Madras Fertilizers Limited has informed the Exchange regarding 'Machine Readable/Legible copy of financial results for the financial year ended 31.03.2025 Attached'.
MADRASFERT · price
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On the reaction day the stock moved 2.2 pts less than Nifty Microcap 250 and 1.7 pts less than its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Madras Fertilizers posted a sharp turnaround for FY25, with revenue from operations rising to ₹2,54,185 lakhs (from ₹2,22,842 lakhs in FY24, ~14% growth) and profit for the year jumping to ₹6,425 lakhs from just ₹556 lakhs in FY24 (over 10x increase, partly helped by the absence of a ₹4,999 lakh exceptional loss from the Michaung cyclone that hit the prior year). However, the fourth quarter alone was weak — Q4 FY25 revenue fell to ₹55,476 lakhs (from ₹75,848 lakhs in Q4 FY24) and the company swung to a Q4 loss of ₹5,244 lakhs, largely due to a ₹155.61 crore subsidy penalty for missing energy norms and accounting changes. The balance sheet remains stressed with negative net worth of ₹(3,230) lakhs and short-term borrowings of ₹1,59,431 lakhs. The auditor flagged several Emphasis of Matter points: ₹394.68 crore in GOI loan penal interest kept as contingent liability, ₹160.57 crore in excess subsidy receipts not recognized as income, and ₹50.54 crore provision for GST input tax credit differences.
Good full-year recovery driven by higher revenue and absence of one-time losses, but the Q4 loss, deeply negative net worth, and very high dependence on government subsidy and loan waiver decisions make the stock risky. Investors should watch the GOI revival package outcome and final subsidy notifications closely, as these can materially swing future earnings.