Key Financial Figures - Full Year (FY26)

  • Revenue from Operations: ₹976.60 crores, representing a 21.1% increase compared to FY25.
  • EBITDA: ₹99.5 crores, with a margin of 10.2%. This represents an 18.7% year-on-year growth.
  • Profit After Tax (PAT): ₹70.1 crores, with a margin of 7.1%. This represents a 19.6% year-on-year increase.
  • Gross Profit: ₹331.5 crores, up 11.7% YoY, with a margin of 33.9%.
  • Return on Equity (ROE): Increased to 12.2%.
  • Return on Capital Employed (ROCE): Increased to 15.3%.

Key Financial Figures - Quarter (Q4 FY26)

  • Revenue from Operations: ₹218.2 crores.
  • EBITDA: ₹22.1 crores, with a margin of 10.1%.
  • Profit After Tax (PAT): ₹12.9 crores, with a margin of 5.8%.
  • Gross Profit: ₹83.7 crores, with a margin of 38.4%.

Operational Performance & Segment-wise Data - FY26

  • Chemical Segment: Recorded sales of 72,423 metric tons (up 27.9% YoY), generating revenue of ₹531.8 crores.
  • Fertiliser Segment: Achieved sales of 252,777 metric tons, contributing ₹444.8 crores in revenue.
  • Overall Consolidated Volume: 325,000 metric tons, reflecting a growth of 2.5%.

Operational Performance & Segment-wise Data - Q4 FY26

  • Chemical Segment: Sales of 13,725 metric tons (a 36% YoY increase), generating revenue of ₹126.4 crores.
  • Fertiliser Segment: Sales of 50,500 metric tons, contributing ₹91.8 crores in revenue.
  • Overall Consolidated Volume: 64,239 metric tons.
  • The quarter's performance was affected by ongoing supply chain challenges which impacted raw material availability. The company intentionally stopped dispatches in the second week of March due to volatile raw material prices.

Capital Expenditure (Capex) & Expansion Initiatives

  • The company has a total planned capital expenditure of ₹512 crores.
  • As of March 31, 2026, ₹189 crores has been incurred on ongoing projects and manufacturing facilities.
  • Capex is funded through a combination of internal accruals and a preferential allotment to promoters (₹30 crores mentioned).
  • Progress on Key Projects:
  • Unit 5 (Dyes Plant): Described as "absolutely ready" but trial production has not commenced.
  • Unit 6: Described as at 90-95% completion. Trial production could begin within a month but is on hold.
  • Madhya Bharat Phosphates (Meghnagar site): A future capex of ₹350 crores is planned.
  • Reasons for Delay: The commissioning of Ratnagiri Unit 5 and 6 has been delayed due to external factors, primarily a severe surge in the prices of key raw materials (ammonia and sulphur have increased ~3x) and ongoing global supply chain disruptions.

Financial Position & Liquidity

  • The company maintains a strong financial position with non-lien deposits amounting to ₹140.68 crores as of 31st March 2026.
  • Leverage is minimal with a net debt-to-equity ratio of -0.01x and a net debt-to-EBITDA ratio of -0.05x.
  • Long-term debt stands at ₹23.15 crores, attributed to a term loan of ₹25 crores from HDFC Bank for a solar project.

Sustainability Initiatives

  • Commissioned a 1.1 MW DC solar power plant at Haryana, Hisar, bringing the total installed solar capacity to 10.6 MW DC.
  • A previously announced 10 MW solar plant at Nanded, Maharashtra, remains on track. This will ultimately take total solar capacity to 20.6 MW DC.

Management Commentary & Forward-Looking Statements

  • FY27 Revenue Guidance: Management provided a conservative revenue visibility of ₹1,250 - ₹1,300 crores for FY27, forgoing the Kharif season for the new units (Units 5 & 6). This is lower than a previous expectation of ~₹1,500 crores.
  • Margin Outlook: Management expressed confidence in maintaining an 8-10% PAT margin, citing it as achievable and "not rocket science".
  • Raw Material Situation: The prices of key raw materials ammonia and sulphur have tripled (e.g., ammonia from ~₹42/kg to ₹100+/kg; sulphur from ~₹30/kg to ₹100/kg). This has created uncertainty in the market regarding demand acceptability for finished products at these new price levels.
  • Utilization: Existing plant utilization is estimated at 65-70%. The company aims to at least maintain this level.
  • Taxation: For financial modeling, an effective tax rate of 22-25% should be considered for FY27, factoring in significant deferred tax impacts from ongoing capitalizations.

Capital Structure Impact

The company's capital structure remains conservative with minimal debt. Funding for expansion is primarily through internal accruals, ensuring no significant dilution or leverage increase at this stage.

Parties Involved

  • Management Participants: Mr. Punit Makharia (Chairman and Managing Director), Mr. Deepak Beriwala (Chief Financial Officer), Mr. Pankaj Manjani (Company Secretary & Compliance Officer).
  • Lender: HDFC Bank (provided a ₹25 cr term loan for solar project).
  • Investor Relations Advisor: Churchgate Partners.