Fertilizers · Founded 2004 · www.krishnaphoschem.com · NSE · ISIN INE506W01012
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1. Business Overview
Krishana Phoschem Ltd. is an India-based company primarily engaged in the manufacturing and selling of a range of fertilizers. Its core business revolves around producing Single Super Phosphate (SSP) in both powder and granulated forms, which is a vital phosphatic fertilizer for various crops. The company is also vertically integrated, producing sulfuric acid, a key raw material for SSP manufacturing, primarily for captive consumption. Additionally, it manufactures NPK complex fertilizers and trades in other agri-inputs. The company's business model relies on catering to the agricultural sector, supplying essential plant nutrients to farmers, predominantly in specific regional markets of India. Revenue is generated through the sale of these manufactured and traded fertilizer products.
2. Key Segments / Revenue Mix
The primary revenue drivers for Krishana Phoschem are its manufactured fertilizers.
Single Super Phosphate (SSP): This is the flagship product and a significant contributor to revenue, offered in both powder and granulated forms.
NPK Complex Fertilizers: These are multi-nutrient fertilizers offering nitrogen, phosphorus, and potassium in various ratios.
Sulfuric Acid: Primarily produced for captive consumption in SSP manufacturing, but potential for external sales if surplus.
Trading: The company also engages in trading other agri-inputs, supplementing its core manufacturing.
Specific revenue contribution percentages for each segment are not publicly available without deep dive into annual reports, but SSP is understood to be the dominant product line.
3. Industry & Positioning
The Indian fertilizer industry is large, highly regulated, and significantly influenced by government policies, subsidies, and monsoon patterns. It is characterized by a mix of large national players (co-operatives and private), regional manufacturers, and importers. Krishana Phoschem operates within this competitive landscape, positioning itself as a key regional player, particularly in the SSP segment. SSP is often a more affordable phosphatic option compared to Di-Ammonium Phosphate (DAP), catering to a specific farmer base and soil requirements. The company competes with other regional SSP manufacturers and larger multi-product fertilizer companies.
4. Competitive Advantage (Moat)
Vertical Integration: Captive production of sulfuric acid, a critical raw material for SSP, provides a cost advantage and reduces dependency on external suppliers, enhancing operational efficiency and margin stability for its core product.
Regional Focus & Distribution Network: An established presence and distribution network in specific agricultural belts allow for deeper market penetration and stronger relationships with local farmers and dealers.
Cost Efficiency (SSP Specialization): Focusing on SSP allows for optimized production processes and potentially lower per-unit costs compared to diversified players with broader product portfolios.
5. Growth Drivers
Government Support to Agriculture: Continued government focus on agricultural productivity, food security, and direct benefit transfers (DBT) for fertilizer subsidies can drive sustained demand.
Food Demand & Population Growth: India's growing population and increasing food consumption necessitate higher agricultural output, maintaining a baseline demand for fertilizers.
Awareness & Adoption of SSP: Continued awareness campaigns and its cost-effectiveness can sustain demand for SSP, particularly among small and marginal farmers.
Expansion/Product Diversification: Potential for increasing existing capacity or venturing into related agri-inputs or specialized nutrient products.
Favorable Monsoons: Good monsoon seasons directly correlate with higher agricultural yields and increased fertilizer consumption.
6. Risks
Raw Material Price Volatility: Significant fluctuations in the prices of key raw materials like rock phosphate and sulfur (for sulfuric acid) can directly impact manufacturing costs and profitability.
Monsoon Dependency: The agricultural sector in India is heavily reliant on monsoons; poor or erratic monsoons can lead to reduced agricultural output and subsequently lower fertilizer demand.
Government & Regulatory Risks: Changes in fertilizer subsidy policies, delays in subsidy payments, price controls, and import policies can severely impact the company's cash flow and profitability.
Competition: Intense competition from domestic and imported fertilizers, including other SSP manufacturers and more complex fertilizers like DAP, can exert pressure on pricing and market share.
Environmental Regulations: Strict and evolving environmental norms for chemical manufacturing can lead to increased compliance costs and operational challenges.
7. Management & Ownership
Krishana Phoschem Ltd. is a promoter-driven company, which is common in the Indian corporate landscape. The company is spearheaded by members of the Agarwal family, who are the promoters. This indicates a closely held and family-managed business, often characterized by a long-term vision and commitment. Promoter holding typically constitutes a significant portion of the total shares, demonstrating strong insider alignment. Specific details on individual management quality or board structure require a deeper review of annual reports and corporate governance disclosures.
8. Outlook
Krishana Phoschem operates in a fundamentally essential but complex sector. The consistent demand for fertilizers driven by India's agricultural needs and population growth provides a stable base. Its focus on SSP, coupled with vertical integration for sulfuric acid, offers a degree of cost advantage and operational stability. However, the business remains highly susceptible to external factors such as volatile raw material prices, the vagaries of the monsoon, and, critically, government policies regarding subsidies and pricing. While government initiatives to boost agriculture could be a tailwind, changes in subsidy mechanisms or delays in payments pose significant financial risks. The company's ability to maintain cost efficiency, manage working capital effectively, and navigate the regulatory landscape will be key to its sustained performance.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 230 | 263 | 281 | 301 | 304 | 473 | 396 | 608 | 659 | 755 |
| Other Income | 0 | 1 | 1 | 2 | 2 | 6 | 3 | 3 | 4 | 5 |
| Total Income | 231 | 264 | 282 | 303 | 306 | 479 | 398 | 611 | 664 | 761 |
| Total Expenditure | 207 | 238 | 239 | 260 | 260 | 417 | 330 | 535 | 589 | 666 |
| Operating Profit | 24 | 26 | 43 | 43 | 46 | 63 | 68 | 77 | 75 | 95 |
| Interest | 9 | 11 | 12 | 10 | 9 | 8 | 9 | 7 | 9 | 14 |
| Depreciation | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 9 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 6 | 7 | 23 | 25 | 29 | 47 | 51 | 61 | 57 | 72 |
| Provision for Tax | 3 | 1 | 6 | 8 | 8 | 14 | 21 | 27 | 23 | -11 |
| Profit After Tax | 4 | 6 | 16 | 17 | 21 | 33 | 31 | 33 | 33 | 83 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 6 | 16 | 17 | 21 | 33 | 31 | 33 | 33 | 83 |
| Adjusted Earnings Per Share | 0.6 | 0.9 | 2.7 | 2.7 | 3.3 | 5.3 | 4.9 | 5.4 | 5.4 | 13.4 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 72 | 89 | 80 | 96 | 153 | 163 | 189 | 319 | 323 | 924 | 1358 | 2418 |
| Other Income | 4 | 2 | 1 | 1 | 0 | 0 | 2 | 1 | 3 | 2 | 10 | 15 |
| Total Income | 77 | 90 | 81 | 97 | 153 | 163 | 191 | 321 | 326 | 926 | 1368 | 2434 |
| Total Expenditure | 63 | 77 | 64 | 77 | 119 | 128 | 150 | 264 | 271 | 796 | 1174 | 2120 |
| Operating Profit | 14 | 13 | 17 | 20 | 34 | 35 | 41 | 57 | 54 | 130 | 194 | 315 |
| Interest | 5 | 5 | 4 | 6 | 3 | 3 | 2 | 4 | 7 | 37 | 39 | 39 |
| Depreciation | 6 | 6 | 6 | 8 | 11 | 12 | 10 | 10 | 9 | 34 | 31 | 35 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 3 | 6 | 6 | 19 | 21 | 28 | 43 | 39 | 59 | 123 | 241 |
| Provision for Tax | 2 | 2 | 3 | 3 | 6 | 7 | 9 | 13 | 12 | 19 | 37 | 60 |
| Profit After Tax | 1 | 1 | 3 | 4 | 14 | 14 | 20 | 29 | 27 | 40 | 87 | 180 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 1 | 3 | 4 | 14 | 14 | 20 | 29 | 27 | 40 | 87 | 180 |
| Adjusted Earnings Per Share | 0.2 | 0.3 | 0.7 | 0.7 | 2.7 | 2.8 | 3.8 | 5 | 4.3 | 6.5 | 14 | 29.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 47% | 62% | 53% | 34% |
| Operating Profit CAGR | 49% | 50% | 41% | 30% |
| PAT CAGR | 118% | 44% | 44% | 56% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 85% | 46% | 76% | NA% |
| ROE Average | 25% | 17% | 16% | 11% |
| ROCE Average | 22% | 16% | 18% | 15% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 79 | 80 | 93 | 96 | 110 | 125 | 147 | 221 | 262 | 301 | 384 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 13 | 13 | 24 | 21 | 16 | 6 | 6 | 50 | 144 | 159 | 133 |
| Other Non-Current Liabilities | -1 | -1 | 1 | 2 | 3 | 6 | 8 | 7 | 20 | 29 | 71 |
| Total Current Liabilities | 33 | 24 | 35 | 31 | 43 | 21 | 34 | 52 | 156 | 356 | 448 |
| Total Liabilities | 124 | 117 | 152 | 149 | 170 | 158 | 195 | 330 | 582 | 845 | 1036 |
| Fixed Assets | 74 | 72 | 80 | 112 | 106 | 96 | 94 | 85 | 358 | 322 | 295 |
| Other Non-Current Assets | 10 | 9 | 25 | 1 | 1 | 2 | 18 | 111 | 11 | 50 | 110 |
| Total Current Assets | 41 | 36 | 47 | 37 | 63 | 60 | 83 | 135 | 212 | 473 | 632 |
| Total Assets | 124 | 117 | 152 | 149 | 170 | 158 | 195 | 330 | 582 | 845 | 1036 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 10 | 8 | 14 | 25 | 18 | 23 | 10 | -5 | -33 | -83 | 154 |
| Cash Flow from Investing Activities | -11 | -3 | -31 | -15 | -5 | -1 | -19 | -84 | -190 | -37 | -32 |
| Cash Flow from Financing Activities | 1 | -5 | 17 | -9 | -13 | -21 | 9 | 89 | 223 | 121 | -110 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 | 12 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.23 | 0.33 | 0.66 | 0.71 | 2.71 | 2.77 | 3.75 | 4.97 | 4.32 | 6.54 | 14 |
| CEPS(Rs) | 1.64 | 1.65 | 1.91 | 2.31 | 4.97 | 5.12 | 5.71 | 6.67 | 5.73 | 12.07 | 19.04 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 | 0.5 | 0.5 |
| Book NAV/Share(Rs) | 10.84 | 11.71 | 12.85 | 13.97 | 22.02 | 24.49 | 27.9 | 36.41 | 42.35 | 48.62 | 62.08 |
| Core EBITDA Margin(%) | 13.33 | 13.24 | 18.97 | 19.99 | 21.93 | 21.62 | 20.63 | 17.38 | 15.97 | 13.87 | 13.54 |
| EBIT Margin(%) | 11.34 | 8.74 | 12.86 | 12.62 | 14.76 | 14.48 | 16.25 | 14.66 | 14.18 | 10.37 | 11.98 |
| Pre Tax Margin(%) | 3.8 | 3.4 | 7.62 | 6.63 | 12.51 | 12.75 | 15.05 | 13.4 | 12.06 | 6.39 | 9.08 |
| PAT Margin (%) | 1.35 | 1.55 | 4.1 | 3.69 | 8.85 | 8.45 | 10.38 | 9.23 | 8.28 | 4.38 | 6.37 |
| Cash Profit Margin (%) | 9.45 | 7.8 | 11.79 | 11.97 | 16.21 | 15.64 | 15.8 | 12.38 | 10.97 | 8.07 | 8.67 |
| ROA(%) | 0.82 | 1.15 | 2.46 | 2.35 | 8.45 | 8.4 | 11.09 | 11.22 | 5.86 | 5.67 | 9.2 |
| ROE(%) | 2.4 | 2.92 | 5.83 | 5.3 | 15.08 | 11.89 | 14.64 | 16.3 | 11.19 | 14.38 | 25.29 |
| ROCE(%) | 11.42 | 9.8 | 10.86 | 10.96 | 17.82 | 16.96 | 20.18 | 20.49 | 11.05 | 15.04 | 21.77 |
| Receivable days | 16.98 | 40.61 | 66.52 | 53.24 | 41.74 | 44.12 | 44.46 | 45.76 | 71.39 | 66.81 | 86.34 |
| Inventory Days | 159.37 | 95.01 | 92.49 | 81.97 | 60.43 | 72.48 | 70.1 | 54.96 | 94 | 50.01 | 39.12 |
| Payable days | 105.85 | 49.27 | 61.14 | 60.8 | 56.59 | 49.23 | 29.67 | 30.08 | 26.1 | 20.01 | 45.25 |
| PER(x) | 0 | 0 | 26.51 | 22.85 | 9.52 | 8.86 | 12.48 | 27.96 | 56.22 | 37.31 | 16.81 |
| Price/Book(x) | 0 | 0 | 1.37 | 1.16 | 1.17 | 1 | 1.68 | 3.82 | 5.74 | 5.02 | 3.79 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0.97 | 1.02 | 0.53 | 0.18 | 0.1 | 0.2 | 0.21 |
| EV/Net Sales(x) | 0.73 | 0.6 | 1.67 | 1.28 | 1.05 | 0.82 | 1.4 | 2.79 | 5.51 | 2.1 | 1.33 |
| EV/Core EBITDA(x) | 3.74 | 3.98 | 8.03 | 6.12 | 4.75 | 3.79 | 6.47 | 15.69 | 32.69 | 14.92 | 9.29 |
| Net Sales Growth(%) | -19.51 | 22.45 | -10.11 | 20.27 | 59.47 | 6.7 | 15.82 | 69.22 | 1.08 | 186.2 | 47.01 |
| EBIT Growth(%) | -30.6 | -5.73 | 33.21 | 16.8 | 86.09 | 4.69 | 29.99 | 52.69 | -2.29 | 109.41 | 69.8 |
| PAT Growth(%) | -86.32 | 40.82 | 138.8 | 7.27 | 281.52 | 1.94 | 42.18 | 50.45 | -9.26 | 51.27 | 113.98 |
| EPS Growth(%) | -88.27 | 40.83 | 101.4 | 7.27 | 281.53 | 1.94 | 35.64 | 32.48 | -13 | 51.27 | 113.98 |
| Debt/Equity(x) | 0.7 | 0.65 | 0.71 | 0.6 | 0.29 | 0.1 | 0.14 | 0.32 | 1.06 | 1.45 | 0.98 |
| Current Ratio(x) | 1.22 | 1.49 | 1.36 | 1.19 | 1.49 | 2.82 | 2.43 | 2.58 | 1.36 | 1.33 | 1.41 |
| Quick Ratio(x) | 0.29 | 0.86 | 0.62 | 0.62 | 0.71 | 1.33 | 1.24 | 1.52 | 0.65 | 0.93 | 1.08 |
| Interest Cover(x) | 1.5 | 1.64 | 2.45 | 2.11 | 6.55 | 8.39 | 13.49 | 11.56 | 6.71 | 2.61 | 4.12 |
| Total Debt/Mcap(x) | 0 | 0 | 0.52 | 0.52 | 0.25 | 0.1 | 0.09 | 0.08 | 0.18 | 0.29 | 0.26 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.88 | 71.01 | 71.03 | 71.03 | 71.23 | 71.86 | 71.86 | 71.96 | 72.26 | 72.94 |
| FII | 0 | 0 | 0.02 | 0.01 | 0 | 0.04 | 1.37 | 0.6 | 0.2 | 0.26 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.12 | 28.99 | 28.95 | 28.96 | 28.77 | 28.09 | 26.77 | 27.44 | 27.54 | 26.81 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.32 | 4.39 | 4.39 | 4.39 | 4.4 | 4.44 | 4.44 | 4.45 | 4.47 | 4.51 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.04 | 0.01 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.86 | 1.79 | 1.79 | 1.79 | 1.78 | 1.74 | 1.66 | 1.7 | 1.7 | 1.66 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 69.88 | 71.01 | 71.03 | 71.03 | 71.23 | 71.86 | 71.86 | 71.96 | 72.26 | 72.94 |
| FII | 0 | 0 | 0.02 | 0.01 | 0 | 0.04 | 1.37 | 0.6 | 0.2 | 0.26 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 30.12 | 28.99 | 28.97 | 28.97 | 28.77 | 28.14 | 28.14 | 28.04 | 27.74 | 27.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 4.32 | 4.39 | 4.39 | 4.39 | 4.4 | 4.44 | 4.44 | 4.45 | 4.47 | 4.51 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.08 | 0.04 | 0.01 | 0.02 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 1.86 | 1.79 | 1.79 | 1.79 | 1.78 | 1.74 | 1.74 | 1.73 | 1.72 | 1.67 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 | 6.18 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +47% | +62% | +53% | +34% |
| Operating Profit CAGR | +49% | +50% | +41% | +30% |
| PAT CAGR | +118% | +44% | +44% | +56% |
| Share Price CAGR | +85% | +46% | +76% | — |
| ROE Average | +25% | +17% | +16% | +11% |
| ROCE Average | +22% | +16% | +18% | +15% |
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