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Revenue
₹5,898 Cr
verification pending
Revenue YoY
20%
reported change
EBITDA
₹821 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 (revenue +81% YoY) and CPC/specialty nutrients (+33% YoY). Urea volumes were flat at 9.83 lakh MT, but the value-added segments continued to scale, with biologicals revenue up 58% YoY. The TAN project is 92% complete and on track for April 2026 commissioning, with management targeting 75-80%+ utilization in FY27. Guidance includes 12 new CPC products and one specialty nutrient for FY27, and a JV in Morocco expanding P2O5 capacity. Risks include uncertainty around G3 policy benefits post-expiry, rising input costs (sulfur, phosphoric acid) pressuring DAP margins, and potential substitution effects if NPK pricing becomes unfavorable vs DAP.
Colored figures show movement against the previous available record.
Guidance to track
- The TAN project is 92% complete and on track for completion by April 30, 2026, with management expecting 75-80%+ utilization in FY27.
- Management guided for 12 new crop protection chemicals products and one specialty nutrient product to be launched in FY27.
- The joint venture in Morocco is increasing P2O5 production capacity from 5 lakh MT to 7 lakh MT, expected by December 2026.
- Sulfuric acid capacity in the Morocco JV is being increased, expected to be implemented a year ahead, in FY27.
Risks flagged
- The policy benefits for the G3 urea plant expire at the end of FY26, and the government has not yet started the exercise to determine new parameters, creating uncertainty on profitability.
- High sulfur and phosphoric acid prices are squeezing DAP margins, as the government's fixed subsidy does not fully compensate for cost increases.
- If NPK prices rise too much relative to DAP, farmers may switch, potentially impacting NPK volumes and margins.
- New capacities from competitors (e.g., Gopalur, Deepak, CIL) could lead to oversupply, though management expects demand growth to absorb it.
Key quotes
- We are almost 6% of the market as of today.
- I think I have thrown a very broad and encompassing hint on this.
- We have touched base with them at least twice in the last four.
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