Paradeep Phosphates
Paradeep Phosphates
ChemicalsKey Fundamentals
SmallcapFertilizersChemicalsTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 35.1% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 22.9%
Weaknesses
1- Company has a low return on equity of 12.3% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Paradeep Phosphates is a fertiliser maker with a market cap of about ₹16,165 crore, trading at a P/E of 15 and a P/B of 2.36. In FY26, revenue from operations rose 29% YoY to ₹21,826 crore, EBITDA rose 33% to ₹2,259 crore, and PAT rose 52% to ₹1,000 crore. Against that, 3-year average ROE is modest at about 12%, and the stock has fallen 15% over the past year after a 30% CAGR over three years.
- FY26 PAT rose 52% YoY to ₹1,000 crore, with PBT up 46% to ₹1,328 crore. Earnings growth in the latest full year was faster than revenue growth.
- Profit has compounded at 35% CAGR over 5 years and 48% CAGR over 3 years, which points to a sustained earnings ramp-up rather than a one-off.
- Revenue from operations grew 29% YoY in FY26 to ₹21,826 crore, and sales have compounded at 33% over 5 years and 18% over 3 years. That points to rising volumes and capacity use.
- FY26 EBITDA grew 33% YoY to ₹2,259 crore, slightly faster than revenue, so the EBITDA margin held at about 10.4%.
- Q2 FY26 revenue jumped 49% YoY to ₹6,872 crore and PAT rose 34% to ₹342 crore, showing strong momentum during the peak kharif season.
- ROE improved to 16% in the last year, up from a 3-year average of 12% and a 5-year average of 13%, which suggests returns are improving as scale builds.
- At a P/E of 15 against 5-year profit CAGR of 35%, the valuation multiple is low relative to historical earnings growth.
- The company keeps a dividend payout of about 22.9% and recommended a dividend of ₹1.50 per share for FY26, so shareholders get some cash return while it reinvests.
- ROE averages only 12.3% over 3 years and 13% over 5 years. That is modest for a stock trading at 2.36x book value.
- TTM profit growth of 14% is well behind TTM sales growth of 28%, a sign of margin pressure in recent quarters despite the higher top line.
- The EBITDA margin is thin at about 10.1% to 10.4% (Q2 FY26 and FY26). With so little buffer, swings in imported raw material prices such as ammonia, phosphoric acid and rock phosphate can hit profits hard.
- The stock has returned -15% over the past year, even though FY26 PAT grew 52%. Earnings growth has not fed through to the share price recently.
- Fertiliser earnings depend on government nutrient-based subsidy (NBS) rates and on when subsidy is paid. On a revenue base of ₹21,826 crore, changes in subsidy policy or delayed payments can affect working capital and margins a lot.
- The dividend yield is low at 0.97%, so returns rely mostly on earnings growth continuing rather than on income.
- The 3-year sales CAGR of 18% is well below the 5-year CAGR of 33%. Part of the past growth came from acquisitions and commodity-driven price increases that may not repeat.
- Demand is seasonal and tied to the monsoon, which shows up in large quarterly swings; Q2 FY26 alone made up about 31% of FY26 revenue (₹6,872 crore of ₹21,826 crore).
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- AGM approves dividend, PSLP Sep 17
Shareholders approved the FY26 financials, a dividend declaration and a new performance stock option plan (PSLP) at the 44th AGM on September 17, 2026. These are routine governance approvals, and the articles give no dividend amount or plan size.
- UK investor meet scheduled Sep 16
Paradeep Phosphates will hold in-person one-to-one meetings with analysts and institutional investors in the United Kingdom on September 21 and 22, 2026. This is a regular investor-outreach event, and no new guidance was disclosed.
TL;DR: Recent news for Paradeep Phosphates is procedural, with no clear bullish or bearish triggers. The approved dividend points to steady shareholder payouts, and the new stock option plan ties management pay to performance. The UK analyst meetings suggest the company wants more foreign institutional investors, but they add no fundamental information. The next things to watch are any comments after the UK meetings and the Q2 FY27 results, especially fertilizer subsidy flows and raw material costs.
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 | 3,054 | 3,683 | 2,595 | 2,243 | 2,377 | 4,619 | 4,990 | 4,194 | 4,504 | 6,872 | 5,749 | 4,702 | 6,124 |
| Expenses | 3,093 | 3,427 | 2,313 | 2,095 | 2,231 | 4,112 | 4,551 | 3,811 | 3,923 | 6,216 | 5,276 | 4,260 | 5,404 |
| Operating Profit | -39 | 256 | 282 | 148 | 146 | 507 | 438 | 383 | 580 | 657 | 472 | 442 | 720 |
| OPM % | -1.3% | 7% | 11% | 7% | 6% | 11% | 9% | 9% | 13% | 10% | 8% | 9% | 12% |
| Other Income | 19 | 11 | 9 | 31 | 19 | 20 | 42 | 60 | 34 | 42 | -10 | 42 | 43 |
| Interest | 92 | 96 | 82 | 95 | 91 | 105 | 103 | 119 | 104 | 140 | 127 | 156 | 132 |
| Depreciation | 47 | 51 | 55 | 58 | 61 | 86 | 88 | 86 | 86 | 90 | 102 | 126 | 106 |
| PBT | -159 | 120 | 154 | 26 | 13 | 337 | 289 | 238 | 424 | 469 | 233 | 202 | 526 |
| Tax % | -25% | 26% | 29% | 18% | 59% | 24% | 28% | 28% | 25% | 27% | 22% | 23% | 25% |
| Net Profit | -120 | 89 | 109 | 22 | 5 | 255 | 209 | 172 | 317 | 342 | 182 | 156 | 393 |
| EPS in Rs | -1.47 | 1.1 | 1.34 | 0.26 | 0.07 | 3.13 | 2.57 | 2.11 | 3.88 | 4.19 | 1.75 | 1.5 | 3.78 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,358 | 4,193 | 5,165 | 7,859 | 13,341 | 11,575 | 16,959 | 21,826 | 23,447 |
| Expenses | 3,906 | 3,726 | 4,616 | 7,175 | 12,525 | 10,903 | 15,384 | 19,618 | 21,155 |
| Operating Profit | 452 | 467 | 549 | 684 | 816 | 672 | 1,574 | 2,208 | 2,292 |
| OPM % | 10% | 11% | 11% | 9% | 6% | 6% | 9% | 10% | 10% |
| Other Income | 29 | 27 | 12 | 27 | 76 | 45 | 124 | 51 | 116 |
| Interest | 159 | 192 | 111 | 86 | 291 | 366 | 443 | 528 | 555 |
| Depreciation | 70 | 72 | 83 | 90 | 175 | 211 | 344 | 403 | 423 |
| PBT | 251 | 230 | 366 | 535 | 426 | 141 | 911 | 1,328 | 1,430 |
| Tax % | 37% | 16% | 39% | 26% | 29% | 29% | 27% | 25% | — |
| Net Profit | 159 | 193 | 223 | 398 | 304 | 100 | 662 | 996 | 1,072 |
| EPS in Rs | 276 | 336 | 388 | 6.92 | 3.73 | 1.23 | 8.12 | 9.6 | 11.22 |
| Div. Payout % | 36% | 0% | 0% | 0% | 13% | 41% | 12% | 16% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 575 | 575 | 575 | 575 | 814 | 815 | 815 | 1,038 |
| Reserves | 907 | 1,028 | 1,252 | 1,650 | 2,690 | 2,750 | 5,060 | 5,745 |
| Borrowings | 3,123 | 2,298 | 1,251 | 2,954 | 4,648 | 4,014 | 5,100 | 6,906 |
| Other Liabilities | 1,022 | 1,109 | 1,344 | 2,749 | 2,504 | 2,083 | 3,294 | 4,247 |
| Total Liabilities | 5,628 | 5,010 | 4,423 | 7,928 | 10,657 | 9,661 | 14,268 | 17,936 |
| Fixed Assets | 1,024 | 1,214 | 1,226 | 1,261 | 2,872 | 3,431 | 5,194 | 6,026 |
| CWIP | 255 | 149 | 220 | 336 | 697 | 372 | 584 | 424 |
| Investments | 0 | 3 | 125 | 553 | 3 | 3 | 272 | 25 |
| Other Assets | 4,349 | 3,644 | 2,852 | 5,778 | 7,085 | 5,855 | 8,218 | 11,461 |
| Total Assets | 5,628 | 5,010 | 4,423 | 7,928 | 10,657 | 9,661 | 14,268 | 17,936 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | -920 | 1,270 | 1,501 | -44 | -2,377 | 1,437 | 1,648 | -1,012 |
| Investing | -103 | -143 | -289 | -1,099 | -419 | -367 | -415 | -557 |
| Financing | 1,018 | -1,141 | -1,124 | 1,589 | 2,301 | -1,022 | -389 | 998 |
| Net Cash Flow | -5 | -15 | 87 | 446 | -495 | 48 | 844 | -571 |
| Free Cash Flow | -1,047 | 1,131 | 1,332 | -664 | -2,812 | 1,026 | 1,191 | -1,878 |
| CFO/OP | -196 | 278 | 288 | 6 | -274 | 222 | 117 | -33 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 196 | 187 | 82 | 42 | 101 | 86 | 66 | 80 |
| Inventory Days | 166 | 134 | 85 | 133 | 77 | 74 | 78 | 105 |
| Days Payable | 83 | 100 | 89 | 132 | 66 | 60 | 71 | 70 |
| Cash Conversion Cycle | 280 | 221 | 78 | 43 | 112 | 100 | 74 | 115 |
| Working Capital Days | 35 | 33 | 25 | -50 | 14 | 13 | -3 | 18 |
| ROCE % | — | 10% | 14% | 15% | 11% | 7% | 15% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY18–FY27.
Documents
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Company Information
Incorporated in 1981, Paradeep Phosphates Limited is a manufacturer of non-urea fertilizers and India’s second largest private sector phosphatic company. The company is engaged in manufacturing, trading, distribution, and sales of a variety of complex fertilizers such as DAP, three grades of Nitrogen-Phosphorus-Potassium (namely NPK-10, NPK-12, and NP-20), Zypmite, Phospho-gypsum, and Hydroflorosilicic Acid.[1]
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