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Chambal Fertilisers Q3 PAT Up 12% to ₹565 Cr; TAN Project 92% Complete
Chambal Fertilisers reported a 20% YoY revenue growth to ₹5,898 crores in Q3 FY26, with PAT rising 12% to ₹565 crores. The growth was primarily driven by the complex fertilizer segment, which saw an 81% revenue jump, and the high-margin crop protection business, which grew 33%. The company's ₹1,645 crore Technical Ammonium Nitrate (TAN) project is nearing completion (92%) with a target date of April 30, 2026. Subsidy management remains stable with total receivables at ₹2,346 crores.
Key Highlights
Standalone Q3 Revenue increased 20% YoY to ₹5,898 crores; 9M PAT grew 16% to ₹1,804 crores.
Complex fertilizer segment revenue surged 81% to ₹1,850 crores with sales volumes up to 2.94 lakh MT.
TAN project reached 92% completion with ₹1,184 crores spent; commissioning scheduled for April 2026.
Biologicals revenue grew 58% YoY in the 9M period, with the 'Uttam Pranaam' product seeing 250% growth.
EBITDA margin stood at 13.92% for Q3, despite a ₹31 crore hit from new labor code provisions.
💼 Action for Investors
Investors should monitor the successful commissioning of the TAN plant in April 2026, which marks a major diversification into industrial chemicals. The strong growth in high-margin biologicals and crop protection segments suggests a positive shift in the product mix towards non-regulated earnings.
Chambal Fertilizers Q3 Standalone PAT Rises 12% to ₹564.5 Cr; TAN Project 92.6% Complete
Chambal Fertilizers reported a 20% YoY growth in Q3 FY26 standalone revenue to ₹5,898.3 crore, while PAT increased 12% to ₹564.5 crore. The company's 9M FY26 performance remains strong with a 16% rise in standalone PAT to ₹1,804.3 crore. A key growth driver is the non-urea segment, particularly Biologicals, which saw a 58% revenue jump in the 9-month period. Additionally, the ₹1,645 crore Technical Ammonium Nitrate (TAN) project is nearing completion at 92.65%, signaling future diversification into industrial chemicals.
Key Highlights
Standalone Q3 Revenue grew 20% YoY to ₹58,983 Mn, while 9M PAT rose 16% to ₹18,043 Mn.
The Technical Ammonium Nitrate (TAN) project is 92.65% complete with ₹11,836 Mn already invested out of ₹16,450 Mn.
Biologicals segment showed robust growth with a 58% YoY increase in revenue and 31% volume growth for the 9-month period.
Urea production and sales volumes were slightly lower in Q3 due to an unscheduled plant stoppage.
Maintains a strong balance sheet with Nil Net Debt to Equity and healthy ROCE of 25% as of FY25.
💼 Action for Investors
Investors should monitor the upcoming commissioning of the TAN plant, which will diversify revenue away from the regulated fertilizer sector. The company remains a strong pick in the agri-input space due to its zero net debt and efficient operations.
Chambal Fertilizers Q3 PAT Rises 12% YoY to ₹564.5 Cr; Revenue Up 20%
Chambal Fertilizers reported a steady performance for Q3 FY26, with standalone revenue growing 20% YoY to ₹5,898.26 crore. Net profit increased by 12% YoY to ₹564.54 crore, supported by a significant surge in the Complex Fertilizers segment, which saw revenue nearly double to ₹1,850.05 crore. However, on a sequential basis, both revenue and PAT saw a slight decline compared to Q2 FY26. The company also accounted for a one-time impact of ₹30.39 crore due to the implementation of New Labour Codes.
Key Highlights
Standalone Revenue from Operations grew 20% YoY to ₹5,898.26 crore.
Profit After Tax (PAT) increased 12% YoY to ₹564.54 crore despite a ₹30.39 crore labor code impact.
Complex Fertilizers segment revenue surged 81% YoY to ₹1,850.05 crore.
Finance costs significantly reduced to ₹0.92 crore from ₹6.94 crore in the same quarter last year.
Nine-month (9M FY26) PAT stands at ₹1,804.28 crore, up 16% compared to 9M FY25.
💼 Action for Investors
The stock remains a solid play in the fertilizer space with strong growth in high-margin complex fertilizers and efficient cost management. Investors should maintain a positive outlook while monitoring government subsidy policies and upcoming monsoon forecasts.
Chambal Fertilizers Delays TAN Project Completion to April 30, 2026
Chambal Fertilizers and Chemicals Limited has announced a delay in the completion of its Technical Ammonium Nitrate (TAN) and Weak Nitric Acid project at Gadepan, Rajasthan. The project completion date has been rescheduled to April 30, 2026, due to issues attributable to the EPC contractor. This project is a key part of the company's strategy to diversify its product portfolio into industrial chemicals. Investors should note that this delay will push back the expected revenue generation from this new facility.
Key Highlights
Project completion date for the TAN and Weak Nitric Acid plant rescheduled to April 30, 2026.
The delay is attributed to performance or execution issues by the EPC contractor.
The project is located at the company's existing manufacturing site in Gadepan, Kota, Rajasthan.
This follows previous project updates provided in April 2023 and January 2025.
💼 Action for Investors
Investors should monitor for any potential project cost escalations and the impact on the company's medium-term earnings guidance. The delay in commissioning may lead to a temporary stagnation in growth expectations from the industrial chemicals segment.