NSE: RCF · BSE: 524230
RASHTRIYA CHEMICALS & FER
Manufactures fertilizers and industrial chemicals at its Trombay unit in Mumbai and its Thai unit in Maharashtra, and trades in fertilizers and chemicals, earning Rs 18,480.17 crore in FY26 revenue. The Fertilizers segment is the largest at Rs 10,912.08 crore (59.0% of segment revenue), generating Rs 308.19 crore in segment EBIT, while the Trading segment brought in Rs 5,925.7 crore (32.1%) with Rs 239.52 crore EBIT, and Industrial Chemicals contributed Rs 1,627.21 crore (8.8%) with the highest segment EBIT of Rs 314.75 crore. The company is a Government of India undertaking under the Ministry of Chemicals and Fertilizers and earned Rs 928.40 crore of subsidy income on imported fertilizers and Rs 98.17 crore of urea freight subsidy in FY26. It has signed an MoU with GAIL to set up a 1.27 Million Metric Tonnes Per Annum gas-based urea plant along the Mumbai-Nagpur-Jharsuguda pipeline in Vidarbha. Materials cost 32.3% of revenue, with other operating expenses at 29.5%, employee costs at 3.5%, depreciation at 1.6%, and capex at 5.8% of revenue. ICRA has reaffirmed an AA rating with stable outlook on debt of about Rs 9,300 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fertilizers (59%), Trading (32%), Industrial Chemicals (9%), Unallocated (0%). Asset-heavy, subsidy-dependent fertilizer manufacturer and trader, Government of India PSU.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,812 | 21,452 | 16,981 | 16,934 | 18,480 |
| EBITDA (ex other income) | 1,117 | 1,567 | 555 | 679 | 986 |
| margin % | 8.7 | 7.3 | 3.3 | 4.0 | 5.3 |
| Owners' profit | 702 | 966 | 225 | 0 | 0 |
| EPS, as reported (₹) | 12.73 | 17.52 | 4.08 | 4.39 | 7.75 |
| ROE % · ROCE % | 18.1 · 19.5 | 21.1 · 24.5 | 4.9 · 7.9 | 5.1 · 9.3 | 8.3 · 12.1 |
| Debt / equity (x) | 0.76 | 0.41 | 0.71 | 0.58 | 0.80 |
| Cash from operations | (592) | 787 | (422) | 2,364 | (471) |
| Capex | (170) | (385) | (482) | (827) | (1,076) |
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 | 4,290 | 4,518 | 3,730 | 3,371 | 5,293 | 4,236 | 5,581 | 3,586 |
| Profit before tax | 106 | 105 | 101 | 75 | 141 | 118 | 278 | 102 |
| Net profit | 79 | 80 | 72 | 54 | 105 | 81 | 187 | 74 |
| EPS (₹) | 1.43 | 1.45 | 1.32 | 0.99 | 1.91 | 1.47 | 3.38 | 1.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Fertilizers | 10,912 | 59.0 |
| Industrial Chemicals | 1,627 | 8.8 |
| Trading | 5,926 | 32.1 |
| Unallocated | 15 | 0.1 |
| Total, before eliminations | 18,480 | 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) | 11.9 | 10.7 | 13 of 20 | 37% |
| P/B | 1.0 | 0.9 | 14 of 23 | 41% |
| ROCE | 8.2 | 8.8 | 13 of 23 | 46% |
| ROE | 8.3 | 8.3 | 12 of 23 | 50% |
| Debt / Equity | 0.8 | 0.3 | 16 of 23 | 32% |
| EBITDA margin | 7.1 | 8.0 | 13 of 21 | 40% |
| Revenue growth | 6.4 | 16.3 | 15 of 21 | 30% |
| Profit growth | 35.1 | 6.4 | 8 of 23 | 68% |
| Market cap | 5327 | 805 | 8 of 23 | 68% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · CARE Ratings reaffirms RCF commercial paper rating at A1+ | compliance | minimal | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from October 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 26 Sept 2026 · RCF shareholders approve Rs 1,500 cr FPO and amended MOA at AGM | board shareholder meetings | medium | — | — |
| 26 Sept 2026 · RCF AGM 2026 Results: 12 Resolutions Passed, Dividend and FPO Approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · RCF board approves Rs 797 Cr Ammonia plant revamp order to L&T | business updates | medium | — | — |
| 25 Sept 2026 · RCF appoints two statutory auditors for FY 2026-27 | general | low | — | — |
| 25 Sept 2026 · RCF 48th AGM held: FPO, NCD issuance, Rs 2.34 total dividend proposed | board shareholder meetings | low | — | — |
| 15 Sept 2026 · CRISIL reaffirms A1+ rating on Rs 21,000 crore bank loan facilities | credit debt | medium | — | — |
| 12 Sept 2026 · CRISIL reaffirms A1+ rating on Rs 21,000 cr bank loan facilities | 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.