CHAMBLFERT
Small CapChambal Fertilizers & Chemicals Limited
Industrials
Chambal Fertilizers & Chemicals Ltd (CFCL) is India's largest private-sector Urea manufacturer with 3.4 MMTPA capacity across three energy-efficient plants in Rajasthan. It offers a single-window agri-solution, marketing complex fertilizers, crop protection chemicals, speciality nutrients, biologicals, and seeds. CFCL is commissioning a 2.4 Lakh MTPA Technical Ammonium Nitrate (TAN) plant.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +14% YoY · PAT +30% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,785 Cr | +13.7% | -52.8% |
| EBITDA | ₹255 Cr | +56.4% | -68.9% |
| Operating margin | 9.0% | +200 bps | -500 bps |
| PAT | ₹169 Cr | +30.0% | -71.2% |
| PAT margin | 6.1% | +76 bps | -387 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 consolidated operational income grew 25% YoY to INR 207,937 Mn, with net profit up 18% YoY to INR 19,533 Mn. Q4-FY26 saw strong YoY growth: operational income +14%, EBITDA +56%, and net profit +30%, though QoQ performance declined significantly due to seasonality.
The company delivered robust FY26 and Q4-FY26 YoY growth in revenue and profit, driven by non-urea segments and new product launches. However, FY26 margins compressed, and trade receivables surged. The TAN plant commissioning is a key diversification, but its ramp-up and impact on financials need close monitoring.
FY26 Segment wise Revenue Split
Latest issuer-disclosed distribution across 3 reported categories.
Non-Urea Agri-Inputs
Crop Protection Chemicals and Speciality Nutrients saw 27% YoY contribution growth in FY26, with 17 new products launched and 15 in pipeline for FY27.
Biologicals Segment
Biologicals revenue increased 57% in FY26, with volume up 30%. 'UTTAM PRANAAM' contribution grew 172% in FY26, covering 3 million acres.
Technical Ammonium Nitrate (TAN)
Commissioning of the 2.4 Lakh MTPA TAN plant is in progress, diversifying into industrial and mining chemicals with a project cost of INR 16,450 Mn.
TAN Plant Commissioning
The Technical Ammonium Nitrate (TAN) plant, with a capacity of 2.4 Lakh MTPA and project cost of INR 16,450 Mn, is currently in the commissioning phase.
WNA Plant Dry Run
Dry run of the Weak Nitric Acid (WNA) plant, part of the TAN complex, has commenced, to be followed by Ammonium Nitrate Solution Melt and HDAN Solid production.
Government Initiatives
The TAN initiative aligns with India's 'Aatmanirbhar Bharat' vision, supporting energy security and critical sectors like mining and infrastructure.
Agri-Input Demand
Stable demand for urea tied to agricultural cycles and policy pricing, complemented by demand for phosphatic and potassic fertilizers.
Urea Plant Stoppage
Urea volumes were lower in FY26 mainly due to an unscheduled stoppage of one Urea Plant during the year.
Margin Compression
FY26 consolidated EBITDA and PAT margins declined YoY despite revenue growth, indicating cost pressures or changes in product mix.
Regulatory Environment
Urea is a highly regulated product, making the business susceptible to policy changes and pricing controls.
Receivables Management
A significant increase in standalone trade receivables to INR 20,752 Mn in FY26 from INR 3,679 Mn in FY25 raises concerns about working capital efficiency.
Project Execution Risk
Successful commissioning and ramp-up of the new TAN plant, a large-scale project, is critical for realizing diversification benefits.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual performance and seasonal business trends in fertilizers. QoQ is important to track sequential momentum, especially given the significant decline in Q4-FY26 consolidated results from Q3-FY26.
EBITDA Margins
FY26 consolidated EBITDA margin was 12.88% (vs 14.92% in FY25), a 14% decline. Q4-FY26 margin was 9.16% (vs 6.67% in Q4-FY25), a 37% increase.
PAT Margins
FY26 consolidated PAT margin was 9.39% (vs 9.91% in FY25), a 5% decline. Q4-FY26 margin was 6.08% (vs 5.32% in Q4-FY25), a 14% increase.
Working Capital Days
Working Capital Days improved to 51 in FY26 from 57 in FY25.
Trade Receivables
Standalone Trade Receivables increased significantly to INR 20,752 Mn in FY26 from INR 3,679 Mn in FY25.
TAN Plant Commissioning
Activities for commissioning the Technical Ammonium Nitrate plant are in progress, with dry run of WNA plant started.
New Product Pipeline
14 new Crop Protection Chemicals and 1 Speciality Nutrient product are in the pipeline for launch in FY27.
Research & Development
MOU signed for CFCL-TERI Centre of Excellence to develop 10 novel & patented products in Crop Protection and Crop Nutrition over five years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| TAN Plant Ramp-up | Dry run of WNA plant started. | Production of ANS Melt and HDAN Solid, and commercial sales. |
| Receivables Trend | Standalone Trade Receivables at INR 20,752 Mn; Subsidy Debtors at INR 19,794 Mn. | Reduction in receivables days and improved collection efficiency. |
| Non-Urea Growth | 27% YoY contribution growth in CPC/SN; 57% YoY revenue growth in Biologicals. | Sustained growth rates and successful new product launches in these segments. |
| Overall Margins | FY26 EBITDA margin 12.88% (down 14% YoY); PAT margin 9.39% (down 5% YoY). | Reversal of margin compression trends in subsequent quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +3.5% / mo
Technical chart
CHAMBLFERTdaily · 5Y-2.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 rising (~2.2% over last month) — short-term momentum positive.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 14% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 51.2%.
- Valuation contributes 28/30 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
- Quality is weaker at 14/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 96th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 61.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Small: 98th pctile, median 65
138 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.3%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.10.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 9.20
- P/B
- 1.73
- EV/EBITDA
- 6.29
- Market Cap
- 17977.00Cr
Profitability
- ROE
- 20.40%
- ROCE
- 25.50%
- ROA
- 11.45%
- Dividend Y
- 2.23%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- -9.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 382.57×
- Altman Z
- 5.99
- Book Value
- 260.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 138.00 Cr
- EPS TTM
- 48.76
Shareholding
- Promoter Hold
- 61.25%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 27%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.