Skip to main content
Swing Capital

Madras Fertilizers Ltd

NSE: MADRASFERT BSE: 590134

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]

₹64.5
52W: ₹52.2 — ₹107
PE 12 · Book ₹5.71 · +1030% vs book
Market Cap₹1,039 Cr
Stock P/E12Price to Earnings
ROCE14.8%Return on Capital
ROE292%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.

Weaknesses

  • −Stock is trading at 11.3 times its book value
  • −The company has delivered a poor sales growth of 8.46% over past five years.
  • −Contingent liabilities of Rs.916 Cr.
  • −Earnings include an other income of Rs.64.8 Cr.
  • −Debtor days have increased from 60.8 to 75.0 days.

Shareholding Pattern

Promoters85.27%
FIIs0.01%
DIIs0.05%
Public14.67%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%
FIIs0%0%0%0.03%▲0.00.05%▲0.00.09%▲0.00%▼0.10.01%▲0.0
DIIs0.04%0.04%0.04%0.05%▲0.00.05%0.05%0.05%0.05%
Public14.69%14.69%14.69%14.66%▼0.014.63%▼0.014.59%▼0.014.68%▲0.114.67%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales556758655532799555672510419699
Expenses543666590521692616607498422663
Operating Profit13926511107-616512-336
OPM %2%12%10%2%13%-11%10%2%-1%5%
Net Profit-528840275-524413321
EPS ₹-3.215.482.510.14.63-3.262.730.80.161.3

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,300Cr, down 9.5% YoY. OPM at 5%.

Debt Position

Borrowings at ₹634Cr. Debt-to-equity ratio: N/Ax. High leverage — monitor closely.

Capex Cycle

CWIP at ₹27Cr (13% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.05% (+0.01pp change). FIIs: 0.01% (+0.01pp change). Promoters hold 85.27%.

Margin & Efficiency

ROCE improving from -5% (Mar 2015) to 15% (Mar 2026). Working capital days: -200.

Valuation

PE 12x with 14.8% ROCE. Price is 1030% above book value of ₹5.71. Dividend yield: 0%.

Recent Announcements