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Research updated
Chambal Fertilisers and Chemicals Ltd.
NSE: CHAMBLFERTBasic MaterialsAgricultural Inputs
- Last close
- ₹363.95
- Day change
- −₹10.20 (−2.73%)vs
- Market cap
- ₹15,549 crIndian rupees
- Research updated
- 2 reports
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About Chambal Fertilisers and Chemicals
Chambal Fertilisers and Chemicals Ltd. is an Indian agrochemical and chemical manufacturing company focused primarily on fertiliser and agri-inputs production and distribution. Headquartered in New Delhi and founded in 1985, it operates three large-scale nitrogenous fertiliser plants at Gadepan in Kota district, Rajasthan, making it one of the largest private sector producers of urea in India. The company’s core activities include manufacturing urea and marketing a broad portfolio of fertilisers such as Di-Ammonium Phosphate, Muriate of Potash, NPK fertilisers, specialty plant nutrients, sulphur and micronutrients, along with crop protection chemicals and agrochemicals. Chambal Fertilisers and Chemicals Ltd. serves farmers and channel partners across multiple northern, central, eastern and western Indian states through an extensive dealer and retailer network, with most products marketed under the Uttam brand. By supplying essential crop nutrients and protection solutions, the company plays a significant role in supporting agricultural productivity and input availability in India’s key farming regions.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: CHAMBLFERT
- Next results
- Employees
- 1,102
- Headquarters
- New Delhi, India
- ISIN
- INE085A01013
- Website
- chambalfertilisers.com
Public research · Report of
Business model & financial foundation
Chambal Fertilisers (NSE: CHAMBLFERT), Fertilisers (urea manufacturing; complex fertiliser trading; crop protection): revenue of ₹20,794 crore in FY26 (+24.9% on FY25), an EBITDA margin of 12.9%, net profit of ₹1,953 crore and net cash of ₹6.35 crore.
- Revenue, FY26 (₹ crore)
- 20,794
- consolidated
- Revenue growth, FY26
- +24.9%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA (company definition, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,953
- to owners
- Return on equity, FY26
- 20.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -6.35
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 15,549
- at the close of 17 Oct 2026
Company profile
Chambal Fertilisers is one of India's largest private urea producers, operating three gas-based urea plants (Gadepan-I, II, III) at Kota, Rajasthan with about 34 lakh tonnes a year of capacity (~10-11% of domestic production). It also trades imported DAP, MOP and NPK fertilisers and sells crop protection chemicals, speciality nutrients and seeds. Urea economics are set by government policy (NUP-2015 for G1/G2, NIP-2012 import-parity-linked pricing for G3 until Dec 2026); a 2.4 lakh t technical ammonium nitrate plant began commercial production in Aug 2026.
| Item | Value |
|---|---|
| Legal name | Chambal Fertilisers and Chemicals Limited |
| Exchange and ticker | NSE: CHAMBLFERT; BSE: 500085 |
| ISIN | INE085A01013 |
| Sector | Basic Materials |
| Industry | Fertilisers (urea manufacturing; complex fertiliser trading; crop protection) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹15,549 crore (17 Oct 2026) |
| Shares outstanding | 40.07 crore shares (FY26) |
| Price | ₹388.1 (close, 17 Oct 2026) |
| 52-week range | ₹371.3 - ₹500.0 (to 17 Oct 2026) |
| Website | https://www.chambalfertilisers.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Chambal Infrastructure Ventures Limited | 100% | Investment/infrastructure subsidiary (India), immaterial |
| CFCL Ventures Limited (Cayman Islands) | 72.27% | Holding company of dormant ISG Novasoft Technologies (India); ISGN Corporation (USA) dissolved 14 Jul 2025 |
| Indo Maroc Phosphore S.A. - IMACID (Morocco) | 33.33% | Joint venture with OCP and Tata Chemicals producing phosphoric acid; equity accounted |
Promoter group is the K.K. Birla group (Zuari Industries, Earthstone/Hindustan Earthstone entities); promoter holding 61.72% at Sep 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 60.85% | 61.25% | 61.34% | 61.72% |
| Promoter holding pledged | 23.68% | 23.46% | 23.07% | 21.10% |
| Foreign institutions | 15.66% | 15.10% | 14.92% | 13.41% |
| Domestic institutions | 4.66% | 5.40% | 5.34% | 6.31% |
| of which mutual funds | 4.18% | 4.74% | 4.69% | 5.64% |
| Retail | 18.85% | 18.27% | 18.40% | 18.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | ebit margin, FY26 (%) |
|---|---|---|---|---|---|
| Urea (own manufactured) | 12,566 | 60.4% | 1,845 | 76.6% | 14.7% |
| Complex Fertilisers (P&K) | 7,025 | 33.8% | 281.4 | 11.7% | 4.0% |
| CPC, SN and Seeds | 1,203 | 5.8% | 283.0 | 11.7% | 23.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Coromandel International (COROMANDEL) | Largest private phosphatic/complex fertiliser and crop protection peer |
| Rashtriya Chemicals and Fertilizers (RCF) | Gas-based urea and complex fertiliser producer under NUP-2015 |
| National Fertilizers (NFL) | Gas-based urea producer under the same urea pricing regime |
| Deepak Fertilisers and Petrochemicals (DEEPAKFERT) | Technical ammonium nitrate producer — the market Chambal's new TAN plant enters |
| Gujarat State Fertilizers and Chemicals (GSFC) | Fertiliser and chemicals producer, urea and complex |
| Paradeep Phosphates (PARADEEP) | DAP/NPK manufacturer; read-across for complex fertiliser margins |
| Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) | Urea plus ammonium nitrate/nitric acid chemicals |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 16,068 | 27,771 | 17,966 | 16,646 | 20,794 |
| Cost of revenue (vendor classification) * | 9,764 | 19,883 | 11,072 | 9,316 | 13,472 |
| Other operating costs (vendor classification) * | 3,838 | 5,795 | 4,603 | 4,670 | 4,297 |
| EBITDA (vendor classification) * | 2,599 | 1,945 | 2,152 | 2,830 | 2,859 |
| EBIT * | 2,335 | 1,707 | 2,048 | 2,500 | 2,580 |
| Finance costs | 103.7 | 290.5 | 173.1 | 48.4 | 6.81 |
| Profit before tax (after JV share) | 2,231 | 1,416 | 1,887 | 2,452 | 2,578 |
| Total tax expense | 664.8 | 382.5 | 611.2 | 802.3 | 625.1 |
| Profit for the period | 1,566 | 1,034 | 1,276 | 1,649 | 1,953 |
| Diluted EPS (INR) | 37.62 | 24.85 | 30.84 | 41.17 | 48.76 |
| Materials + traded goods purchases + inventory change | 10,902 | 9,316 | 13,293 | ||
| Employee benefits expense | 220.8 | 233.2 | 287.3 | ||
| Other expenses | 4,800 | 4,613 | 4,535 | ||
| EBITDA (company definition, excl. other income) | 2,043 | 2,483 | 2,679 | ||
| Other income | 249.1 | 215.1 | 126.9 | ||
| Depreciation and amortisation | 312.8 | 330.2 | 349.0 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of JV (IMACID) | 80.4 | 131.7 | 128.8 | ||
| Non-controlling interest share of profit | -0.05 | -0.12 | -0.12 | ||
| Profit attributable to owners | 1,276 | 1,650 | 1,953 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 6,386 | 7,053 | 7,258 | 8,712 | 10,390 |
| Borrowings (current + non-current) | 4,337 | 3,358 | 1,854 | 82.3 | 1,054 |
| Cash and cash equivalents | 532.0 | 36.9 | 109.9 | 107.8 | 307.9 |
| Trade receivables | 2,151 | 1,760 | 191.6 | 367.9 | 2,075 |
| Inventories | 3,123 | 1,374 | 1,255 | 1,802 | 2,280 |
| Trade payables | 1,500 | 1,212 | 793.8 | 630.3 | 936.5 |
| Net property, plant and equipment | 52.6 | 66.5 | 81.4 | 6,204 | 6,091 |
| Capital work in progress | 156.6 | 101.6 | 183.5 | 649.4 | 1,389 |
| Total assets * | 13,289 | 12,770 | 11,509 | 11,407 | 14,402 |
| Other bank balances | 23.0 | 128.6 | 249.5 | ||
| Current investments | 1,932 | 828.2 | 503.4 | ||
| Net debt (negative = net cash) | -211.5 | -982.2 | -6.35 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -866.1 | 3,474 | 3,327 | 1,394 | 137.8 |
| Free cash flow (vendor definition) * | -202.9 | 3,042 | 2,714 | 820.9 | -754.5 |
| Dividends paid (the provider's sign: an outflow is negative) * | -374.3 | -312.1 | -312.2 | -320.5 | -400.7 |
| Purchase of property, plant and equipment | -162.1 | -193.0 | -610.3 | -571.8 | -886.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 41.62 | 41.62 | 41.37 | 40.07 | 40.07 |
| CWIP age less than one year | 513.7 | 835.1 | |||
| CWIP age one to two years | 131.7 | 435.3 | |||
| CWIP age two to three years | 3.94 | 114.7 | |||
| CWIP age over three years | 0.00 | 3.57 | |||
| Capital commitments net of advances | 1,164 | 495.6 | |||
| Consolidated total segment results | 2,223 | 2,409 | |||
| Consolidated Others segment EBIT | -0.11 | -0.12 | |||
| 115BAA deferred tax remeasurement adjustment | 522.1 | 0.00 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,346 | 4,918 | 2,449 | 5,698 | 6,413 | 5,898 | 2,785 | 5,027 |
| Cost of revenue (vendor classification) * | 2,284 | 2,943 | 1,196 | 3,698 | 3,803 | 1,463 | 2,979 | |
| Other operating costs (vendor classification) * | 1,214 | 1,139 | 1,028 | 1,177 | 1,179 | 1,001 | 1,127 | |
| EBITDA (vendor classification) * | 870.2 | 872.5 | 249.3 | 840.4 | 856.7 | 307.7 | 852.6 | |
| EBIT * | 786.9 | 789.5 | 167.7 | 756.0 | 769.0 | 217.6 | 763.5 | |
| Finance costs | 1.27 | 6.94 | 0.00 | 2.43 | 0.89 | 0.92 | 2.57 | 16.8 |
| Profit before tax (after JV share) | 785.6 | 782.5 | 167.7 | 753.5 | 841.8 | 768.0 | 215.0 | 746.7 |
| Total tax expense | 249.3 | 248.1 | 37.4 | 204.6 | 193.0 | 181.7 | 45.8 | 223.1 |
| Profit for the period | 536.4 | 534.4 | 130.3 | 548.9 | 648.8 | 586.4 | 169.2 | 523.6 |
| Diluted EPS (INR) | 13.39 | 13.34 | 3.25 | 13.70 | 16.19 | 14.64 | 4.23 | 13.07 |
| Materials + traded goods purchases + inventory change | 2,284 | 2,943 | 1,196 | 3,698 | 4,329 | 3,803 | 1,463 | 2,979 |
| Employee benefits expense | 57.8 | 57.9 | 61.6 | 61.6 | 64.5 | 95.3 | 66.0 | 70.2 |
| Other expenses | 1,214 | 1,139 | 1,028 | 1,177 | 1,178 | 1,179 | 1,001 | 1,127 |
| EBITDA (company definition, excl. other income) | 790.2 | 778.0 | 163.4 | 761.0 | 841.7 | 820.8 | 255.1 | 850.8 |
| Other income | 44.1 | 64.6 | 55.3 | 43.3 | 40.6 | 14.1 | 28.8 | 26.9 |
| Depreciation and amortisation | 83.3 | 83.0 | 81.6 | 84.5 | 86.6 | 87.8 | 90.1 | 89.1 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JV (IMACID) | 35.9 | 29.9 | 30.7 | 36.1 | 47.0 | 21.9 | 23.8 | -25.1 |
| Non-controlling interest share of profit | -0.01 | -0.02 | -0.05 | -0.07 | -0.01 | -0.02 | -0.02 | -0.01 |
| Profit attributable to owners | 536.4 | 534.4 | 130.4 | 549.0 | 648.8 | 586.4 | 169.3 | 523.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 26.3% | 72.8% | -35.3% | -7.3% | 24.9% |
| EBITDA margin | 11.4% | 14.9% | 12.9% | ||
| Net margin | 7.1% | 9.9% | 9.4% | ||
| Return on equity | 17.8% | 20.7% | 20.5% | ||
| Return on capital employed | 23.5% | 16.2% | 21.0% | 27.9% | 25.5% |
| Return on assets | 10.5% | 14.4% | 15.1% | ||
| Net debt (₹ crore) | -211.5 | -982.2 | -6.35 | ||
| Net debt / EBITDA | -0.10x | -0.40x | -0.00x | ||
| Interest cover | 22.5x | 5.87x | 11.8x | 51.6x | 378.8x |
| Asset turnover | 1.37x | 2.13x | 1.48x | 1.45x | 1.61x |
| Receivable days | 49 | 23 | 4 | 8 | 36 |
| Inventory days (on revenue) | 71 | 18 | 25 | 40 | 40 |
| Payable days (on revenue) | 34 | 16 | 16 | 14 | 16 |
| Cash conversion | 2.61x | 0.85x | 0.07x | ||
| Capex intensity | 1.0% | 0.7% | 3.4% | 3.4% | 4.3% |
| Free cash flow (₹ crore) | -1,028 | 3,281 | 2,716 | 822.1 | -748.3 |
| Dividend payout | 24.5% | 19.4% | 20.5% | ||
| EPS, diluted (₹) | 37.62 | 24.85 | 30.84 | 41.17 | 48.76 |
| Book value per share (₹) | 153.4 | 169.5 | 175.5 | 217.4 | 259.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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