NSE: RAMAPHO · BSE: 524037
RAMA PHOSPHATES LIMITED
Manufactures fertilizers including Single Super Phosphate (SSP) and Urea-SSP, micro nutrients, and chemicals from four plants located at Pune, Indore, Udaipur and Nimbahera. The Fertilizers, Micro Nutrients & Chemicals segment generated ₹845.02 crore in FY26 (94.6% of segment revenue), with the Fertilizer sub-division at ₹64,203 lakhs and the Chemical sub-division at ₹20,300 lakhs. The Soya/Agri segment contributed ₹48.02 crore (5.4%) from soya and agri processing. A new greenfield SSP and Sulphuric Acid plant at Dhule is being commissioned with trial production expected by end-September 2026, alongside an SSP capacity expansion at Udaipur. The company secured a 1 lakh MT supply contract with HURL for SSP and Urea-SSP. Raw materials account for 65% of revenue; a 15-20% rise in raw material costs from the West Asia conflict was passed on to customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fertilizers, Micro Nutrients & Chemicals (95%), Soya/Agri (5%). Cyclical, commodity-driven fertilizer and chemicals manufacturer with seasonal agri exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 878 | 875 | 603 | 744 | 893 |
| EBITDA (ex other income) | 107 | 72 | (20) | — | 87 |
| margin % | 12.1 | 8.2 | (3.4) | — | 9.8 |
| Owners' profit | 70 | 41 | (31) | — | 53 |
| EPS, as reported (₹) | 39.58 | 23.14 | (17.56) | 3.86 | 14.90 |
| ROE % · ROCE % | 26.0 · 35.9 | 13.2 · 19.8 | (8.8) · (7.7) | — · 10.0 | 12.5 · 18.2 |
| Debt / equity (x) | 0.16 | 0.36 | 0.41 | — | 0.32 |
| Cash from operations | 2 | (36) | (5) | 40 | 20 |
| Capex | (34) | (10) | (8) | (7) | (25) |
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 | 209 | 180 | 201 | 190 | 246 | 238 | 219 | 225 |
| Profit before tax | 5 | 5 | 14 | 21 | 23 | 19 | 7 | 23 |
| Net profit | 3 | 4 | — | 16 | 17 | 14 | 5 | 17 |
| EPS (₹) | 1.74 | 1.03 | 1.48 | 4.53 | 4.88 | 3.96 | 1.52 | 4.82 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fertilizers, Micro Nutrients & Chemicals | 845 | 94.6 |
| Soya/Agri | 48 | 5.4 |
| Total, before eliminations | 893 | 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) | 6.8 | 10.7 | 4 of 20 | 84% |
| P/B | 0.9 | 0.9 | 12 of 23 | 50% |
| ROCE | 15.8 | 8.8 | 9 of 23 | 64% |
| ROE | 12.5 | 8.3 | 10 of 23 | 59% |
| Debt / Equity | 0.3 | 0.3 | 12 of 23 | 50% |
| EBITDA margin | 12.8 | 8.0 | 6 of 21 | 75% |
| Revenue growth | 18.1 | 16.3 | 10 of 21 | 55% |
| Profit growth | 6.4 | 6.4 | 12 of 23 | 50% |
| Market cap | 362 | 805 | 14 of 23 | 41% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Compliance certificate for share dematerialisation for September 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 17 Aug 2026 · Demise of Secretarial Auditor Mr. Ashok Patel | management changes | medium | — | — |
| 13 Aug 2026 · New auditor appointed, director re-appointed at AGM | management changes | medium | — | — |
| 13 Aug 2026 · AGM results: all 5 resolutions passed, dividend of Rs 0.25 per share approved | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Rama Phosphates 41st AGM concludes; Re.0.25 dividend declared | board shareholder meetings | low | — | — |
| 24 Jul 2026 · Q1 FY27 Investor Presentation — Record High Q1 Revenue | investor communications | medium | — | — |
| 24 Jul 2026 · Rama Phosphates Q1 FY27 PAT at Rs 17.06 cr, revenue up 18% YoY | results | high | — | — |
| 24 Jul 2026 · Q1 FY26-27 results: revenue up 18% YoY, PAT rises 6% | results | high | — | — |
| 18 Jul 2026 · Newspaper ad for 41st AGM on Aug 13, 2026 via video conferencing | compliance | minimal | — | — |
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.