G3 policy benefit expiry uncertainty
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.
CHAMBALFERTILISERSANDCHE / Q3-FY26 / risks
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Chambal Fertilisers and · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Rising input costs pressuring DAP margins
High sulfur and phosphoric acid prices are squeezing DAP margins, as the government's fixed subsidy does not fully compensate for cost increases.
NPK pricing tipping point may reduce farmer uptake
If NPK prices rise too much relative to DAP, farmers may switch, potentially impacting NPK volumes and margins.
Potential oversupply in TAN market
New capacities from competitors (e.g., Gopalur, Deepak, CIL) could lead to oversupply, though management expects demand growth to absorb it.