PARADEEP
Large CapParadeep Phosphates Limited
Industrials
Paradeep Phosphates Limited (PPL) is India’s leading private sector phosphatic fertilizer company with a capacity of 3.7 MMTPA across three plants (Paradeep, Goa, Mangalore). It produces DAP, NPK grades, and Urea, with backward integration for key raw materials and a wide distribution network across 18 states.
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.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
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
Bad · 0/100PAT -9% YoY · margin compression · Rev +12% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,702 Cr | +12.1% | -18.2% |
| EBITDA | ₹442 Cr | +15.4% | -6.4% |
| Operating margin | 9.0% | +0 bps | +100 bps |
| PAT | ₹156 Cr | -9.3% | -14.3% |
| PAT margin | 3.3% | -78 bps | +15 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
PPL reported strong FY26 performance with Revenue from Operations up 28.7% YoY to Rs. 218,263 Mn and EBITDA up 33.0% YoY to Rs. 22,594 Mn. PAT surged 52.2% YoY to Rs. 10,008 Mn. Q4 FY26 saw mixed results with Total Income up 11.5% YoY but Net Profit down 4.7% YoY.
PPL delivered robust FY26 results driven by improved economies of scale, NPK category growth, and market penetration. Strategic capacity additions in Sulphuric Acid and planned Phosphoric Acid expansion support backward integration and future growth. Q4 PAT decline warrants monitoring.
Installed Capacity Mix (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Integrated Manufacturing Operations
Reflected in strong financial and operational performance in Q4 and FY2026.
Diversified Product Portfolio
Growth in TSP and other value-added fertilizers NPK as a category (including TSP) grew by 22%.
Deepened Market Penetration
Supported by extensive pan-India distribution network and strong farmer engagement.
Efficient Sourcing Capabilities
Competitive edge via long-term agreements and backward integration, hedging global price volatility.
Sulphuric Acid Capacity
Commissioned 500,000 MTPA plant at Paradeep and 100,000 MTPA at Mangalore in FY26, increasing company capacity by 0.6 MMTPA (45%).
Phosphoric Acid Capacity
Plan to double phos acid capacity from 0.5 MMTPA to 1 MMTPA is on track, aiming for 100% backward integration at all sites.
Sulphuric Acid Plant (Mangalore)
300 TPD Sulphuric Acid plant commissioned in March 2026.
Strong Brand Equity
Jai Kisaan Navratna and Mangala brands hold strong equity with farmers, supported by continuous channel engagement.
Proximity to Ports
Paradeep, Goa, and Mangalore plants benefit from port proximity, enhancing inbound logistics and raw material sourcing.
Strategic Expansion Plan
Targeting 5.0 MMTPA total capacity by FY29, with Urea at 16% and DAP/NPK at 84%.
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.
The document provides both Q4 YoY and FY YoY figures, which are crucial for understanding annual performance and seasonal trends in the fertilizer business. QoQ figures are also available for sequential momentum analysis.
Total Fertilizers Production (FY26)
3,666,291 MT, up 7.7% Y-o-Y. Achieved 100% capacity utilization.
Total Fertilizers Sales (FY26)
4,209,890 MT, up 10.2% Y-o-Y.
Revenue from Operations (FY26)
Rs. 218,263 Mn, up 28.7% Y-o-Y.
EBITDA Margin (FY26)
10.3% (Rs. 22,594 Mn), up 33.0% Y-o-Y.
Focus on Operational Excellence
Management remains focused on operational excellence, disciplined execution, and sustainable growth.
Serving Farming Community
Continuing to serve India’s farming community through a diversified product portfolio and strong distribution network.
Backward Integration Goal
Endeavour to make all sites 100% backward integrated in Phosphoric Acid.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Phosphoric Acid Capacity Expansion | Plan to double capacity from 0.5 MMTPA to 1 MMTPA. | Monitor progress and commissioning timelines for the Phosphoric Acid capacity doubling. |
| NPK Category Growth | NPK as a category (including TSP) grew by 22% in FY26. | Watch for sustained growth in value-added NPK products and market penetration. |
| Overall Capacity Utilization | Achieved 100% capacity utilization in FY26 (37 lakh tonnes production). | Monitor if the company can maintain high utilization rates with new capacity additions. |
| Q4 Net Profit Trend | Q4 FY26 Net Profit Rs. 1,611 Mn, down 4.7% Y-o-Y. | Assess if Q4 PAT decline is an anomaly or indicates margin pressure in subsequent quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -7.0% / mo
Technical chart
PARADEEPweekly · 1Y-26.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~7.6% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 46% off 52W high · 27% 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
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 70.7%.
- Growth contributes 23/25 to the score.
- Quality contributes 14/20 to the score.
Main drags
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Valuation is weaker at 20/30; 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: +1 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.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 53rd percentile within Industrials. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter holding is 57.8%. Key concern: Operating cash flow is negative at ₹-1012 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 53rd pctile, median 68 · Large: 34th pctile, median 74
58 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 57.8%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.8%.
- ▸4 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-1012 Cr.
- ▸Debt/equity is 1.02.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 12.60
- P/B
- 1.90
- EV/EBITDA
- 7.74
- Market Cap
- 12881.00Cr
Profitability
- ROE
- 18.90%
- ROCE
- 17.10%
- ROA
- 5.55%
- Dividend Y
- 0.81%
Growth (CAGR)
- Revenue 5Y
- 33.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 4.08×
- Altman Z
- 2.89
- Book Value
- 65.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -1012.00 Cr
- EPS TTM
- 9.60
Shareholding
- Promoter Hold
- 57.79%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
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.