NSE: CHAMBLFERT · BSE: 500085
CHAMBAL FERTILIZERS LTD
Manufactures and sells fertilisers in India across three main lines. Own-manufactured urea from the company's Gadepan plants at Kota, Rajasthan contributed Rs 12,565.61 cr (60.4% of segment revenue) at a 14.7% EBIT margin in FY26; complex fertilisers (NPK and other grades) contributed Rs 7,025.14 cr (33.8%) at a 4.0% margin; and crop protection chemicals, speciality nutrients and seeds contributed Rs 1,202.91 cr (5.8%) at a 23.5% margin. FY26 total revenue was Rs 20,793.66 cr with profit after tax of Rs 1,953.27 cr. Operations are being expanded: a Technical Ammonium Nitrate project has begun commissioning at Gadepan, a planned fourth urea plant is being prepared subject to board approval and government policy, and a Morocco joint venture is being expanded. Materials at 28.7% of revenue (Rs 5,958.65 cr) form the largest cost line, driven mainly by natural gas, ammonia and sulphur. Urea pricing operates under the government-controlled New Urea Policy framework; total subsidy and trade receivables stood at Rs 3,300 cr at end of Q1 FY27. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Own Manufactured Fertilisers (60%), Complex Fertilisers (34%), Crop Protection Chemicals, Speciality Nutrients and Seeds (6%), Others (0%). Asset-heavy Indian fertiliser manufacturer with subsidy-linked urea pricing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 16,069 | 27,773 | 17,966 | 16,646 | 20,794 |
| EBITDA (ex other income) | 2,262 | 1,819 | 2,043 | 2,483 | 2,678 |
| margin % | 14.1 | 6.6 | 11.4 | 14.9 | 12.9 |
| Owners' profit | 1,566 | 1,034 | 1,276 | 1,650 | 1,953 |
| EPS, as reported (₹) | 37.62 | 24.85 | 30.84 | 41.17 | 48.76 |
| ROE % · ROCE % | 24.5 · 21.4 | 14.7 · 17.5 | 17.6 · 20.9 | 18.9 · 23.1 | 18.8 · 20.7 |
| Debt / equity (x) | 0.68 | 0.47 | 0.26 | 0.01 | 0.10 |
| Cash from operations | (24) | 3,239 | 3,327 | 1,394 | 138 |
| Capex | (177) | (197) | (610) | (572) | (886) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,346 | 4,918 | 2,449 | 5,698 | 6,413 | 5,898 | 2,785 | 5,027 |
| Profit before tax | 750 | 753 | 137 | 717 | 795 | 746 | 191 | 772 |
| Net profit | 536 | 534 | 130 | 549 | 649 | 586 | 169 | 524 |
| EPS (₹) | 13.39 | 13.34 | 3.25 | 13.70 | 16.19 | 14.64 | 4.23 | 13.07 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Own Manufactured Fertilisers | 12,566 | 60.4 |
| Complex Fertilisers | 7,025 | 33.8 |
| Crop Protection Chemicals, Speciality Nutrients and Seeds | 829 | 4.0 |
| Crop Protection Chemicals,Speciality Nutrients and Seeds | 374 | 1.8 |
| Total, before eliminations | 20,794 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| COROMANDEL INTERNTL. LTD | 50,253 | 27.4 | 3.83 | 14.5 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,930 | 1578.8 | 31.95 | 135.4 | 1.8 | 1.8 | — | (0.2) |
| CHAMBAL FERTILIZERS LTD ◆ | 14,451 | 7.5 | 1.39 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| PARADEEP PHOSPHATES LTD | 14,327 | 13.4 | 2.11 | 9.2 | 14.7 | 16.5 | — | 12.5 |
| MADHYA BHARAT AGRO P. LTD | 7,399 | 11.5 | 13.46 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,708 | 8.4 | 11.96 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD | 5,459 | 7.9 | 0.44 | 5.0 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,327 | 11.9 | 1.04 | 7.8 | 8.3 | 8.2 | 17.4 | 7.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.5 | 10.7 | 6 of 20 | 74% |
| P/B | 1.4 | 0.9 | 15 of 23 | 36% |
| ROCE | 20.7 | 8.8 | 4 of 23 | 86% |
| ROE | 18.8 | 8.3 | 5 of 23 | 82% |
| Debt / Equity | 0.1 | 0.3 | 5 of 23 | 82% |
| EBITDA margin | 17.5 | 8.0 | 3 of 21 | 90% |
| Revenue growth | (11.8) | 16.3 | 17 of 21 | 20% |
| Profit growth | (4.6) | 6.4 | 14 of 23 | 41% |
| Market cap | 14451 | 805 | 3 of 23 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Chambal to discuss September quarter and first-half results on November 4 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to review September 2026 results and consider dividend | results | low | — | — |
| 17 Oct 2026 · Chambal Fertilisers acquires 26% in Clean Max Hachi SPV for Rs 6 crore | strategic transactions | high | — | — |
| 13 Oct 2026 · Routine SEBI compliance certificate filed for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Chambal Fertilizers notifies special window for physical share demat | compliance | minimal | — | — |
| 1 Oct 2026 · Chambal Fertilisers: Promoter group entity buys 1.04 lakh shares | ownership changes | high | — | — |
| 29 Sept 2026 · Chambal Fertilisers Trading Window Closes Oct 1 Ahead of Q2 Results | compliance | minimal | — | — |
| 29 Sept 2026 · Promoter group Earthstone Holding buys 12,962 Chambal Fertilisers shares | ownership changes | low | — | — |
| 26 Sept 2026 · Promoter group entity buys 46,958 shares of Chambal Fertilisers in open market | ownership changes | high | — | — |
| 25 Sept 2026 · Promoter group entity buys 25,402 shares of Chambal Fertilisers | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.