Madras Fertilizers Limited (MADRASFERT)
₹58.94 +0.58% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Madras Fertilizers' revenue was ₹814 Cr (+21.1% year on year, +16.5% on the previous quarter), and net profit ₹34.6 Cr (-21.4% year on year); the operating margin was 6.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹814 | +21.1% | +16.5% |
| Operating profit | ₹52.6 | -19.1% | +46.1% |
| Net profit | ₹34.6 | -21.4% | +64.7% |
| EPS (₹) | 2.15 | -21.2% | +65.4% |
| Operating margin | 6.5% | — | — |
MADRASFERT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.84% of the MADRASFERT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.49%. That is close to its usual level. Turnover was only ₹13 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 59.9% · 37.7% · 58.9% · 59.5% · 51.8%
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
Madras Fertilizers Limited has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI (DP) Regulations for the quarter ended September 30, 2026. The total issued capital stands at 16,59,98,200 shares, while the listed and subscribed capital is 16,11,01,300 shares. Of the total subscribed shares, 97.94% are held in demat form (92.06% in NSDL and 5.88% in CDSL), while 2.06% remain in physical form. The company confirmed zero changes in share capital during the quarter.
- Issued capital stands at 16,59,98,200 equity shares of Rs 10 each
- Listed and subscribed capital stands at 16,11,01,300 equity shares
- Dematerialized holdings account for 92.06% in NSDL and 5.88% in CDSL
- Physical holdings stand at 33,12,922 shares (2.06% of subscribed capital)
- Capital difference of 48,96,900 shares comprises 28,20,300 unsubscribed and 20,76,600 forfeited shares
Madras Fertilizers Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Integrated Registry Management Services confirms that dematerialisation requests received during the period were duly processed and confirmed. Physical security certificates were mutilated and cancelled, and depositories were registered as owners within the stipulated timelines. This is a recurring administrative filing and has no operational or financial impact on the company.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA Integrated Registry Management Services Private Limited on October 03, 2026
- Depository demat requests processed and certificates mutilated within stipulated time limits
Madras Fertilizers Limited has submitted the scrutinizer's report and voting results for its 60th Annual General Meeting held on September 24, 2026. All eight ordinary and special resolutions were approved by shareholders with more than 99.99% of valid votes cast in favour. Key items passed include the adoption of FY26 financial statements, reappointment of rotational directors, auditor remuneration approvals, and appointment of two Non-Executive Independent Directors. A total of 13,74,13,432 valid votes were cast across 105 participating members.
- All 8 resolutions passed with >99.99% approval of valid votes cast
- Adoption of FY26 financial statements received 13,74,13,057 votes in favour (99.9997%) and 375 against
- Special resolutions approved appointing Dr. Ravada Satyanarayana and Shri Dipesh Kumar as Independent Directors
- Total valid votes cast amounted to 13,74,13,432 across 105 members
Madras Fertilizers Limited has scheduled its 60th Annual General Meeting (AGM) for Thursday, September 24, 2026, via video conferencing. The remote e-voting window opens on September 21, 2026, and closes on September 23, 2026, with the record cut-off date set for September 17, 2026. The meeting will address routine statutory items, including the adoption of FY26 financial statements, director appointments by rotation, and ratification of cost auditor remuneration of ₹1,33,100 for FY27.
- 60th AGM scheduled for September 24, 2026, at 11:00 AM IST via VC/OAVM
- Remote e-voting window active from September 21, 2026 (09:00 AM) to September 23, 2026 (05:00 PM)
- Voting cut-off date fixed as Thursday, September 17, 2026
- Cost auditor remuneration for FY27 proposed for ratification at ₹1,33,100 plus taxes
Madras Fertilizers Limited has scheduled its 60th Annual General Meeting (AGM) for Thursday, September 24, 2026, via Video Conferencing. The cut-off date to determine voting eligibility is September 17, 2026, with remote e-voting open from September 21 to September 23, 2026. Key agenda items include adoption of the FY26 audited financial statements, director appointments/re-appointments, and ratification of cost auditor remuneration of Rs 1,33,100.
- 60th AGM scheduled for September 24, 2026 at 11:00 AM IST via Video Conferencing
- Cut-off date for e-voting eligibility set as Thursday, September 17, 2026
- Remote e-voting window active from September 21, 2026 (09:00 AM) to September 23, 2026 (05:00 PM)
- Cost auditor remuneration for FY 2026-27 proposed for ratification at Rs 1,33,100 plus taxes
Madras Fertilizers Limited has submitted its Annual Report and Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company's 60th Annual General Meeting (AGM) is scheduled for Thursday, September 24, 2026, at 11:00 AM IST via video conferencing. The cut-off date for determining member voting eligibility is September 17, 2026, with remote e-voting running from September 21 to September 23, 2026. Ordinary and special business includes the adoption of FY26 accounts, director appointments, and ratification of cost auditor remuneration of ₹1,33,100.
- 60th Annual General Meeting scheduled for September 24, 2026 at 11.00 a.m. IST via VC/OAVM
- Remote e-voting window open from September 21, 2026 (09:00 AM) to September 23, 2026 (05:00 PM)
- Record/Cut-off date for shareholder voting eligibility is Thursday, September 17, 2026
- Proposed ratification of Cost Auditor remuneration at ₹1,33,100 plus taxes for FY 2026-27
Madras Fertilizers Limited has issued the notice for its 60th Annual General Meeting (AGM), scheduled for September 24, 2026, via Video Conferencing. The cut-off date for eligibility to vote remotely is September 17, 2026, with the e-voting window open from September 21 to September 23, 2026. Key agenda items include the adoption of FY26 financial statements, reappointment of rotational directors, and approval of statutory auditor and cost auditor remuneration (fee of ₹1,33,100 plus taxes for FY27).
- 60th AGM scheduled for Thursday, September 24, 2026, at 11:00 AM IST via VC/OAVM
- Cut-off date for e-voting eligibility set as Thursday, September 17, 2026
- Remote e-voting window opens September 21, 2026 (09:00 AM) and closes September 23, 2026 (05:00 PM)
- Proposed ratification of Cost Auditor fee of ₹1,33,100 plus taxes for FY 2026-27
Madras Fertilizers Limited has scheduled its 60th Annual General Meeting (AGM) for Thursday, September 24, 2026, at 11:00 AM IST via Video Conferencing. The remote e-voting period will commence on September 21, 2026, and conclude on September 23, 2026, with a cut-off date of September 17, 2026. Along with the AGM notice, the company submitted its Annual Report for FY 2025-26. Key agenda items include adopting the audited financial statements for FY26, director reappointments, and appointing an Independent Director.
- 60th AGM to be held on Thursday, September 24, 2026, at 11.00 a.m. IST via VC/OAVM
- Remote e-voting period opens September 21, 2026 (09:00 a.m. IST) and closes September 23, 2026 (05:00 p.m. IST)
- Voting cut-off date set as Thursday, September 17, 2026
- Special business includes appointment of Dr. Ravada Satyanarayana as Non-Executive Independent Director and ratification of Cost Auditor fee of Rs 1,33,100
Madras Fertilizers Limited has announced the closure of its Register of Members and Share Transfer Books from Friday, September 18, 2026 to Thursday, September 24, 2026 for its upcoming 60th Annual General Meeting (AGM). The cut-off date to determine shareholder eligibility for remote e-voting and voting during the AGM is Thursday, September 17, 2026. This is a standard annual procedural compliance under Section 91 of the Companies Act, 2013 and Regulation 42 of SEBI LODR Regulations with no impact on ongoing business operations.
- Book closure period scheduled from September 18, 2026 to September 24, 2026 (both days inclusive)
- Cut-off date for AGM e-voting eligibility fixed as September 17, 2026
- Filing pertains to the conduct of the company's 60th Annual General Meeting
Madras Fertilizers Limited has issued the notice for its 60th Annual General Meeting (AGM) scheduled for September 24, 2026, to be held via video conferencing. The remote e-voting window is set from September 21, 2026, to September 23, 2026, with a cut-off date of September 17, 2026. Key agenda items include the adoption of FY2025-26 audited financial statements, the reappointment of rotational directors, and ratifying ₹1,33,100 remuneration for the cost auditor. The full Annual Report for FY26 has also been submitted.
- 60th Annual General Meeting scheduled for September 24, 2026, at 11:00 AM IST via VC/OAVM
- Cut-off date for voting entitlement set as Thursday, September 17, 2026
- Remote e-voting open from September 21, 2026 (9:00 AM IST) to September 23, 2026 (5:00 PM IST)
- Ordinary business includes adoption of FY26 financial statements and director reappointments
- Ratification of ₹1,33,100 fee plus taxes for Cost Auditor M/s. Aruna Prasad & Co. for FY 2026-27
Madras Fertilizers Limited has issued a corrigendum to correct the appointment dates of two Non-Official Independent Directors. Shri Dipesh Kumar's appointment date is corrected to August 20, 2026, instead of April 20, 2026. Shri Ravada Satyanarayana's appointment date is corrected to August 21, 2026, instead of April 21, 2026. The update is purely procedural and has no impact on the company's financial or operational performance.
- Shri Dipesh Kumar (DIN: 11904399) appointment date corrected to August 20, 2026
- Shri Ravada Satyanarayana (DIN: 11905587) appointment date corrected to August 21, 2026
- Corrigendum amends the previous disclosure reference dated August 21, 2026
- All other terms and particulars of the original disclosure remain unchanged
Madras Fertilizers Limited has announced the appointment of Shri Ravada Satyanarayana and Shri Dipesh Kumar as Non-Official Independent Directors for a tenure of 3 years. The appointments were made pursuant to orders from the Department of Fertilizers, Ministry of Chemicals & Fertilizers, dated August 13, 2026. The Board approved the appointments via circular resolution on August 18, 2026, taking effect from their respective DIN allotment dates in August 2026. Neither director holds shares or inter-se relations with existing board members.
- Appointment of 2 Non-Official Independent Directors: Shri Ravada Satyanarayana and Shri Dipesh Kumar
- Appointed for a tenure of 3 years pursuant to Ministry order dated August 13, 2026
- Board approved appointments via Circular Resolution dated August 18, 2026
- Both directors hold Nil shares in the company and hold no directorships in other listed companies
Madras Fertilizers (MFL) has approved its standalone unaudited financial results for the quarter ended June 30, 2026. The company enters the new fiscal year following a FY26 performance that saw ₹2,300 Cr in revenue and ₹81 Cr in PAT. Investors should note the company's highly leveraged balance sheet, with a debt of ₹634 Cr against a net worth of just ₹92 Cr (D/E of 6.89). The results are critical for assessing if the company can maintain its 4.8% operating margin amidst regulated urea pricing.
- Board approved standalone unaudited financial results for the quarter ended June 30, 2026.
- The company reported a TTM revenue of ₹2,300 Cr and a TTM PAT of ₹81 Cr prior to this announcement.
- MFL operates with a high debt-to-equity ratio of 6.89, with total debt at ₹634 Cr.
- The Board meeting was conducted over a duration of 2 hours and 45 minutes on August 11, 2026.
- Promoter holding remains high and stable at 85.27% as of March 2026.
Madras Fertilizers has approved its standalone unaudited financial results for the quarter ended June 30, 2026. The company enters this fiscal year with a TTM revenue of Rs 2,300 Cr and a TTM PAT of Rs 81 Cr. Investors should note the company's high leverage, with a debt-to-equity ratio of 6.89 and a relatively small net worth of Rs 92 Cr. The results will be compared against a high base from June 2025, which saw a net profit of Rs 44 Cr.
- Board approved unaudited standalone financial results for the quarter ended June 30, 2026
- Board meeting duration was 2 hours and 45 minutes, concluding at 2:45 PM
- Company maintains a high promoter holding of 85.3% as of March 2026
- TTM Operating Profit Margin (OPM) stands at 4.8% on a revenue base of Rs 2,300 Cr
Madras Fertilizers Limited has submitted its quarterly Reconciliation of Share Capital Audit Report for the period ended June 30, 2026. The report confirms that the company's listed capital on the NSE remains at 16,11,01,300 shares, representing 97.05% of the total issued capital. The discrepancy of 48,96,900 shares is accounted for by historical unsubscribed portions and forfeited shares. Currently, 97.93% of the subscribed capital is held in dematerialized form across NSDL and CDSL.
- Total issued capital stands at 16,59,98,200 shares as of June 30, 2026.
- 97.93% of the subscribed capital is dematerialized, with 14,82,90,707 shares in NSDL and 94,83,362 in CDSL.
- A total of 20,76,600 shares remain forfeited by the company, contributing to the gap between issued and listed capital.
- Physical shareholding is minimal at 33,27,231 shares, or 2.07% of the subscribed capital.
- Zero changes were reported in the share capital during the quarter under consideration.
Financial Performance
Revenue Growth by Segment
Total revenue from operations reached INR 1,617.14 Cr in FY18, representing a 15.94% increase from INR 1,394.83 Cr in FY17. TTM sales growth is reported at 1%, while the 5-year compounded sales growth stands at 14%, driven by the manufacturing of Urea and Complex Fertilizers.
Geographic Revenue Split
Not disclosed in available documents; however, the company operates primarily out of its Manali, Chennai plant, serving the Indian agricultural market.
Profitability Margins
Operating Profit Margin (OPM) was 1% in FY18, a significant decline from 6% in FY17. Net profit for FY18 was a loss of INR 45 Cr compared to a profit of INR 4 Cr in FY17. TTM profit growth has declined by 39%, reflecting high sensitivity to raw material costs and interest burdens.
EBITDA Margin
Operating profit stood at INR 24 Cr in FY18 (1.48% margin), down 69.6% from INR 79 Cr in FY17. This decline in core profitability is attributed to the cost of materials consumed rising to INR 1,255.52 Cr, which accounts for 77.6% of total revenue.
Capital Expenditure
Capital Work-in-Progress (CWIP) was INR 26 Cr as of March 2018, with fixed assets valued at INR 162 Cr. Historical data shows CWIP fluctuating between INR 3 Cr and INR 31 Cr over the last decade, indicating periodic maintenance and minor upgrades rather than massive capacity overhauls.
Credit Rating & Borrowing
CARE Ratings reaffirmed a 'CARE BB+; Stable' rating for long-term bank facilities (INR 350 Cr) and 'CARE A4+' for short-term facilities (INR 397.80 Cr) as of December 2023. Borrowing costs are high, with interest expenses of INR 94 Cr in FY18 on total borrowings of INR 1,506 Cr.
Operational Drivers
Raw Materials
Specific raw material names are not explicitly listed, but 'Cost of materials consumed' totaled INR 1,255.52 Cr in FY18, representing 77.6% of total revenue. Typical materials for this industry include Naphtha and Natural Gas.
Key Suppliers
Chennai Petroleum Corporation Ltd (CPCL) is identified as a key supplier and related party for transactions involving raw material procurement.
Capacity Expansion
Current fixed assets are valued at INR 192 Cr (Mar 2023). Specific installed capacity in MT is not disclosed in the provided snippets, and no major expansion timeline is detailed.
Raw Material Costs
Raw material costs were INR 1,255.52 Cr in FY18, up 6.67% from INR 1,177.03 Cr in FY17. Procurement is managed through long-term arrangements with entities like CPCL to ensure steady supply for fertilizer production.
Manufacturing Efficiency
Capacity utilization metrics are not provided, but ROCE was 5% in FY18 and improved to 10.8% in recent periods, indicating a recovery in capital efficiency.
Strategic Growth
Growth Strategy
The company focuses on its 'Vijay' brand for Urea and Complex Fertilizers while expanding its portfolio into eco-friendly products like Bio-fertilizers, Organic Manure, and City Compost. Growth is tied to maintaining the subsidy-linked revenue model and improving operational margins through better capacity utilization.
Products & Services
Urea, Complex Fertilizers, Bio-fertilizers, Agro Chemicals, Organic Manure, and City Compost.
Brand Portfolio
Vijay
New Products/Services
The company is trading eco-friendly Agro Chemicals and Organic Manure under the 'Vijay' brand to diversify revenue beyond traditional chemical fertilizers.
Strategic Alliances
The company has a significant shareholding from Naftiran Inter Trade Company Ltd (25.77%), indicating a long-standing strategic partnership.
External Factors
Industry Trends
The industry is shifting toward eco-friendly and organic fertilizers. Madras Fertilizers is positioning itself by manufacturing Bio-fertilizers and City Compost to align with these sustainable agriculture trends.
Competitive Landscape
Operates in a highly regulated environment alongside other public and private sector fertilizer giants; competition is based on distribution reach and brand trust.
Competitive Moat
The company's moat is derived from its status as a Government of India enterprise (59.5% stake) and the established 'Vijay' brand. However, this is offset by a weak capital structure with a negative net worth of INR 492.03 Cr in FY18.
Macro Economic Sensitivity
Highly sensitive to agricultural demand and monsoon patterns, as well as GOI fiscal policy regarding fertilizer subsidies.
Consumer Behavior
Increasing farmer preference for bio-fertilizers and organic manure is driving the company's product diversification.
Geopolitical Risks
Exposure to international prices of raw materials and the strategic involvement of Naftiran Inter Trade Company (Iran-linked) may present geopolitical sensitivities.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by the Fertilizer Control Order and GOI subsidy policies, which dictate pricing and distribution of Urea.
Taxation Policy Impact
The company had a 0% effective tax rate in FY18 due to accumulated losses. Recent data shows tax rates fluctuating between 7% and 52% as profitability varies.
Legal Contingencies
The company faces significant legal and financial risks, including contingent liabilities of INR 916 Cr and a default in the repayment of principal on Government of India (GOI) loans.
Risk Analysis
Key Uncertainties
The primary uncertainty is the restructuring of GOI loans and the sustainability of the negative net worth base (INR -44 Cr in Mar 2023, improved from INR -892 Cr in Mar 2020).
Geographic Concentration Risk
Manufacturing is concentrated at a single location in Manali, Chennai, making it vulnerable to regional operational disruptions.
Third Party Dependencies
High dependency on GOI for subsidies and CPCL for raw materials.
Technology Obsolescence Risk
The aging plant (fixed assets mostly depreciated) may require significant future investment to maintain manufacturing efficiency against newer, more efficient plants.
Credit & Counterparty Risk
Debtor days increased to 156 days in Mar 2022 before dropping to 53 days in Mar 2023, indicating volatility in subsidy and trade receivable collections.
