Chambal Fertilisers and Chemicals Ltd — Q3 FY26
Chambal Fertilisers reported a solid Q3 FY26 with standalone revenue of ₹5,898 crore (+20% YoY) and PAT of ₹565 crore (+12% YoY), driven by strong growth in complex fertilizers...
bullish
medium
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions audited
Answered
High priority
When will trial run for TAN plant start?
Asked by Prashant Biani, LR Securities
Management gave a clear timeline for trial run and end product.
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Question
Uh sir, when are we going to start the trial run for the tan plant?
Management (likely Mr. Bager or Ashish)
We are just at the cusp. in fact we had started the steam blowing and other pre-commissioning activities. So that part is for the WNA plant and for the ANS and melt we should be doing that shortly or thereafter. But the end product should be out by say March. April April April.
Answered
Medium priority
Expectations from upcoming NBS policy?
Asked by Prashant Biani, LR Securities
Management provided a clear view on policy continuity.
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Question
And sub would be your expectation from the upcoming NBS policy?
Management (likely Mr. Bager)
NBS policy we believe will be more or less a continuation from the past wherein I do not expect the government to go opening up the DAP segment but as you know the other parts of the NPKs are open in terms of pricing.
Partial answer
Medium priority
Why is traded business EBITDA per ton low?
Asked by Prashant Biani, LR Securities
Explained mix effect but did not directly answer per bag vs per ton question.
did not clarify per bag vs per tonblamed DAP mix without quantifying
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Question
traded business aida person was around 9 900 rupees I believe uh this time while you know it has improved year on year but on an absolute basis it seems to be low. Is it that on per bag basis it is higher and the overhead cost has taken it down to 900 or uh uh it it is at uh that level only on a per bag basis as well.
Management (likely Mr. Bager)
the way it is to be seen is that we had significantly higher capacity also sale of DAP and DAP you know is a fixed margin business despite the higher cost that we you see procurement was done at much higher prices in this quarter although the government gives you a fixed percentage or fixed number 1,026 or some such number because it's 4% of the MRP So that drags the margin down.
Evasive
High priority
Any communication on profit calculation for G3 post benefits expiry?
Asked by Prashant Biani, LR Securities
Acknowledged issue but provided no substantive update or timeline.
no timeline givendeferred to government action
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Question
any communication from the management regarding profit calculation or cost calculation for G3 post expiry of benefits?
Management (likely Mr. Bager)
No, as far as we understand we have raked up this issue with the government. We have met the requisite personnel but they said that we have to start the exercise. They are busy with other things on other matters so far.
Evasive
High priority
Update on G3 policy benefits expiry and precedents?
Asked by Vaj Kacharia, SIMPL
Repeated lack of clarity and refused to hazard a guess.
no specific updaterefused to estimate
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Question
any update you can give for G3 I think it kind of uh the policy benefits uh expire by the end of this year
Management (likely Mr. Bager)
I've just explained that we do not really have a handle on this. Although there are precedents but we do not know what the government is actually going to do.
Answered
High priority
Scale-up utilization for TAN project in FY27?
Asked by Vaj Kacharia, SIMPL
Provided a clear utilization target range.
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Question
into the TAM project you know any perspective which you see how should we see the scale up happening in FI27 should we see a 70 80% or even a higher kind of a utilization?
Management (likely Mr. Bager)
We do hope that we have the capacity in terms of running the plant. I don't think production is going to be an issue. We have to see how well the market absorbs the product. At the moment I don't see any showstoppers as far as reaching a very healthy capacity utilization 75 80% plus I don't see any problem.
Answered
Medium priority
Details on licensing deal with MNC?
Asked by Vaj Kacharia, SIMPL
Explained the nature of the deal and product pipeline.
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Question
in the opening remarks you talked about us you know signing an uhou or a licensing deal with a MNC. Can you just explain what does it pertain to?
Management (likely Mr. Bager)
I think you are talking about we were talking about Terry Terry is you know a very well-known institute in terms of sustainable agricultural solutions in biologicals we had entered into a an understanding for them to do research on specified product lines.
Answered
Medium priority
What was the gas cost for the quarter?
Asked by SEP Mukharji, SKP Securities Limited
Provided a specific number.
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Question
I have certain bookkeeping questions like what was the gas cost for the quarter?
Mr. Anu Jan (CFO or similar)
order was $14.6 on NCV basis per MMPU.
Answered
Medium priority
Plant-wise production volumes for G1, G2, G3?
Asked by SEP Mukharji, SKP Securities Limited
Provided exact production figures.
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Question
if you can please give a give the plant wise production volume for G1 G2 G3.
Management (likely Mr. Bager or Anu Jan)
Gipon one for the quarter we had about 2.84 lakh ton produced. Garipan 2 it was 2.69 lakh t and gap 3 it was 3.51 lakh t so total 9.04 lton.
Partial answer
High priority
Impact of input price increases on NPK uptake?
Asked by Duv Muchel, HDFC AMC
Explained dynamics but did not quantify impact or provide specific outlook.
no quantitative tipping point givenspeculative on DAP availability
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Question
So we are seeing that the input price have increased both phosid sulfuric acid significantly which will probably lead to an increase in the NPK pricing. Does it start to have an impact in terms of the uptake of NPK?
Management (likely Mr. Bager)
naturally there is a substitution effect if prices are beyond a certain range farmers will tolerate a certain price gap beyond which they will not. Last year the substitute was not available to some extent that is why the NPK's worked well for the industry.
Answered
High priority
Demand-supply dynamics in TAN market with CIL entry?
Asked by Karan Gupta, Ki Capital
Provided growth rate and acknowledged capacity additions.
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Question
There were some recent reports about CIL also wanting to set up its own manufacturing facilities. So could you just talk a little bit more about your thinking about the market?
Management (likely Mr. Bager)
this is a good it's a expanding market let me tell you we are anyways growing in the market I think around five to 6% kagger and the market will shortly become long in the sense that there will be some capacities addition added by us by even Gopalur at Deepak and so on in the next one or two.
Evasive
Medium priority
Consideration of increasing cash returns to shareholders?
Asked by Karan Gupta, Ki Capital
Declined to provide any specifics on shareholder returns.
no commitmentdeferred to future
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Question
apart from the expected TAN expansion and any inorganic opportunities, is there any consideration of increasing cash returns to shareholders?
Management (likely Mr. Bager)
I think if our plans work out, we don't have anything to offer in the next one or two years. Beyond that, we'll see.