SPIC LTD

Manufactures urea fertilizer through its Agro Inputs (Urea Operations) segment, which generated 95.5% of segment revenue at Rs. 2,720.83 crore in the most recent segment period (year ended March 2023) with a 12.6% EBIT margin. The remaining 4.4% came from Unallocated Income and 0.1% from a small, loss-making Agri Business line. Raw materials are the dominant cost, accounting for 72.9% of total revenue at Rs. 2,155.56 crore in FY26, reflecting heavy dependence on feedstock inputs. The company is mid-way through a major capacity expansion, with capital work-in-progress nearly quadrupling to Rs. 447.64 crore and FY26 capex of Rs. 319.68 crore (10.8% of revenue). Despite consolidated revenue declining 4.2% to Rs. 2,955.97 crore in FY26, net profit grew 35.9% to Rs. 211.48 crore on lower finance costs and improved operating efficiency. Profitability metrics include a 12.13% EBITDA margin, 19.93% ROCE, and a 0.51 debt-to-equity ratio. The promoter group led by Ashwin C Muthiah and persons acting in concert holds 44.64% of shares, including AMI Holdings at 18.31% and state-owned TIDCO at 4.34%.