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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹13107 Cr.
Stock P/E
23.8
P/B
1.9
Current Price
₹126.3
Book Value
₹ 65.3
Face Value
10
52W High
₹234.1
52W Low
₹ 99.8
Dividend Yield
1.19%

Paradeep Phosphates Overview

Business

Paradeep Phosphates Ltd. (PPL) is primarily engaged in the manufacturing, trading, distribution, and sale of phosphatic fertilizers in India. Its core business revolves around producing Di-Ammonium Phosphate (DAP) and various NPK (Nitrogen, Phosphorus, Potassium) complex fertilizers. The company also produces and sells intermediates like sulphuric acid and phosphoric acid, which are critical inputs for its finished products. PPL makes money by selling these fertilizers directly to farmers through a wide distribution network, as well as to dealers and cooperatives across various states in India, primarily catering to the agricultural sector's demand for nutrient-rich soil inputs.

Revenue Mix

PPL's main revenue driver is its phosphatic fertilizer segment, comprising:

DAP (Di-Ammonium Phosphate): A widely used high-analysis complex fertilizer.

NPK Complex Fertilizers: Various grades of complex fertilizers like NPK 10:26:26, NPK 12:32:16, NPK 14:28:0, and NPK 19:19:19.

The company also produces and sells intermediates such as Sulphuric Acid and Phosphoric Acid, some of which are consumed captive and others sold commercially. While specific segment contributions are not publicly detailed, phosphatic fertilizers constitute the vast majority of its finished product sales.

Industry

Paradeep Phosphates operates within the Indian fertilizer industry, which is characterized by significant government intervention through subsidies, import dependence for key raw materials (like rock phosphate, sulphur, ammonia), and high sensitivity to monsoon patterns. PPL is one of India's largest manufacturers of phosphatic fertilizers, holding a significant market share in this segment. The industry is moderately consolidated, with a few large players dominating the market. PPL benefits from its coastal manufacturing facility, which aids in logistics for imported raw materials.

MOAT

Scale & Integration: PPL possesses large-scale manufacturing facilities for phosphatic fertilizers and backward integration for critical intermediates like sulphuric acid and phosphoric acid. This allows for better cost control and supply chain stability compared to non-integrated players.

Established Distribution Network: The company has a well-entrenched and extensive sales and distribution network across key agricultural states in India, ensuring product reach to farmers.

Brand Recognition: While fertilizers are largely commodity products, an established name like Paradeep Phosphates in the Indian market provides a degree of trust and recognition among farmers and dealers.

Growth Drivers

Agricultural Growth in India: Increasing demand for food grains and commercial crops, coupled with declining per capita arable land, necessitates higher fertilizer consumption to boost yields.

Government Support & Subsidies: Continued government focus on food security and farmer welfare through fertilizer subsidies directly supports demand and profitability for manufacturers.

Capacity Utilization & Expansion: Optimizing existing production capacities and potential future expansions to meet rising demand.

Product Mix Optimization: Introducing new or specialized fertilizer grades that cater to specific crop or soil nutrient requirements.

Risks

Raw Material Price Volatility: PPL is highly dependent on imported raw materials (rock phosphate, sulphur, ammonia), making it vulnerable to global price fluctuations and currency exchange rate volatility.

Regulatory & Subsidy Risk: Changes in government fertilizer policies, subsidy mechanisms, or pricing controls can significantly impact profitability and operational structure.

Monsoon Dependency: Agricultural output and, consequently, fertilizer demand in India are heavily reliant on the quality and distribution of monsoons. Poor monsoons can reduce demand.

Environmental Regulations: Stringent environmental norms for fertilizer manufacturing can lead to increased compliance costs or operational restrictions.

Competition: Intense competition from both domestic and international players can put pressure on pricing and margins.

Management & Ownership

Paradeep Phosphates Ltd. is promoted by Zuari Agro Chemicals Ltd., which is part of the Advent International portfolio (a global private equity firm). The management team typically comprises experienced professionals from the chemical and fertilizer sectors, bringing expertise in manufacturing, marketing, and navigating the regulatory landscape of the Indian fertilizer industry. The ownership structure includes a significant promoter holding, with the remaining shares held by institutional investors and the public.

Outlook

Paradeep Phosphates is well-positioned in the essential Indian phosphatic fertilizer market, benefiting from its large scale, integrated operations, and established distribution network. The company's prospects are tied to the sustained growth of Indian agriculture and supportive government policies.

The bull case suggests that consistent agricultural growth, stable subsidy regimes, and efficient raw material sourcing could drive robust demand and profitability. Its backward integration offers some cushion against raw material price shocks.

The bear case highlights significant exposure to volatile global commodity prices for key raw materials and the inherent uncertainties of government policy in the highly regulated Indian fertilizer sector. Fluctuations in monsoon patterns and intense competition could also put pressure on its operational performance and margins.

Paradeep Phosphates Share Price

Live · BSE / NSE · Inception: 1981
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Paradeep Phosphates Quarterly Results

#(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 2595 2243 2377 4619 4990 4194 3754 6872 5749 4702
Other Income 9 30 19 20 42 60 27 42 31 40
Total Income 2604 2273 2397 4639 5032 4254 3781 6914 5780 4742
Total Expenditure 2313 2095 2230 4112 4551 3811 3288 6216 5276 4260
Operating Profit 291 178 166 527 480 443 493 698 503 482
Interest 82 95 91 105 103 119 87 140 127 156
Depreciation 55 58 61 86 88 86 64 90 102 126
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -41 2
Profit Before Tax 154 25 14 336 289 239 342 469 233 202
Provision for Tax 45 5 8 81 80 66 86 127 51 47
Profit After Tax 109 20 6 255 209 172 256 342 182 156
Adjustments 0 1 -1 0 0 0 -1 0 0 0
Profit After Adjustments 109 22 5 255 209 172 256 342 182 156
Adjusted Earnings Per Share 1.3 0.3 0.1 3.1 2.6 2.1 3.1 4.2 1.8 1.5

Paradeep Phosphates Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3791 4358 4193 5165 7859 13341 11575 13820 21077
Other Income 20 43 35 19 39 91 69 114 140
Total Income 3811 4400 4228 5184 7898 13432 11644 13934 21217
Total Expenditure 3313 3920 3733 4622 7188 12540 10928 12567 19040
Operating Profit 498 481 495 561 710 892 717 1367 2176
Interest 159 159 192 111 86 291 366 362 510
Depreciation 62 70 72 83 90 175 211 252 382
Exceptional Income / Expenses -54 0 0 0 0 0 0 0 -39
Profit Before Tax 224 251 230 367 535 426 141 752 1246
Provision for Tax 73 92 36 143 137 122 41 201 311
Profit After Tax 151 159 193 223 398 304 100 552 936
Adjustments 0 0 0 0 0 0 0 0 -1
Profit After Adjustments 151 159 193 223 398 304 100 552 936
Adjusted Earnings Per Share 2.6 2.8 3.4 3.9 6.9 3.7 1.2 6.8 10.6

Paradeep Phosphates Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1395 1483 1604 1828 2225 3505 3564 4077
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 288 219 139 113 528 612 677 622
Other Non-Current Liabilities 4 47 49 113 122 149 194 221
Total Current Liabilities 2436 3879 3218 2369 5053 6391 5226 6226
Total Liabilities 4124 5628 5010 4423 7928 10657 9661 11146
Fixed Assets 1008 1024 1214 1226 1261 2872 3431 3349
Other Non-Current Assets 269 288 191 259 1534 770 473 674
Total Current Assets 2847 4315 3605 2938 5133 7015 5757 7124
Total Assets 4124 5628 5010 4423 7928 10657 9661 11146

Paradeep Phosphates Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 15 24 19 4 92 538 43 91
Cash Flow from Operating Activities 804 -920 1270 1501 -44 -2377 1437 1386
Cash Flow from Investing Activities 73 -103 -143 -289 -1099 -419 -367 -597
Cash Flow from Financing Activities -868 1018 -1141 -1124 1589 2301 -1022 -6
Net Cash Inflow / Outflow 9 -5 -15 87 446 -495 48 783
Closing Cash & Cash Equivalent 24 19 4 92 538 43 91 874

Paradeep Phosphates Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 2.62 2.76 3.36 3.88 6.92 3.73 1.23 6.77
CEPS(Rs) 3.69 3.98 4.62 5.33 8.5 5.89 3.81 9.86
DPS(Rs) 0 1 1.21 0 0 0.5 0.5 1
Book NAV/Share(Rs) 24.25 25.77 27.87 31.76 38.67 43 43.71 49.94
Core EBITDA Margin(%) 12.59 10.06 10.96 10.33 8.4 5.95 5.49 8.94
EBIT Margin(%) 10.08 9.42 10.05 9.1 7.77 5.33 4.3 7.95
Pre Tax Margin(%) 5.89 5.77 5.48 6.98 6.7 3.17 1.19 5.37
PAT Margin (%) 3.97 3.65 4.61 4.25 4.99 2.26 0.85 3.94
Cash Profit Margin (%) 5.59 5.26 6.34 5.84 6.12 3.56 2.63 5.73
ROA(%) 3.65 3.26 3.63 4.73 6.45 3.27 0.98 5.3
ROE(%) 10.79 11.05 12.52 13.01 19.66 10.62 2.83 14.46
ROCE(%) 11.76 10.45 9.91 13.69 15.03 10.78 6.46 13.95
Receivable days 184.15 178.3 195.48 114.84 47.01 62.3 99.2 68.4
Inventory Days 63.42 87.17 108.83 68.73 72.91 61.47 62.96 53.6
Payable days 87.54 77.85 93.85 49.69 28.75 20.75 13.57 20.58
PER(x) 0 0 0 0 0 13.47 54.14 15.26
Price/Book(x) 0 0 0 0 0 1.17 1.52 2.07
Dividend Yield(%) 0 0 0 0 0 0.99 0.75 0.97
EV/Net Sales(x) 0.63 0.84 0.68 0.34 0.37 0.65 0.8 0.86
EV/Core EBITDA(x) 4.83 7.65 5.8 3.09 4.13 9.66 12.95 8.67
Net Sales Growth(%) 0 14.95 -3.79 23.18 52.16 69.76 -13.23 19.4
EBIT Growth(%) 0 7.29 2.61 13.43 29.84 15.61 -29.35 119.92
PAT Growth(%) 0 5.56 21.55 15.55 78.46 -23.66 -67.16 452.29
EPS Growth(%) 0 5.56 21.55 15.55 78.46 -46.06 -67.17 452
Debt/Equity(x) 1.33 2.11 1.43 0.68 1.33 1.32 1.12 1.07
Current Ratio(x) 1.17 1.11 1.12 1.24 1.02 1.1 1.1 1.14
Quick Ratio(x) 0.9 0.75 0.79 0.86 0.56 0.75 0.75 0.78
Interest Cover(x) 2.4 2.58 2.2 4.29 7.25 2.46 1.38 3.08
Total Debt/Mcap(x) 0 0 0 0 0 1.13 0.74 0.52

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +19% +21% +27%
Operating Profit CAGR +91% +24% +23%
PAT CAGR +452% +12% +23%
Share Price CAGR -27% +31%
ROE Average +14% +9% +12% +12%
ROCE Average +14% +10% +12% +12%

Paradeep Phosphates Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 57.8 %
FII 8.36 %
DII (MF + Insurance) 15.59 %
Public (retail) 42.2 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 56.0856.0856.0856.0856.0556.0556.0457.257.757.8
FII 5.081.631.92.055.47.1813.9715.0111.438.36
DII 22.0324.626.8327.0925.5424.4418.1714.5713.3615.59
Public 43.9243.9243.9243.9243.9543.9543.9642.842.342.2
Others 0000000000
Total 100100100100100100100100100100

Paradeep Phosphates Peer Comparison

Fertilizers Edit Columns

Paradeep Phosphates Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Paradeep Phosphates Pros & Cons

Pros

  • Company has delivered good profit growth of 23% CAGR over last 5 years
  • Company has reduced debt.

Cons

  • Company has a low return on equity of 9% over the last 3 years.
  • Debtor days have increased from 13.57 to 20.58days.
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