---
title: "Madras Fertilizers Ltd (MADRASFERT) — Share Price, Financials & Analysis"
symbol: "MADRASFERT"
company: "Madras Fertilizers Ltd"
canonical: "https://tapetide.com/stocks/MADRASFERT"
isin: "INE414A01015"
nse_symbol: "MADRASFERT"
bse_code: "590134"
sector: "Chemicals"
industry: "Fertilizers"
market_cap_cr: 994.8
generated_at: "2026-09-13T18:57:01.864Z"
---

# Madras Fertilizers Ltd (MADRASFERT)

Canonical page: https://tapetide.com/stocks/MADRASFERT

## Company

- **NSE Symbol:** MADRASFERT
- **BSE Code:** 590134
- **ISIN:** INE414A01015
- **Sector:** Chemicals
- **Industry:** Fertilizers
- **Macro Sector:** Commodities
- **Stock Type:** EQUITY
- **Listed Since:** 1997-07-25
- **CEO:** Mr. Manoj Kumar Jain
- **Employees:** 402
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** madrasfert.co.in

## About

Madras Fertilizers Limited is engaged in the manufacturing of Urea and Complex Fertilizers. It is also involved in manufacturing Bio-fertilizers and trading eco-friendly Agro Chemicals, Organic Manure, and City Compost under the brand name ‘Vijay’. [1]

## Latest Price

- **Price:** ₹61.83
- **Change:** -0.77 (-1.23%)
- **Open:** ₹62
- **Day High:** ₹62.64
- **Day Low:** ₹61.51
- **Previous Close:** ₹62.6
- **Volume:** 52408
- **As Of:** 2026-09-11T10:22:00+00:00

## Key Fundamentals

Observed at 2026-09-11T04:36:25.126680Z.

- **Market Cap:** ₹994.8 Cr
- **Classification:** Microcap
- **P/E (reported):** 14.1
- **P/E (TTM):** 14.02
- **EPS (TTM):** ₹4.41
- **EPS (reported):** ₹3.06
- **Book Value:** ₹5.64
- **Price to Book:** 11.03
- **Dividend Yield:** 0%
- **ROE:** -198.92%
- **ROCE:** 161.83%
- **Debt to Equity:** 6.89
- **Revenue (yearly):** ₹2300.35 Cr
- **Net Income:** ₹82.19 Cr
- **EBITDA:** ₹101.5 Cr
- **52-Week High:** ₹93.49
- **52-Week Low:** ₹52.56
- **RSI (14):** 34.47

## Tapetide Score

- **Score:** 43 / 100
- **Score date:** 2026-09-04
- **Archetype:** Expensive and Under Pressure
- **What it means:** The multiple is demanding and the trend has turned against it, without the financial strength that would justify paying up. What matters is whether the de-rating stops at the multiple or starts showing up in the numbers.
- **Pillar profile:** Quality: Average · Valuation: Expensive · Momentum: Falling
- **Percentile:** 22.3 (of 4473 scored stocks)
- **Confidence:** 98%
- **Data coverage:** 95%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 15.69 | 9% |
| growth | 17.98 | 9% |
| momentum | 37.58 | 12% |
| ownership | 60.56 | 24% |
| quality | 54.96 | 22% |
| valuation | 37.88 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Stock is trading at 10.8 times its book value
- The company has delivered a poor sales growth of 8.46% over past five years.
- Contingent liabilities of Rs.916 Cr.
- Earnings include an other income of Rs.64.6 Cr.
- Debtor days have increased from 60.8 to 75.0 days.

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -33.6% | -83.09% | -76.38% |
| ebitda margin growth | 59.17% | -33.44% | -32.6% | -62.85% |
| net income growth | 65.55% | 28.02% | -22% | 92% |
| revenue growth | 15.97% | -11.04% | -13% | 8% |
| roce | — | -164.99% | -180.14% | -73.77% |
| roe | — | — | -88.8% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | 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 | 385 | 556 | 758 | 655 | 532 | 799 | 555 | 672 | 510 | 419 | 699 | 814 |
| Expenses | 374 | 543 | 666 | 590 | 521 | 692 | 616 | 607 | 498 | 422 | 663 | 761 |
| Operating Profit | 12 | 13 | 92 | 65 | 11 | 107 | -61 | 65 | 12 | -3 | 36 | 53 |
| OPM % | 3 | 2.4 | 12 | 10 | 2.1 | 13 | -11 | 10 | 2.4 | -0.7 | 5 | 6 |
| Other Income | 9 | -46 | 28 | 9 | 10 | 9 | 16 | 13 | 23 | 24 | 5 | 12 |
| Interest | 14 | 16 | 24 | 17 | 15 | 15 | 16 | 15 | 14 | 14 | 15 | 15 |
| Depreciation | 3 | 3 | 1 | 3 | 2 | 3 | 4 | 3 | 3 | 4 | 4 | 4 |
| Profit before tax | 3 | -52 | 95 | 54 | 3 | 99 | -64 | 59 | 17 | 4 | 23 | 46 |
| Tax % | 0 | 0 | 7 | 25 | 52 | 24 | -19 | 25 | 25 | 29 | 7 | 25 |
| Net Profit | 3 | -52 | 88 | 40 | 2 | 75 | -52 | 44 | 13 | 3 | 21 | 35 |
| EPS in Rs | 0.21 | -3.21 | 5.48 | 2.51 | 0.1 | 4.63 | -3.26 | 2.73 | 0.8 | 0.16 | 1.3 | 2.15 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 1616 | 1593 | 1292 | 1533 | 2302 | 3447 | 2228 | 2542 | 2300 | 2442 |
| Expenses | 1592 | 1595 | 1294 | 1398 | 2056 | 3115 | 2124 | 2415 | 2190 | 2344 |
| Operating Profit | 24 | -2 | -2 | 135 | 247 | 332 | 104 | 127 | 110 | 98 |
| OPM % | 1.5 | -0.1 | -0.1 | 9 | 11 | 10 | 4.7 | 5 | 4.8 | 4 |
| Other Income | 47 | 18 | 12 | 7 | 29 | 14 | -7 | 44 | 65 | 65 |
| Interest | 94 | 123 | 104 | 108 | 100 | 89 | 76 | 68 | 59 | 59 |
| Depreciation | 22 | 23 | 32 | 31 | 9 | 10 | 10 | 12 | 14 | 14 |
| Profit before tax | -45 | -130 | -125 | 3 | 166 | 249 | 12 | 92 | 102 | 90 |
| Tax % | 0 | 0 | 0 | 0 | 2 | 25 | 53 | 30 | 21 | — |
| Net Profit | -45 | -130 | -125 | 3 | 162 | 185 | 6 | 64 | 80 | 71 |
| EPS in Rs | -2.78 | -8.06 | -7.78 | 0.18 | 10.08 | 11.5 | 0.35 | 3.99 | 4.99 | 4.41 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 162 | 162 | 162 | 162 | 162 | 162 | 162 | 162 | 162 | 162 |
| Reserves | -592 | -654 | -737 | -892 | -857 | -668 | -449 | -352 | -194 | -70 |
| Borrowings | 1254 | 1506 | 1652 | 1804 | 1378 | 1736 | 1494 | 1583 | 1594 | 634 |
| Other Liabilities | 406 | 568 | 492 | 344 | 508 | 680 | 650 | 614 | 672 | 1606 |
| Total Liabilities | 1230 | 1582 | 1568 | 1419 | 1191 | 1911 | 1857 | 2007 | 2234 | 2333 |
| Fixed Assets | 183 | 162 | 148 | 217 | 190 | 190 | 192 | 200 | 207 | 216 |
| CWIP | 22 | 26 | 31 | 3 | 18 | 14 | 13 | 25 | 20 | 27 |
| Investments | 135 | 149 | 198 | 180 | 203 | 250 | 337 | 455 | 525 | 575 |
| Other Assets | 889 | 1246 | 1192 | 1018 | 780 | 1456 | 1315 | 1328 | 1483 | 1515 |
| Total Assets | 1230 | 1582 | 1568 | 1419 | 1191 | 1911 | 1857 | 2007 | 2234 | 2333 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 220 | -150 | -23 | 104 | 492 | -317 | 687 | 175 | 116 | 5 |
| Cash from Investing Activity | -5 | -3 | -13 | -60 | -15 | 2 | 2 | -1 | 26 | 31 |
| Cash from Financing Activity | -245 | 178 | 45 | 56 | -527 | 265 | -320 | 19 | -52 | -34 |
| Net Cash Flow | -30 | 25 | 10 | 100 | -50 | -50 | 369 | 193 | 90 | 2 |
| Free Cash Flow | 212 | -154 | -36 | 39 | 473 | -324 | 677 | 143 | 103 | -22 |
| CFO/OP | 278 | -629 | 1126 | -5687 | 365 | -129 | 224 | 172 | 122 | 6 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 11 | 5 | 6 | 147 | 65 | 156 | 53 | 53 | 55 | 75 |
| Inventory Days | 169 | 86 | 116 | 102 | 98 | 71 | 33 | 62 | 55 | 47 |
| Days Payable | 133 | 149 | 115 | 49 | 114 | 77 | 41 | 85 | 100 | 90 |
| Cash Conversion Cycle | 48 | -59 | 8 | 200 | 49 | 150 | 45 | 29 | 10 | 33 |
| Working Capital Days | -167 | -165 | -203 | -336 | -272 | -149 | -121 | -218 | -193 | -200 |
| ROCE % | 15 | 5 | -1 | -2 | 13 | 28 | 28 | 11 | 11 | 15 |

## Shareholding Pattern

### Quarterly

| Category | Jun 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% | 85.27% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.02% |
| DIIs | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.02% | 0.05% | 0.02% | 0.05% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 13.47% | 13.29% | 13.34% | 13.35% | 13.47% | 13.48% | 13.46% | 13.47% | 13.37% | 13.49% | 13.45% | 13.45% |
| Others | 1.24% | 1.42% | 1.37% | 1.35% | 1.24% | 1.23% | 1.25% | 1.24% | 1.34% | 1.19% | 1.26% | 1.22% |
| No. of Shareholders | 49325 | 53455 | 53498 | 60264 | 62405 | 61355 | 62073 | 61571 | 59707 | 59028 | 58480 | 57972 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 3 / 4 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 64.09 | Sell |
| EMA (10) | 64 | Sell |
| SMA (20) | 65.34 | Sell |
| EMA (20) | 64.93 | Sell |
| SMA (50) | 66.41 | Sell |
| EMA (50) | 66.12 | Sell |
| SMA (100) | 67.55 | Sell |
| EMA (100) | 67.31 | Sell |
| SMA (200) | 69.39 | Sell |
| EMA (200) | 70.29 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 31.91 | Neutral |
| MACD (12,26,9) | -1.02 | Sell |
| Stochastic (14,3,3) | 9.31 | Buy |
| ADX (14) | 16.71 | Neutral |
| Williams %R (14) | -96.89 | Buy |
| ATR (14) | 1.89 | High Volatility |
| ROC (12) | -11.3 | Sell |
| Stoch RSI (14) | 0 | Buy |
| UO (7,14,28) | 32.27 | Neutral |

## Filings & Documents

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2012 from nse](https://archives.nseindia.com/annual_reports/AR_2678_MADRASFERT_2011_2012_22102013160036.zip) |
| from nse | [Financial Year 2011 from nse](https://archives.nseindia.com/annual_reports/AR_MADRASFERT_2010_2011_08092011023636.zip) |
| from nse | [Financial Year 2010 from nse](https://archives.nseindia.com/annual_reports/AR_MADRASFERT_2009_2010_13042011115423.zip) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2018/MADRAS_FERTILIZERS_LTD-590134-MARCH-2018.PDF) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2017/MADRAS_FERTILIZERS_LTD-590134-MARCH-2017.PDF) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2016/MADRAS_FERTILIZERS_LTD-590134-MARCH-2016.PDF) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2015/MADRAS_FERTILIZERS_LTD-590134-MARCH-2015.PDF) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/590134/5901340314.pdf) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2013/MADRAS_FERTILIZERS_LTD-590134-MARCH-2013.PDF) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2012/MADRAS_FERTILIZERS_LTD-590134-MARCH-2012.PDF) |

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2020-12-19 | [Fixes Book Closure for AGM](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=CD4ED200-BB00-48C9-82C3-CA59BB452D41-101139.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| — | [Fixes Book Closure for AGM 19 Dec 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/CD4ED200-BB00-48C9-82C3-CA59BB452D41-101139.pdf) |
| — | [Fixes Book Closure for AGM 11 Sep 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=22B53DEF_ACA9_4494_90E4_2E4634A9AE4D_121346.pdf) |
| — | [Fixes Book Closure for AGM 11 Sep 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/22B53DEF_ACA9_4494_90E4_2E4634A9AE4D_121346.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:57:01.864Z.