Indian Phosphate
- Market cap
- ₹ 186 Cr.
- P/E
- 8.9x
- P/B
- 1.08x
- 52-week range
- 46.1 – 87.45
- ROE
- 14%
- ROCE
- 17%
- Dividend yield
- 0%
- Debt / equity
- 0.41
- Sector
- Chemicals & Petrochemicals
- Industry
- Specialty Chemicals
- Listed on
- NSE SME
About
Indian Phosphate Limited is an India-based company, which is primarily engaged in the business of manufacturing, producing, processing, supplying, importing and exporting fertilizer and Organo Sulphur compounds, chemicals, Agro-Chemical and farmer’s produce. Its fertilizer products include Single Super Phosphate (SSP)-Powder, Zincated Single Super Phosphate -Powder, Single Super Phosphate -Granulated, Zincated Single Super Phosphate -Granulated and Zincated -Boronated Single Super Phosphate -Granulated. The Company produces SSP in Rajasthan with a current capacity of 400 MT/day to manufacture SSP powder and 400 MT/day of Granulated SSP. It has set up a solar power plant for captive power requirements.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Specialty Chemicals: 130 companies →Indian Phosphate against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)8.9 against a typical 25.1: cheaper than most peers (1st = cheapest).13th of 129
- Sales growth+35.5% against a typical +26.9% from a year earlier.43rd of 112
- Profit growth+1,200% against a typical +46.8% from a year earlier.4th of 100
- Share price, 3 months+6.9% against a typical −4.5%.31st of 116
- Size₹ 186 Cr. market value against a typical ₹ 393.3 Cr. (1st = largest).82nd of 125
Latest announcements
Exchange filings and their impact on the company.
- Q2 revenue up ~84% on new chemical capacity and SOP distribution, pointing to 60%+ growth year.
AIAI analysisVery positive for shareholdersHigh impact Q2 revenue up ~84% on new chemical capacity and SOP distribution, pointing to 60%+ growth year.
Indian Phosphate reported Q2 FY27 revenue growth of 94.4% YoY standalone and 83.8% YoY consolidated, driven by ramp-up of the Cuddalore chemical complex and new potassic fertilizer sales. The 100 MT/day anionic surfactant plant started commercial production in June 2026 after sulphuric acid in July 2025, while the company exclusively supplied German-origin SOP to the Tobacco Board for Andhra Pradesh and Karnataka. The update also notes a Sri Lanka rock phosphate proposal under evaluation and a new Brickwork A-/Stable rating, supporting continued growth and diversification.
Why it matters: Q2 FY27 consolidated revenue +83.78% YoY and standalone +94.39% YoY after commercialisation of sulphuric acid (July 2025) and 100 MT/day surfactant plant (June 2026) plus exclusive SOP distribution for 2026 season implies ~590-804 cr incremental annual revenue on a 1072 cr base with margin expansion.
For shareholders: Sharp revenue acceleration plus higher-margin chemical mix drives a large earnings uplift over the next 12 months.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 1,072 Cr. FY26 (year ended Mar 2026)▲ +55% to +75% · +₹ 590 Cr. to +₹ 804 Cr. H1 FY26 sales 499 cr x 1.8378 = ~917 cr implied H1 FY27; annualising implies ~1800 cr vs FY26 1072 cr; H2 seasonally softer as SOP shipments were Feb-Aug 2026 so 55-75% full-year range75% Operating margin 4.1% FY26 (year ended Mar 2026)▲ +0.8 pts to +1.5 pts 100 MT/day anionic surfactant from June 2026 and sulphuric acid from July 2025 add higher-margin chemical mix vs SSP fertilizer; H2 FY26 OPM already 4.3% vs 2.2% in FY25; mix shift lifts margin 80-150 bps65% Net profit ₹ 24 Cr. FY26 (year ended Mar 2026)▲ +75% to +120% · +₹ 18 Cr. to +₹ 29 Cr. revenue up ~65% with ~1pp margin expansion less higher interest and working capital costs; FY26 PAT 24 cr on 1072 cr sales; operating leverage roughly doubles PAT65% EPS ₹ 8.78 FY26 (year ended Mar 2026)▲ +75% to +120% · +₹ 6.6 to +₹ 10.5 same profit growth as net_profit with no dilution disclosed; FY26 EPS 8.78; PAT growth 75-120% flows to EPS65% Net debt ₹ 69 Cr. Mar 2026 balance sheet borrowings▲ +20% to +45% · +₹ 14 Cr. to +₹ 31 Cr. higher sales (+~65%) lifts receivables and inventory despite 44-day cash conversion cycle; Cuddalore capex largely capitalised (fixed assets 40 to 78 cr) but SOP distribution and southern ramp need working-capital debt55% Market cap ₹ 179.93 Cr. 2026-10-08 market cap▲ +30% to +50% · +₹ 54 Cr. to +₹ 90 Cr. market reprices 60%+ revenue growth and margin expansion from 8.6x PE base; small-cap chemical-fertilizer re-rating on commercialised capacity55% Working capital 34 days FY26 working capital days▲ +6% to +15% · +2 to +5 SOP trading for Tobacco Board and southern chemical expansion adds inventory and receivables; cash conversion 44 days in FY26; WC days rise from 34 to 36-39 days55% Capex ₹ 87 Cr. Mar 2026 fixed assets 78 cr + CWIP 9 cr▲ +11% to +29% · +₹ 10 Cr. to +₹ 25 Cr. Cuddalore surfactant and sulphuric acid plants capitalised (CWIP fell 32 to 9 cr); next 12m capex for NPK evaluation and Sri Lanka Eppawala proposal diligence, Stage-2 acid plant not yet approved55% Net worth ₹ 170 Cr. Mar 2026 equity 25 cr + reserves 145 cr▲ +15% to +21% · +₹ 25 Cr. to +₹ 35 Cr. retained earnings from higher PAT (~42-53 cr vs 24 cr baseline) with zero dividend payout; no equity raise disclosed65% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Indian Phosphate reported Q2 FY27 revenue growth of 94.4% YoY standalone and 83.8% YoY consolidated, driven by ramp-up of the Cuddalore chemical complex and new potassic fertilizer sales. The 100 MT/day anionic surfactant plant started commercial production in June 2026 after sulphuric acid in July 2025, while the company exclusively supplied German-origin SOP to the Tobacco Board for Andhra Pradesh and Karnataka. The update also notes a Sri Lanka rock phosphate proposal under evaluation and a new Brickwork A-/Stable rating, supporting continued growth and diversification.
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| CRISIL | — | Stable | 3 Nov 2026 |
| Rating | Details | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 Nov 2026 | ▲ Upgrade1 notch | — | Medium | CRISIL | ₹ 132 Cr. | |||||||||||||||||||||||||||||||||||||||||
Rating details
CRISIL upgraded to A-/A2+ on 21% growth and margin doubling, with 30-35% revenue growth guided for FY27. CRISIL upgraded Indian Phosphate's bank facilities of Rs 132 crore to Crisil A-/Stable for long-term and Crisil A2+ for short-term, from BBB+/A2. The upgrade cites FY26 revenue of Rs 1072.3 crore, up 21%, operating margin improving to 4.2% from 2.15%, and interest cover improving to 5.9 times. CRISIL expects 30-35% revenue growth in FY27 from the Cuddalore LABSA and sulphuric acid plant commissioned in August 2025, with margins around 4% and comfortable leverage. Why it matters: One-notch upgrade to Crisil A-/Stable/A2+ for Rs 132 cr facilities reflects FY26 revenue Rs 1072.3 cr (+21%) and margin 4.2% with interest cover 5.9x, and guides 30-35% FY27 growth from Cuddalore plant with margins sustained around 4%. For shareholders: Upgrade validates stronger earnings and comfortable leverage with lower future borrowing costs and funded growth. Estimated effect over the next 12 months
Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions. | ||||||||||||||||||||||||||||||||||||||||||||||
| 8 Dec 2025 | Reaffirmed | Crisil BBB+ | — | CRISIL | ₹ 132 Cr. | |||||||||||||||||||||||||||||||||||||||||
Rating details
No AI analysis yet for this rating. The agency's rationale has the full reasoning. | ||||||||||||||||||||||||||||||||||||||||||||||
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 30 May 2026 | Financial Results | To consider and approve the financial results for the period ended March 31, 2026 |
| 14 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 29 May 2025 | Financial Results/Other business matters | To consider and approve the financial results for the period ended March 31, 2025 and other business matters |
| 12 Nov 2024 | Board Meeting Intimation | INDIAN PHOSPHATE LIMITED has informed the Exchange about Board Meeting to be held on 12-Nov-2024 to consider and approve the Half Yearly Unaudited Financial results of the Company for the period ended September 2024 and Other business. |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 428 | 428 | 452 | 499 | 580 |
| Expenses | 421 | 421 | 440 | 480 | 555 |
| Operating Profit | 7 | 7 | 12 | 19 | 25 |
| OPM % | 1.6% | 1.6% | 2.6% | 3.8% | 4.3% |
| Other Income | 0 | 0 | 1 | 1 | 1 |
| Interest | 4 | 4 | 3 | 3 | 4 |
| Depreciation | 2 | 2 | 1 | 2 | 3 |
| Profit before tax | 2 | 2 | 9 | 14 | 19 |
| Tax % | 60% | 60% | 24% | 28% | 29% |
| Net Profit | 1 | 1 | 7 | 10 | 13 |
| EPS in Rs | 1.78 | 1.3 | 2.18 | 3.32 | 5.45 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- —
- 5 Years
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- 3 Years
- —
- TTM
- 23%
- 10 Years
- —
- 5 Years
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- 3 Years
- —
- TTM
- 152%
- 10 Years
- —
- 5 Years
- —
- 3 Years
- —
- TTM
- —
- 10 Years
- —
- 5 Years
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- 3 Years
- 12%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Indian Phosphate | ₹ 77.85 | ₹ 186 Cr. | 8.9x | 1.1x | 14% | — |
| Asian Paints | ₹ 2,320.00 | ₹ 2,22,534 Cr. | 58.3x | 12.1x | 21.2% | 12.4% |
| Solar Industries India | ₹ 18,800.00 | ₹ 1,70,121 Cr. | 102.4x | 27.4x | 31.4% | 17.7% |
| Pidilite Industries | ₹ 1,461.60 | ₹ 1,48,773 Cr. | 64.8x | 14.7x | 23.8% | 16.9% |
| SRF | ₹ 2,344.00 | ₹ 69,478 Cr. | 44.5x | 6.1x | 13.8% | 11.6% |
| Linde India | ₹ 5,651.50 | ₹ 48,198 Cr. | 109.1x | 14x | 13.6% | 21.7% |
Management
- Ravindra Singh
- Executive Chairman of the Board, Managing Director
- Rohit Paragbhai Parmar
- Chief Financial Officer, Executive Director
- Khushboo Sharma
- Company Secretary and Compliance Officer
- Rushil Ravindra Arora
- Executive Director
Prices are delayed and for information only. Nothing on this page is investment advice.