NSE: MADRASFERT · BSE: 590134
MADRAS FERTILISERS LTD
Manufactures fertilizers — specifically urea and ammonia — at a single manufacturing site, alongside a complex fertilizer line that has been idle. The complex fertilizer plant remained shut for the entire fourth quarter of FY26 due to safety and manpower issues, while the ammonia-urea facility underwent an emergency shutdown on June 15, 2026 following an equipment breakdown, with ammonia and urea production suspended for about 8 days and tentatively set to resume on June 23, 2026. FY26 revenue was Rs 2,300.35 crore, down 9.5% from Rs 2,54,108 lakhs in FY25, with the decline attributed to lower subsidy recognition. Materials are the largest cost item at 53.6% of revenue, followed by other operating expenses at 34.3%. It is a Central Public Sector Enterprise under the Ministry of Chemicals and Fertilizers, Government of India, which is the promoter. The company has defaulted on repayment of principal and interest on loans from the Government of India, carries a negative net worth of Rs 9,197 lakhs, and its proposed financial revival package has been placed on hold under the new PSE policy of Atmanirbhar Bharat. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Urea, Ammonia, Complex fertilizers. Cyclical, subsidy-dependent fertilizer manufacturing PSU with single-site operations
Exhibit 1: Financial summary, FY17–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY17 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 446 | 3,447 | 2,228 | 2,542 | 2,300 |
| EBITDA (ex other income) | 30 | 322 | 50 | 122 | 101 |
| margin % | 6.7 | 9.3 | 2.2 | 4.8 | 4.4 |
| Owners' profit | 0 | 185 | 6 | 64 | 80 |
| EPS, as reported (₹) | 2.57 | 11.50 | 0.35 | 3.99 | 4.99 |
| ROE % · ROCE % | — · — | (64.6) · (201.9) | (2.9) · (249.1) | (198.9) · 161.8 | 87.4 · 67.9 |
| Debt / equity (x) | — | (5.20) | (8.35) | (49.36) | 6.90 |
| Cash from operations | — | 687 | 169 | 116 | 5 |
| Capex | — | (1) | (32) | (10) | (17) |
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 | 532 | 800 | 555 | 672 | 510 | 419 | 699 | 814 |
| Profit before tax | 3 | 99 | (64) | 59 | 17 | 4 | 23 | 46 |
| Net profit | 2 | 75 | (52) | 44 | 13 | 3 | 21 | 35 |
| EPS (₹) | 0.10 | 4.63 | (3.26) | 2.74 | 0.80 | 0.16 | 1.33 | 2.15 |
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) | 12.1 | 10.7 | 14 of 20 | 32% |
| P/B | 9.4 | 0.9 | 20 of 23 | 14% |
| ROCE | 43.1 | 8.8 | 1 of 23 | 100% |
| ROE | 87.4 | 8.3 | 1 of 23 | 100% |
| Debt / Equity | 6.9 | 0.3 | 23 of 23 | 0% |
| EBITDA margin | 8.0 | 8.0 | 11 of 21 | 50% |
| Revenue growth | 21.1 | 16.3 | 9 of 21 | 60% |
| Profit growth | (21.5) | 6.4 | 19 of 23 | 18% |
| Market cap | 866 | 805 | 11 of 23 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Quarterly Share Capital Audit Report filed for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Compliance certificate for dematerialisation of securities for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 pending board approval of results | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1 ahead of H2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Madras Fertilisers 60th AGM: All 8 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Madras Fertilizers 60th AGM held; voting results pending | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · AGM notice published with e-voting and book closure details | compliance | minimal | — | — |
| 1 Sept 2026 · Madras Fertilizers 60th AGM notice on Sep 24, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 60th AGM on Sep 24, 2026 via video conferencing; annual report link shared with shareholders | compliance | minimal | — | — |
| 1 Sept 2026 · Madras Fert files FY26 BRSR; NSE board-norm penalty pending | compliance | 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.