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SPIC - S P I C

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

📢 Recent Corporate Announcements

SPIC Submits Routine SEBI Dematerialization Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Apr 2026, 04:13 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its RTA Cameo Corporate Services Limited, confirms that all dematerialization requests for the quarter ended March 31, 2026, were processed correctly. The company verified that physical share certificates were mutilated and cancelled, with the depository's name substituted in the register of members within the mandatory 15-day period. This is a standard procedural disclosure required for all listed entities in India.

Compliance certificate submitted for the quarter ended March 31, 2026.
Confirmation provided by Registrar and Share Transfer Agent (RTA) Cameo Corporate Services Limited.
Dematerialization requests were processed and confirmed to depositories within the 15-day regulatory limit.
Physical security certificates were mutilated and cancelled after due verification by the Depository Participant.

💡 No action is required from investors as this is a routine regulatory filing. Investors should continue to monitor the company's operational performance and upcoming financial results.

SPIC Proposes New Director Appointments and ₹1.2 Crore Annual Remuneration for WTD

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 08 Apr 2026, 06:05 PM

Southern Petrochemicals Industries Corporation (SPIC) has initiated a postal ballot to seek shareholder approval for key management appointments and remuneration. The company proposes appointing Mr. Manikkan Sangameswaran as an Independent Director for five years and Mr. K R Anandan as a Whole-Time Director. Mr. Anandan's proposed annual compensation is approximately ₹1.2 crore, which includes a performance-linked component of ₹18 lakh. Additionally, a special incentive of ₹15 lakh is proposed for Whole-Time Director Mr. E Balu for FY 2024-25.

Appointment of Mr. Manikkan Sangameswaran as Independent Director for a 5-year term starting February 2026.
Proposed annual remuneration of ₹1.2 crore for Mr. K R Anandan as Whole-Time Director, including ₹18 lakh performance pay.
Approval sought for a ₹15 lakh special incentive to Whole-Time Director Mr. E Balu for the 2024-25 financial year.
E-voting period for shareholders is scheduled from April 9, 2026, to May 8, 2026.

💡 Investors should evaluate if the proposed executive compensation and incentives are commensurate with the company's financial performance. Shareholders may participate in the e-voting process ending May 8, 2026.

SPIC Appoints Fortuna Public Relations as PR Consultants for Two-Year Term

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Apr 2026, 06:47 PM

Southern Petrochemical Industries Corporation Limited (SPIC) has entered into a service agreement with Fortuna Public Relations Private Limited starting April 1, 2026. The contract is set for a duration of two years, concluding on March 31, 2028. The scope of the agreement covers media relations, mass communications advice, and corporate image building. This is a standard administrative move with no related party interests or shareholding changes involved.

Agreement signed with M/s Fortuna Public Relations Private Limited on April 1, 2026
Contract duration is fixed for a period of 2 years until March 31, 2028
Focus areas include media relations, mass communications, and corporate image building
No shareholding or related party involvement reported in the transaction

💡 This is a routine corporate development with no impact on the company's financial health or operations. Investors should maintain their focus on the company's core business performance and quarterly earnings.

SPIC Announces Trading Window Closure from April 1, 2026 for FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Mar 2026, 07:21 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has notified the exchange regarding the closure of its trading window starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of audited financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. This is a standard regulatory procedure and does not indicate any change in the company's operational fundamentals.

Trading window for dealing in SPIC equity shares to close from April 1, 2026.
Closure pertains to the Audited Financial Results (Standalone & Consolidated) for the year ending March 31, 2026.
Restriction applies to all Designated Persons and their immediate relatives as per SEBI norms.
The window will reopen 48 hours after the official declaration of the financial results.

💡 No action is required as this is a routine compliance filing. Investors should monitor the upcoming earnings announcement for actual performance data.

SPIC Updates Authorized Contact Details for Material Event Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Mar 2026, 01:29 PM

Southern Petrochemical Industries Corporation Limited (SPIC) has updated the contact information for its authorized personnel responsible for determining and disclosing material events under SEBI regulations. This update follows the re-designation of Mr. K R Anandan as Whole Time Director and Chief Financial Officer effective March 23, 2026. Mr. R Swaminathan remains the Company Secretary and Compliance Officer. The filing is a standard compliance requirement under Regulation 30(5) of SEBI (LODR) Regulations.

Mr. K R Anandan re-designated as Whole Time Director and CFO effective March 23, 2026
Compliance update pursuant to Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements)
Contact details for WTD and CFO updated to 044-22350249 and kra@spic.co.in
Company Secretary contact details updated to 044-22350292 and swaminathanr@spic.co.in

💡 This is a routine administrative update regarding corporate governance contacts and has no impact on the company's financial performance or stock valuation. No action is required.

SPIC Re-designates K R Anandan as Whole-Time Director and CFO until 2029

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Mar 2026, 06:49 PM

Southern Petrochemicals Industries Corporation (SPIC) has re-designated Mr. K R Anandan as a Whole-Time Director effective March 23, 2026, for a tenure lasting until February 12, 2029. Mr. Anandan, who possesses over 33 years of experience in sectors like fertilizers and petrochemicals, will also continue to serve as the company's Chief Financial Officer (CFO). His role is critical as he oversees financial planning, risk management, and strategic growth, while also managing key government relationships for subsidies. This move ensures continuity in the company's top financial and strategic leadership.

Mr. K R Anandan re-designated as Whole-Time Director from March 23, 2026, to February 12, 2029
He will concurrently retain his position as the Chief Financial Officer (CFO) of the company
Anandan brings over 33 years of professional experience as a CA, Cost Accountant, and Company Secretary
The appointment is subject to the formal approval of the company's shareholders
He previously served as CFO for major entities including Tamilnadu Petroproducts and Greenstar Fertilizers

💡 This is a routine management re-designation that ensures leadership stability in the finance and strategic functions. Investors should view this as a neutral administrative update with no immediate impact on stock valuation.

SPIC Re-designates K R Anandan as Whole-Time Director and CFO until 2029

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Mar 2026, 06:46 PM

Southern Petrochemicals Industries Corporation (SPIC) has re-designated Mr. K R Anandan as a Whole-Time Director, effective March 23, 2026, for a tenure lasting until February 12, 2029. Mr. Anandan will also continue to serve as the company's Chief Financial Officer (CFO), a role he has used to manage financial planning and risk. With over 33 years of experience in sectors like fertilizers and petrochemicals, his leadership is central to the company's internal controls and government relations. This move, subject to shareholder approval, ensures continuity in the company's top financial and executive leadership.

Mr. K R Anandan re-designated as Whole-Time Director from March 23, 2026, to February 12, 2029
The appointee will concurrently hold the position of Chief Financial Officer (CFO)
Mr. Anandan possesses over 33 years of experience and is a qualified CA, Cost Accountant, and CS
The appointment is subject to the approval of the company's shareholders
Previous experience includes CFO roles at Tamilnadu Petroproducts and Greenstar Fertilizers

💡 This is a routine management re-designation of an existing senior executive and does not necessitate any immediate portfolio changes. Investors should view this as a move to maintain leadership stability within the finance and executive functions.

SPIC Resumes Prod u c t i o n a t T u t i c o r i n P l a n t A f t e r M a i n t e n a n c e

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 20 Mar 2026, 09:43 AM

South e r n Pet r o c h e m i c a l I n d u s t r i e s C o r p o r a t i o n (SPIC) h a s a n n o u n c e d t h e r e s u m p t i o n o f p r o d u c t i o n a t i t s T u t i c o r i n f a c i l i t y. T h e p l a n t r e s t a r t e d o p e r a t i o n s a t 2 2:0 0 H r s o n M a r c h 1 9, 2 0 2 6, f o l l o w i n g t h e c o m p l e t i o n o f s c h e d u l e d m a i n t e n a n c e a c t i v i t i e s. T h e s h u t d o w n h a d b e e n i n e f f e c t s i n c e a p p r o x i m a t e l y M a r c h 3, 2 0 2 6, m a r k i n g a n o p e r a t i o n a l h a l t o f a b o u t 1 6 d a y s. T h i s r e s t a r t e n s u r e s t h e c o m p a n y r e t u r n s t o f u l l m a n u f a c t u r i n g c a p a c i t y f o r i t s f e r t i l i z e r p r o d u c t s.

Prod u c t i o n r e s u m e d a t t h e T u t i c o r i n p l a n t a t 2 2:0 0 H r s o n M a r c h 1 9, 2 0 2 6.
The r e s t a r t f o l l o w s t h e s u c c e s s f u l c o m p l e t i o n o f p l a n n e d m a i n t e n a n c e w o r k.
The p l a n t w a s o f f l i n e f o r a p p r o x i m a t e l y 1 6 d a y s f o l l o w i n g t h e M a r c h 3 i n t i m a t i o n.

💡 Invest o r s s h o u l d n o t e t h e r e t u r n t o n o r m a l o p e r a t i o n s; h o w e v e r, t h e b r i e f p r o d u c t i o n h a l t m a y h a v e a m a r g i n a l i m p a c t o n t h e i m m e d i a t e q u a r t e r l y v o l u m e s.

SPIC Announces Sudden Demise of Whole-time Director Mr. E. Balu

🔴 NEGATIVE ⭐ 6/10

MANAGEMENT 📅 28 Feb 2026, 05:10 PM

Southern Petrochemicals Industries Corporation Limited (SPIC) has informed the exchanges of the sudden passing of Mr. E. Balu, a Whole-time Director, on February 28, 2026. Mr. Balu, aged 59, was a veteran with over 34 years of technical expertise in operating fertilizer plants and project implementation. He had been a member of the Board since July 2023 and also served as the Chairman of the Fertilizer Association of India, Southern Region. His unexpected demise represents a significant loss of institutional knowledge and leadership for the company.

Sudden demise of Whole-time Director Mr. E. Balu on February 28, 2026, at the age of 59
Mr. Balu possessed over 34 years of technical expertise in operating SPIC and Greenstar fertilizer plants
He was inducted into the Board of Directors in July 2023 and led key project implementations
Served as the Chairman of the Fertilizer Association of India, Southern Region
The company must now initiate the process to fill the vacancy in the Board and management

💡 Investors should watch for the company's announcement regarding a successor to ensure continuity in technical operations and project management. While the loss is significant, it is unlikely to disrupt day-to-day operations in the short term.

SPIC Announces Sudden Demise of Whole-time Director Mr. E Balu

🔵 WATCH ⭐ 6/10

MANAGEMENT 📅 28 Feb 2026, 04:53 PM

Southern Petrochemical Industries Corporation (SPIC) has reported the sudden passing of its Whole-time Director, Mr. E Balu, on February 28, 2026. Mr. Balu, aged 59, was a veteran with over 34 years of technical expertise in operating SPIC and Greenstar fertilizer plants. He had been a member of the Board since July 2023 and also served as the Chairman of the Fertilizer Association of India, Southern Region. His leadership was central to the company's project implementations, safety protocols, and plant monitoring.

Sudden demise of Whole-time Director Mr. E Balu on February 28, 2026, at age 59.
Mr. Balu possessed over 34 years of technical expertise in fertilizer plant operations and project implementation.
He had been associated with the company since 1991 and was inducted to the Board in July 2023.
He held the prestigious position of Chairman of the Fertilizer Association of India, Southern Region.

💡 Investors should monitor the company's upcoming announcements regarding a successor to the Whole-time Director role to ensure operational continuity. While the loss of technical leadership is significant, it is unlikely to impact the long-term financial health if a smooth transition occurs.

SPIC Q3 PBT Jumps 37% to ₹74 Cr; 9M PBT Reaches ₹245 Cr Amid Management Changes

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 13 Feb 2026, 09:23 PM

Southern Petrochemical Industries Corporation (SPIC) reported a strong bottom-line performance for Q3 FY26, with Profit Before Tax (PBT) rising 37% to ₹74 crore despite a marginal revenue dip to ₹773 crore. For the nine-month period, PBT grew by 34.4% YoY to ₹244.74 crore, supported by a significant increase in other income which included a ₹20.10 crore insurance claim. The company also announced leadership changes, elevating CFO K R Anandan to Whole-time Director (Finance). The results reflect improved operational efficiency amidst a stable domestic fertilizer market and record national foodgrain production.

Q3 FY26 PBT increased to ₹74 crore from ₹54 crore in the corresponding quarter last year.
Nine-month revenue from operations stood at ₹2371.81 crore compared to ₹2331.96 crore in 9M FY25.
Other income for 9M FY26 rose to ₹47.55 crore, aided by a ₹20.10 crore insurance claim for flood-related losses.
CFO K R Anandan elevated to Whole-time Director (Finance); Manikkan Sangameswaran appointed as Independent Director.
National Kharif foodgrain production estimated at a record 173.33 million tonnes, supporting agri-input demand.

💡 Investors should view the margin improvement and management elevation positively, though the one-time insurance gain in other income should be noted. The company's focus on sustainable production and positive industry tailwinds make it a steady hold for long-term agri-sector exposure.

SPIC Appoints Manikkan Sangameswaran as Independent Director and K R Anandan as CFO & WTD

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 13 Feb 2026, 07:22 PM

Southern Petrochemicals Industries Corporation (SPIC) has strengthened its leadership by appointing Mr. Manikkan Sangameswaran as an Independent Director for a 5-year term and Mr. K R Anandan as Whole Time Director (Finance) and CFO for 3 years. Mr. Sangameswaran brings nearly 30 years of experience in renewables and infrastructure, having previously managed a 2 GWp portfolio. Mr. Anandan is a veteran with over 33 years of experience in the fertilizer and petrochemical sectors, specializing in financial planning and government subsidies. These appointments, effective February 13, 2026, are aimed at enhancing strategic growth and financial governance.

Mr. Manikkan Sangameswaran appointed as Independent Director for a 5-year term starting February 13, 2026.
Mr. Sangameswaran has a track record of scaling renewable energy assets to 2 GWp capacity and advising on major M&A deals.
Mr. K R Anandan appointed as CFO and Whole Time Director (Finance) for a 3-year tenure.
Mr. Anandan brings 33+ years of experience in fertilizers and petrochemicals, with expertise in securing working capital and government incentives.
Both appointments are subject to shareholder approval and aim to drive long-term value creation.

💡 Investors should view these high-profile appointments as a positive move to professionalize the board and improve financial oversight. The addition of a CFO with deep fertilizer industry experience could lead to better management of subsidies and working capital.

SPIC Appoints Manikkan Sangameswaran as Independent Director and K R Anandan as CFO

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 13 Feb 2026, 07:17 PM

Southern Petrochemical Industries Corporation (SPIC) has strengthened its leadership by appointing Mr. Manikkan Sangameswaran as an Independent Director and Mr. K R Anandan as Whole Time Director (Finance) and CFO. Mr. Sangameswaran brings nearly 30 years of experience, including building a 2 GWp renewable energy platform. Mr. Anandan, a veteran with 33 years of experience in the fertilizer and petrochemical sectors, will lead the company's financial planning and risk management. These appointments, effective February 13, 2026, are aimed at enhancing strategic governance and financial oversight.

Mr. Manikkan Sangameswaran appointed as Independent Director for a 5-year term starting Feb 13, 2026.
Mr. K R Anandan appointed as CFO and Whole Time Director (Finance) for a 3-year term.
Mr. Sangameswaran has a track record of managing 2 GWp of renewable energy assets and advising on major M&A deals.
Mr. Anandan brings over 33 years of specialized experience in fertilizers, petrochemicals, and thermal energy finance.
Appointments are subject to shareholder approval and aim to drive long-term value creation and financial governance.

💡 Investors should view these high-caliber appointments as a positive move for SPIC's strategic growth and financial stability. Monitor the company's future moves in renewable energy and operational efficiency under this new leadership.

SPIC Q3 PAT Jumps 37% YoY to ₹48.6 Cr; Finance Costs Decline Sharply

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 07:03 PM

Southern Petrochemicals Industries Corporation (SPIC) reported a robust 37.4% YoY growth in Net Profit for Q3 FY26, reaching ₹48.64 crore despite a slight 5.4% dip in revenue to ₹773.89 crore. The bottom-line growth was primarily driven by a significant 77% reduction in finance costs, which fell to ₹4.66 crore from ₹20.60 crore in the previous year. For the nine-month period ended December 2025, the company's PAT rose by 35.9% to ₹160.02 crore. Additionally, the company strengthened its leadership by appointing a renewable energy expert as an Independent Director and elevating its CFO to the Board.

Net Profit for Q3 FY26 rose to ₹48.64 crore, up 37.4% from ₹35.39 crore in Q3 FY25.
Finance costs significantly decreased to ₹4.66 crore in Q3 FY26 from ₹20.60 crore in the year-ago period.
Nine-month (9M FY26) Net Profit reached ₹160.02 crore compared to ₹117.75 crore in 9M FY25.
Urea production and sales for the quarter stood at 1.89 lac MT and 1.85 lac MT respectively.
Appointment of Manikkan Sangameswaran as Independent Director brings 30 years of experience in renewables and infrastructure.

💡 Investors should take note of the significant improvement in margins and the drastic reduction in interest burdens, which signal better debt management. The stock remains a positive hold given the steady operational performance and strategic board additions.

SPIC Shareholders Approve Sweta Suman as Nominee Director with 99.17% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Feb 2026, 06:38 PM

Shareholders of Southern Petrochemical Industries Corporation Limited (SPIC) have approved the appointment of Tmt. Sweta Suman, IAS, as a Nominee Director representing TIDCO. The resolution was passed via postal ballot with a significant majority of 99.17% of the total valid votes cast. While the overall approval was high, it is notable that 86.26% of the public institutional votes cast were against the resolution, although their total turnout was low at 9.99%. This appointment ensures the continued representation of the state-owned Tamilnadu Industrial Development Corporation on the company's board.

Resolution passed with 101,523,077 votes in favor (99.17%) and 845,482 votes against (0.83%)
Tmt. Sweta Suman, IAS, appointed as Nominee Director representing Tamilnadu Industrial Development Corporation Limited (TIDCO)
Total voter turnout stood at 50.27% of the total 203,640,336 shares held by 115,955 shareholders
Significant dissent from public institutions, with 86.26% of their cast votes (828,624 shares) opposing the resolution

💡 This is a routine regulatory update regarding board composition and requires no immediate action. Investors may want to monitor if the high institutional dissent indicates specific governance concerns regarding the nominee.

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.