Key Financial Figures (Standalone - ₹ Crores)

| Particulars | Q1 FY26-27 | Q4 FY25-26 | Q1 FY25-26 |

| Operating Revenue | 2,238 | 2,208 | 1,601 |

| Total Revenue | 2,339 | 2,333 | 1,751 |

| PBT | 416 | 526 | 105 |

| PAT | 310 | 392 | 78 |

Financial Performance Analysis

  • Quarter-on-Quarter (Q1 FY27 vs Q4 FY26): Operating revenue marginally increased to ₹2,238 crore from ₹2,208 crore, primarily due to improved realizations across all products, partially offset by lower volumes in the majority of products. Profit Before Tax (PBT) decreased to ₹416 crore from ₹526 crore due to higher input costs, higher fixed costs, and lower volumes, partially offset by better realizations.
  • Year-on-Year (Q1 FY27 vs Q1 FY26): Revenue and PBT are not comparable due to an annual turnaround in the Bharuch complex during Q1 FY25-26.
  • The change in other comprehensive income is attributable to changes in the fair market value of both quoted and unquoted investments as well as actuarial assumptions of employee benefit obligations.

Segment Performance

  • Segment Revenue QoQ: Fertilizer segment revenue decreased mainly due to lower volume partially offset by higher realization. Chemical segment revenue increased mainly due to higher realization partially offset by lower volume resulting from geopolitical challenges.
  • Segment Results QoQ: Fertilizer segment loss increased mainly due to higher input cost, one-time income received during Q4 FY25-26, and higher fixed cost partially offset by higher realization. The company continues to be profitable, but segment results are relatively impacted, largely attributable to geopolitical challenges.

Regulatory Update and Financial Impact

The Department of Fertilizers (DoF) issued a notification dated June 30, 2026, fixing the New Energy Norm for Neem Coated Urea (NCU) at 6.37 Gcal PMT from April 1, 2025, to March 31, 2028, against the earlier norm of 6.20 Gcal PMT.

  • As per preliminary assessment, this will have a positive financial impact of approximately ₹61 crores for the period April 2025 to June 2026.
  • This impact will be accounted for in Q2 FY26-27 after detailed examination.
  • A revision in the fixed cost for NCU is being pursued with the Government at the industry level.

Expansion Plans

Projects Under Execution:

1. Coal Based Steam & Power Plant (CCPP) – Dahej: 150 MT/Hr Steam & 18 MW Power. Expected to improve the operating margins of TDI II.

2. Ammonia Expansion – Bharuch: 50 KTPA. Expected to increase reliability of the existing ammonia loop along with some energy cost saving.

3. Weak Nitric Acid –III – Bharuch: 200 KTPA.

4. Ammonium Nitrate –II – Bharuch: 163 KTPA. Expected to strengthen the company's market share and increase revenue and results.

5. New CFBC Steam Boiler – Bharuch: 180 ~ 200 MT/HR.

Projects Under Consideration:

1. BisPhenol-A (BPA) – Dahej: 150 KTPA

2. Polyols – Dahej: 100 KTPA

3. Acetic Acid - Bharuch: 350 KTPA

Management Commentary

Mr. Rajkumar Beniwal, IAS, Managing Director, commented on the results. The company continues to closely monitor geopolitical developments and is proactively taking necessary actions to safeguard the interest of all stakeholders. The continuing war has changed the equation of value addition, as in some cases, there is an adverse divergence between feed cost and final output realization.

Company Strengths

Presentation highlights company strengths including a multi-product basket for financial stability, record capacity utilization in all plants, a PAN India distribution network, robust manufacturing technologies, consistent profit since inception, and a strong technical team.