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Southern Petrochemicals Industries Corporation Limited (SPIC)

📊 NSE: SPIC 🏢 Fertilizers 📅 Last Updated: 12/14/2025 12:34

📢 Recent Corporate Announcements

SPIC Issues 55th AGM Notice; Proposes ₹2.00/Share Dividend with Record Date Sept 21, 2026

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 04 Sep 2026, 10:26 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has released the notice convening its 55th Annual General Meeting (AGM) on September 28, 2026, via video conferencing. The company is seeking shareholder approval to declare a dividend of ₹2.00 per equity share (face value ₹10) on 20,36,40,336 shares, translating to an aggregate payout of ~₹40.73 Cr (~19.3% of FY26 PAT). The record/cut-off date to determine eligible beneficial owners holding shares in electronic form is September 21, 2026. Other agenda items include director appointments/re-appointments and executive remuneration approvals.

Proposed final dividend of ₹2.00 per share on 20,36,40,336 equity shares of face value ₹10 each.
Record date for electronic shareholding set as Monday, September 21, 2026.
55th AGM scheduled for Monday, September 28, 2026, at 2:00 PM IST via VC/OAVM.
Proposed re-appointment of Independent Director Mr. T K Arun for a 5-year term from November 11, 2026.
Revision of Whole-Time Director Mr. K R Anandan's remuneration including basic salary/allowances of ₹1.02 Cr and performance pay of ₹19.62 lakh.

💡 Investors seeking dividend entitlement must ensure shareholding by the record date of September 21, 2026, and track voting results post the AGM on September 28, 2026.

SPIC Releases Q1 FY27 Results Press Release; Q1 PAT at ₹60.18 Cr on Revenue of ₹848.81 Cr

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 09:29 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has submitted an advance copy of its press release covering the unaudited financial results for the quarter ended June 30, 2026. For Q1 FY27, revenue reached ₹848.81 Cr compared to ₹780.63 Cr in Q1 FY26 (up 8.7% YoY) and ₹584.00 Cr in Q4 FY26. Net profit for the quarter stood at ₹60.18 Cr against ₹66.71 Cr in the prior-year period and ₹29.00 Cr in the preceding quarter. The company maintains a market capitalization of ₹1,372 Cr with a TTM P/E multiple of 6.7x.

SPIC submitted an advance press release for the quarter ended June 30, 2026, on August 14, 2026
Q1 FY27 revenue stood at ₹848.81 Cr, recovering sequentially from ₹584.00 Cr in Q4 FY26
Operating profit for the quarter came in at ₹58.79 Cr with net profit at ₹60.18 Cr (EPS of ₹2.96)
TTM revenue and net profit stand at ₹3,024 Cr and ₹204 Cr respectively against a net worth of ₹1,191 Cr

💡 Track plant operating utilization at the Tuticorin facility and monitor working capital trends given fertilizer subsidy realization timelines.

SPIC Appoints Two Nominee Directors & Re-Appoints Independent Director Ahead of 55th AGM

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 06:52 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) announced key changes to its Board of Directors effective August 14, 2026. The company appointed Dr. P Sankar, IAS (2006 batch) and Mr. Sanket Balvantrao Waghe, IAS (2021 batch) as Non-Executive Nominee Directors. Additionally, Mr. T K Arun was re-appointed as Non-Executive Independent Director for a second 5-year term starting November 11, 2026. All appointments are subject to shareholder approval at the upcoming 55th Annual General Meeting.

Dr. P Sankar, IAS (2006 batch), Agricultural Production Commissioner & Secretary of Agriculture (TN Govt), appointed Non-Executive Nominee Director effective August 14, 2026.
Mr. Sanket Balvantrao Waghe, IAS (2021 batch), Executive Director at TIDCO, appointed Non-Executive Nominee Director effective August 14, 2026.
Mr. T K Arun re-appointed as Non-Executive Independent Director for a second 5-year term commencing November 11, 2026.
All board changes are subject to shareholder approval at the upcoming 55th Annual General Meeting.

💡 Track shareholder voting outcomes at the upcoming 55th AGM for the formal ratification of these board appointments.

SPIC Appoints 2 Nominee Directors and Re-Appoints Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 06:45 PM

Southern Petrochemicals Industries Corporation (SPIC) has appointed Dr. P. Sankar (IAS) and Mr. Sanket Balvantrao Waghe (IAS) as Non-Executive Nominee Directors, effective August 14, 2026. In addition, the Board approved the re-appointment of Mr. T K Arun as a Non-Executive Independent Director for a second 5-year term effective November 11, 2026. All appointments are subject to shareholder approval at the company's 55th Annual General Meeting. These changes reflect routine state government/TIDCO nominee rotations and board continuity.

Dr. P Sankar (2006 batch IAS) appointed as Non-Executive Nominee Director effective August 14, 2026
Mr. Sanket Balvantrao Waghe (2021 batch IAS, ED TIDCO) appointed as Non-Executive Nominee Director effective August 14, 2026
Mr. T K Arun re-appointed as Independent Director for a second term of 5 years starting November 11, 2026
All three appointments are subject to shareholder approval at the ensuing 55th AGM

💡 Track ordinary and special resolutions at the upcoming 55th AGM for formal shareholder ratification. No operational or financial impact.

SPIC Schedules 55th AGM for September 28, 2026; E-Voting Cut-Off Set for September 21

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 06:39 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has scheduled its 55th Annual General Meeting (AGM) for Monday, September 28, 2026, at 2:00 PM IST via Video Conferencing. The cut-off date to determine shareholder eligibility for e-voting has been fixed as Monday, September 21, 2026. Additionally, the Register of Members and share transfer books will remain closed from September 22, 2026 to September 28, 2026. This is a standard annual corporate governance procedure with no operational or financial change.

55th Annual General Meeting scheduled for Monday, September 28, 2026, at 2:00 PM IST via Video Conferencing.
Cut-off date to determine e-voting eligibility set for Monday, September 21, 2026.
Register of Members and transfer books closed from September 22, 2026 to September 28, 2026 (both days inclusive).

💡 Shareholders looking to participate and vote on annual resolutions should ensure shareholding is settled by September 21, 2026, and watch for the upcoming release of the Annual Report.

SPIC Sets Sep 21, 2026 Record Date for ₹2.00/Share Final Dividend

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 14 Aug 2026, 06:30 PM

Southern Petrochemicals Industries Corporation (SPIC) has fixed September 21, 2026, as the record date for determining shareholder entitlement for a dividend of ₹2.00 per equity share (face value ₹10) for FY 2025-26. At the current share price of ₹67.70, this translates to a dividend yield of approximately 2.95%. The dividend payout is subject to shareholder approval at the 55th Annual General Meeting scheduled for September 28, 2026. This payout comes against FY26 full-year net profit of ₹210.93 crore and EPS of ₹10.40, implying a dividend payout ratio of ~19.2%.

Record date fixed as Monday, September 21, 2026 for FY 2025-26 dividend
Recommended dividend of ₹2.00 per fully paid-up equity share of face value ₹10
55th Annual General Meeting (AGM) scheduled for Monday, September 28, 2026
Implies a dividend yield of ~2.95% against the current market price of ₹67.70

💡 Track the ex-dividend date leading up to September 21, 2026, and look for formal shareholder approval at the AGM on September 28, 2026.

SPIC Reports Q1 Operations with 1.82L MT Urea Sales; Fixes Sep 21 Record Date for Rs 2 Dividend

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 06:16 PM

SPIC's Board has approved the unaudited financial results for the quarter ended June 30, 2026. The Tuticorin Urea plant operated for the full 91 days in the quarter, achieving production of 1.87 lac MT and sales of 1.82 lac MT. Fertilizer subsidy of Rs 714.83 crore was recognized based on provisional Retention Price guidelines, and the company accounted for a Rs 12.92 crore deferred tax credit upon adopting the concessional corporate tax rate. Additionally, the company set September 21, 2026, as the record date for the recommended FY26 dividend of Rs 2.00 per share.

Urea plant operated for full 91 days with production at 1.87 lac MT and sales volume of 1.82 lac MT.
Recognized provisional subsidy of Rs 714.83 crore pending final Retention Price notification.
Adopted lower corporate tax rate resulting in a one-time deferred tax credit of Rs 12.92 crore.
Scheduled 55th AGM for September 28, 2026, with dividend record date fixed for September 21, 2026 (Rs 2.00/share).

💡 Track subsequent notification of final Retention Price adjustments by the Department of Fertilizers and shareholder approvals at the AGM on September 28, 2026.

TIDCO Replaces Nominee Director on SPIC Board with Thiru Sanket Balvantrao Waghe

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 10 Aug 2026, 08:07 PM

Southern Petrochemical Industries Corporation Limited (SPIC) announced that Tmt. Sweta Suman, IAS (DIN: 11292451), Non-Executive Nominee Director representing Tamilnadu Industrial Development Corporation Limited (TIDCO), ceased to be a director effective August 10, 2026. The cessation followed the withdrawal of her nomination by TIDCO via letter dated August 7, 2026. Concurrently, TIDCO nominated Thiru Sanket Balvantrao Waghe, IAS (Executive Director, TIDCO), to serve as its nominee director on the board. The change represents routine administrative rotation of state government nominees with no impact on core operations.

Tmt. Sweta Suman, IAS, ceased to be Non-Executive Nominee Director effective August 10, 2026.
Cessation triggered by withdrawal of nomination by TIDCO via letter dated August 7, 2026.
TIDCO nominated Thiru Sanket Balvantrao Waghe, IAS, as the replacement nominee director.

💡 Track the formal board appointment filing for incoming nominee Thiru Sanket Balvantrao Waghe; no operational action needed.

TIDCO Withdraws Nominee Director; P Sankar, IAS to Join SPIC Board

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Jul 2026, 06:55 PM

Mr. V Dakshinamoorthy, IAS, has resigned as a Non-Executive Nominee Director of SPIC effective July 27, 2026. This change follows the withdrawal of his nomination by the Tamilnadu Industrial Development Corporation Limited (TIDCO), a state-level institutional partner. TIDCO has concurrently nominated Thiru P Sankar, IAS, who currently serves as the Agricultural Production Commissioner and Secretary to the Government (Agriculture and Farmers Welfare Department). This is a routine administrative rotation of government-nominated personnel on the board.

Resignation of Mr. V Dakshinamoorthy, IAS, effective July 27, 2026
Nomination of Thiru P Sankar, IAS, as the new TIDCO representative
TIDCO is the nominating authority for this non-executive board position
SPIC maintains a TTM revenue of Rs 2,956 Cr and a market cap of Rs 1,338 Cr

💡 No action is required as this is a routine administrative change. Investors should continue to focus on the company's recovery from flood-related disruptions and the realization of pending insurance claims totaling Rs 20.79 Cr.

SPIC Announces Cessation of TIDCO Nominee Director V Dakshinamoorthy, IAS

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Jul 2026, 06:52 PM

Mr. V Dakshinamoorthy, IAS has ceased to be a Non-Executive Nominee Director of SPIC effective July 27, 2026. This change follows the withdrawal of his nomination by the Tamilnadu Industrial Development Corporation Limited (TIDCO). TIDCO has concurrently nominated Thiru P Sankar, IAS, the Agricultural Production Commissioner, as his replacement. This is a routine administrative rotation of government-nominated officials and does not impact the company's core operations or financial standing.

Cessation of Mr. V Dakshinamoorthy, IAS as Non-Executive Nominee Director effective July 27, 2026.
Change triggered by the withdrawal of nomination by TIDCO (Tamilnadu Industrial Development Corporation Limited).
Thiru P Sankar, IAS, Agricultural Production Commissioner, nominated as the new representative for TIDCO.
SPIC reported a TTM revenue of Rs 2,956 Cr and a PAT of Rs 211 Cr as of the latest financial context.

💡 No action is required as this is a routine administrative change in the board's composition representing a state-owned institutional stakeholder.

SPIC Submits Routine Q1 FY27 Compliance Certificate for Share Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 05:31 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing, covering the quarter ended June 30, 2026, confirms that the Registrar and Share Transfer Agent (RTA) processed all dematerialization requests within the mandatory 15-day period. This is a standard administrative procedure for listed companies to ensure share registry accuracy. There is no impact on the company's financial position or operations.

Compliance certificate issued for the quarter ended 30th June 2026
RTA confirmed processing and cancellation of share certificates within 15 days
Certificate issued by Cameo Corporate Services Limited dated 3rd July 2026
Confirms substitution of depository names in the Register of Members

💡 This is a procedural filing. Investors should monitor upcoming quarterly results to track the company's recovery from previous flood-related disruptions at its Tuticorin plant.

Resignation of TIDCO Nominee Director Mr. Sandeep Nanduri, IAS effective July 13, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Jul 2026, 08:01 PM

Mr. Sandeep Nanduri, IAS, has resigned as a Non-Executive Nominee Director of SPIC effective July 13, 2026. This change follows the withdrawal of his nomination by the Tamilnadu Industrial Development Corporation Limited (TIDCO), a state government entity. TIDCO has concurrently nominated its Chairman and Managing Director, Dr. D. Karthikeyan, IAS, to fill the vacancy. This is a routine administrative rotation of government-nominated officials and does not impact the company's operational management.

Resignation of Mr. Sandeep Nanduri, IAS, effective from July 13, 2026
Withdrawal of nomination initiated by Tamilnadu Industrial Development Corporation Limited (TIDCO)
New nominee Dr. D. Karthikeyan, IAS, is the Chairman and Managing Director of TIDCO
SPIC maintains a TTM revenue of Rs 2,956 Cr and a market cap of Rs 1,380 Cr

💡 No action required as this is a routine administrative change in nominee directors from a state-run corporation.

SPIC Announces Cessation of TIDCO Nominee Director Mr. Sandeep Nanduri

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 13 Jul 2026, 07:59 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has announced the cessation of Mr. Sandeep Nanduri, IAS, as a Non-Executive Nominee Director effective July 13, 2026. This change is due to the withdrawal of his nomination by the Tamilnadu Industrial Development Corporation Limited (TIDCO), a key stakeholder. TIDCO has nominated its Chairman and Managing Director, Dr. D. Karthikeyan, IAS, to replace him on the board. The company confirmed there are no other material reasons for the resignation.

Cessation of Mr. Sandeep Nanduri, IAS, as Non-Executive Director effective July 13, 2026
Withdrawal of nomination initiated by Tamilnadu Industrial Development Corporation Limited (TIDCO)
Dr. D. Karthikeyan, IAS, CMD of TIDCO, nominated as the replacement director
SPIC maintains a TTM revenue of ₹2,956 Cr and a market capitalization of ₹1,380 Cr
Promoter holding remains stable at 53.4% as of March 2026

💡 Investors should treat this as a routine administrative rotation of a nominee director from a state-owned entity and focus on upcoming quarterly results for operational performance.

SPIC to Close Trading Window from July 1, 2026, for Q1 Unaudited Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 06:20 PM

Southern Petrochemicals Industries Corporation (SPIC) has announced the closure of its trading window starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the announcement of the unaudited standalone and consolidated financial results for the quarter ending June 30, 2026. This is a standard procedure ahead of quarterly earnings reports.

Trading window closure begins on July 1, 2026
Closure applies to all Designated Persons and their immediate relatives
Window reopens 48 hours after the declaration of Q1 FY27 results
Results cover the quarter ending June 30, 2026

💡 This is a routine regulatory announcement; investors should monitor the company's upcoming board meeting date for the actual Q1 financial performance.

SPIC FY26 Net Profit Jumps 41% to INR 286.55 Crore; Recommends 20% Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 May 2026, 10:07 PM

SPIC reported a robust bottom-line performance for FY26, with Profit Before Tax (PBT) rising 41.4% to INR 286.55 crores from INR 202.66 crores in the previous year. Despite a marginal 2.7% decline in annual revenue to INR 3015.10 crores and a 2-week plant shutdown in Q4, the company significantly improved its margins through efficient cost control and raw material sourcing. The Board has recommended a dividend of INR 2 per share (20%). Additionally, the company restructured its leadership by appointing Narasimhan Raghunathan as the new CFO to allow the previous CFO to focus on overall business growth as a Whole-Time Director.

Annual Profit Before Tax grew by 41.4% YoY to INR 286.55 crores in FY26.
Q4 FY26 PBT more than doubled to INR 41.82 crores from INR 20.64 crores in Q4 FY25.
Recommended a dividend of 20% (INR 2 per equity share of INR 10 face value).
Total annual income remained stable at INR 3015.10 crores despite sector-wide input cost pressures.
Appointed Narasimhan Raghunathan as CFO effective May 23, 2026, to strengthen the management team.

💡 Investors should take confidence in the company's ability to expand margins and grow profits despite revenue headwinds and sector-wide supply chain disruptions. The healthy dividend payout and management focus on operational discipline make it a steady pick in the agri-nutrient space.

View All SPIC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates as a single segment (manufacture and sale of fertilizers). Revenue from operations for H1 FY26 reached INR 1,597.92 Cr, representing a 5.5% YoY growth compared to INR 1,513.92 Cr in H1 FY25. This recovery follows a significant 30.6% revenue decline in FY24 (INR 1,770.56 Cr vs INR 2,549.69 Cr in FY23) due to flood-related shutdowns.

Geographic Revenue Split

Not disclosed in available documents; however, the primary manufacturing facility is located in Tuticorin, Tamil Nadu, suggesting a strong regional focus in South India.

Profitability Margins

Net Profit Margin for H1 FY26 improved to 8.0% (INR 127.92 Cr profit on INR 1,597.92 Cr revenue) from 6.4% in H1 FY25. This margin expansion was driven by a 1073% increase in other income, primarily from insurance claims for loss of profits.

EBITDA Margin

Operating profit before working capital changes for H1 FY26 was INR 207.70 Cr, yielding a margin of 13.0%, up 22.3% YoY from INR 169.87 Cr in H1 FY25. Core profitability is stabilizing as operations normalize post-disaster.

Capital Expenditure

Capital expenditure on Property, Plant, and Equipment (PPE) surged 249% to INR 224.03 Cr in H1 FY26, compared to INR 64.16 Cr in H1 FY25, indicating significant reinvestment in manufacturing infrastructure.

Credit Rating & Borrowing

Finance costs decreased by 16.5% YoY to INR 18.75 Cr in H1 FY26. The company made a substantial net repayment of short-term borrowings amounting to INR 307.82 Cr, while securing new long-term borrowings of INR 133.78 Cr.

⚙️ Operational Drivers

Raw Materials

Nitrogenous chemical inputs for Urea production represent the primary cost, with cost of materials consumed totaling INR 1,121.86 Cr in H1 FY26, or 70.2% of total revenue.

Capacity Expansion

Not disclosed in available documents; however, the INR 224.03 Cr investment in PPE in H1 FY26 suggests ongoing capacity maintenance or enhancement at the Tuticorin facility.

Raw Material Costs

Raw material costs remained flat YoY at INR 1,121.86 Cr in H1 FY26 despite a 5.5% increase in revenue, indicating improved procurement efficiency or favorable pricing for nitrogenous inputs.

Manufacturing Efficiency

Operating profit before working capital changes grew 22.3% YoY in H1 FY26, outpacing revenue growth of 5.5%, which signals higher manufacturing efficiency and better cost absorption post-recovery.

📈 Strategic Growth

Expected Growth Rate

12%

Growth Strategy

Growth will be achieved through the full restoration of the Tuticorin Urea plant's capacity following flood damage, realization of pending insurance claims (INR 20.79 Cr), and leveraging the 39% profit growth from Joint Ventures and Associates (INR 22.76 Cr in H1 FY26).

Products & Services

Urea (Nitrogenous chemical fertilizer).

Brand Portfolio

SPIC.

Strategic Alliances

The company has significant JVs and associates that contributed INR 22.76 Cr to H1 FY26 profit, a 39% increase YoY, providing a diversified income stream beyond standalone Urea production.

🌍 External Factors

Industry Trends

The fertilizer industry is currently focused on operational resilience and recovery from supply chain shocks. SPIC is positioning itself through infrastructure reinvestment (INR 224 Cr Capex) to ensure future production stability.

Competitive Moat

SPIC maintains a regional moat in South India through its established Tuticorin facility and the 'SPIC' brand name, which are sustainable due to the high capital intensity and regulatory hurdles for new fertilizer plants.

Macro Economic Sensitivity

Highly sensitive to agricultural demand and monsoon patterns which dictate fertilizer consumption cycles.

Consumer Behavior

Demand is driven by farming cycles and government agricultural policies.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013 and Ind AS. Fertilizer production is subject to strict environmental and safety norms, particularly for nitrogenous chemicals.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 33.8%, with current tax liabilities increasing 169% YoY to INR 60.22 Cr due to higher taxable profits.

Legal Contingencies

The company is currently managing an insurance claim process for flood damages totaling INR 85.06 Cr. While INR 55.18 Cr was received, INR 20.79 Cr remains under process and INR 9.09 Cr was rejected and charged to the P&L.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the potential for recurring natural disasters (floods) at the Tuticorin site and the timing of the remaining INR 20.79 Cr insurance settlement.

Geographic Concentration Risk

100% of manufacturing is concentrated at the Tuticorin facility, making the entire revenue stream vulnerable to local environmental risks.

Third Party Dependencies

High dependency on insurance providers for loss recovery and on JV partners for 11.8% of total PBT (INR 22.76 Cr of INR 193.16 Cr).

Credit & Counterparty Risk

Trade receivables adjustments of INR 7.65 Cr were noted in FY24; however, the 12-month operating cycle suggests standard credit terms for the fertilizer industry.