Financial Performance - Q1 FY27 Consolidated

Revenue from Operations: ₹280.1 Cr (Q1 FY26: ₹254.5 Cr), representing 10.0% YoY growth and 28.4% QoQ growth from Q4 FY26 ₹218.2 Cr.

Cost Breakdown:

  • Cost of Materials Consumed: ₹193.4 Cr (Q1 FY26: ₹151.2 Cr)
  • Changes in Inventories: (₹2.5) Cr (Q1 FY26: ₹19.4 Cr)
  • Gross Profit: ₹89.2 Cr, growth of 6.3% YoY
  • Gross Profit Margin: 31.9% (Q1 FY26: 33.0%; Q4 FY26: 38.4%)

Expense Structure:

  • Employee Benefits Expense: ₹12.7 Cr (Q1 FY26: ₹11.3 Cr)
  • Other Expenses: ₹44.6 Cr (Q1 FY26: ₹43.5 Cr)

Profitability Metrics:

  • EBITDA: ₹31.9 Cr (Q1 FY26: ₹29.1 Cr), growth of 9.7% YoY and 44.3% QoQ
  • EBITDA Margin: 11.4% (stable YoY from 11.4%; Q4 FY26: 10.1%)
  • Other Income: ₹4.9 Cr (Q1 FY26: ₹3.7 Cr)
  • Depreciation and Amortisation: ₹6.3 Cr (Q1 FY26: ₹5.9 Cr)
  • EBIT: ₹30.5 Cr (Q1 FY26: ₹27.0 Cr), growth of 12.9% YoY
  • Finance Costs: ₹2.6 Cr (Q1 FY26: ₹1.2 Cr)
  • PBT: ₹27.8 Cr (Q1 FY26: ₹25.8 Cr), growth of 7.8% YoY
  • Total Tax Expense: ₹4.9 Cr (stable YoY from ₹4.9 Cr)
  • PAT: ₹22.9 Cr (Q1 FY26: ₹21.0 Cr), growth of 9.4% YoY and 78.2% QoQ
  • PAT Margin: 8.2% (stable YoY from 8.2%; Q4 FY26: 5.8%)

Segmental Performance Q1 FY27

Fertiliser Segment:

  • Sales Volume: 66,527 MT (Q1 FY26: 76,288 MT)
  • Sales Value: ₹142 Cr (Q1 FY26: ₹137 Cr), growth of 4.0% YoY
  • Contribution to Total Sales: 51%

Chemical Segment:

  • Sales Volume: 9,113 MT (Q1 FY26: 14,837 MT)
  • Sales Value: ₹138 Cr (Q1 FY26: ₹118 Cr), growth of 17.1% YoY
  • Contribution to Total Sales: 49%

Historical Financial Performance

FY26 Full Year Results:

  • Revenue from Operations: ₹976.6 Cr (FY25: ₹806.3 Cr), +21% YoY
  • EBITDA: ₹99.5 Cr (FY25: ₹83.9 Cr), +19% YoY
  • EBITDA Margin: 10.2% (FY25: 10.4%)
  • PAT: ₹70.1 Cr (FY25: ₹58.6 Cr), +20% YoY
  • PAT Margin: 7.1% (FY25: 7.3%)
  • ROE: 12.2%
  • ROCE: 15.3%
  • Net Debt/Equity: (0.01)x

Historical Revenue Trend:

  • FY25: ₹806.3 Cr
  • FY24: ₹726.2 Cr
  • FY23: ₹684.0 Cr
  • FY22: ₹584.0 Cr
  • FY21: ₹354.9 Cr

Operational Capacity and Expansion

Current Manufacturing Capacity:

  • Total Capacity: 7,17,660 MTPA
  • Chemicals: 5,90,200 MTPA (expanding to 10,40,200 MTPA)
  • Fertilisers: 1,27,460 MTPA (expanding to 1,99,460 MTPA)
  • Solar Power: 10.6 MW DC operational

Expansion Projects:

  • Total Planned Capex: ₹512 Cr
  • Capex Incurred: ₹60 Cr (Meghnagar) + ₹72 Cr (Ratnagiri) + ₹5 Cr (Solar) = ₹137 Cr
  • Capex Outstanding: ₹290 Cr (Meghnagar) + ₹13 Cr (Ratnagiri) = ₹303 Cr

Specific Expansion Details:

1. Meghnagar, Madhya Pradesh: ₹350 Cr capex planned

  • Additional Capacity: 3,00,000 MTPA complex fertilisers
  • Target Completion: March 2028

2. Ratnagiri, Maharashtra: ₹37 Cr capex planned (fully incurred)

  • Additional Capacity: 1,50,000 MTPA complex fertilisers + 66,000 MTPA acid capacity + 6,000 MTPA complex fertilisers
  • Target Completion: September 2026 (Units 5 & 6)

3. Solar Expansion: ₹5 Cr capex planned (fully incurred)

  • Additional Capacity: 10.0 MW DC
  • Commissioned in Q4 FY26

Land Acquisition:

  • Acquired approximately 30,000 sq. metres of land at Lote Parshuram for ₹9.33 Cr
  • Located adjacent to existing Unit 1
  • Purpose: Support future expansion plans

Funding Strategy

Expansion to be funded through internal accruals and preferential allotment, reflecting strong cash flows and disciplined capital allocation.

Liquidity Position

Maintains ₹124.91 Cr in non-lien deposits as on 30th June 2026.

Management Commentary

Mr. Punit Makharia, Chairman and Managing Director, stated that despite ongoing global supply chain challenges and elevated raw material prices, the company delivered positive Q1 performance with improved realizations supporting higher sales value despite lower volumes. The company is carefully evaluating the timing of commencement of new capacities considering raw material price volatility. Focus remains on advancing expansion initiatives and strengthening manufacturing capabilities.

Manufacturing Facilities

9 Facilities Across 3 States:

  • Maharashtra (Ratnagiri): Units 1, 2, 3, 4, 5, 6
  • Madhya Pradesh: Unit 7 (Deewanganj), Unit 8 (Meghnagar)
  • Haryana: Unit 9 (Hisar)

Solar Power Plants:

  • Ahilyanagar, Maharashtra
  • Nanded, Maharashtra
  • Hisar, Haryana

Distribution Network

800+ distributors and 14 offices across India providing coverage across northern, central, and parts of eastern and southern regions.

Product Portfolio

Fertilisers: Single Super Phosphate, NPK variants (18:18:10, 13:0:45, 13:40:13, 20:20:0, 19:19:19), MPK variants (13:0:45, 00:52:34), MAP 12:61:00, Calcium Nitrate, Sulphate of Potash

Chemicals: Speciality Textile Dyes including Royal Blue Series, Turquoise Blue Series, Blank Series, CELF Reactive Dyes, CELF & PR Reactive Dyes, DR Reactive Dyes, SS Reactive Dyes

Corporate Governance

Board of Directors:

  • Mr. Punit Makharia (Chairman and Managing Director)
  • Mr. Gautam Makharia (Joint Managing Director)
  • Mr. Ramakant Nayak (Non-Executive Non-Independent Director)
  • Mrs. Barkharani Nevatia (Non-Executive Independent Director)
  • Mr. Ishtiaq Ali (Non-Executive Independent Director)

Company Secretary & Compliance Officer: Mr. Pankaj Manjani

ESG Initiatives

Company maintains real-time ESG disclosure platform with 15 factors and 493 subfactors covering environmental, social and governance parameters. Sustainability initiatives focused on zero-liquid discharge, renewable energy adoption (10.6 MW DC operational), and reducing carbon footprint.