric acid production into high-value Boron Oxide, seamlessly capturing an overlapping domestic client base via internal accruals. The facility features a proposed capacity of 4,000 MTPA with a phased commercialization timeline tracking toward full operational scale, primarily benefiting end-user industries like steel, glass, ceramics, metallurgy (fluxes), and specialized electronics. 

Capex allocated for FY2026-27, and what are the key focus areas for investment? Has the company directed any Capex towards sustainability, energy efficiency, and process automation?

For FY2026-27, the primary capital allocation is directed toward the newly planned Rs. 20 crore Boron Oxide plant at Pithampur and continuous, incremental plant debottlenecking to unlock manufacturing efficiencies. On the sustainability front, the new management is actively modernizing its facilities through process automation and energy-efficient system upgrades to streamline its supply chain and enhance core cost competitiveness. 

How do you see demand trends evolving for Boric acid, Borax, and Boron-based products over the next 2–3 years? 

Domestic market demand for Boric acid and Borax is projected to grow steadily at a 7-8 per cent CAGR through 2030, structurally anchored by rising consumption in steel, agrochemicals, glass, ceramics, and specialty fertilizer sectors. Concurrently, medium-term demand for value-added Boron compounds is poised to accelerate rapidly. 

How important is R&D in enabling the company’s entry into next-generation specialty chemical applications? 

R&D is central to our long-term growth strategy. It enables us to develop differentiated Boron-based products for emerging applications and helps us move up the value chain. We see significant opportunities in advanced materials, specialty agriculture, and industrial applications, and innovation will be a key driver of future growth.  

Sustainability is becoming increasingly important in the chemical industry. What are Indo Borax’s major ESG priorities in FY 2026-27? What sustainability-related expectations are you seeing from global customers and industrial buyers?

Sustainability is no longer a compliance requirement—it is becoming a key business imperative. As we build the next phase of growth at Indo Borax, we want to ensure that growth is responsible, efficient, and sustainable. Our priorities include improving energy efficiency, reducing waste, strengthening governance, and maintaining high standards of safety and compliance. Customers increasingly expect sustainable sourcing, supply-chain transparency, and responsible manufacturing practices, and we are committed to meeting these expectations. 

What were the company’s major CSR initiatives and their focus areas during FY 2026-27?

Our CSR efforts focused on education, healthcare, nutrition, and community development. We supported initiatives that improve learning opportunities, healthcare access and overall quality of life in the communities where we operate, reflecting our commitment to inclusive and sustainable growth.

The Indian Specialty Chemicals sector is undergoing structural transformation. How does Indo Borax plan to strengthen its position in this evolving landscape? What emerging applications for Boron compounds excite you the most from a long-term growth perspective?

Our strategy is to evolve from a leading boron products manufacturer into a broader boron chemistry company. We will achieve this through capacity expansion, downstream integration and development of value-added boron derivatives. Looking ahead, applications in specialty fertilizers, flame retardants, advanced materials, and performance chemicals present exciting opportunities and will be key growth drivers for Indo Borax in the years to come.