NSE: SPIC · BSE: 590030
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%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Agro Inputs (Urea Operations) (96%), Unallocated Income (4%), Others (Agri Business) (0%). Cyclical, asset-heavy single-product (urea) fertilizer manufacturer
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 2,829 | 1,944 | 3,086 | 2,956 |
| EBITDA (ex other income) | 354 | 201 | 281 | 300 |
| margin % | 12.5 | 10.3 | 9.1 | 10.1 |
| Owners' profit | 301 | 0 | 156 | 0 |
| EPS, as reported (₹) | 14.83 | 5.55 | 7.64 | 10.39 |
| ROE % · ROCE % | 30.5 · 29.4 | 10.5 · 15.9 | 13.0 · 18.6 | 15.4 · 19.9 |
| Debt / equity (x) | 0.40 | 0.43 | 0.60 | 0.51 |
| Cash from operations | (31) | 227 | (38) | 395 |
| Capex | (29) | (73) | (253) | (320) |
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 | 760 | 818 | 754 | 781 | 817 | 774 | 584 | 849 |
| Profit before tax | 48 | 55 | 21 | 89 | 81 | 74 | 42 | 43 |
| Net profit | 35 | 39 | 19 | 67 | 61 | 54 | 29 | 60 |
| EPS (₹) | 1.73 | 1.89 | 0.96 | 3.28 | 3.01 | 2.66 | 1.45 | 2.96 |
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 | 51,185 | 27.9 | 3.90 | 14.8 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,742 | 1572.1 | 31.81 | 134.8 | 1.8 | 1.8 | — | (0.2) |
| PARADEEP PHOSPHATES LTD | 14,410 | 13.4 | 2.12 | 9.3 | 14.7 | 16.5 | — | 12.5 |
| CHAMBAL FERTILIZERS LTD | 14,379 | 7.5 | 1.38 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| MADHYA BHARAT AGRO P. LTD | 7,309 | 11.4 | 13.30 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,510 | 8.2 | 11.61 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD | 5,428 | 7.8 | 0.44 | 4.9 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,330 | 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) | 5.7 | 10.5 | 2 of 20 | 95% |
| P/B | 0.8 | 0.9 | 11 of 23 | 55% |
| ROCE | 18.1 | 8.8 | 6 of 23 | 77% |
| ROE | 15.4 | 8.3 | 6 of 23 | 77% |
| Debt / Equity | 0.5 | 0.3 | 14 of 23 | 41% |
| EBITDA margin | 7.1 | 8.0 | 14 of 21 | 35% |
| Revenue growth | 8.7 | 16.3 | 13 of 21 | 40% |
| Profit growth | (9.8) | 6.4 | 16 of 23 | 32% |
| Market cap | 1165 | 803 | 10 of 23 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · SPIC files quarterly demat compliance certificate with NSE | compliance | minimal | — | — |
| 3 Oct 2026 · SPIC plants shut down for maintenance, resume in four weeks | capex operations | medium | — | — |
| 30 Sept 2026 · SPIC: All 10 AGM resolutions passed with over 99.5 percent approval | compliance | minimal | — | — |
| 28 Sept 2026 · Southern Petrochemical Industries Corporation Limited has informed the Exchange regarding Proceedings of the 55th Annual General Meeting held on September 28, 2026 | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed ahead of Q2 FY26-27 results | compliance | minimal | — | — |
| 7 Sept 2026 · SPIC publishes 55th AGM notice, 20% dividend proposed for FY26 | compliance | minimal | — | — |
| 4 Sept 2026 · SPIC 55th AGM notice on Sept 28, 2026; includes Rs 2 per share dividend | board shareholder meetings | low | — | — |
| 20 Aug 2026 · SPIC tells shareholders to update KYC details; Rs 2 dividend recommended | compliance | minimal | — | — |
| 17 Aug 2026 · Record date fixed for FY26 dividend at Rs 2 per share | corporate actions | high | — | — |
| 17 Aug 2026 · SPIC sets 55th AGM on 28 Sep 2026 via video conferencing | board shareholder meetings | 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.