Chambal Fertilisers & Chemicals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Chambal Fertilisers & Chemicals Ltd filed with BSE on 20 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Chambal Fertilisers reported Q4 FY26 standalone revenue growth of 14% year-on-year to about Rs 2,785 crores, with EBITDA up 56% to Rs 255 crores and PAT up 46% to Rs 145 crores. For the full year, revenue grew 25% to Rs 20,794 crores while the Complex Fertilizer segment revenue increased 175% and the crop protection and biologicals business also expanded. Management discussed progress on the technical ammonium nitrate project, which has entered the commissioning phase, along with commentary on gas costs, subsidy receivables and raw material price volatility during the quarter.
Numbers mentioned
Revenue from operations: Rs. 2,785 crores (Q4 FY26)
p. 5
“revenue from operations grew 14% year-on-year to about Rs. 2,785 crores”
Abhay Baijal, page 5 of the filed PDF · View the filing
EBITDA: Rs. 255 crores (Q4 FY26)
p. 5
“EBITDA for the quarter, Rs. 255 crores, up 56% year-on-year with EBITDA margin at 9.16%”
Abhay Baijal, page 5 of the filed PDF · View the filing
Profit after tax: Rs. 145 crores (Q4 FY26)
p. 5
“Profit after tax was INR 145 crores, up 46% year-on-year with PAT margin of 5.22%”
Abhay Baijal, page 5 of the filed PDF · View the filing
Revenue from operations: Rs. 20,794 crores (FY26)
p. 6
“standalone revenue operations increased 25% year-on-year to Rs. 20,794 crores”
Abhay Baijal, page 6 of the filed PDF · View the filing
EBITDA: Rs. 2,679 crores (FY26)
p. 6
“EBITDA rose 8% year-on-year to Rs. 2,679 crores, with EBITDA margin at about 12.88%”
Abhay Baijal, page 6 of the filed PDF · View the filing
Profit after tax: Rs. 1,950 crores (FY26)
p. 6
“Profit after tax for the period grew 18% year-on-year to Rs. 1,950 crores, with PAT margins at 9.38%”
Abhay Baijal, page 6 of the filed PDF · View the filing
Subsidy received: Rs. 2,048 crores (Q4 FY26)
p. 6
“we received a subsidy of around Rs. 2,048 crores during the quarter as compared to Rs. 1,592 crores in the corresponding quarter last year”
Abhay Baijal, page 6 of the filed PDF · View the filing
Subsidy receipts: approximately Rs. 12,276 crores (FY26)
p. 6
“our subsidy receipts stood at approximately Rs. 12,276 crores, broadly in line with Rs. 11,945 crores received in the same period during last year”
Abhay Baijal, page 6 of the filed PDF · View the filing
Total receivables: about Rs. 2,075 crores (as of 31st March 2026)
p. 6
“total receivables stood at about Rs. 2,075 crores, comprising market debt of Rs. 121 crores and subsidy receivables of Rs. 1,954 crores”
Abhay Baijal, page 6 of the filed PDF · View the filing
Urea segment revenue: about Rs. 2,432 crores (Q4 FY26)
p. 6
“Urea revenues in the quarter came in at about Rs. 2,432 crores, an increase of 8%”
Abhay Baijal, page 6 of the filed PDF · View the filing
Complex Fertilizer segment revenue: about Rs. 323 crores (Q4 FY26)
p. 6
“revenues increased significantly to about Rs. 323 crores in the quarter, reflecting year-on-year increase of 94%”
Abhay Baijal, page 6 of the filed PDF · View the filing
Complex fertilizer segment revenue: INR 7,025 crores (FY26)
p. 6
“revenues increasing sharply to INR 7,025 crores, reflecting year-on-year growth of 175%”
Abhay Baijal, page 6 of the filed PDF · View the filing
CPC Speciality Nutrients and Seed segment revenue: INR 1,203 crores (FY26)
p. 6
“revenues increasing by 30% year-on year to INR 1,203 crores as compared to INR 926 crores in FY '25”
Abhay Baijal, page 6 of the filed PDF · View the filing
Final dividend: Rs. 6 per share (totaling Rs. 11 per equity share for FY26) (FY26)
p. 6
“Board of Directors has recommended a final dividend of Rs. INR 6 per share, totaling to Rs. 11 per equity share for FY '26”
Abhay Baijal, page 6 of the filed PDF · View the filing
Urea sales volume: 6.72 lakh metric tons (Q4 FY26)
p. 6
“Sales volume was marginally higher at 6.72 lakh metric tons as compared to 6.3 lakh metric tons in the same quarter”
Abhay Baijal, page 6 of the filed PDF · View the filing
Urea inventory: about 1,18,000 MT (end of FY26)
p. 10
“It is about 1,18,000 MT around.”
Anuj Jain, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
IMACID P2O5 capacity expansion — 7 lakh metric tons from 5 lakh metric tons · December 26
stated firmly by Abhay Baijal
p. 6
“The increase in P2O5 production capacity from 5 lakh metric tons to 7 lakh metric tons is expected to be implemented in December 26”
Abhay Baijal, page 6 of the filed PDF · View the filing
IMACID Sulphuric acid capacity expansion — FY27
stated conditionally by Abhay Baijal
p. 6
“Sulphuric acid capacity is also being increased, which is expected to be implemented a year ahead in FY '27”
Abhay Baijal, page 6 of the filed PDF · View the filing
TAN plant capacity utilization — 75%-80% · first year
stated firmly by Abhay Baijal
p. 8
“Yes, definitely that Mr. Narinder Goyal has promised me that by all means he will reach 75%- 80%.”
Abhay Baijal, page 8 of the filed PDF · View the filing
Urea sales volume — more than FY26 volume · FY27
stated as an aspiration by Abhay Baijal
p. 10
“We are confident that we will do better than last year, but whether we will touch 35, is a touch and go here and there, but we will definitely exceed what we did this year.”
Abhay Baijal, page 10 of the filed PDF · View the filing
TAN production volume — roughly about 1,60,000 - 1,70,000 tons · FY27 (nine months production)
stated conditionally by Abhay Baijal
p. 12
“So, we are saying that we have roughly about 1,60,000 - 1,70,000 tons of production would be possible.”
Abhay Baijal, page 12 of the filed PDF · View the filing
Routine Capex — about Rs. 170-180 crores · FY27
stated firmly by Abhay Baijal
p. 14
“there would be the normal routine Capex of the order of about Rs. 170-180 crores, which is there, which are in terms of either replacement or new, more efficient equipment”
Abhay Baijal, page 14 of the filed PDF · View the filing
Combined Urea and TAN balance Capex — around Rs. 500 crores · FY27
stated firmly by Anuj Jain
p. 14
“The total put together should be around Rs. 500 crores balance, I mean, Urea and TAN put together.”
Anuj Jain, page 14 of the filed PDF · View the filing
New Urea plant project — INR 9,500 crores to INR 10,000 crores
stated conditionally by Abhay Baijal
p. 14
“The price is INR 9,500 crores to INR 10,000 crores. That is the upper bound as far as brownfield projects are concerned.”
Abhay Baijal, page 14 of the filed PDF · View the filing
Nutrien specialized nutrient product market — $1 billion market, aiming for maybe 10% · next 5 years
stated as an aspiration by Abhay Baijal
p. 17
“We indicated in the region of $1 billion by the next 5 years. So, you can understand what kind of percentage they would be looking for. Maybe 10% would make a very large number.”
Abhay Baijal, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said gas costs remain around USD 18-18.5 per unit, similar to prior levels.
Answered by Abhay Baijal
Asked by Aman Kothari: What are current gas costs for Q1 versus the earlier USD 20 level?
p. 7
“Currently, what I understand, it is USD 18 plus, USD 18.5 plus. It may be around the same number.”
Abhay Baijal, page 7 of the filed PDF · View the filing
Management attributed the increase to escalation/de-escalation mechanics with the government subsidy base and timing mismatches in cash flow.
Answered by Abhay Baijal
Asked by Aman Kothari: Why did receivables and short-term borrowings jump this quarter?
p. 7
“these are small cash flow mismatches which happen, but they will be eventually evened out during the course of the year.”
Abhay Baijal, page 7 of the filed PDF · View the filing
Management described the TAN market as buoyant with strong demand and said budgeted margin numbers could be exceeded.
Answered by Abhay Baijal
Asked by Manas Belekar: What EBITDA margin range is expected for TAN at full capacity, and how does the market look?
p. 11
“The market for TAN is buoyant, I would say. The demand is there and you know that the continued emphasis on mining and infrastructure and all that is a strong growth driver for this particular segment of the market.”
Abhay Baijal, page 11 of the filed PDF · View the filing
Management attributed it to product mix, including ammonia sales and higher urea sales volume, plus fewer plant shutdowns this year versus prior periods.
Answered by Abhay Baijal
Asked by Prashant: What caused the sharp jump in Urea EBITDA per ton this quarter?
p. 10
“it is more to do with the product mix. We do know that we do sell a certain amount of Ammonia, so we had better margins there.”
Abhay Baijal, page 10 of the filed PDF · View the filing
Management said the market is short of material and expressed confidence in commissioning and running the plant given experience and new equipment.
Answered by Abhay Baijal
Asked by Viraj: Can the TAN plant reach high utilization in its first year given tight import market conditions?
p. 13
“Market at the moment is short. I think the people want material. And, in fact, the sooner we get it to the market, the better.”
Abhay Baijal, page 13 of the filed PDF · View the filing
Management indicated net cash was roughly balanced at zero at year end due to short-term borrowings offsetting cash, but expects surplus once subsidies are released.
Answered by Abhay Baijal
Asked by Prashant: What would be net cash on the balance sheet?
p. 15
“I think at the end of the year we were balanced with both, I think it was 0-0 almost, net cash was whatever cash on the books was more or less countered by the amount of short-term borrowing.”
Abhay Baijal, page 15 of the filed PDF · View the filing
Management cited GST treatment and controlled pricing as the two key unresolved issues before proceeding, alongside interest in opportunities outside India.
Answered by Abhay Baijal
Asked by Aman Kothari: Is the company considering setting up phosphatic fertilizer manufacturing capacity, and what issues remain?
p. 16
“our issues with respect to GST, for instance, in this sector, which is quite a problematic area which they have to sort out.”
Abhay Baijal, page 16 of the filed PDF · View the filing
Risks flagged
Sharp increases in ammonia and sulphur prices due to Middle East geopolitical tensions
p. 3
“ammonia prices increased sharply to around $850 to $900 per ton while Sulphur prices also increased from $900 to $950 per ton”
Abhay Baijal, page 3 of the filed PDF · View the filing
Industry margin pressure from high raw material costs and rupee depreciation despite subsidy increase
p. 3
“industry margins would remain under pressure due to high raw material costs and rupee depreciation”
Abhay Baijal, page 3 of the filed PDF · View the filing
Lower gas availability impacting capacity utilization and energy efficiency
p. 3
“lower gas availability during part of the quarter impacted the capacity utilization slightly and energy efficiency for the sector”
Abhay Baijal, page 3 of the filed PDF · View the filing
Logistics disruption from ships stuck at the Strait of Hormuz affecting phosphatic material availability
p. 9
“We have many ships, about 28 or 29 ships, which are stuck up in the Hormuz.”
Abhay Baijal, page 9 of the filed PDF · View the filing
Volatility in TAN pricing affecting revenue guidance
p. 12
“This is a very volatile product in terms of pricing.”
Abhay Baijal, page 12 of the filed PDF · View the filing
Uncertainty over Russia's stance on TAN exports affecting import market tightness
p. 13
“it depends on what the geopolitical situation pans out at and what will be the stance of Russia in terms of exports”
Abhay Baijal, page 13 of the filed PDF · View the filing
Constrained availability in the phosphatic segment this year due to logistics issues
p. 8
“this year's availability, especially in the phosphatic segment, is likely to be constrained”
Abhay Baijal, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.