Financial Performance

For Q2 2026-27, standalone operating revenue was Rs. 4,711 Crores, a 50% year-over-year (YoY) increase from Rs. 3,140 Crores in Q2 2025-26. Total revenue was Rs. 4,881 Crores. Operating EBIDTA was Rs. 131 Crores, down from Rs. 333 Crores YoY. Profit before tax (PBT) was Rs. 231 Crores, and profit after tax (PAT) was Rs. 183 Crores. Earnings per share (EPS) was Rs. 4.60 per share (not annualized).

For H1 2026-27, standalone operating revenue was Rs. 8,293 Crores, a 56% YoY increase from Rs. 5,312 Crores in H1 2025-26. Total revenue was Rs. 8,496 Crores. Operating EBIDTA was Rs. 369 Crores. PBT was Rs. 438 Crores, and PAT was Rs. 344 Crores. EPS was Rs. 8.64 per share.

Segment-wise Performance

  • Fertilizer Segment: In Q2 2026-27, sales value grew by 55% YoY, increasing by Rs. 1,386 Crores, despite a 6% decline in sales volume from 6.08 Lakh Metric Tons (LMT) to 5.69 LMT. Growth was primarily driven by higher DAP realization, with DAP revenue increasing by Rs. 1,659 Crores, supported by the Government's DAP Special Package. However, sharp increases in raw material costs—Sulphur rose 327% and Natural Gas rose 62%—compressed EBIT to Rs. 17 Crores compared to Rs. 224 Crores in Q2 2025-26. Urea subsidy rates remain subject to revision following finalization of the actual Pool Gas rate by FICC/GAIL, pending since April 2026.
  • Industrial Products Segment: Sales increased by Rs. 185 Crores, up 30% YoY in Q2 2026-27. EBIT improved from Rs. 54 Crores to Rs. 66 Crores. Better realizations were seen: Caprolactam sales increased by Rs. 58 Crores, Nylon sales by Rs. 60 Crores, Anone sales by Rs. 36 Crores (due to higher volumes), TGU sales by Rs. 26 Crores, offset by a Rs. 5 Crores decline in Melamine sales. The Capro-Benzene spread improved from US$ 512 per MT to US$ 849 per MT.

Volume Performance

  • Fertilizers: Total sales volume in Q2 2026-27 was 5.69 LMT, down from 6.08 LMT YoY. Key volumes: Urea sales at 0.94 LMT, A.S. at 0.61 LMT, A.P.S. at 0.50 LMT, DAP at 0.91 LMT, NPK at 0.01 LMT, traded P&K fertilizers at 1.87 LMT, and traded urea at 0.84 LMT.
  • Industrial Products: Total sales volume was 0.28 LMT in Q2 2026-27. Key volumes: Caprolactam at 0.11 LMT, Melamine at 0.07 LMT, Nylon at 0.09 LMT, MEK Oxime at 0.01 LMT.

Operational Highlights

The company sustained uninterrupted operations and ensured supply continuity despite geopolitical uncertainty and global supply dynamics. Agility in product mix, responsive production planning, and timely pricing actions helped mitigate margin impacts.

Capex Updates

The C-Train Modification for additional 1200 MTPD APS production at Sikka Unit was commissioned on 23rd October 2026. Ongoing projects include the Phosphoric Acid (PA) and Sulphuric Acid (SA) Project at Sikka, with capacity of 198 KTPA PA and 594 KTPA SA, expected to be completed in FY 27-28.

Outlook

  • The Rabi season begins with comfortable fertilizer inventory levels, the highest in three years, intensifying competitive pressures.
  • Subdued Southwest Monsoon and lower reservoir levels, especially in Southern India, may constrain fertilizer demand.
  • Price distortion between DAP and NPK fertilizers affects NPK offtake.
  • NBS subsidy rates may partially mitigate elevated raw material costs and address price distortions.
  • Easing geopolitical tensions could soften international raw material prices.
  • Caprolactam-Benzene spread is expected to moderate in Q3 26-27 as regional supply normalizes, potentially impacting margins.
  • Demand for Melamine and Technical Grade Urea is expected to remain steady, while HX Crystal exports may improve.
  • The company will prioritize operational efficiency, optimal product mix, inventory management, and market supplies in Q3.

Shareholding Pattern

As of 30th September 2026: Promoters (GSIL) hold 37.84% (no change), Foreign Institutional/Portfolio Investors (FII/FPI) hold 12.52% (up 0.16%), Domestic Institutional Investors (DII) & Others hold 5.83% (down 1.50%), Indian Public & Non-Institutional Investors hold 43.81% (up 1.34%). Equity share capital is Rs. 79.69 Crores, consisting of 39.84 Crore shares at Rs. 2 per share.