Ultratech Cement Ltd.
NSE: ULTRACEMCO
Basic Materials · Building Materials
₹11,050.00 last close on 23 Oct 2026 +0.84%
Research updated
Paradeep Phosphates Ltd.
NSE: PARADEEPBasic MaterialsAgricultural Inputs
- Last close
- ₹133.57
- Day change
- −₹4.78 (−3.46%)vs
- Market cap
- ₹15,283 crIndian rupees
- Research updated
- 1 report
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About Paradeep Phosphates
Paradeep Phosphates Ltd. is a prominent player in the agrochemical sector, primarily involved in the manufacturing and distribution of fertilizers. Its primary function is to deliver nutrient-rich fertilizers to enhance agricultural productivity, thereby supporting the sustainable growth of the farming industry. The company's product portfolio includes various grades of fertilizers such as Di-ammonium Phosphate (DAP) and complex fertilizers, which are essential for improving soil fertility and crop yield. Paradeep Phosphates Ltd. plays a significant role in India's agricultural economy by ensuring an adequate supply of quality fertilizers, thus contributing to food security. Headquartered in India, the company leverages its strategic location and advanced technological facilities to produce high-quality products and meet the demands of both domestic and international markets. With its focus on sustainable practices and efficient supply chain management, Paradeep Phosphates Ltd. is a key entity in the fertilizer market, influencing the broader agrochemical landscape and supporting the agricultural needs of diverse regions.
- Sector
- Basic Materials
- Industry
- Agricultural Inputs
- Listing
- NSE: PARADEEP
- Chief executive
- Mr. Narayanan Suresh Krishnan B.E. (Hons.), M.Sc.
- Employees
- 2,163
- Headquarters
- Bengaluru, India
- ISIN
- INE088F01024
- Website
- paradeepphosphates.com
Public research · Report of
Business model & financial foundation
Paradeep Phosphates (NSE: PARADEEP), Fertilisers and agricultural chemicals: revenue of ₹21,826 crore in FY26 (+28.7% on FY25), an EBITDA margin of 9.9%, net profit of ₹996.4 crore and net debt of ₹6,463 crore.
- Revenue, FY26 (₹ crore)
- 21,826
- consolidated
- Revenue growth, FY26
- +28.7%
- on FY25
- EBITDA margin, FY26
- 9.9%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 996.4
- to owners
- Return on equity, FY26
- 15.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 6,463
- Borrowings less cash and liquid investments
- Market capitalisation (₹ crore)
- 15,250
- at the close of 17 Oct 2026
Company profile
PPL manufactures and trades DAP, NPK, urea and other crop nutrients at Paradeep, Goa and the amalgamated Mangalore operations. Captive phosphoric and sulphuric acid capacity provides backward integration, while imported feedstocks, controlled DAP retail prices and nutrient-based subsidies determine unit spreads and working capital. Earnings are consolidated; pre-merger physical-volume disclosures cannot be combined indiscriminately with retrospective merged financials.
| Item | Value |
|---|---|
| Legal name | Paradeep Phosphates Limited |
| Exchange and ticker | NSE: PARADEEP; BSE: 543530 |
| ISIN | INE088F01024 |
| Sector | Basic Materials |
| Industry | Fertilisers and agricultural chemicals |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹15,250 crore (17 Oct 2026) |
| Shares outstanding | 103.82 crore shares (FY26) |
| Price | ₹147.2 (close, 17 Oct 2026) |
| 52-week range | ₹99.70 - ₹181.0 (to 17 Oct 2026) |
| Website | https://www.paradeepphosphates.com |
Corporate structure and shareholding
Parent: Zuari Maroc Phosphates Private Limited.
No subsidiary is recorded.
No subsidiaries at FY26 year end; Zuari Yoma Agri Solutions Limited is a 50:50 Myanmar associate/joint venture. MCFL amalgamated effective 16 October 2025, appointed 1 April 2024. Proposed wholly owned subsidiary after year end is not yet verified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 57.70% | 57.80% | 57.86% | 57.85% |
| Promoter holding pledged | 12.51% | 15.35% | 15.33% | |
| Foreign institutions | 11.43% | 8.36% | 5.10% | 4.79% |
| Domestic institutions | 13.25% | 15.49% | 18.08% | 20.26% |
| of which mutual funds | 13.12% | 15.35% | 17.83% | 19.86% |
| Retail | 10.77% | 11.21% | 11.68% | |
| Other | 6.84% | 7.15% | 7.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
PPL manufactures and trades DAP/NPK/urea, with Paradeep, Goa and amalgamated Mangalore assets. Acid integration reduces purchased acid dependence; OCP relationships secure feedstock but create related-party concentration. Controlled DAP retail prices and NBS determine margins; DBT reimbursement timing determines cash. Consolidated basis includes small Zuari Yoma associate, no FY26 subsidiaries. MCFL appointed1Apr2024, effective16Oct2025: FY25 restated, FY24 pre-merger.
| Peer | Why the dossier compares them |
|---|---|
| Coromandel International (COROMANDEL) | Integrated phosphatic fertiliser producer, closest operating comparator. |
| Chambal Fertilisers and Chemicals (CHAMBLFERT) | Large urea producer; regulated economics differ. |
| Rashtriya Chemicals and Fertilizers (RCF) | Mixed urea and complex fertiliser exposure. |
| Gujarat State Fertilizers and Chemicals (GSFC) | Phosphatic fertilisers plus industrial chemicals. |
| Deepak Fertilisers and Petrochemicals (DEEPAKFERT) | Complex fertilisers with industrial chemical diversification. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,859 | 4,770 | 11,575 | 16,959 | 21,826 |
| Cost of revenue (vendor classification) * | 6,281 | 10,789 | 9,189 | 11,914 | 16,427 |
| Other operating costs (vendor classification) * | 1,110 | 1,349 | 1,407 | 4,039 | 2,776 |
| EBITDA (vendor classification) * | 711.0 | 815.1 | 671.6 | 1,728 | 2,105 |
| EBIT * | 620.5 | 625.1 | 437.4 | 1,384 | 1,665 |
| Finance costs | 85.5 | 198.9 | 366.0 | 443.2 | 527.8 |
| Profit before tax including associates | 535.0 | 426.2 | 140.8 | 910.9 | 1,328 |
| Total tax expense | 136.5 | 122.0 | 40.9 | 248.7 | 331.6 |
| Profit after tax excluding OCI | 398.5 | 304.2 | 99.9 | 662.1 | 996.4 |
| Diluted EPS as reported (₹) | 6.92 | 3.90 | 1.22 | 6.38 | 9.59 |
| Materials, traded goods and inventory change | 8,998 | 11,914 | 16,133 | ||
| Employee benefits expense | 229.8 | 320.6 | 336.7 | ||
| Other expenses including power and freight | 1,699 | 3,173 | 3,205 | ||
| EBITDA excluding other income | 648.0 | 1,551 | 2,152 | ||
| Other income | 68.8 | 148.0 | 146.6 | ||
| Depreciation and amortisation | 210.7 | 344.3 | 403.2 | ||
| Exceptional items, signed | 0.00 | 0.00 | -39.4 | ||
| Share of profit or loss of associate | 0.67 | -0.72 | -0.49 | ||
| Profit attributable to owners | 99.9 | 662.1 | 996.4 | ||
| Minority interest | 0.00 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 2,225 | 3,505 | 3,564 | 5,875 | 6,783 |
| Borrowings current and non-current | 2,954 | 4,648 | 3,994 | 5,063 | 6,872 |
| Cash equivalents and other bank balances | 537.8 | 43.0 | 118.0 | 1,036 | 391.5 |
| Net trade receivables including subsidy | 902.5 | 3,690 | 2,720 | 3,067 | 4,790 |
| Inventories | 2,293 | 2,238 | 1,831 | 2,556 | 4,627 |
| Trade payables MSME plus other creditors | 2,273 | 1,912 | 1,488 | 2,302 | 3,084 |
| Net property plant and equipment | 8.47 | 27.3 | 3,353 | 4,965 | 5,793 |
| Capital work in progress | 336.3 | 696.9 | 372.2 | 584.3 | 423.7 |
| Total assets | 7,928 | 10,657 | 9,661 | 14,268 | 17,936 |
| Current liquid investments | 0.00 | 269.1 | 17.7 | ||
| Borrowings less cash and liquid investments | 3,876 | 3,758 | 6,463 | ||
| Government subsidy receivable within trade | 1,906 | 2,357 | 3,847 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -1,441 | -1,718 | 1,437 | 1,648 | -1,012 |
| Free cash flow (vendor definition) * | -664.1 | -2,813 | 1,025 | 1,190 | -1,880 |
| Dividends paid, cash flow | -40.7 | -58.5 | -99.4 | ||
| PPE acquisitions including CWIP and advances | -619.8 | -435.8 | -411.5 | -457.6 | -867.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued year-end equity shares | 57.55 | 77.98 | 81.48 | 81.52 | 103.82 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,619 | 4,990 | 4,194 | 4,504 | 6,872 | 5,749 | 4,702 | 6,124 |
| Cost of revenue (vendor classification) * | 3,272 | 3,628 | 2,892 | 3,079 | 4,409 | 3,383 | 4,471 | |
| Other operating costs (vendor classification) * | 760.8 | 845.6 | 831.9 | 763.3 | 780.9 | 788.3 | 846.0 | |
| EBITDA (vendor classification) * | 527.5 | 480.5 | 443.3 | 614.2 | 503.5 | 482.3 | 741.7 | |
| EBIT * | 441.4 | 392.5 | 357.4 | 528.2 | 360.4 | 358.4 | 657.9 | |
| Finance costs | 104.9 | 103.3 | 118.9 | 104.4 | 140.3 | 127.0 | 156.2 | 131.7 |
| Profit before tax including associates | 336.5 | 289.2 | 238.5 | 423.9 | 468.5 | 233.4 | 202.2 | 526.2 |
| Total tax expense | 81.2 | 79.9 | 66.3 | 107.1 | 126.6 | 51.3 | 46.6 | 133.6 |
| Profit after tax excluding OCI | 255.3 | 209.3 | 172.2 | 316.8 | 341.9 | 182.1 | 155.6 | 392.5 |
| Diluted EPS as reported (₹) | 2.46 | 2.02 | 1.66 | 3.05 | 3.29 | 1.75 | 1.50 | 3.78 |
| Materials, traded goods and inventory change | 3,272 | 3,628 | 2,892 | 3,079 | 5,261 | 4,409 | 3,383 | 4,471 |
| Employee benefits expense | 79.2 | 77.9 | 86.2 | 80.2 | 81.9 | 86.3 | 88.2 | 87.2 |
| Other expenses including power and freight | 760.8 | 845.6 | 831.9 | 763.3 | 872.4 | 780.9 | 788.3 | 846.0 |
| EBITDA excluding other income | 507.1 | 438.1 | 383.4 | 580.7 | 656.6 | 472.5 | 442.4 | 720.2 |
| Other income | 20.2 | 42.3 | 59.8 | 34.1 | 41.7 | 31.0 | 39.8 | 21.6 |
| Depreciation and amortisation | 86.1 | 88.0 | 85.9 | 86.0 | 89.6 | 101.8 | 125.8 | 105.7 |
| Exceptional items, signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -41.3 | 1.88 | 21.8 |
| Share of profit or loss of associate | 0.17 | 0.06 | 0.00 | -0.51 | 0.01 | 0.01 | 0.00 | -0.06 |
| Profit attributable to owners | 255.3 | 209.3 | 172.2 | 316.8 | 341.9 | 182.1 | 155.6 | 392.5 |
| Minority interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 111.5% | -39.3% | 142.7% | 46.5% | 28.7% |
| EBITDA margin | 5.6% | 9.1% | 9.9% | ||
| Net margin | 0.9% | 3.9% | 4.6% | ||
| Return on equity | 2.8% | 14.0% | 15.7% | ||
| Return on capital employed | 15.0% | 9.4% | 5.6% | 15.0% | 13.5% |
| Return on assets | 1.0% | 5.5% | 6.2% | ||
| Net debt (₹ crore) | 3,876 | 3,758 | 6,463 | ||
| Net debt / EBITDA | 5.98x | 2.42x | 3.00x | ||
| Interest cover | 7.25x | 3.14x | 1.20x | 3.12x | 3.16x |
| Asset turnover | 1.27x | 0.51x | 1.14x | 1.42x | 1.36x |
| Receivable days | 42 | 282 | 86 | 66 | 80 |
| Inventory days (on revenue) | 107 | 171 | 58 | 55 | 77 |
| Payable days (on revenue) | 106 | 146 | 47 | 50 | 52 |
| Cash conversion | 14.4x | 2.49x | -1.02x | ||
| Capex intensity | 7.9% | 9.1% | 3.6% | 2.7% | 4.0% |
| Free cash flow (₹ crore) | -2,061 | -2,153 | 1,025 | 1,190 | -1,880 |
| Dividend payout | 40.8% | 8.8% | 10.0% | ||
| EPS, diluted (₹) | 6.92 | 3.90 | 1.22 | 6.38 | 9.59 |
| Book value per share (₹) | 38.67 | 44.94 | 43.75 | 72.07 | 65.33 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding 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): Borrowings less cash and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding 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 as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, 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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