Indian Phosphate Limited (IPHL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Indian Phosphate's revenue was ₹580 Cr (+27.3% year on year, +16.2% on the previous half-year), and net profit ₹13.0 Cr (+99.8% year on year); the operating margin was 4.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹580 | +27.3% | +16.2% |
| Operating profit | ₹25.0 | +110.1% | +31.6% |
| Net profit | ₹13.0 | +99.8% | +30.0% |
| EPS (₹) | 5.45 | +142.2% | +64.2% |
| Operating margin | 4.3% | — | — |
IPHL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 68.09% of the IPHL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 88.99%. That is lower than usual for this stock. Turnover was only ₹46 lakh, so a handful of trades can move this figure. It traded 2.3 times its average daily volume.
Delivery in the last 5 sessions: 98.5% · 83.3% · 92.3% · 63.7% · 68.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Indian Phosphate Limited released its Q2 FY27 business update, highlighting an 83.78% YoY surge in consolidated revenue to ₹45,020.71 Lakhs (₹450.21 Cr) compared to ₹24,496.84 Lakhs in Q2 FY26. For H1 FY27, consolidated revenue increased 82.38% YoY to ₹91,030.66 Lakhs (₹910.31 Cr), representing approximately 46.4% of its TTM revenue (₹1,963 Cr). Growth was driven by the commercial ramp-up of the Cuddalore unit, including a 100 MT/day Anionic Surfactant plant commissioned in June 2026, alongside entry into potassic fertilizers under an arrangement with K+S Middle East.
- Q2 FY27 consolidated revenue surged 83.78% YoY to ₹45,020.71 Lakhs from ₹24,496.84 Lakhs
- H1 FY27 consolidated revenue reached ₹91,030.66 Lakhs, growing 82.38% YoY
- Commercial production of the Anionic Surfactant plant at Cuddalore commenced in June 2026 with a 100 MT/day capacity
- Brickwork Ratings assigned a credit rating of BWR A-/Stable (fund based) and BWR A2+ (non-fund based) in June 2026
Indian Phosphate Limited has scheduled participation in the Arihant Capital Bharat Connect Virtual Conference Rising Star 2026 on September 25, 2026, at 12:00 PM IST. The management will engage in group or one-on-one virtual meetings with analysts and institutional investors. The company stated that discussions will be limited to publicly available information without sharing any unpublished price sensitive information (UPSI). As a standard investor interaction, this announcement has no direct financial or operational impact.
- Management participating in Bharat Connect Virtual Conference Rising Star 2026 organized by Arihant Capital
- Scheduled date and time: Friday, September 25, 2026, at 12:00 p.m. IST
- Format includes virtual one-to-one and group meetings
- Company confirmed discussions will not involve any Unpublished Price Sensitive Information (UPSI)
Indian Phosphate Limited has announced its 27th Annual General Meeting (AGM) scheduled for September 29, 2026, via audio-visual means. The company has fixed September 22, 2026, as the cut-off date to determine member eligibility for voting. The share transfer books and register of members will remain closed from September 23 to September 29, 2026. Remote e-voting will be available from September 26 to September 28, 2026.
- 27th AGM scheduled for September 29, 2026, at 02:00 PM via audio-visual means
- Cut-off/record date for e-voting eligibility set for September 22, 2026
- Book closure period fixed from September 23, 2026, to September 29, 2026 (both days inclusive)
- Remote e-voting window runs from September 26, 2026 (9:00 AM) to September 28, 2026 (5:00 PM)
Indian Phosphate Limited (IPHL) has issued notice for its 27th Annual General Meeting (AGM) to be held on September 29, 2026, via video conferencing. Key resolutions include shareholder approval for an investment of up to ₹50 crore in subsidiary Shriyam Projects Private Limited during FY27, representing ~29.4% of IPHL's net worth (₹170 crore). The company is also seeking approval for the 5-year re-appointment of CMD Ravindra Singh and Executive Directors Rohit Paragbhai Parmar and Rushil Arora (monthly salary ₹2.60 lakh).
- 27th AGM scheduled for September 29, 2026 at 2:00 PM IST via audio-visual means.
- Proposed authorization for material related party investment of up to ₹50 crore in subsidiary Shriyam Projects Private Limited during FY27.
- Re-appointment of Mr. Ravindra Singh as Chairman cum Managing Director for a 5-year term from August 8, 2026, to August 7, 2031.
- Re-appointment of Executive Director Rushil Arora for 5 years at a monthly salary of ₹2,60,000.
Indian Phosphate Limited held its Board Meeting on September 01, 2026, approving several routine and governance matters ahead of its 27th Annual General Meeting. Key approvals include the re-appointment of Mr. Ravindra Singh as Chairman cum Managing Director and an investment in subsidiary Shriyam Projects Private Limited, both subject to shareholder approval. The board also approved the regularization of additional directors and finalized the draft Director's Report and Management Discussion and Analysis for FY2025-26.
- Board meeting held on September 01, 2026 (commenced at 04:00 PM, concluded at 05:00 PM)
- Approved re-appointment of Mr. Ravindra Singh as Chairman cum Managing Director, subject to shareholder approval
- Approved investment in subsidiary company Shriyam Projects Private Limited (quantum not disclosed)
- Regularized Mr. Sudheer Relan as Director and Mr. Hemang Mehta as Independent Director
- Approved notice and logistics for convening the 27th Annual General Meeting
Indian Phosphate Limited (IPHL) has announced the postponement of its one-on-one investor/analyst meetings originally scheduled for August 18th and 19th, 2026. The company cited 'unavoidable circumstances' for the delay and stated that revised dates will be communicated once finalized. This is a procedural update and does not impact the company's financial position or its TTM revenue of ₹1,963 Cr.
- Postponement of meetings originally scheduled for August 18, 2026
- Postponement of meetings originally scheduled for August 19, 2026
- Delay attributed to 'unavoidable circumstances' by the management
- Revised dates for the interaction are yet to be finalized and announced
Indian Phosphate Limited (IPHL) has announced a two-day schedule for one-on-one meetings with institutional investors and analysts in Mumbai on August 18 and 19, 2026. These meetings occur as the company manages a TTM revenue of 1,963 Cr and an operating margin of 3.2%. The management is likely to discuss the progress of its 33 Cr Cuddalore plant expansion, which represents approximately 19.4% of its 170 Cr net worth. Such meetings are standard practice for increasing market visibility and communicating growth strategies to the institutional community.
- One-on-one investor meetings scheduled for August 18 and 19, 2026, in Mumbai.
- Meetings are timed from 10:00 AM to 6:00 PM IST on both days.
- Company reported TTM revenue of 1,963 Cr and TTM PAT of 31 Cr.
- Ongoing 33 Cr investment in Cuddalore facility is a key growth driver for South India expansion.
- Promoter holding remains stable at 72.99% as of March 2026.
Indian Phosphate Limited (IPHL) reported a robust Q1 FY27 business update with consolidated revenue reaching ‑254.17 Cr, an 81% increase year-on-year. Standalone revenue grew even faster at 87% YoY to ‑232.08 Cr, while both segments saw a 43% sequential (QoQ) growth. The performance was driven by strong demand across its chemicals and fertilizer segments, supported by integrated manufacturing in Rajasthan and Tamil Nadu. This quarterly revenue represents approximately 13% of the TTM revenue of ‑1963 Cr, indicating a strong start to the fiscal year.
- Consolidated revenue increased 81% YoY to ‑254.17 Cr for the quarter ended June 30, 2026
- Standalone revenue grew 87% YoY to ‑232.08 Cr, reflecting strong core operations
- Sequential growth (QoQ) for both standalone and consolidated revenue stood at 43%
- Distribution network expanded to cover 14+ states across India
- Company is pursuing backward integration through captive Sulphuric Acid manufacturing and rock phosphate mining
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 13.48% YoY to INR 799.09 Cr in FY25 from INR 704.18 Cr in FY24. Segment-specific growth percentages for fertilizers and LABSA were not explicitly disclosed, though LABSA operations are expected to drive 5-7% growth in FY25.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates units in Rajasthan (Umarda) and Maharashtra (Dhule), and is expanding into Tamil Nadu (Cuddalore) to capture the South Indian market.
Profitability Margins
PAT margin declined to 1.15% in FY25 from 1.91% in FY24. Operating margins have shown a downward trend, dropping from 6.4% in FY22 to 4% in FY23 and stabilizing at approximately 3.5% in FY24-25 due to lower fertilizer subsidies and higher LABSA manufacturing volumes.
EBITDA Margin
Operating margin remained steady at approximately 3.5% in FY24-25. Core profitability is impacted by the lower-margin LABSA segment and fluctuations in government fertilizer subsidies, which increased by INR 1,581/MT in FY25.
Capital Expenditure
Historical capex for FY25 was INR 25.90 Cr, a significant increase from INR 9.93 Cr in FY24. Planned expansion includes a INR 33 Cr investment in a new facility in Cuddalore, Tamil Nadu, funded by IPO proceeds.
Credit Rating & Borrowing
CRISIL Rating is 'Stable'. Interest coverage ratio was 2.7 times in FY25, down from 5.10 times in FY24. Finance costs for FY25 were INR 3.91 Cr, down 16.3% from INR 4.67 Cr in FY24.
Operational Drivers
Raw Materials
Key raw materials include Rock Phosphate and Sulphuric Acid for SSP production, and specific chemical inputs for LABSA (Linear Alkyl Benzene Sulphonic Acid). Raw material costs represented 89.5% of total revenue in FY25.
Import Sources
Not specifically disclosed, though the company notes that supply chain stability and raw material price volatility are key operational challenges.
Capacity Expansion
Current expansion includes a new unit in Cuddalore, Tamil Nadu (INR 33 Cr investment) and a fertilizer unit in Dhule, Maharashtra. Ramp-up of expanded LABSA capacity is expected to drive a 5-7% revenue increase in FY25.
Raw Material Costs
Cost of materials consumed was INR 715.53 Cr in FY25 (89.5% of revenue) compared to INR 645.58 Cr in FY24 (91.7% of revenue). Procurement strategies focus on managing volatility in LABSA and SSP input prices.
Manufacturing Efficiency
Bank limit utilization averaged 59% to 86% over the past 12-24 months, indicating moderate utilization. The current ratio improved to 1.95 times in March 2025 from 1.63 times in FY24, reflecting better liquidity management.
Logistics & Distribution
Not disclosed as a specific percentage; however, geographic expansion to South India is intended to optimize distribution and market reach.
Strategic Growth
Expected Growth Rate
5-7%
Growth Strategy
Growth will be achieved through the ramp-up of expanded LABSA capacity, geographic expansion into South India via the Cuddalore plant (INR 33 Cr investment), and improved working capital management using INR 25 Cr from IPO proceeds to lower interest costs.
Products & Services
Single Super Phosphate (SSP) in granular and powdered forms, and Linear Alkyl Benzene Sulphonic Acid (LABSA) used in detergent manufacturing.
Brand Portfolio
Indian Phosphate Limited (IPL).
New Products/Services
Expanded capacity for LABSA, a key raw material for the detergent industry, is the primary new driver, projected to grow due to increasing hygiene awareness and urbanization.
Market Expansion
Targeting South India with a new facility in Cuddalore, Tamil Nadu, to diversify from existing strongholds in Rajasthan and Maharashtra.
External Factors
Industry Trends
The chemical division is projected to grow due to hygiene awareness. The fertilizer industry remains dependent on the timeliness and amount of government subsidies, with FY25 seeing a subsidy increase of INR 1,581/MT.
Competitive Landscape
The company faces competition in the SSP and LABSA markets, though specific competitor names were not provided in the excerpts.
Competitive Moat
Moat is derived from the 25+ years of experience of promoters (Mr. Ravinder Singh, etc.) and the strategic location of plants near key markets. Sustainability is supported by backward integration efforts and geographic diversification.
Macro Economic Sensitivity
Highly sensitive to agricultural demand and government fiscal policy regarding fertilizer subsidies. Detergent demand (LABSA) is sensitive to population growth and urbanization trends.
Consumer Behavior
Increasing hygiene awareness and urbanization are driving steady demand growth for LABSA-based cleaning products.
Geopolitical Risks
Trade barriers or supply chain disruptions affecting the import of raw materials for SSP and LABSA could impact production costs.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Department of Fertilizers' subsidy policies and Section 52 of the Companies Act, 2013, regarding the treatment of IPO expenses (INR 68 Cr issue).
Environmental Compliance
Environmental compliance is noted as a key challenge for the chemical division, though specific ESG costs were not disclosed.
Taxation Policy Impact
Standard corporate tax rates apply; the company reported a tax expense for continuing operations, resulting in a PAT of INR 9.17 Cr in FY25.
Legal Contingencies
The company has disclosed pending litigations in its financial statements; auditors noted that these are disclosed but did not provide a consolidated INR value in the excerpts.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeliness and amount of government subsidy payments; any stretch in these payments can weaken liquidity. Raw material price volatility is a secondary key risk.
Geographic Concentration Risk
Currently concentrated in Western and Northern India (Rajasthan and Maharashtra), with 100% of current revenue likely from these regions prior to the Tamil Nadu expansion.
Third Party Dependencies
High dependency on raw material suppliers, as material costs account for 89.5% of revenue.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in technological upgradation and sustainable manufacturing practices.
Credit & Counterparty Risk
Significant credit exposure to the Government of India for fertilizer subsidies and receivables from the agricultural sector.
