Madras Fertilizers Ltd

Madras Fertilize Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Madras Fertilizers Ltd

₹ 67.8 1.97%
09 Apr 10:52 a.m.
madrasfert.co.in BSE: 590134 NSE: MADRASFERT
About

Madras Fertilizers Limited is engaged in the manufacturing of Urea and Complex Fertilizers. It is also involved in manufacturing Bio-fertilizers and trading eco-friendly Agro Chemicals, Organic Manure, and City Compost under the brand name ‘Vijay’. [1]

Key Points

Business Profile & Moat[1]
The Company is one of the largest urea manufacturers in South India, supported by a well-established distribution network across the southern states and over 5 decades of operational experience in ammonia, urea, and complex fertilisers. Its key strategic advantage is its proximity to Ennore Port, ensuring efficient access to RLNG imports, which supports stable operations and cost efficiency post-feedstock transition.

Website BSE NSE
  • Market Cap ₹ 1,091 Cr.
  • Current Price ₹ 67.8
  • High / Low ₹ 107 / 52.2
  • Stock P/E 154
  • Book Value ₹ 1.53
  • Dividend Yield 0.00 %
  • ROCE 10.8 %
  • ROE %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.

Cons

  • Stock is trading at 42.9 times its book value
  • Company has low interest coverage ratio.
  • Contingent liabilities of Rs.916 Cr.
  • Earnings include an other income of Rs.76.0 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Fertilizers & Agrochemicals Fertilizers

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Quarterly Results

Figures in Rs. Crores

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
953.81 768.13 528.64 385.25 556.05 758.48 655.15 532.42 799.21 554.76 672.08 510.37 418.69
869.43 683.83 545.75 373.68 542.65 666.24 589.68 521.39 692.50 615.87 607.40 498.12 421.56
Operating Profit 84.38 84.30 -17.11 11.57 13.40 92.24 65.47 11.03 106.71 -61.11 64.68 12.25 -2.87
OPM % 8.85% 10.97% -3.24% 3.00% 2.41% 12.16% 9.99% 2.07% 13.35% -11.02% 9.62% 2.40% -0.69%
3.39 6.50 3.95 8.81 -46.33 27.84 8.69 9.64 9.38 16.25 12.67 22.62 24.47
Interest 20.69 19.02 18.24 14.02 15.76 24.19 17.07 14.96 14.86 15.94 15.37 14.40 14.32
Depreciation 3.00 0.59 3.00 3.01 3.00 1.28 3.00 2.39 2.69 3.55 3.10 3.10 3.74
Profit before tax 64.08 71.19 -34.40 3.35 -51.69 94.61 54.09 3.32 98.54 -64.35 58.88 17.37 3.54
Tax % 20.30% 33.53% 0.00% 0.00% 0.00% 6.67% 25.16% 52.41% 24.26% -18.51% 25.17% 25.45% 28.81%
51.07 47.32 -34.40 3.35 -51.69 88.30 40.48 1.58 74.63 -52.44 44.06 12.95 2.52
EPS in Rs 3.17 2.94 -2.14 0.21 -3.21 5.48 2.51 0.10 4.63 -3.26 2.73 0.80 0.16
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
2,592 1,698 1,198 1,392 1,616 1,593 1,292 1,533 2,302 3,447 2,228 2,542 2,156
2,359 1,728 1,191 1,313 1,592 1,595 1,294 1,398 2,056 3,115 2,124 2,415 2,143
Operating Profit 233 -30 7 79 24 -2 -2 135 247 332 104 127 13
OPM % 9% -2% 1% 6% 1% -0% -0% 9% 11% 10% 5% 5% 1%
12 18 -69 36 47 18 12 7 29 14 -7 44 76
Interest 97 104 109 90 94 123 104 108 100 89 76 68 60
Depreciation 42 18 18 21 22 23 32 31 9 10 10 12 13
Profit before tax 106 -135 -190 4 -45 -130 -125 3 166 249 12 92 15
Tax % 5% 0% 0% 0% 0% 0% 0% 0% 2% 25% 53% 30%
100 -135 -190 4 -45 -130 -125 3 162 185 6 64 7
EPS in Rs 6.21 -8.36 -11.77 0.22 -2.78 -8.06 -7.78 0.18 10.08 11.50 0.35 3.99 0.43
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 4%
5 Years: 14%
3 Years: 3%
TTM: -21%
Compounded Profit Growth
10 Years: 9%
5 Years: 20%
3 Years: -27%
TTM: -96%
Stock Price CAGR
10 Years: 18%
5 Years: 20%
3 Years: 3%
1 Year: -9%
Return on Equity
10 Years: %
5 Years: %
3 Years: %
Last Year: %

Balance Sheet

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 162 162 162 162 162 162 162 162 162 162 162 162 162
Reserves -368 -505 -694 -592 -654 -737 -892 -857 -668 -449 -352 -194 -137
790 914 986 1,254 1,506 1,652 1,804 1,378 1,736 1,494 1,583 1,594 584
1,152 784 798 406 568 492 344 508 680 650 614 672 1,468
Total Liabilities 1,736 1,356 1,252 1,230 1,582 1,568 1,419 1,191 1,911 1,857 2,007 2,234 2,077
195 183 180 183 162 148 217 190 190 192 200 207 200
CWIP 18 15 15 22 26 31 3 18 14 13 25 20 23
Investments 0 0 0 135 149 198 180 203 250 337 455 525 525
1,522 1,157 1,057 889 1,246 1,192 1,018 780 1,456 1,315 1,328 1,483 1,328
Total Assets 1,736 1,356 1,252 1,230 1,582 1,568 1,419 1,191 1,911 1,857 2,007 2,234 2,077

Cash Flows

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-107 -65 -19 220 -150 -23 104 492 -317 687 175 116
-6 -2 -10 -5 -3 -13 -60 -15 2 2 -1 26
130 62 44 -245 178 45 56 -527 265 -320 19 -52
Net Cash Flow 17 -5 15 -30 25 10 100 -50 -50 369 193 90
Free Cash Flow -114 -69 -33 212 -154 -36 39 473 -324 677 143 103
CFO/OP -46% 213% -289% 278% -629% 1,126% -5,687% 365% -129% 224% 172% 122%

Ratios

Figures in Rs. Crores

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 0 3 3 11 5 6 147 65 156 53 53 55
Inventory Days 56 68 120 169 86 116 102 98 71 33 62 55
Days Payable 174 94 129 133 149 115 49 114 77 41 85 100
Cash Conversion Cycle -117 -24 -6 48 -59 8 200 49 150 45 29 10
Working Capital Days -30 -78 -180 -167 -165 -203 -336 -272 -149 -121 -218 -193
ROCE % 35% -5% 2% 15% 5% -1% -2% 13% 28% 28% 11% 11%

Insights

In beta
Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2024 Mar 2025
Production Volume - Urea
Lakh MT

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Capacity Utilization - Urea
%
Installed Capacity - NPK / Complex Fertilizers
MT
Installed Capacity - Urea
MT
Market Share - Urea (South India)
%
Energy Consumption - Urea
Gcal/MT
Installed Capacity - Ammonia
MT
Market Share - Urea (Tamil Nadu)
%

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27% 85.27%
0.00% 0.00% 0.00% 0.00% 0.13% 0.00% 0.00% 0.00% 0.03% 0.05% 0.09% 0.00%
0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.04% 0.05% 0.05% 0.05% 0.05%
14.69% 14.69% 14.69% 14.69% 14.56% 14.69% 14.69% 14.69% 14.66% 14.63% 14.59% 14.68%
No. of Shareholders 49,39749,33048,32353,46153,49860,26462,40561,35562,07361,57159,70759,028

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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