Rashtriya Chemicals and Fertilizers Limited Q2 FY27 Results Summary

Key Financial Figures (Standalone)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹5,063.19 crore
  • Other Income: ₹22.55 crore
  • Total Income: ₹5,085.74 crore
  • Total Expenses: ₹4,908.14 crore
  • Profit Before Tax: ₹177.60 crore
  • Tax Expense: ₹46.15 crore
  • Profit After Tax: ₹131.45 crore
  • Basic EPS: ₹2.38

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹8,648.90 crore
  • Other Income: ₹57.99 crore
  • Total Income: ₹8,706.89 crore
  • Profit After Tax: ₹205.74 crore
  • Basic EPS: ₹3.73

Comparative Figures (Q2 FY26):

  • Revenue from Operations: ₹5,292.58 crore
  • Profit After Tax: ₹105.69 crore
  • Basic EPS: ₹1.92

Segment Performance (Standalone)

Quarter Ended September 30, 2026:

  • Fertilizers: Revenue ₹3,945.22 crore, Profit ₹84.94 crore
  • Industrial Chemicals: Revenue ₹505.93 crore, Profit ₹144.93 crore
  • Trading: Revenue ₹608.40 crore, Profit ₹10.57 crore

Half Year Ended September 30, 2026:

  • Fertilizers: Revenue ₹6,513.02 crore, Loss ₹65.36 crore
  • Industrial Chemicals: Revenue ₹1,214.09 crore, Profit ₹445.40 crore
  • Trading: Revenue ₹914.51 crore, Profit ₹31.23 crore

Key Financial Ratios (Standalone)

  • Debt: Equity Ratio: 0.43:1
  • Current Ratio: 1.16
  • Interest Service Coverage Ratio: 4.96
  • Operating Margin %: 5.97%
  • Net Profit Margin %: 2.60%

Consolidated Financial Highlights

Quarter Ended September 30, 2026:

  • Profit After Tax: ₹130.94 crore
  • Basic EPS: ₹2.37

Half Year Ended September 30, 2026:

  • Profit After Tax: ₹204.47 crore
  • Basic EPS: ₹3.71

Material Developments and Disclosures

1. Gas Pooling Dispute (Note 7):

  • Cumulative differential of ₹79.84 crore (FY 2021-22 to FY 2022-23) recognized as receivable from DoF
  • Disputed demand from GAIL of ₹52.18 crore for FY 2022-23
  • Total exposure approximately ₹203.41 crore
  • DoF disposed of company's representation on October 23, 2026
  • Company submitted further representation on November 11, 2026 seeking reconsideration
  • No provision made as company expects favorable resolution

2. Revision in Energy Norms (Note 5):

  • DoF revised energy norm for Thal Unit from 6.200 Gcal/MT to 5.984 Gcal/MT retrospectively from April 1, 2025
  • Financial impact of ₹132.52 crore for FY 2025-26 accounted in Q1 FY27
  • Additional impact of ₹99.19 crore recognized in H1 FY27 (₹39.02 crore in Q1 + ₹60.17 crore in Q2)
  • Total financial impact recognized up to September 30, 2026: ₹231.71 crore

3. Subsidy Recognition:

  • Recognized ₹179.28 crore subsidy income over notified NBS rates for Kharif 2026 imports
  • ₹217.50 crore pending settlement from DoF for price adversity claims as of September 30, 2026

4. Credit Ratings:

  • Commercial Papers: ICRA A1+, CARE A1+
  • Non-Convertible Debentures: ICRA AA, IND AA
  • Long Term Bank Lines: ICRA AA
  • Short Term Bank Lines: CRISIL A1+

5. Debt Securities:

  • 7.99% NCD (Series I-2024): ₹300 crore, due August 2027
  • 7.49% NCD (Series I-2025): ₹300 crore, due June 2028
  • 7.60% NCD (Series II-2025): ₹395 crore, due July 2029
  • All interest payments made on due dates

6. Related Party Transactions (Annexure B):

  • Transactions with joint ventures Talcher Fertilizers Ltd (TFL) and Urvarak Videsh Ltd (UVL)
  • Share of expenses receivable from TFL: ₹20.26 crore as of September 30, 2026
  • Transactions with FACT and Indian Potash Limited where directors are interested
  • Key management personnel remuneration: ₹1.61 crore for H1 FY27

7. Utilization of Funds (Annexure C):

  • No deviation in utilization of proceeds from NCD issuances
  • Funds used for augmentation of long-term working capital and capital expenditure

8. Default Status (Annexure D):

  • Total loans outstanding: ₹3,656.12 crore as of September 30, 2026
  • No defaults on loans or debt securities

Capital Structure

  • Paid-up Equity Share Capital: ₹551.69 crore (Face Value ₹10 each)
  • Reserves & Other Equity: ₹4,705.68 crore (Standalone)
  • Net Worth: ₹5,257.37 crore (Standalone)

Cash Flow Highlights (Standalone)

  • Net cash from operating activities: ₹1,831.10 crore
  • Net cash used in investing activities: ₹345.99 crore
  • Net cash used in financing activities: ₹639.08 crore
  • Net increase in cash: ₹846.03 crore
  • Cash and cash equivalents: ₹969.92 crore as of September 30, 2026