NSE: KRISHANA
KRISHANA PHOSCHEM LIMITED
Manufactures phosphatic fertilisers (NPK and DAP grades) and runs a smaller chemicals and speciality chemicals business, alongside trading of imported fertilisers. In FY26, after adding 165,000 MT of new NPK/DAP capacity, the company recorded full-year revenue of Rs 2,418 cr and net profit of Rs 180.15 cr, with a total EBITDA margin of 12.99%. The business is partly backward-integrated, with its own rock phosphate beneficiation and sulphuric acid plants, and has secured a 10-year, 70,000 MTPA Green Ammonia offtake under the National Green Hydrogen Mission. Fertiliser manufacturing runs at roughly 16% EBITDA margin versus 7-8% for trading, and the company has launched five new NPK grades (including 12:32:16, 16:20:0:13 and 15:15:15) to capture balanced-nutrient demand. Materials — primarily imported sulphur, ammonia and rock phosphate — are the largest cost, at 48.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fertilisers & Mineral Beneficiation (Including Trading) (76%), Chemicals & Speciality Chemicals (24%). Asset-heavy phosphatic fertiliser manufacturer with partial backward integration and a smaller chemicals line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 319 | 323 | 924 | 1,358 | 2,418 |
| EBITDA (ex other income) | 55 | 52 | 129 | 184 | 298 |
| margin % | 17.4 | 16.0 | 14.0 | 13.5 | 12.3 |
| Owners' profit | 0 | 27 | 40 | 87 | 180 |
| EPS, as reported (₹) | 10.50 | 8.80 | 6.54 | 14.00 | 29.14 |
| ROE % · ROCE % | — · — | 10.2 · 10.7 | 13.5 · 19.6 | 22.5 · 27.7 | 32.1 · 35.0 |
| Debt / equity (x) | — | 1.06 | 1.45 | 0.98 | 1.31 |
| Cash from operations | (4) | (33) | (82) | 154 | (191) |
| Capex | (86) | (193) | (38) | (38) | (113) |
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 | 301 | 304 | 473 | 396 | 608 | 659 | 755 | 532 |
| Profit before tax | 25 | 29 | 47 | 51 | 61 | 57 | 72 | 61 |
| Net profit | 17 | 21 | 33 | 31 | 33 | 33 | 83 | 47 |
| EPS (₹) | 2.71 | 3.32 | 5.31 | 4.95 | 5.36 | 5.39 | 13.44 | 1.52 |
Exhibit 3: 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 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.4 | 10.7 | 9 of 20 | 58% |
| P/B | 12.0 | 0.9 | 21 of 23 | 9% |
| ROCE | 30.2 | 8.8 | 3 of 23 | 91% |
| ROE | 32.1 | 8.3 | 3 of 23 | 91% |
| Debt / Equity | 1.3 | 0.3 | 19 of 23 | 18% |
| EBITDA margin | 17.9 | 8.0 | 2 of 21 | 95% |
| Revenue growth | 34.6 | 16.3 | 4 of 21 | 85% |
| Profit growth | 54.0 | 6.4 | 5 of 23 | 82% |
| Market cap | 6708 | 805 | 6 of 23 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Compliance certificate from registrar for quarter ended September 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · Crisil reaffirms Krishana Phoschem ratings, removes from watch | credit debt | medium | — | — |
| 30 Sept 2026 · Analysts/Investors Meeting Outcome | investor communications | low | — | — |
| 24 Sept 2026 · Trading Window Closure Ahead of Q2 and H1 FY26 Results | compliance | minimal | — | — |
| 22 Sept 2026 · Krishana Phoschem to attend Arihant Capital virtual investor meet on Sep 30 | board shareholder meetings | low | — | — |
| 18 Jul 2026 · Krishana Phoschem Q1 FY27: Revenue up 35%, EBITDA up 36% | investor communications | medium | — | — |
| 14 Jul 2026 · Q1 FY27 earnings call recording shared on company website | investor communications | low | — | — |
| 14 Jul 2026 · Newspaper publication of Q1 FY27 unaudited results submitted | compliance | minimal | — | — |
| 13 Jul 2026 · Krishana Phoschem Q1 FY27 Results: Revenue up 34.6% YoY to 532.3 Cr | investor communications | medium | — | — |
| 13 Jul 2026 · Krishana Phoschem shares investor presentation with exchange | investor communications | low | — | — |
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.