Southern Petrochemical Industries Corporation Ltd.

•

spic.inBSE: 590030NSE: SPIC

Market Cap₹ 1,428 Cr.

Current Price

High / Low₹ 115 / 55

Stock P/E8.3

Book Value₹ 61

Price to Book1.57

Dividend Yield2.85 %

ROCE16.2 %

ROE13.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2023 • Agro Inputs: 99.9% • Other (AgriBusiness): 0.1%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 20.2%
Company has been maintaining a healthy dividend payout of 31.1%
Offers a healthy dividend yield of 2.9%
Company converts assets efficiently - asset turnover of 1.7x

CONS

Operating cash flow has been negative in recent years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.35x)
Total debt has risen sharply - up 54.2% year on year
Growth is decelerating - 3Y profit CAGR (-2.3%) trails the 5Y trend (18.1%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsFertilizers

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	COROMANDEL	1961.35	31.59	57871.77	0.56	381.56	-23.93	8164.77	15.94	23.92	9.26
2.	FACT	785.95	1818.91	50856.62	0.00	-67.90	-948.75	1567.84	65.14	11.30	-2.73
3.	CHAMBLFERT	415.70	8.64	16655.12	2.65	523.60	-4.61	5027.02	-11.77	25.50	16.42
4.	PARADEEP	158.05	15.31	16413.81	0.95	392.54	53.43	6124.25	63.14	15.09	11.76
5.	MBAPL	162.03	45.82	7099.10	0.06	329.62	1068.62	4163.01	916.15	19.41	15.83
6.	GSFC	160.05	9.21	6377.63	3.12	158.54	14.39	3583.15	64.03	7.17	6.58
7.	RCF	112.65	13.92	6214.77	1.19	73.53	35.09	3585.71	6.38	10.81	6.11
8.	KRISHANA	181.93	28.60	5624.15	0.06	47.09	54.01	532.31	34.58	27.26	16.71
9.	NFL	69.99	9.42	3433.56	1.49	113.38	387.47	4500.39	27.34	9.16	6.87
10.	SPIC	70.12	6.97	1427.93	2.85	60.18	-9.79	848.81	9.22	16.82	9.27
11.	MADRASFERT	63.13	14.33	1017.03	0.00	34.59	-21.49	814.01	21.07	27.70	6.46
12.	ZUARI	225.95	1.01	950.30	0.00	118.70	-90.68	615.21	-50.63	50.40	25.25

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	567	742	504	120	752	755	815	750	777	814	770	579	849
	487	659	450	98	656	693	739	718	687	740	689	539	808
Operating Profit	80	83	54	22	96	62	76	33	90	73	81	40	41
OPM %	14.10%	11.19%	10.71%	18.34%	12.74%	8.24%	9.33%	4.37%	11.56%	9.00%	10.50%	6.91%	4.86%
	2	4	13	-41	2	2	5	5	18	26	4	12	1
Interest	5	8	13	21	12	11	21	12	12	7	5	5	8
Depreciation	10	10	9	9	9	10	9	9	10	14	10	10	10
Profit before Tax	69	71	47	-44	79	48	55	21	89	81	74	42	43
Tax %	36.65%	36.85%	39.67%	34.12%	35.03%	35.92%	35.17%	36.58%	34.66%	34.62%	34.56%	37.47%	-5.06%
Net Profit	44	45	28	-29	51	31	35	13	58	53	49	26	45
	2.16	2.21	1.38	-1.43	2.52	1.52	1.74	0.64	2.86	2.61	2.39	1.28	2.20

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,838	1,499	1,994	2,592	2,079	1,527	1,875	2,829	1,944	3,086	3,012
	1,800	1,651	1,883	3,055	1,966	1,457	1,699	2,475	1,694	2,805	2,777
Operating Profit	38	-152	111	-463	113	70	176	354	249	281	235
OPM %	2.07%	-10.11%	5.56%	-17.88%	5.43%	4.61%	9.37%	12.51%	12.83%	9.12%	7.82%
	28	219	7	585	10	29	23	21	-30	14	43
Interest	12	11	41	36	34	14	14	31	38	55	24
Depreciation	29	31	40	32	32	38	44	44	38	38	44
Profit before Tax	25	26	37	53	57	47	140	300	143	203	240
Tax %	0.00%	0.00%	0.00%	0.00%	0.07%	-11.21%	0.00%	5.11%	38.52%	35.44%	28.04%
Net Profit	25	26	37	53	57	52	140	284	88	131	173
EPS	1.13	1.40	1.82	2.07	2.59	2.92	7.59	13.97	4.32	6.43	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.25%	10.74%	34.75%	31.13%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 8%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 22%
5 Years:: 18%
3 Years:: -2%

STOCK PRICE CAGR

10 Years:: 14%
5 Years:: 6%
3 Years:: -3%
1 Year:: -37%

RETURN ON EQUITY

10 Years:: 16%
5 Years:: 20%
3 Years:: 20%
Last Year:: 13%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	204	204	204	204	204	204	204	204	204	204
	30	65	102	144	197	256	411	682	748	845
	145	562	292	395	309	136	335	345	200	583
Trade Payables	1,146	370	739	1,209	1,182	949	488	602	61	236
	84	-18	-3	-44	63	8	72	142	296	271
Total Liabilities	1,609	1,183	1,334	1,908	1,955	1,552	1,510	1,975	1,508	2,139
	280	261	245	231	352	524	681	656	651	619
Capital Work in Progress	12	22	35	69	26	18	2	1	34	108
	32	36	35	65	64	59	94	92	101	102
	93	229	189	188	135	351	449	220	95	80
	0	0	0	0	0	0	0	0	18	12
Cash & Bank	16	7	8	77	72	106	6	17	174	50
	1,177	627	822	1,277	1,305	496	278	988	436	1,168
Total Assets	1,609	1,183	1,334	1,908	1,955	1,552	1,510	1,975	1,508	2,139

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	31	-350	330	63	140	360	-105	33	227	-38
Cash from Investing	-16	-17	-40	-101	-151	-158	-156	-34	-175	-145
Cash from Financing	-9	360	-290	102	6	-188	189	57	0	163
	5	-8	-0	69	-8	14	-73	11	53	-20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	53.38	53.38	53.38	53.38	53.38	53.38	53.38	53.38	53.38
	0.33	0.65	0.84	4.87	6.53	6.08	4.92	5.08	4.79
	1.70	1.18	1.18	0.30	0.30	0.15	0.17	0.15	0.14
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	44.59	44.80	44.61	41.45	39.80	40.39	41.52	41.40	41.68

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Southern Petrochemical Industries Corporation Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

Shareholders meeting

2026-09-04 - Southern Petrochemical Industries Corporation Limited has informed the Exchange regarding Notice of 55th Annual General Meeting to be held on September 28, 2026

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Southern Petrochemical Industries Corporation Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Press Release

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding a press release dated August 14, 2026, titled "Un-audited Financial results for quarter ended 30th June 2026.".

2026-08-14

Appointment

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding Appointment of Mr Sanket Balvantrao Waghe, IAS as Non- Executive Nominee Director of the company w.e.f. August 14, 2026.

2026-08-14

Appointment

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding Re-appointment of Mr T K Arun as Non- Executive Independent Director of the company w.e.f. November 11, 2026.

2026-08-14

Appointment

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding Appointment of Mr P Sankar, IAS as Non- Executive Nominee Director of the company w.e.f. August 14, 2026.

2026-08-14

Change in Director(s)

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-14

Shareholders meeting

2026-08-14 - Southern Petrochemicals Industries Corporation Limited has informed the Exchange regarding the date of Annual General Meeting to be held on September 28, 2026

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