Madras Fertilizers Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 42.2%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.84x)
- Company generates healthy free cash flow
CONS
- Net worth is negative - accumulated losses have eroded equity
- Recent results are weak - TTM profit is down 35.7% versus prior year
- A large part of profit comes from other income (48.0% of PBT)
- Company has a low return on equity of 0.0% over last 3 years
- Operating margins have contracted to 5.0% from 12.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COROMANDEL | 1928.70 | 31.06 | 56908.40 | 0.57 | 381.56 | -23.93 | 8164.77 | 15.94 | 23.92 | 9.26 |
| FACT | 779.35 | 1803.63 | 50429.55 | 0.00 | -67.90 | -948.75 | 1567.84 | 65.14 | 11.30 | -2.73 |
| CHAMBLFERT | 419.25 | 8.71 | 16797.35 | 2.62 | 523.60 | -4.61 | 5027.02 | -11.77 | 25.50 | 16.42 |
| PARADEEP | 155.95 | 15.11 | 16195.72 | 0.96 | 392.54 | 53.43 | 6124.25 | 63.14 | 15.09 | 11.76 |
| MBAPL | 160.87 | 45.49 | 7048.27 | 0.06 | 329.62 | 1068.62 | 4163.01 | 916.15 | 19.41 | 15.83 |
| GSFC | 155.95 | 8.97 | 6214.26 | 3.21 | 158.54 | 14.39 | 3583.15 | 64.03 | 7.17 | 6.58 |
| RCF | 111.40 | 13.76 | 6145.81 | 1.20 | 73.53 | 35.09 | 3585.71 | 6.38 | 10.81 | 6.11 |
| KRISHANA | 179.66 | 28.24 | 5553.97 | 0.06 | 47.09 | 54.01 | 532.31 | 34.58 | 27.26 | 16.71 |
| NFL | 68.53 | 9.23 | 3361.93 | 1.52 | 113.38 | 387.47 | 4500.39 | 27.34 | 9.16 | 6.87 |
| SPIC | 68.94 | 6.85 | 1403.90 | 2.90 | 60.18 | -9.79 | 848.81 | 9.22 | 16.82 | 9.27 |
| MADRASFERT | 62.23 | 14.13 | 1002.53 | 0.00 | 34.59 | -21.49 | 814.01 | 21.07 | 27.70 | 6.46 |
| ZUARI | 220.85 | 0.99 | 928.85 | 0.00 | 118.70 | -90.68 | 615.21 | -50.63 | 50.40 | 25.25 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 529 | 385 | 556 | 758 | 655 | 532 | 799 | 555 | 672 | 510 | 419 | 699 | 814 | |
| 546 | 374 | 543 | 666 | 590 | 521 | 692 | 616 | 607 | 498 | 422 | 663 | 780 | |
| Operating Profit | -17 | 12 | 13 | 92 | 65 | 11 | 107 | -61 | 65 | 12 | -3 | 36 | 34 |
| OPM % | -3.24% | 3.00% | 2.41% | 12.16% | 9.99% | 2.04% | 13.35% | -11.06% | 9.66% | 2.40% | -0.69% | 5.12% | 4.13% |
| 4 | 9 | -46 | 28 | 9 | 10 | 9 | 16 | 13 | 23 | 24 | 5 | 12 | |
| Interest | 18 | 14 | 16 | 24 | 17 | 15 | 15 | 16 | 16 | 14 | 14 | 15 | 15 |
| Depreciation | 3 | 3 | 3 | 1 | 3 | 2 | 3 | 4 | 3 | 3 | 4 | 4 | 4 |
| Profit before Tax | -34 | 3 | -52 | 95 | 54 | 3 | 99 | -64 | 59 | 17 | 4 | 23 | 46 |
| Tax % | -0.00% | 0.00% | -0.00% | 6.67% | 25.16% | 52.41% | 24.26% | 18.51% | 25.17% | 25.45% | 28.81% | 7.24% | 24.93% |
| Net Profit | -34 | 3 | -52 | 88 | 40 | 2 | 75 | -52 | 44 | 13 | 3 | 21 | 35 |
| -2.14 | 0.21 | -3.21 | 5.48 | 2.51 | 0.10 | 4.63 | -3.26 | 2.74 | 0.80 | 0.16 | 1.30 | 2.15 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,202 | 1,392 | 1,616 | 1,593 | 1,292 | 1,533 | 2,302 | 3,447 | 2,228 | 2,542 | 2,442 | |
| 1,195 | 1,313 | 1,592 | 1,595 | 1,294 | 1,398 | 2,058 | 3,115 | 2,125 | 2,415 | 2,363 | |
| Operating Profit | 7 | 79 | 24 | -2 | -2 | 134 | 244 | 332 | 103 | 127 | 79 |
| OPM % | 0.56% | 5.67% | 1.48% | -0.13% | -0.14% | 8.77% | 10.60% | 9.64% | 4.64% | 4.99% | 3.23% |
| -69 | 36 | 47 | 18 | 12 | 7 | 31 | 14 | -6 | 44 | 65 | |
| Interest | 109 | 90 | 94 | 123 | 104 | 108 | 100 | 89 | 76 | 68 | 59 |
| Depreciation | 18 | 21 | 22 | 23 | 32 | 31 | 9 | 10 | 10 | 12 | 14 |
| Profit before Tax | -190 | 4 | -45 | -130 | -125 | 3 | 166 | 249 | 12 | 92 | 90 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 2.39% | 25.47% | 53.12% | 29.86% | 20.74% |
| Net Profit | -190 | 4 | -45 | -130 | -125 | 3 | 162 | 185 | 6 | 64 | 71 |
| EPS | -11.77 | 0.22 | -2.78 | -8.06 | -7.78 | 0.18 | 10.08 | 11.50 | 0.35 | 3.99 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 14%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -27%
STOCK PRICE CAGR
- 10 Years:
- 16%
- 5 Years:
- 16%
- 3 Years:
- -7%
- 1 Year:
- -32%
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- 0%
- 3 Years:
- 0%
- Last Year:
- 0%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 161 | 161 | 161 | 161 | 161 | 161 | 161 | 161 | 161 | 161 |
| -694 | -592 | -654 | -737 | -892 | -857 | -668 | -449 | -352 | -194 | |
| 598 | 346 | 514 | 576 | 643 | 124 | 423 | 119 | 154 | 110 | |
| Trade Payables | 227 | 246 | 382 | 277 | 116 | 288 | 309 | 288 | 283 | 384 |
| 960 | 1,069 | 1,179 | 1,292 | 1,389 | 1,476 | 1,686 | 1,796 | 1,766 | 1,796 | |
| Total Liabilities | 1,252 | 1,230 | 1,582 | 1,568 | 1,419 | 1,191 | 1,911 | 1,915 | 2,012 | 2,257 |
| 180 | 182 | 160 | 146 | 216 | 189 | 189 | 190 | 198 | 206 | |
| Capital Work in Progress | 15 | 22 | 26 | 31 | 3 | 18 | 14 | 12 | 21 | 20 |
| 0 | 135 | 149 | 198 | 180 | 203 | 250 | 337 | 455 | 525 | |
| 211 | 314 | 220 | 281 | 239 | 247 | 284 | 232 | 206 | 210 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 321 | 383 | |
| Cash & Bank | 32 | 2 | 27 | 37 | 133 | 80 | 32 | 399 | 575 | 666 |
| 814 | 575 | 1,000 | 876 | 647 | 455 | 1,142 | 745 | 236 | 248 | |
| Total Assets | 1,252 | 1,230 | 1,582 | 1,568 | 1,419 | 1,191 | 1,911 | 1,915 | 2,012 | 2,257 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -19 | 220 | -150 | -23 | 104 | 492 | -317 | 745 | 175 | 116 | |
| Cash from Investing | -10 | -5 | -3 | -13 | -60 | -15 | 2 | 2 | -1 | 26 |
| Cash from Financing | 44 | -245 | 178 | 45 | 56 | -527 | 265 | -320 | 19 | -52 |
| 15 | -30 | 25 | 10 | 100 | -50 | -50 | 369 | 193 | 90 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Madras Fertilizers Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'Notice of 60th AGM'.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'In accordance with Regulation 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has sent a letter providing the web-link, including the exact path, where complete details of the Annual Report for the financial year 2025-26 is available, to those members who have not registered their email address with the company/Depositories.'.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'Submission of BRSR for the financial year ended 31.03.2026'.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'Notice of 60th AGM'.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'E Voting'. This is to inform that the 60th Annual General Meeting of the Company will be held on Thursday, September 24, 2026 at 11.00 a.m. (IST) thru Video Conferencing ( VC ) / Other Audio Visual Means ( OAVM ). The Notice of the AGM and Annual Report inter alia, containing the financial statements and other statutory reports for the year ended March 31, 2026 is being sent electronically to all the Members of the Company whose email addresses are registered with the Company / Registrar and Share Transfer Agent (RTA) of the Company or the Depository Participant(s), in accordance with the MCA circulars and the SEBI Circulars. The details of casting vote thru e-voting and attending the AGM thru VC / OAVM are set out in the Notice of the AGM. The remote e-voting period commences on Monday, September 21, 2026 (09.00 a.m. IST) and ends on Wednesday, September 23, 2026 (05.00 p.m. IST). During this period, Members holding shares either in physical or dematerialized form, as on cut-off date, i.e. as on Thursday, September 17, 2026 may cast their votes electronically. The e-voting module will be disabled by NSDL for voting thereafter.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding 'Intimation of Book Closure for 60th AGM'. Pursuant to the provisions of Section 91 of the Companies Act, 2013 and Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of M/s. Madras Fertilizers Limited (the Company ) will remain closed from Friday, September 18, 2026 till Thursday, September 24, 2026 (inclusive of both days) for taking record of the Members of the Company for the purpose of the 60th Annual General Meeting (AGM). Please note that Members whose names appear in the Register of Members or in the Register of Beneficial Owners maintained by the Depositories as on the cut-off date (i.e. Thursday, September 17, 2026) shall be entitled to avail the facility of remote e-voting before the AGM or e-voting during the AGM.
2026-09-01 - Madras Fertilizers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-25 - Madras Fertilizers Limited has informed the Exchange regarding Change in Director(s) of the company.
News
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