Financial Performance Highlights (FY26 Standalone)

  • Sales: ₹10,827 crores (15% YoY growth from ₹9,429 crores)
  • PBT: ₹838 crores (13% YoY growth)
  • PAT: ₹652 crores (14% YoY growth)
  • Operating EBITDA: ₹781 crores (24% YoY growth)
  • Fertilizer sales volume: 22.31 lakh metric tons (12% growth from 19.88 lakh metric tons)

Consolidated Financial Performance (FY26)

  • Sales: ₹10,945 crores (15% growth)
  • PBT: ₹861 crores (14% growth)
  • PAT: ₹673 crores (14% growth)

Q4 FY26 Performance

  • Highest ever Q4 sales: ₹2,622 crores
  • Highest ever Q4 fertilizer sales: ₹1,985 crores
  • Industrial Products segment achieved highest Q4 EBIT in last 10 quarters

Operational Highlights

  • Achieved highest fertilizer production in last 5 years: 17.59 lakh metric tons
  • Industrial Products segment delivered highest annual profitability in last 4 years: ₹200 crores EBIT
  • Capitalized growth projects worth over ₹670 crores
  • Maintained stable operations despite raw material price volatility from geopolitical disruptions

Segment Performance

Fertilizer Segment:

  • Segment sales increased by ₹1,196 crores
  • Volume growth led by AS, APS and DAP products
  • Government subsidy support maintained stable operations
  • Received subsidy dues for urea up to fourth week of April 2026
  • Received subsidy dues for P&K fertilizers up to third week of April 2026

Industrial Products Segment:

  • Strong turnaround and profitability improvement
  • Revenue growth and margin expansion supported by higher sales of HX Crystal and traded ammonia
  • Improved export opportunities in melamine
  • Realizations in caprolactam and nylon products remained under pressure due to lower global spreads
  • Benefited from improved product mix and operational efficiencies

Balance Sheet Position

  • No long-term debt
  • Healthy net worth
  • Adequate liquidity
  • Optimal working capital levels due to timely subsidy releases

Outlook for Q1 FY27

Fertilizer Segment:

  • Raw material markets remain unsettled with geopolitical pressures in Middle East
  • Government revised NBS rates for H1 26-27 with 10% uplift across nitrogen, phosphorus and sulfur nutrients
  • Progress of Southwest monsoon and El Nino conditions will influence demand outlook
  • Company will manage position balancing offtake timing, inventory placement and margins

Industrial Products Segment:

  • Mixed demand picture, product-specific
  • Caprolactam-benzene spreads expected to recover (currently >$800/metric ton vs $670 in Q4)
  • Elevated caprolactam and nylon 6 prices from Q4 unlikely to hold
  • Melamine and technical grade urea face softer demand environment
  • HX Crystal domestic demand remains constant
  • Agrochemical sectors affected by geopolitical situation

Raw Material Inventory Position

  • Ammonia: 16,000 metric tons stock at Baroda complex, no price rise expected in natural gas
  • Sulfuric acid: Inventory at full tank levels
  • Sulfur procurement through long-term contracts with Reliance, Nayara, BPCL and IOCL
  • International sulfur prices at $850/ton
  • Actively importing sulfur from international markets for competitive rates

Capacity Expansion Projects

  • DAP train at Sikka unit (1,300-1,400 MTPD capacity) being converted for fungible NPK production
  • Conversion work expected completion in July-August 2026
  • Will enable production of either APS or DAP from the same train

Current Operations

  • Fertilizer plants running at optimum levels with some hiccups in sulfur supply
  • Arranging ammonium sulphate shipments from international market to maintain production
  • Industrial Products segment showing positive tone with caprolactam-benzene spread improvement

Margin Outlook

  • DAP and urea margins fully protected by Government of India through special package
  • Expected circular for cost reimbursement to be issued soon
  • NPK grades may see ±5-10% margin variations due to price increases
  • Potential margin loss in fertilizers may be compensated by better performance in Industrial Products segment