Rashtriya Chemicals & Fertilizers
Rashtriya Chemicals & Fertilizers
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 30.2%
Weaknesses
1- Company has a low return on equity of 5.69% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoRashtriya Chemicals & Fertilizers Ltd is a government-owned Navratna fertilizer company trading at a P/E of 17.2 and P/B of 1.43, with a market cap of approximately ₹7,287 crore. The company posted FY25 consolidated revenue of ~₹16,934 crore (9% YoY sales growth) and net profit of ₹242 crore (68% TTM profit growth), but its 3-year compounded profit CAGR remains negative at -24%, reflecting earnings volatility tied to subsidy flows and input costs.
- TTM profit growth of 68% signals a strong recovery in earnings after a period of decline, with FY25 net profit at ₹242 crore
- Revenue grew 9% YoY in FY25 to ₹16,934 crore, reversing the 3-year compounded sales decline of -5%
- Navratna PSU status with 75% government promoter holding provides institutional backing and reduces governance risk
- 10-year compounded sales CAGR of 8% and profit CAGR of 9% demonstrate long-term business durability through commodity cycles
- ICRA AA (Stable) credit rating affirmed on non-convertible debentures of ₹1,200 crore, indicating strong balance sheet credibility
- Healthy dividend payout ratio of 25.9% with current dividend yield of 0.75%, providing some income floor for investors
- FY26 government fertilizer subsidy budget of ~₹1.7 lakh crore supports continued revenue visibility for urea and complex fertilizer sales
- 3-year return on equity of just 5.8% (and 3-year average ROE of 6%) indicates poor capital efficiency relative to equity base of ~₹4,755 crore
- 3-year compounded profit CAGR of -24% reflects severe earnings erosion despite top-line stability, driven by subsidy delays and gas cost volatility
- Stock has declined 15% over the past 1 year, underperforming the broader market and reflecting investor skepticism
- Total debt of approximately ₹2,752 crore against equity, with debt-to-equity around 0.58-0.81, adds interest burden on already thin margins
- Supreme Court ordered ₹218 crore refund (including interest) to Thermax Ltd, representing a material one-time cash outflow relative to FY25 profit of ₹242 crore
- 5-year compounded profit CAGR of just 1% despite 17% sales CAGR over the same period shows margin compression and inability to translate revenue into earnings
- Budget FY26 fertilizer subsidy allocation was lower than FY25 revised estimates, signaling potential fiscal tightening that could pressure receivables
- Being a PSU, RCF has limited pricing power on urea (government-controlled MRP) and remains dependent on subsidy reimbursement timelines
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Board to consider FPO Jul 7 Jul 1
RCF board meeting on July 7, 2026 to consider a Further Public Offer of equity shares, subject to shareholder and government approvals. Trading window closed for designated persons since June 25.
- New Executive Director appointed Jul 1
Sanjeev Haralikar appointed as Executive Director (Trombay) effective July 1, 2026, replacing Sunetra Kamble who superannuated as ED (Marketing & Commercial) on the same date.
- NCD interest record date set Jun 20
Record date of July 17, 2026 fixed for interest payment on Rs.300 Crore NCDs, with payment scheduled for August 7, 2026.
TL;DR: Recent RCF news is purely operational with no clear bullish or bearish catalysts. The potential FPO is the most significant development — it could bring dilution risk if approved but also signals government intent to unlock value. Leadership transition appears routine. Investors should watch the July 7 board outcome for clarity on equity dilution and pricing.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,043 | 4,155 | 4,904 | 3,880 | 4,396 | 4,290 | 4,518 | 3,730 | 3,371 | 5,293 | 4,236 | 5,581 | 3,586 |
| Expenses | 3,914 | 4,050 | 4,819 | 3,687 | 4,280 | 4,088 | 4,339 | 3,551 | 3,213 | 5,079 | 3,992 | 5,258 | 3,367 |
| Operating Profit | 129 | 105 | 84 | 193 | 116 | 202 | 179 | 178 | 158 | 214 | 244 | 322 | 219 |
| OPM % | 3.2% | 2.5% | 1.7% | 5% | 2.6% | 4.7% | 4% | 4.8% | 4.7% | 4% | 6% | 6% | 6% |
| Other Income | 58 | 67 | 38 | 44 | 30 | 43 | 43 | 54 | 39 | 51 | 52 | 113 | 35 |
| Interest | 39 | 44 | 48 | 52 | 70 | 76 | 53 | 54 | 56 | 55 | 103 | 79 | 71 |
| Depreciation | 56 | 56 | 56 | 64 | 60 | 62 | 63 | 78 | 66 | 70 | 75 | 80 | 83 |
| PBT | 92 | 72 | 17 | 120 | 16 | 106 | 105 | 100 | 75 | 141 | 118 | 276 | 101 |
| Tax % | 26% | 29% | 35% | 21% | 34% | 26% | 24% | 28% | 28% | 25% | 31% | 32% | 28% |
| Net Profit | 68 | 51 | 11 | 95 | 11 | 79 | 80 | 72 | 54 | 105 | 81 | 187 | 74 |
| EPS in Rs | 1.23 | 0.92 | 0.2 | 1.73 | 0.2 | 1.43 | 1.45 | 1.31 | 0.99 | 1.91 | 1.47 | 3.38 | 1.33 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,694 | 8,241 | 7,099 | 7,255 | 8,885 | 9,698 | 8,281 | 12,812 | 21,452 | 16,981 | 16,934 | 18,480 | 18,695 |
| Expenses | 6,840 | 7,766 | 6,680 | 6,986 | 8,448 | 9,111 | 7,527 | 11,820 | 19,968 | 16,461 | 16,253 | 17,524 | 17,696 |
| Operating Profit | 853 | 475 | 419 | 268 | 437 | 586 | 754 | 992 | 1,483 | 520 | 681 | 956 | 1,000 |
| OPM % | 11% | 6% | 6% | 3.7% | 4.9% | 6% | 9% | 8% | 7% | 3.1% | 4% | 5% | 5% |
| Other Income | 66 | 81 | 66 | 61 | 104 | 26 | 133 | 263 | 236 | 204 | 169 | 241 | 252 |
| Interest | 123 | 147 | 96 | 64 | 157 | 239 | 181 | 130 | 234 | 190 | 259 | 295 | 308 |
| Depreciation | 263 | 148 | 141 | 137 | 156 | 171 | 175 | 184 | 212 | 233 | 263 | 292 | 308 |
| PBT | 533 | 262 | 249 | 128 | 229 | 202 | 530 | 942 | 1,273 | 301 | 328 | 609 | 636 |
| Tax % | 35% | 35% | 28% | 39% | 42% | -3% | 28% | 25% | 24% | 25% | 26% | 30% | — |
| Net Profit | 346 | 169 | 179 | 79 | 133 | 207 | 384 | 702 | 966 | 225 | 242 | 427 | 447 |
| EPS in Rs | 6.27 | 3.06 | 3.25 | 1.43 | 2.41 | 3.75 | 6.96 | 12.73 | 17.52 | 4.08 | 4.39 | 7.75 | 8.09 |
| Div. Payout % | 29% | 36% | 34% | 42% | 32% | 76% | 43% | 30% | 30% | 30% | 30% | 30% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 |
| Reserves | 2,165 | 2,265 | 2,373 | 2,378 | 2,477 | 2,627 | 2,800 | 3,330 | 4,038 | 4,054 | 4,194 | 4,570 |
| Borrowings | 2,000 | 2,997 | 1,769 | 1,331 | 3,462 | 4,814 | 2,079 | 2,979 | 1,877 | 3,297 | 2,762 | 4,128 |
| Other Liabilities | 1,569 | 1,858 | 1,866 | 2,087 | 2,452 | 2,316 | 2,240 | 3,698 | 3,267 | 3,575 | 3,772 | 7,461 |
| Total Liabilities | 6,285 | 7,672 | 6,559 | 6,348 | 8,942 | 10,309 | 7,669 | 10,558 | 9,734 | 11,477 | 11,280 | 16,711 |
| Fixed Assets | 1,552 | 1,507 | 1,547 | 1,910 | 1,950 | 2,130 | 2,182 | 2,134 | 2,543 | 2,558 | 2,905 | 3,294 |
| CWIP | 62 | 150 | 107 | 152 | 276 | 433 | 406 | 513 | 211 | 431 | 579 | 810 |
| Investments | 0 | 49 | 45 | 62 | 80 | 256 | 645 | 935 | 994 | 992 | 1,095 | 1,380 |
| Other Assets | 4,672 | 5,966 | 4,860 | 4,223 | 6,636 | 7,490 | 4,437 | 6,977 | 5,986 | 7,497 | 6,700 | 11,226 |
| Total Assets | 6,285 | 7,672 | 6,559 | 6,348 | 8,942 | 10,309 | 7,669 | 10,558 | 9,734 | 11,477 | 11,280 | 16,711 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 212 | -633 | 1,595 | 1,078 | -1,636 | -522 | 5,211 | -592 | 787 | -422 | 2,364 | -471 |
| Investing | -201 | -259 | -180 | -496 | -310 | -531 | -610 | -379 | -316 | -464 | -681 | -1,299 |
| Financing | 3 | 811 | -1,406 | -588 | 1,945 | 1,052 | -3,131 | 599 | -1,560 | 1,032 | -853 | 908 |
| Net Cash Flow | 14 | -82 | 9 | -5 | -2 | -1 | 1,470 | -372 | -1,088 | 145 | 831 | -863 |
| Free Cash Flow | 5 | -900 | 1,409 | 584 | -1,934 | -948 | 4,970 | -752 | 402 | -840 | 1,538 | -1,545 |
| CFO/OP | 54 | -111 | 398 | 412 | -352 | -72 | 706 | -38 | 79 | -68 | 356 | -38 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 156 | 192 | 187 | 144 | 187 | 171 | 64 | 86 | 44 | 76 | 67 | 93 |
| Inventory Days | 101 | 122 | 97 | 90 | 139 | 78 | 82 | 138 | 80 | 95 | 58 | 52 |
| Days Payable | 60 | 63 | 75 | 82 | 106 | 80 | 91 | 137 | 61 | 71 | 57 | 50 |
| Cash Conversion Cycle | 198 | 251 | 209 | 151 | 220 | 170 | 55 | 87 | 63 | 101 | 67 | 94 |
| Working Capital Days | 78 | 66 | 83 | 79 | 67 | 54 | 7 | 16 | 35 | 30 | 4 | 27 |
| ROCE % | 15% | 8% | 7% | 4% | 7% | 8% | 11% | 15% | 21% | 6% | 7% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY10–FY26.
Documents
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Company Information
Rashtriya Chemicals & Fertilizers is a public sector undertaking (PSU) with 75% stake owned by GOI. Company is engaged in manufacturing and marketing of fertilizers and industrial chemicals.[1]
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