# Fertilisers — company-by-company sector analysis

> Fertilisers: Coromandel International Ltd owns the largest revenue base; Krishana Phoschem Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

The 52-week sector comparison is unavailable. 4 of 15 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Coromandel International Ltd leads with revenue of ₹32,602 crore, based on 15 of 15 comparable companies through Jun 2026. Krishana Phoschem Ltd has the fastest current revenue growth at 73.3%, across 15 of 15 comparable companies.

### Is the Fertilisers sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 4 of 15 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

### Which Fertilisers company is largest by revenue?

Coromandel International Ltd leads with revenue of ₹32,602 crore, based on 15 of 15 comparable companies through Jun 2026.

### Which Fertilisers company is growing fastest?

Krishana Phoschem Ltd has the fastest current revenue growth at 73.3%, across 15 of 15 comparable companies.

### Which Fertilisers company has the strongest 4-Factor Sector Score?

Chambal Fertilisers & Chemicals Ltd ranks first at 72.1/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Fertilisers company reports the most CAPEX?

Gujarat State Fertilizers & Chemicals Ltd reports the largest latest CAPEX at ₹114 crore, with 1 of 15 companies comparable.

### Which Fertilisers company has the least gross debt?

Gujarat Narmada Valley Fertilizers & Chemicals Ltd has the lowest comparable gross debt at ₹6 crore. Paradeep Phosphates Ltd has the highest at ₹6,906 crore.

### Which Fertilisers company has the lowest comparable PEG?

Gujarat Narmada Valley Fertilizers & Chemicals Ltd has the lowest comparable Guarded PEG at 0.27, among 10 of 15 companies that pass the metric’s comparability rules.

### How much history does this Fertilisers comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

The 52-week comparison of Fertilisers against NIFTY 500 is not available from the current market series. 4 of 15 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Gujarat Narmada Valley Fertilizers & Chemicals Ltd is the strongest against the sector itself at +14.4%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 4/15
Stocks leading sector: 4/15

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 15
Combined market value: ₹2.0 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 72/100 — Favorable setup; evidence 96%
   - Growth & earnings 19.4/35 | Capital efficiency 19.4/25 | Valuation 16.4/20 | Relative strength 16.9/20
   - Exact sum: 19.4 + 19.4 + 16.4 + 16.9 = 72.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 71/100 — Favorable setup; evidence 96%
   - Growth & earnings 20.8/35 | Capital efficiency 16.9/25 | Valuation 15.0/20 | Relative strength 18.1/20
   - Exact sum: 20.8 + 16.9 + 15 + 18.1 = 70.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Krishana Phoschem Ltd (KRISHANA): 64/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 28.8/35 | Capital efficiency 16.2/25 | Valuation 14.4/20 | Relative strength 4.8/20
   - Exact sum: 28.8 + 16.2 + 14.4 + 4.8 = 64.2
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -65.1% and the one-year return is -71.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
4. Paradeep Phosphates Ltd (PARADEEP): 53/100 — Mixed-positive evidence; evidence 66%
   - Growth & earnings 23.9/35 | Capital efficiency 13.1/25 | Valuation 10.0/20 | Relative strength 6.1/20
   - Exact sum: 23.9 + 13.1 + 10 + 6.1 = 53.1
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -12.4% and the one-year return is -18.1%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
5. Rashtriya Chemicals & Fertilizers Ltd (RCF): 53/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 22.1/35 | Capital efficiency 9.1/25 | Valuation 12.6/20 | Relative strength 9.0/20
   - Exact sum: 22.1 + 9.1 + 12.6 + 9 = 52.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Southern Petrochemicals Industries Corporation Ltd (SPIC): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 17.4/35 | Capital efficiency 15.1/25 | Valuation 11.3/20 | Relative strength 7.2/20
   - Exact sum: 17.4 + 15.1 + 11.3 + 7.2 = 51
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Gujarat State Fertilizers & Chemicals Ltd (GSFC): 50/100 — Mixed-positive evidence; evidence 90%
   - Growth & earnings 16.8/35 | Capital efficiency 11.2/25 | Valuation 15.2/20 | Relative strength 7.0/20
   - Exact sum: 16.8 + 11.2 + 15.2 + 7 = 50.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): 50/100 — Mixed-positive evidence; evidence 74%
   - Growth & earnings 20.5/35 | Capital efficiency 14.6/25 | Valuation 11.1/20 | Relative strength 3.8/20
   - Exact sum: 20.5 + 14.6 + 11.1 + 3.8 = 50
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Madhya Bharat Agro Products Ltd (MBAPL): 49/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 24.7/35 | Capital efficiency 13.3/25 | Valuation 4.9/20 | Relative strength 6.1/20
   - Exact sum: 24.7 + 13.3 + 4.9 + 6.1 = 49
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -59.5% and the one-year return is -67.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
10. Zuari Agro Chemicals Ltd (ZUARI): 46/100 — Mixed-negative evidence; evidence 77%
   - Growth & earnings 14.6/35 | Capital efficiency 10.6/25 | Valuation 14.6/20 | Relative strength 6.4/20
   - Exact sum: 14.6 + 10.6 + 14.6 + 6.4 = 46.2
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
11. Coromandel International Ltd (COROMANDEL): 46/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 13.5/35 | Capital efficiency 17.8/25 | Valuation 2.1/20 | Relative strength 12.6/20
   - Exact sum: 13.5 + 17.8 + 2.1 + 12.6 = 46
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
12. National Fertilizer Ltd (NFL): 45/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 18.9/35 | Capital efficiency 6.3/25 | Valuation 10.1/20 | Relative strength 10.0/20
   - Exact sum: 18.9 + 6.3 + 10.1 + 10 = 45.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT): 40/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 8.1/35 | Capital efficiency 11.8/25 | Valuation 10.0/20 | Relative strength 9.6/20
   - Exact sum: 8.1 + 11.8 + 10 + 9.6 = 39.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14. Fertilizers & Chemicals Travancore Ltd (FACT): 38/100 — Mixed-negative evidence; evidence 89%
   - Growth & earnings 17.7/35 | Capital efficiency 3.3/25 | Valuation 5.0/20 | Relative strength 12.4/20
   - Exact sum: 17.7 + 3.3 + 5 + 12.4 = 38.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15. Madras Fertilizers Ltd (MADRASFERT): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 13.6/35 | Capital efficiency 8.2/25 | Valuation 10.2/20 | Relative strength 5.4/20
   - Exact sum: 13.6 + 8.2 + 10.2 + 5.4 = 37.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Coromandel International Ltd is the scale leader at ₹32,602 crore, 49.4% ahead of Paradeep Phosphates Ltd. Krishana Phoschem Ltd's growth is 73.3% from a ₹2,554 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Coromandel International Ltd is the scale benchmark; Krishana Phoschem Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Coromandel International Ltd's growth falls below Krishana Phoschem Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Coromandel International Ltd · ₹32,602 crore | 49.4% versus #2 · Paradeep Phosphates Ltd | 8/8 recent comparable periods | 15/15 companies · 264 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Coromandel International Ltd (COROMANDEL): ₹32.6K Cr
2. Paradeep Phosphates Ltd (PARADEEP): ₹21.8K Cr
3. National Fertilizer Ltd (NFL): ₹21.5K Cr
4. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): ₹20.8K Cr
5. Rashtriya Chemicals & Fertilizers Ltd (RCF): ₹18.5K Cr

### Revenue growth — fastest growers
1. Krishana Phoschem Ltd (KRISHANA): 73%
2. Madhya Bharat Agro Products Ltd (MBAPL): 48%
3. Paradeep Phosphates Ltd (PARADEEP): 35%
4. Fertilizers & Chemicals Travancore Ltd (FACT): 30%
5. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 25%

### 20-quarter Revenue history
- COROMANDEL: Sep 2021 ₹6.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹5.7K Cr | Sep 2022 ₹10.1K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.7K Cr | Sep 2023 ₹7.0K Cr | Dec 2023 ₹5.5K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹7.4K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹5.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹9.7K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 ₹8.2K Cr
- FACT: Sep 2021 ₹782 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹600 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹949 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- DEEPAKFERT: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.3K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 —
- CHAMBLFERT: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.7K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹5.6K Cr | Sep 2023 ₹5.4K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.9K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4.4K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.5K Cr | Sep 2025 ₹6.9K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 —
- GNFC: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.8K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- RCF: Sep 2021 ₹2.6K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.6K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹4.9K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.4K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹5.3K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 —
- MBAPL: Sep 2021 ₹86 Cr | Dec 2021 ₹192 Cr | Mar 2022 ₹146 Cr | Jun 2022 ₹213 Cr | Sep 2022 ₹249 Cr | Dec 2022 ₹286 Cr | Mar 2023 ₹234 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹278 Cr | Dec 2023 ₹244 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹284 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹410 Cr | Sep 2025 ₹450 Cr | Dec 2025 ₹612 Cr | Mar 2026 ₹395 Cr | Jun 2026 ₹416 Cr
- GSFC: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹3.1K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- KRISHANA: Sep 2021 ₹78 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹66 Cr | Sep 2022 ₹65 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹165 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹230 Cr | Mar 2024 ₹263 Cr | Jun 2024 ₹281 Cr | Sep 2024 ₹301 Cr | Dec 2024 ₹304 Cr | Mar 2025 ₹473 Cr | Jun 2025 ₹396 Cr | Sep 2025 ₹608 Cr | Dec 2025 ₹659 Cr | Mar 2026 ₹755 Cr | Jun 2026 ₹532 Cr
- NFL: Sep 2021 ₹3.7K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.4K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.8K Cr | Dec 2022 ₹10.1K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹5.7K Cr | Dec 2023 ₹7.6K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹4.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹6.8K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹4.3K Cr | Jun 2026 —
- SPIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹699 Cr | Mar 2023 ₹672 Cr | Jun 2023 ₹569 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹506 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹754 Cr | Sep 2024 ₹760 Cr | Dec 2024 ₹818 Cr | Mar 2025 ₹754 Cr | Jun 2025 ₹781 Cr | Sep 2025 ₹817 Cr | Dec 2025 ₹774 Cr | Mar 2026 ₹584 Cr | Jun 2026 —
- MADRASFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹954 Cr | Mar 2023 ₹768 Cr | Jun 2023 ₹529 Cr | Sep 2023 ₹385 Cr | Dec 2023 ₹556 Cr | Mar 2024 ₹758 Cr | Jun 2024 ₹655 Cr | Sep 2024 ₹532 Cr | Dec 2024 ₹799 Cr | Mar 2025 ₹555 Cr | Jun 2025 ₹672 Cr | Sep 2025 ₹510 Cr | Dec 2025 ₹419 Cr | Mar 2026 ₹699 Cr | Jun 2026 —
- ZUARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹843 Cr | Mar 2024 ₹898 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹952 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹344 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- KHAICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹214 Cr | Mar 2023 ₹182 Cr | Jun 2023 ₹164 Cr | Sep 2023 ₹193 Cr | Dec 2023 ₹127 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹231 Cr | Dec 2024 ₹199 Cr | Mar 2025 ₹161 Cr | Jun 2025 ₹234 Cr | Sep 2025 ₹309 Cr | Dec 2025 ₹266 Cr | Mar 2026 ₹193 Cr | Jun 2026 ₹221 Cr

### 20-quarter Revenue growth history
- COROMANDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 56% | Sep 2022 64% | Dec 2022 64% | Mar 2023 30% | Jun 2023 -0.6% | Sep 2023 -31% | Dec 2023 -34% | Mar 2024 -29% | Jun 2024 -17% | Sep 2024 6.4% | Dec 2024 27% | Mar 2025 27% | Jun 2025 49% | Sep 2025 30% | Dec 2025 27% | Mar 2026 20% | Jun 2026 16%
- FACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 147% | Dec 2022 43% | Mar 2023 -26% | Jun 2023 -4.6% | Sep 2023 -14% | Dec 2023 -36% | Mar 2024 -15% | Jun 2024 -51% | Sep 2024 -13% | Dec 2024 -13% | Mar 2025 -0.9% | Jun 2025 74% | Sep 2025 12% | Dec 2025 65% | Mar 2026 41% | Jun 2026 —
- DEEPAKFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 52% | Dec 2022 41% | Mar 2023 39% | Jun 2023 -24% | Sep 2023 -11% | Dec 2023 -33% | Mar 2024 -25% | Jun 2024 -1.4% | Sep 2024 13% | Dec 2024 39% | Mar 2025 28% | Jun 2025 17% | Sep 2025 9.4% | Dec 2025 9.7% | Mar 2026 13% | Jun 2026 —
- CHAMBLFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 106% | Sep 2022 92% | Dec 2022 75% | Mar 2023 8.8% | Jun 2023 -23% | Sep 2023 -37% | Dec 2023 -48% | Mar 2024 -27% | Jun 2024 -12% | Sep 2024 -19% | Dec 2024 13% | Mar 2025 -7.3% | Jun 2025 16% | Sep 2025 48% | Dec 2025 20% | Mar 2026 14% | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -41% | Mar 2024 -38% | Jun 2024 -22% | Sep 2024 25% | Dec 2024 92% | Mar 2025 87% | Jun 2025 89% | Sep 2025 49% | Dec 2025 15% | Mar 2026 12% | Jun 2026 —
- GNFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 93% | Sep 2022 23% | Dec 2022 12% | Mar 2023 -18% | Jun 2023 -39% | Sep 2023 -20% | Dec 2023 -22% | Mar 2024 -7.1% | Jun 2024 22% | Sep 2024 -7.8% | Dec 2024 -9.1% | Mar 2025 -2.6% | Jun 2025 -21% | Sep 2025 2.7% | Dec 2025 5.1% | Mar 2026 7.5% | Jun 2026 —
- RCF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 107% | Sep 2022 113% | Dec 2022 69% | Mar 2023 14% | Jun 2023 -18% | Sep 2023 -25% | Dec 2023 -21% | Mar 2024 -17% | Jun 2024 8.7% | Sep 2024 3.3% | Dec 2024 -7.9% | Mar 2025 -3.9% | Jun 2025 -23% | Sep 2025 23% | Dec 2025 -6.2% | Mar 2026 50% | Jun 2026 —
- MBAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 190% | Dec 2022 49% | Mar 2023 60% | Jun 2023 -30% | Sep 2023 12% | Dec 2023 -15% | Mar 2024 -38% | Jun 2024 34% | Sep 2024 0.0% | Dec 2024 16% | Mar 2025 103% | Jun 2025 105% | Sep 2025 62% | Dec 2025 115% | Mar 2026 33% | Jun 2026 1.5%
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 63% | Sep 2022 -1.7% | Dec 2022 30% | Mar 2023 17% | Jun 2023 -32% | Sep 2023 25% | Dec 2023 -42% | Mar 2024 -18% | Jun 2024 4.9% | Sep 2024 -16% | Dec 2024 40% | Mar 2025 -2.2% | Jun 2025 1.0% | Sep 2025 21% | Dec 2025 4.5% | Mar 2026 37% | Jun 2026 —
- KRISHANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -17% | Dec 2022 -56% | Mar 2023 79% | Jun 2023 150% | Sep 2023 308% | Dec 2023 389% | Mar 2024 81% | Jun 2024 70% | Sep 2024 14% | Dec 2024 32% | Mar 2025 80% | Jun 2025 41% | Sep 2025 102% | Dec 2025 117% | Mar 2026 60% | Jun 2026 34%
- NFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 145% | Sep 2022 83% | Dec 2022 99% | Mar 2023 41% | Jun 2023 -22% | Sep 2023 -16% | Dec 2023 -25% | Mar 2024 -16% | Jun 2024 0.9% | Sep 2024 -22% | Dec 2024 -23% | Mar 2025 -16% | Jun 2025 -31% | Sep 2025 54% | Dec 2025 17% | Mar 2026 -2.5% | Jun 2026 —
- SPIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 -81% | Jun 2024 33% | Sep 2024 2.2% | Dec 2024 62% | Mar 2025 503% | Jun 2025 3.6% | Sep 2025 7.5% | Dec 2025 -5.4% | Mar 2026 -23% | Jun 2026 —
- MADRASFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -42% | Mar 2024 -1.3% | Jun 2024 24% | Sep 2024 38% | Dec 2024 44% | Mar 2025 -27% | Jun 2025 2.6% | Sep 2025 -4.1% | Dec 2025 -48% | Mar 2026 26% | Jun 2026 —
- ZUARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -40% | Mar 2024 -33% | Jun 2024 -9.0% | Sep 2024 -32% | Dec 2024 50% | Mar 2025 6.0% | Jun 2025 14% | Sep 2025 27% | Dec 2025 -73% | Mar 2026 -80% | Jun 2026 —
- KHAICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -41% | Mar 2024 -72% | Jun 2024 -21% | Sep 2024 20% | Dec 2024 57% | Mar 2025 216% | Jun 2025 80% | Sep 2025 34% | Dec 2025 34% | Mar 2026 20% | Jun 2026 -5.6%

## Operating Economics & Margin Trend

What the numbers say: Gujarat Narmada Valley Fertilizers & Chemicals Ltd leads opm at 22%; Madras Fertilizers Ltd leads margin change at +16 percentage points.

Investor read: Gujarat Narmada Valley Fertilizers & Chemicals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Gujarat Narmada Valley Fertilizers & Chemicals Ltd · 22% | 29.4% versus #2 · Krishana Phoschem Ltd | 6/8 recent comparable periods | 15/15 companies · 289 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 22%
2. Krishana Phoschem Ltd (KRISHANA): 17%
3. Madhya Bharat Agro Products Ltd (MBAPL): 16%
4. Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT): 12%
5. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): 11%

### Margin change — fastest expanders
1. Madras Fertilizers Ltd (MADRASFERT): +16.0 pp
2. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): +10.0 pp
3. Southern Petrochemicals Industries Corporation Ltd (SPIC): +3.0 pp
4. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): +2.0 pp
5. Madhya Bharat Agro Products Ltd (MBAPL): +2.0 pp

### 20-quarter OPM history
- COROMANDEL: Sep 2021 12% | Dec 2021 11% | Mar 2022 9.0% | Jun 2022 12% | Sep 2022 10% | Dec 2022 9.0% | Mar 2023 7.0% | Jun 2023 12% | Sep 2023 15% | Dec 2023 6.0% | Mar 2024 7.0% | Jun 2024 10% | Sep 2024 13% | Dec 2024 10% | Mar 2025 8.0% | Jun 2025 11% | Sep 2025 12% | Dec 2025 9.0% | Mar 2026 8.0% | Jun 2026 9.0%
- FACT: Sep 2021 13% | Dec 2021 9.1% | Mar 2022 18% | Jun 2022 14% | Sep 2022 12% | Dec 2022 12% | Mar 2023 15% | Jun 2023 12% | Sep 2023 8.0% | Dec 2023 4.0% | Mar 2024 4.0% | Jun 2024 -9.0% | Sep 2024 2.0% | Dec 2024 3.0% | Mar 2025 8.0% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 -3.0% | Mar 2026 2.4% | Jun 2026 —
- DEEPAKFERT: Sep 2021 12% | Dec 2021 18% | Mar 2022 25% | Jun 2022 24% | Sep 2022 18% | Dec 2022 17% | Mar 2023 17% | Jun 2023 12% | Sep 2023 12% | Dec 2023 15% | Mar 2024 21% | Jun 2024 20% | Sep 2024 18% | Dec 2024 19% | Mar 2025 18% | Jun 2025 19% | Sep 2025 15% | Dec 2025 12% | Mar 2026 12% | Jun 2026 —
- CHAMBLFERT: Sep 2021 16% | Dec 2021 12% | Mar 2022 11% | Jun 2022 8.1% | Sep 2022 5.2% | Dec 2022 8.0% | Mar 2023 3.0% | Jun 2023 11% | Sep 2023 11% | Dec 2023 14% | Mar 2024 6.0% | Jun 2024 15% | Sep 2024 18% | Dec 2024 16% | Mar 2025 7.0% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 9.0% | Jun 2026 —
- PARADEEP: Sep 2021 14% | Dec 2021 7.7% | Mar 2022 4.9% | Jun 2022 6.5% | Sep 2022 6.3% | Dec 2022 8.0% | Mar 2023 2.0% | Jun 2023 -1.0% | Sep 2023 7.0% | Dec 2023 11% | Mar 2024 7.0% | Jun 2024 6.0% | Sep 2024 11% | Dec 2024 9.0% | Mar 2025 9.0% | Jun 2025 13% | Sep 2025 10% | Dec 2025 8.0% | Mar 2026 9.0% | Jun 2026 —
- GNFC: Sep 2021 21% | Dec 2021 28% | Mar 2022 32% | Jun 2022 28% | Sep 2022 12% | Dec 2022 16% | Mar 2023 16% | Jun 2023 6.0% | Sep 2023 8.0% | Dec 2023 4.0% | Mar 2024 7.0% | Jun 2024 8.0% | Sep 2024 5.0% | Dec 2024 7.0% | Mar 2025 12% | Jun 2025 2.0% | Sep 2025 9.0% | Dec 2025 9.0% | Mar 2026 22% | Jun 2026 —
- RCF: Sep 2021 7.1% | Dec 2021 6.1% | Mar 2022 9.1% | Jun 2022 8.7% | Sep 2022 7.0% | Dec 2022 7.0% | Mar 2023 4.0% | Jun 2023 3.0% | Sep 2023 3.0% | Dec 2023 2.0% | Mar 2024 5.0% | Jun 2024 3.0% | Sep 2024 5.0% | Dec 2024 4.0% | Mar 2025 5.0% | Jun 2025 5.0% | Sep 2025 4.0% | Dec 2025 6.0% | Mar 2026 6.0% | Jun 2026 —
- MBAPL: Sep 2021 22% | Dec 2021 20% | Mar 2022 23% | Jun 2022 23% | Sep 2022 22% | Dec 2022 22% | Mar 2023 19% | Jun 2023 16% | Sep 2023 15% | Dec 2023 7.0% | Mar 2024 10% | Jun 2024 17% | Sep 2024 13% | Dec 2024 14% | Mar 2025 12% | Jun 2025 14% | Sep 2025 14% | Dec 2025 11% | Mar 2026 10% | Jun 2026 16%
- GSFC: Sep 2021 13% | Dec 2021 14% | Mar 2022 21% | Jun 2022 17% | Sep 2022 16% | Dec 2022 10% | Mar 2023 14% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 5.0% | Mar 2024 1.0% | Jun 2024 5.0% | Sep 2024 11% | Dec 2024 6.0% | Mar 2025 4.0% | Jun 2025 9.0% | Sep 2025 11% | Dec 2025 6.0% | Mar 2026 3.0% | Jun 2026 —
- KRISHANA: Sep 2021 12% | Dec 2021 13% | Mar 2022 24% | Jun 2022 14% | Sep 2022 24% | Dec 2022 18% | Mar 2023 13% | Jun 2023 20% | Sep 2023 18% | Dec 2023 10% | Mar 2024 10% | Jun 2024 15% | Sep 2024 13% | Dec 2024 15% | Mar 2025 12% | Jun 2025 17% | Sep 2025 12% | Dec 2025 11% | Mar 2026 12% | Jun 2026 17%
- NFL: Sep 2021 3.8% | Dec 2021 1.8% | Mar 2022 3.1% | Jun 2022 4.4% | Sep 2022 2.5% | Dec 2022 9.0% | Mar 2023 -5.0% | Jun 2023 0.0% | Sep 2023 -1.0% | Dec 2023 4.0% | Mar 2024 7.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 2.0% | Mar 2025 5.0% | Jun 2025 2.0% | Sep 2025 2.0% | Dec 2025 4.0% | Mar 2026 7.0% | Jun 2026 —
- SPIC: Sep 2021 12% | Dec 2021 13% | Mar 2022 -2.0% | Jun 2022 11% | Sep 2022 17% | Dec 2022 14% | Mar 2023 8.0% | Jun 2023 14% | Sep 2023 11% | Dec 2023 11% | Mar 2024 22% | Jun 2024 13% | Sep 2024 9.0% | Dec 2024 10% | Mar 2025 5.0% | Jun 2025 12% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 8.0% | Jun 2026 —
- MADRASFERT: Sep 2021 3.7% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 5.5% | Dec 2022 8.9% | Mar 2023 11% | Jun 2023 -3.0% | Sep 2023 3.0% | Dec 2023 2.0% | Mar 2024 12% | Jun 2024 10% | Sep 2024 2.0% | Dec 2024 13% | Mar 2025 -11% | Jun 2025 10% | Sep 2025 2.0% | Dec 2025 -1.0% | Mar 2026 5.0% | Jun 2026 —
- ZUARI: Sep 2021 8.5% | Dec 2021 7.8% | Mar 2022 2.5% | Jun 2022 6.7% | Sep 2022 -4.0% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 7.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 2.0% | Jun 2024 11% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 3.0% | Jun 2025 11% | Sep 2025 12% | Dec 2025 3.0% | Mar 2026 -8.0% | Jun 2026 —
- KHAICHEM: Sep 2021 19% | Dec 2021 17% | Mar 2022 3.6% | Jun 2022 7.6% | Sep 2022 11% | Dec 2022 6.0% | Mar 2023 9.4% | Jun 2023 1.0% | Sep 2023 5.0% | Dec 2023 -12% | Mar 2024 -54% | Jun 2024 -5.0% | Sep 2024 4.0% | Dec 2024 5.0% | Mar 2025 7.0% | Jun 2025 14% | Sep 2025 10% | Dec 2025 12% | Mar 2026 9.0% | Jun 2026 11%

### 20-quarter Margin change history
- COROMANDEL: Sep 2021 −6.2 pp | Dec 2021 −3.4 pp | Mar 2022 +0.9 pp | Jun 2022 −1.2 pp | Sep 2022 −1.6 pp | Dec 2022 −1.7 pp | Mar 2023 −2.0 pp | Jun 2023 +0.0 pp | Sep 2023 +4.6 pp | Dec 2023 −3.0 pp | Mar 2024 0.0 pp | Jun 2024 −2.0 pp | Sep 2024 −2.0 pp | Dec 2024 +4.0 pp | Mar 2025 +1.0 pp | Jun 2025 +1.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 −2.0 pp
- FACT: Sep 2021 +0.4 pp | Dec 2021 −12.9 pp | Mar 2022 −6.3 pp | Jun 2022 +2.7 pp | Sep 2022 −1.2 pp | Dec 2022 +2.9 pp | Mar 2023 −2.5 pp | Jun 2023 −2.1 pp | Sep 2023 −4.2 pp | Dec 2023 −8.0 pp | Mar 2024 −11.0 pp | Jun 2024 −21.0 pp | Sep 2024 −6.0 pp | Dec 2024 −1.0 pp | Mar 2025 +4.0 pp | Jun 2025 +11.0 pp | Sep 2025 0.0 pp | Dec 2025 −6.0 pp | Mar 2026 −5.6 pp | Jun 2026 —
- DEEPAKFERT: Sep 2021 −1.9 pp | Dec 2021 +3.0 pp | Mar 2022 +7.6 pp | Jun 2022 +9.2 pp | Sep 2022 +6.4 pp | Dec 2022 −1.0 pp | Mar 2023 −7.9 pp | Jun 2023 −12.4 pp | Sep 2023 −6.2 pp | Dec 2023 −2.0 pp | Mar 2024 +4.0 pp | Jun 2024 +8.0 pp | Sep 2024 +6.0 pp | Dec 2024 +4.0 pp | Mar 2025 −3.0 pp | Jun 2025 −1.0 pp | Sep 2025 −3.0 pp | Dec 2025 −7.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- CHAMBLFERT: Sep 2021 −2.9 pp | Dec 2021 −8.0 pp | Mar 2022 −6.5 pp | Jun 2022 −8.3 pp | Sep 2022 −11.3 pp | Dec 2022 −4.3 pp | Mar 2023 −7.9 pp | Jun 2023 +2.9 pp | Sep 2023 +5.8 pp | Dec 2023 +6.0 pp | Mar 2024 +3.0 pp | Jun 2024 +4.0 pp | Sep 2024 +7.0 pp | Dec 2024 +2.0 pp | Mar 2025 +1.0 pp | Jun 2025 −2.0 pp | Sep 2025 −5.0 pp | Dec 2025 −2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 +0.4 pp | Jun 2022 −1.3 pp | Sep 2022 −7.5 pp | Dec 2022 +0.3 pp | Mar 2023 −2.9 pp | Jun 2023 −7.5 pp | Sep 2023 +0.7 pp | Dec 2023 +3.0 pp | Mar 2024 +5.0 pp | Jun 2024 +7.0 pp | Sep 2024 +4.0 pp | Dec 2024 −2.0 pp | Mar 2025 +2.0 pp | Jun 2025 +7.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- GNFC: Sep 2021 +4.2 pp | Dec 2021 +4.3 pp | Mar 2022 +4.8 pp | Jun 2022 +0.1 pp | Sep 2022 −8.6 pp | Dec 2022 −12.3 pp | Mar 2023 −15.9 pp | Jun 2023 −22.3 pp | Sep 2023 −3.9 pp | Dec 2023 −12.0 pp | Mar 2024 −9.0 pp | Jun 2024 +2.0 pp | Sep 2024 −3.0 pp | Dec 2024 +3.0 pp | Mar 2025 +5.0 pp | Jun 2025 −6.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +10.0 pp | Jun 2026 —
- RCF: Sep 2021 −1.5 pp | Dec 2021 −3.8 pp | Mar 2022 −1.9 pp | Jun 2022 +0.3 pp | Sep 2022 −0.1 pp | Dec 2022 +0.9 pp | Mar 2023 −5.1 pp | Jun 2023 −5.7 pp | Sep 2023 −4.0 pp | Dec 2023 −5.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- MBAPL: Sep 2021 −5.3 pp | Dec 2021 −7.0 pp | Mar 2022 +9.6 pp | Jun 2022 −0.8 pp | Sep 2022 +0.3 pp | Dec 2022 +2.1 pp | Mar 2023 −4.2 pp | Jun 2023 −6.8 pp | Sep 2023 −6.9 pp | Dec 2023 −15.0 pp | Mar 2024 −9.0 pp | Jun 2024 +1.0 pp | Sep 2024 −2.0 pp | Dec 2024 +7.0 pp | Mar 2025 +2.0 pp | Jun 2025 −3.0 pp | Sep 2025 +1.0 pp | Dec 2025 −3.0 pp | Mar 2026 −2.0 pp | Jun 2026 +2.0 pp
- GSFC: Sep 2021 +3.2 pp | Dec 2021 +7.9 pp | Mar 2022 +12.3 pp | Jun 2022 +6.6 pp | Sep 2022 +2.6 pp | Dec 2022 −3.9 pp | Mar 2023 −6.6 pp | Jun 2023 −10.4 pp | Sep 2023 −7.7 pp | Dec 2023 −5.0 pp | Mar 2024 −13.0 pp | Jun 2024 −2.0 pp | Sep 2024 +3.0 pp | Dec 2024 +1.0 pp | Mar 2025 +3.0 pp | Jun 2025 +4.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KRISHANA: Sep 2021 −10.3 pp | Dec 2021 −14.8 pp | Mar 2022 +9.4 pp | Jun 2022 −9.7 pp | Sep 2022 +11.6 pp | Dec 2022 +5.0 pp | Mar 2023 −11.5 pp | Jun 2023 +6.4 pp | Sep 2023 −5.6 pp | Dec 2023 −8.0 pp | Mar 2024 −3.0 pp | Jun 2024 −5.0 pp | Sep 2024 −5.0 pp | Dec 2024 +5.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −4.0 pp | Mar 2026 0.0 pp | Jun 2026 0.0 pp
- NFL: Sep 2021 −4.5 pp | Dec 2021 −5.3 pp | Mar 2022 −0.5 pp | Jun 2022 +4.1 pp | Sep 2022 −1.3 pp | Dec 2022 +7.2 pp | Mar 2023 −8.1 pp | Jun 2023 −4.4 pp | Sep 2023 −3.5 pp | Dec 2023 −5.0 pp | Mar 2024 +12.0 pp | Jun 2024 +2.0 pp | Sep 2024 +4.0 pp | Dec 2024 −2.0 pp | Mar 2025 −2.0 pp | Jun 2025 0.0 pp | Sep 2025 −1.0 pp | Dec 2025 +2.0 pp | Mar 2026 +2.0 pp | Jun 2026 —
- SPIC: Sep 2021 +8.8 pp | Dec 2021 +9.8 pp | Mar 2022 −8.4 pp | Jun 2022 +2.4 pp | Sep 2022 +5.1 pp | Dec 2022 +1.1 pp | Mar 2023 +10.0 pp | Jun 2023 +3.0 pp | Sep 2023 −6.3 pp | Dec 2023 −3.0 pp | Mar 2024 +14.0 pp | Jun 2024 −1.0 pp | Sep 2024 −2.0 pp | Dec 2024 −1.0 pp | Mar 2025 −17.0 pp | Jun 2025 −1.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +3.0 pp | Jun 2026 —
- MADRASFERT: Sep 2021 −4.3 pp | Dec 2021 +4.2 pp | Mar 2022 −3.1 pp | Jun 2022 +2.2 pp | Sep 2022 +1.8 pp | Dec 2022 −3.3 pp | Mar 2023 −1.0 pp | Jun 2023 −15.7 pp | Sep 2023 −2.5 pp | Dec 2023 −6.9 pp | Mar 2024 +1.0 pp | Jun 2024 +13.0 pp | Sep 2024 −1.0 pp | Dec 2024 +11.0 pp | Mar 2025 −23.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 −14.0 pp | Mar 2026 +16.0 pp | Jun 2026 —
- ZUARI: Sep 2021 +1.3 pp | Dec 2021 +11.5 pp | Mar 2022 −2.2 pp | Jun 2022 −0.4 pp | Sep 2022 −12.5 pp | Dec 2022 +1.2 pp | Mar 2023 +7.5 pp | Jun 2023 +0.4 pp | Sep 2023 +12.0 pp | Dec 2023 0.0 pp | Mar 2024 −8.0 pp | Jun 2024 +4.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 +3.0 pp | Dec 2025 −6.0 pp | Mar 2026 −11.0 pp | Jun 2026 —
- KHAICHEM: Sep 2021 +5.0 pp | Dec 2021 +2.3 pp | Mar 2022 −2.9 pp | Jun 2022 −12.1 pp | Sep 2022 −7.7 pp | Dec 2022 −10.6 pp | Mar 2023 +5.8 pp | Jun 2023 −6.6 pp | Sep 2023 −6.3 pp | Dec 2023 −18.0 pp | Mar 2024 −63.4 pp | Jun 2024 −6.0 pp | Sep 2024 −1.0 pp | Dec 2024 +17.0 pp | Mar 2025 +61.0 pp | Jun 2025 +19.0 pp | Sep 2025 +6.0 pp | Dec 2025 +7.0 pp | Mar 2026 +2.0 pp | Jun 2026 −3.0 pp

## Profit Scale & Acceleration

What the numbers say: Chambal Fertilisers & Chemicals Ltd leads with ₹1,953 crore of TTM profit, 9.8% above Coromandel International Ltd. Fertilizers & Chemicals Travancore Ltd shows ≥100% on the scoring scale growth from a ₹28 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Chambal Fertilisers & Chemicals Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Chambal Fertilisers & Chemicals Ltd · ₹1,953 crore | 9.8% versus #2 · Coromandel International Ltd | 8/8 recent comparable periods | 15/15 companies · 264 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): ₹2.0K Cr
2. Coromandel International Ltd (COROMANDEL): ₹1.8K Cr
3. Paradeep Phosphates Ltd (PARADEEP): ₹997 Cr
4. Zuari Agro Chemicals Ltd (ZUARI): ₹982 Cr
5. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): ₹808 Cr

### Profit growth — fastest growers
1. Fertilizers & Chemicals Travancore Ltd (FACT): 100%
2. Madhya Bharat Agro Products Ltd (MBAPL): 100%
3. Zuari Agro Chemicals Ltd (ZUARI): 100%
4. Krishana Phoschem Ltd (KRISHANA): 92%
5. Rashtriya Chemicals & Fertilizers Ltd (RCF): 77%

### 20-quarter Net profit history
- COROMANDEL: Sep 2021 ₹519 Cr | Dec 2021 ₹382 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹499 Cr | Sep 2022 ₹741 Cr | Dec 2022 ₹527 Cr | Mar 2023 ₹246 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹755 Cr | Dec 2023 ₹228 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹659 Cr | Dec 2024 ₹508 Cr | Mar 2025 ₹578 Cr | Jun 2025 ₹502 Cr | Sep 2025 ₹793 Cr | Dec 2025 ₹488 Cr | Mar 2026 ₹115 Cr | Jun 2026 ₹382 Cr
- FACT: Sep 2021 ₹36 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹227 Cr | Jun 2022 ₹137 Cr | Sep 2022 ₹145 Cr | Dec 2022 ₹166 Cr | Mar 2023 ₹165 Cr | Jun 2023 ₹72 Cr | Sep 2023 ₹105 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹-61 Cr | Jun 2024 ₹-49 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹-68 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- DEEPAKFERT: Sep 2021 ₹91 Cr | Dec 2021 ₹180 Cr | Mar 2022 ₹280 Cr | Jun 2022 ₹434 Cr | Sep 2022 ₹272 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹257 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹63 Cr | Dec 2023 ₹61 Cr | Mar 2024 ₹230 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹214 Cr | Dec 2024 ₹253 Cr | Mar 2025 ₹278 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹214 Cr | Dec 2025 ₹141 Cr | Mar 2026 ₹139 Cr | Jun 2026 —
- CHAMBLFERT: Sep 2021 ₹506 Cr | Dec 2021 ₹435 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹342 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹339 Cr | Sep 2023 ₹381 Cr | Dec 2023 ₹459 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹448 Cr | Sep 2024 ₹536 Cr | Dec 2024 ₹534 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹549 Cr | Sep 2025 ₹649 Cr | Dec 2025 ₹586 Cr | Mar 2026 ₹169 Cr | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹180 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-120 Cr | Sep 2023 ₹89 Cr | Dec 2023 ₹109 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹255 Cr | Dec 2024 ₹209 Cr | Mar 2025 ₹172 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹342 Cr | Dec 2025 ₹182 Cr | Mar 2026 ₹156 Cr | Jun 2026 —
- GNFC: Sep 2021 ₹285 Cr | Dec 2021 ₹541 Cr | Mar 2022 ₹643 Cr | Jun 2022 ₹571 Cr | Sep 2022 ₹238 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹336 Cr | Jun 2023 ₹88 Cr | Sep 2023 ₹182 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹163 Cr | Mar 2025 ₹211 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹179 Cr | Dec 2025 ₹150 Cr | Mar 2026 ₹396 Cr | Jun 2026 —
- RCF: Sep 2021 ₹118 Cr | Dec 2021 ₹143 Cr | Mar 2022 ₹234 Cr | Jun 2022 ₹300 Cr | Sep 2022 ₹257 Cr | Dec 2022 ₹245 Cr | Mar 2023 ₹160 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹11 Cr | Mar 2024 ₹95 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- MBAPL: Sep 2021 ₹9 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹24 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹60 Cr | Jun 2026 ₹33 Cr
- GSFC: Sep 2021 ₹231 Cr | Dec 2021 ₹246 Cr | Mar 2022 ₹286 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹285 Cr | Dec 2022 ₹410 Cr | Mar 2023 ₹225 Cr | Jun 2023 ₹112 Cr | Sep 2023 ₹309 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹87 Cr | Sep 2024 ₹298 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹72 Cr | Jun 2025 ₹139 Cr | Sep 2025 ₹324 Cr | Dec 2025 ₹158 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- KRISHANA: Sep 2021 ₹4 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹83 Cr | Jun 2026 ₹47 Cr
- NFL: Sep 2021 ₹16 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹125 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹554 Cr | Mar 2023 ₹-236 Cr | Jun 2023 ₹-121 Cr | Sep 2023 ₹-87 Cr | Dec 2023 ₹151 Cr | Mar 2024 ₹208 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹135 Cr | Jun 2025 ₹-39 Cr | Sep 2025 ₹-36 Cr | Dec 2025 ₹135 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- SPIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹90 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹29 Cr | Jun 2026 —
- MADRASFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹-52 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹-52 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- ZUARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹104 Cr | Mar 2023 ₹-427 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹127 Cr | Sep 2025 ₹840 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹-25 Cr | Jun 2026 —
- KHAICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹8 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-6 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹-27 Cr | Mar 2024 ₹-37 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹11 Cr

### 20-quarter Profit growth history
- COROMANDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 43% | Dec 2022 38% | Mar 2023 -15% | Jun 2023 -1.0% | Sep 2023 1.9% | Dec 2023 -57% | Mar 2024 -33% | Jun 2024 -37% | Sep 2024 -13% | Dec 2024 123% | Mar 2025 252% | Jun 2025 62% | Sep 2025 20% | Dec 2025 -3.9% | Mar 2026 -80% | Jun 2026 -24%
- FACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 243% | Sep 2022 303% | Dec 2022 277% | Mar 2023 -27% | Jun 2023 -47% | Sep 2023 -28% | Dec 2023 -82% | Mar 2024 -137% | Jun 2024 -168% | Sep 2024 -90% | Dec 2024 -73% | Mar 2025 — | Jun 2025 — | Sep 2025 91% | Dec 2025 -950% | Mar 2026 -96% | Jun 2026 —
- DEEPAKFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 239% | Sep 2022 199% | Dec 2022 40% | Mar 2023 -8.2% | Jun 2023 -74% | Sep 2023 -77% | Dec 2023 -76% | Mar 2024 -11% | Jun 2024 75% | Sep 2024 240% | Dec 2024 315% | Mar 2025 21% | Jun 2025 22% | Sep 2025 0.0% | Dec 2025 -44% | Mar 2026 -50% | Jun 2026 —
- CHAMBLFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -10% | Sep 2022 -46% | Dec 2022 -26% | Mar 2023 -61% | Jun 2023 -0.9% | Sep 2023 39% | Dec 2023 42% | Mar 2024 3.2% | Jun 2024 32% | Sep 2024 41% | Dec 2024 16% | Mar 2025 34% | Jun 2025 23% | Sep 2025 21% | Dec 2025 9.7% | Mar 2026 30% | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -39% | Mar 2024 120% | Jun 2024 — | Sep 2024 187% | Dec 2024 92% | Mar 2025 682% | Jun 2025 6,240% | Sep 2025 34% | Dec 2025 -13% | Mar 2026 -9.3% | Jun 2026 —
- GNFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 136% | Sep 2022 -16% | Dec 2022 -40% | Mar 2023 -48% | Jun 2023 -85% | Sep 2023 -24% | Dec 2023 -70% | Mar 2024 -61% | Jun 2024 34% | Sep 2024 -42% | Dec 2024 68% | Mar 2025 62% | Jun 2025 -30% | Sep 2025 70% | Dec 2025 -8.0% | Mar 2026 88% | Jun 2026 —
- RCF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 118% | Dec 2022 71% | Mar 2023 -32% | Jun 2023 -77% | Sep 2023 -80% | Dec 2023 -96% | Mar 2024 -41% | Jun 2024 -84% | Sep 2024 55% | Dec 2024 627% | Mar 2025 -24% | Jun 2025 391% | Sep 2025 33% | Dec 2025 1.3% | Mar 2026 160% | Jun 2026 —
- MBAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 267% | Dec 2022 70% | Mar 2023 41% | Jun 2023 -76% | Sep 2023 -55% | Dec 2023 -97% | Mar 2024 -96% | Jun 2024 57% | Sep 2024 -6.7% | Dec 2024 1,700% | Mar 2025 1,300% | Jun 2025 155% | Sep 2025 114% | Dec 2025 78% | Mar 2026 329% | Jun 2026 18%
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154% | Sep 2022 23% | Dec 2022 67% | Mar 2023 -21% | Jun 2023 -68% | Sep 2023 8.4% | Dec 2023 -71% | Mar 2024 -89% | Jun 2024 -22% | Sep 2024 -3.6% | Dec 2024 14% | Mar 2025 200% | Jun 2025 60% | Sep 2025 8.7% | Dec 2025 18% | Mar 2026 -28% | Jun 2026 —
- KRISHANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 150% | Dec 2022 -38% | Mar 2023 -45% | Jun 2023 100% | Sep 2023 90% | Dec 2023 -20% | Mar 2024 0.0% | Jun 2024 33% | Sep 2024 -11% | Dec 2024 425% | Mar 2025 450% | Jun 2025 94% | Sep 2025 94% | Dec 2025 57% | Mar 2026 152% | Jun 2026 52%
- NFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -6.3% | Dec 2022 — | Mar 2023 -4,033% | Jun 2023 -197% | Sep 2023 -680% | Dec 2023 -73% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 -70% | Mar 2025 -35% | Jun 2025 — | Sep 2025 -400% | Dec 2025 193% | Mar 2026 13% | Jun 2026 —
- SPIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -63% | Mar 2024 -196% | Jun 2024 24% | Sep 2024 -34% | Dec 2024 15% | Mar 2025 — | Jun 2025 6.4% | Sep 2025 74% | Dec 2025 42% | Mar 2026 53% | Jun 2026 —
- MADRASFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -202% | Mar 2024 87% | Jun 2024 — | Sep 2024 -33% | Dec 2024 — | Mar 2025 -159% | Jun 2025 10% | Sep 2025 550% | Dec 2025 -96% | Mar 2026 — | Jun 2026 —
- ZUARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -72% | Mar 2024 — | Jun 2024 — | Sep 2024 39% | Dec 2024 179% | Mar 2025 -65% | Jun 2025 338% | Sep 2025 803% | Dec 2025 -51% | Mar 2026 -193% | Jun 2026 —
- KHAICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -438% | Mar 2024 -485% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 54% | Mar 2026 -89% | Jun 2026 -48%

## Capacity Spending & Returns On It

What the numbers say: Gujarat State Fertilizers & Chemicals Ltd reports ₹114 crore of CAPEX; Gujarat State Fertilizers & Chemicals Ltd has the highest covered intensity at 3.6%. Coverage is only 1 of 15 companies and 2 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Gujarat State Fertilizers & Chemicals Ltd · ₹114 crore | Not enough peers | 2/2 recent comparable periods | 1/15 companies · 2 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Gujarat State Fertilizers & Chemicals Ltd (GSFC): ₹114 Cr

### CAPEX intensity — highest reinvestment intensity
1. Gujarat State Fertilizers & Chemicals Ltd (GSFC): 3.6%

### 20-quarter CAPEX history
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 ₹114 Cr | Sep 2025 ₹114 Cr | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 5.2% | Sep 2025 3.6% | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Gujarat Narmada Valley Fertilizers & Chemicals Ltd has the clearest covered balance-sheet capacity with ₹1,798 crore net cash and gross debt of ₹6 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Gujarat Narmada Valley Fertilizers & Chemicals Ltd · ₹6 crore | 77.8% versus #2 · Gujarat State Fertilizers & Chemicals Ltd | 8/8 recent comparable periods | 15/15 companies · 256 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): ₹6 Cr
2. Gujarat State Fertilizers & Chemicals Ltd (GSFC): ₹27 Cr
3. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): ₹306 Cr
4. Madras Fertilizers Ltd (MADRASFERT): ₹634 Cr
5. Zuari Agro Chemicals Ltd (ZUARI): ₹642 Cr

### Net debt — lowest net debt
1. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): ₹-1.8K Cr
2. Coromandel International Ltd (COROMANDEL): ₹-788 Cr
3. Gujarat State Fertilizers & Chemicals Ltd (GSFC): ₹-173 Cr
4. Madras Fertilizers Ltd (MADRASFERT): ₹-22 Cr
5. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): ₹7 Cr

### 20-quarter Gross debt history
- COROMANDEL: Sep 2021 ₹517 Cr | Dec 2021 ₹517 Cr | Mar 2022 ₹395 Cr | Jun 2022 ₹395 Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹393 Cr | Jun 2023 ₹393 Cr | Sep 2023 ₹436 Cr | Dec 2023 ₹436 Cr | Mar 2024 ₹492 Cr | Jun 2024 ₹492 Cr | Sep 2024 ₹580 Cr | Dec 2024 ₹580 Cr | Mar 2025 ₹780 Cr | Jun 2025 ₹780 Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- FACT: Sep 2021 ₹47 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.8K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- DEEPAKFERT: Sep 2021 ₹2.4K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.1K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.4K Cr | Dec 2025 ₹4.4K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 —
- CHAMBLFERT: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.6K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹3.4K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹99 Cr | Mar 2025 ₹99 Cr | Jun 2025 ₹99 Cr | Sep 2025 ₹100 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹4.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.4K Cr | Jun 2025 — | Sep 2025 ₹5.6K Cr | Dec 2025 — | Mar 2026 ₹6.9K Cr | Jun 2026 —
- GNFC: Sep 2021 ₹11 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹173 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹79 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- RCF: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹3.3K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- MBAPL: Sep 2021 ₹75 Cr | Dec 2021 ₹75 Cr | Mar 2022 ₹164 Cr | Jun 2022 ₹164 Cr | Sep 2022 ₹244 Cr | Dec 2022 ₹244 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹323 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹287 Cr | Mar 2024 ₹290 Cr | Jun 2024 ₹290 Cr | Sep 2024 ₹228 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹318 Cr | Sep 2025 ₹312 Cr | Dec 2025 ₹312 Cr | Mar 2026 ₹856 Cr | Jun 2026 ₹861 Cr
- GSFC: Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹27 Cr | Jun 2026 —
- KRISHANA: Sep 2021 ₹40 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹193 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹276 Cr | Jun 2023 ₹277 Cr | Sep 2023 ₹439 Cr | Dec 2023 ₹439 Cr | Mar 2024 ₹436 Cr | Jun 2024 ₹436 Cr | Sep 2024 ₹363 Cr | Dec 2024 ₹363 Cr | Mar 2025 ₹376 Cr | Jun 2025 ₹376 Cr | Sep 2025 ₹413 Cr | Dec 2025 ₹413 Cr | Mar 2026 ₹733 Cr | Jun 2026 ₹733 Cr
- NFL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- SPIC: Sep 2021 ₹104 Cr | Dec 2021 ₹104 Cr | Mar 2022 ₹305 Cr | Jun 2022 ₹305 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹401 Cr | Jun 2023 ₹401 Cr | Sep 2023 ₹539 Cr | Dec 2023 ₹539 Cr | Mar 2024 ₹471 Cr | Jun 2024 ₹471 Cr | Sep 2024 ₹564 Cr | Dec 2024 ₹564 Cr | Mar 2025 ₹722 Cr | Jun 2025 ₹722 Cr | Sep 2025 ₹449 Cr | Dec 2025 ₹449 Cr | Mar 2026 ₹703 Cr | Jun 2026 —
- MADRASFERT: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹584 Cr | Dec 2025 ₹584 Cr | Mar 2026 ₹634 Cr | Jun 2026 —
- ZUARI: Sep 2021 ₹2.6K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹717 Cr | Jun 2025 ₹717 Cr | Sep 2025 ₹607 Cr | Dec 2025 ₹607 Cr | Mar 2026 ₹642 Cr | Jun 2026 —
- KHAICHEM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹142 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹229 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹316 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹318 Cr | Jun 2025 — | Sep 2025 ₹284 Cr | Dec 2025 — | Mar 2026 ₹306 Cr | Jun 2026 —

### 20-quarter Net debt history
- COROMANDEL: Sep 2021 ₹-86 Cr | Dec 2021 ₹-86 Cr | Mar 2022 ₹-311 Cr | Jun 2022 ₹-311 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹-1.0K Cr | Jun 2023 ₹-1.0K Cr | Sep 2023 ₹-3.1K Cr | Dec 2023 ₹-3.1K Cr | Mar 2024 ₹-3.1K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-3.1K Cr | Dec 2024 ₹-3.1K Cr | Mar 2025 ₹-3.6K Cr | Jun 2025 ₹-3.6K Cr | Sep 2025 ₹-2.8K Cr | Dec 2025 ₹-2.8K Cr | Mar 2026 ₹-788 Cr | Jun 2026 —
- FACT: Sep 2021 ₹-1.8K Cr | Dec 2021 ₹-1.8K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹91 Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹-477 Cr | Sep 2023 ₹-937 Cr | Dec 2023 ₹-937 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹-869 Cr | Sep 2024 ₹-798 Cr | Dec 2024 ₹-798 Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹-972 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- DEEPAKFERT: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.6K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.3K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹5.0K Cr | Jun 2026 —
- CHAMBLFERT: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.8K Cr | Sep 2022 ₹6.9K Cr | Dec 2022 ₹6.9K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹-2.1K Cr | Dec 2023 ₹-2.1K Cr | Mar 2024 ₹-172 Cr | Jun 2024 ₹-172 Cr | Sep 2024 ₹-2.8K Cr | Dec 2024 ₹-2.8K Cr | Mar 2025 ₹-941 Cr | Jun 2025 ₹-966 Cr | Sep 2025 ₹-816 Cr | Dec 2025 ₹-816 Cr | Mar 2026 ₹7 Cr | Jun 2026 —
- GNFC: Sep 2021 ₹-2.1K Cr | Dec 2021 ₹-2.1K Cr | Mar 2022 ₹-865 Cr | Jun 2022 ₹-1.2K Cr | Sep 2022 ₹-1.4K Cr | Dec 2022 ₹-1.4K Cr | Mar 2023 ₹-2.3K Cr | Jun 2023 ₹-2.3K Cr | Sep 2023 ₹-3.3K Cr | Dec 2023 ₹-3.3K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-2.2K Cr | Sep 2024 ₹-2.2K Cr | Dec 2024 ₹-2.2K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-2.8K Cr | Sep 2025 ₹-1.8K Cr | Dec 2025 ₹-1.8K Cr | Mar 2026 ₹-1.8K Cr | Jun 2026 —
- RCF: Sep 2021 ₹506 Cr | Dec 2021 ₹506 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹831 Cr | Dec 2024 ₹831 Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- MBAPL: Sep 2021 ₹71 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹156 Cr | Jun 2022 ₹156 Cr | Sep 2022 ₹231 Cr | Dec 2022 ₹231 Cr | Mar 2023 ₹302 Cr | Jun 2023 ₹302 Cr | Sep 2023 ₹276 Cr | Dec 2023 ₹276 Cr | Mar 2024 ₹278 Cr | Jun 2024 ₹278 Cr | Sep 2024 ₹193 Cr | Dec 2024 ₹193 Cr | Mar 2025 ₹318 Cr | Jun 2025 ₹306 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹287 Cr | Mar 2026 ₹861 Cr | Jun 2026 ₹861 Cr
- GSFC: Sep 2021 ₹-1.3K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 ₹-1.6K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-818 Cr | Dec 2022 ₹-818 Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.5K Cr | Sep 2023 ₹-2.4K Cr | Dec 2023 ₹-2.4K Cr | Mar 2024 ₹-2.3K Cr | Jun 2024 ₹-2.3K Cr | Sep 2024 ₹-2.3K Cr | Dec 2024 ₹-2.3K Cr | Mar 2025 ₹-1.9K Cr | Jun 2025 ₹-1.9K Cr | Sep 2025 ₹-833 Cr | Dec 2025 ₹-833 Cr | Mar 2026 ₹-173 Cr | Jun 2026 —
- KRISHANA: Sep 2021 ₹40 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹183 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹263 Cr | Sep 2023 ₹425 Cr | Dec 2023 ₹425 Cr | Mar 2024 ₹431 Cr | Jun 2024 ₹424 Cr | Sep 2024 ₹341 Cr | Dec 2024 ₹341 Cr | Mar 2025 ₹348 Cr | Jun 2025 ₹348 Cr | Sep 2025 ₹389 Cr | Dec 2025 ₹389 Cr | Mar 2026 ₹691 Cr | Jun 2026 ₹691 Cr
- NFL: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹6.0K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹-229 Cr | Dec 2023 ₹-229 Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.1K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹4.5K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- SPIC: Sep 2021 ₹-11 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹272 Cr | Jun 2022 ₹223 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹359 Cr | Sep 2023 ₹339 Cr | Dec 2023 ₹339 Cr | Mar 2024 ₹267 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹401 Cr | Dec 2024 ₹401 Cr | Mar 2025 ₹642 Cr | Jun 2025 ₹641 Cr | Sep 2025 ₹79 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹578 Cr | Jun 2026 —
- MADRASFERT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 — | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹923 Cr | Dec 2023 ₹923 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 — | Dec 2024 — | Mar 2025 ₹942 Cr | Jun 2025 ₹928 Cr | Sep 2025 ₹-43 Cr | Dec 2025 ₹-43 Cr | Mar 2026 ₹-22 Cr | Jun 2026 —
- ZUARI: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹505 Cr | Jun 2025 ₹505 Cr | Sep 2025 ₹539 Cr | Dec 2025 ₹539 Cr | Mar 2026 ₹579 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Krishana Phoschem Ltd leads ROCE at 27.2%, 1.7 percentage points above Chambal Fertilisers & Chemicals Ltd. Khaitan Chemicals & Fertilizers Ltd has the strongest latest improvement at +16 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Krishana Phoschem Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Krishana Phoschem Ltd · 27.2% | 6.7% versus #2 · Chambal Fertilisers & Chemicals Ltd | 8/8 recent comparable periods | 15/15 companies · 194 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Krishana Phoschem Ltd (KRISHANA): 27%
2. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 26%
3. Coromandel International Ltd (COROMANDEL): 22%
4. Madhya Bharat Agro Products Ltd (MBAPL): 19%
5. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): 19%

### ROCE change — fastest improvers
1. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): +16.0 pp
2. Krishana Phoschem Ltd (KRISHANA): +8.6 pp
3. National Fertilizer Ltd (NFL): +4.3 pp
4. Paradeep Phosphates Ltd (PARADEEP): +3.0 pp
5. Rashtriya Chemicals & Fertilizers Ltd (RCF): +1.6 pp

### 20-quarter ROCE history
- COROMANDEL: Sep 2021 29% | Dec 2021 — | Mar 2022 30% | Jun 2022 — | Sep 2022 33% | Dec 2022 — | Mar 2023 35% | Jun 2023 — | Sep 2023 31% | Dec 2023 28% | Mar 2024 22% | Jun 2024 23% | Sep 2024 18% | Dec 2024 24% | Mar 2025 20% | Jun 2025 30% | Sep 2025 21% | Dec 2025 28% | Mar 2026 20% | Jun 2026 —
- FACT: Sep 2021 408% | Dec 2021 — | Mar 2022 63% | Jun 2022 — | Sep 2022 110% | Dec 2022 — | Mar 2023 50% | Jun 2023 — | Sep 2023 38% | Dec 2023 53% | Mar 2024 21% | Jun 2024 10% | Sep 2024 1.8% | Dec 2024 3.1% | Mar 2025 4.3% | Jun 2025 24% | Sep 2025 9.6% | Dec 2025 19% | Mar 2026 2.3% | Jun 2026 —
- DEEPAKFERT: Sep 2021 15% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 23% | Jun 2023 — | Sep 2023 16% | Dec 2023 14% | Mar 2024 11% | Jun 2024 14% | Sep 2024 16% | Dec 2024 19% | Mar 2025 16% | Jun 2025 18% | Sep 2025 14% | Dec 2025 16% | Mar 2026 10% | Jun 2026 —
- CHAMBLFERT: Sep 2021 23% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 17% | Jun 2023 — | Sep 2023 18% | Dec 2023 20% | Mar 2024 19% | Jun 2024 24% | Sep 2024 21% | Dec 2024 25% | Mar 2025 21% | Jun 2025 25% | Sep 2025 20% | Dec 2025 24% | Mar 2026 20% | Jun 2026 —
- GNFC: Sep 2021 18% | Dec 2021 — | Mar 2022 24% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 9.0% | Dec 2023 9.1% | Mar 2024 3.4% | Jun 2024 7.2% | Sep 2024 3.0% | Dec 2024 7.1% | Mar 2025 4.4% | Jun 2025 7.7% | Sep 2025 4.1% | Dec 2025 8.5% | Mar 2026 5.5% | Jun 2026 —
- RCF: Sep 2021 12% | Dec 2021 — | Mar 2022 15% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 22% | Jun 2023 20% | Sep 2023 12% | Dec 2023 8.8% | Mar 2024 4.8% | Jun 2024 7.2% | Sep 2024 6.2% | Dec 2024 9.6% | Mar 2025 7.1% | Jun 2025 10% | Sep 2025 6.8% | Dec 2025 11% | Mar 2026 8.7% | Jun 2026 —
- MBAPL: Sep 2021 18% | Dec 2021 — | Mar 2022 35% | Jun 2022 — | Sep 2022 49% | Dec 2022 — | Mar 2023 45% | Jun 2023 — | Sep 2023 33% | Dec 2023 26% | Mar 2024 16% | Jun 2024 20% | Sep 2024 17% | Dec 2024 23% | Mar 2025 20% | Jun 2025 28% | Sep 2025 24% | Dec 2025 34% | Mar 2026 19% | Jun 2026 26%
- GSFC: Sep 2021 6.1% | Dec 2021 — | Mar 2022 9.2% | Jun 2022 — | Sep 2022 12% | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 6.8% | Dec 2023 7.7% | Mar 2024 2.9% | Jun 2024 5.1% | Sep 2024 2.8% | Dec 2024 5.1% | Mar 2025 3.8% | Jun 2025 6.3% | Sep 2025 5.2% | Dec 2025 6.4% | Mar 2026 5.0% | Jun 2026 —
- KRISHANA: Sep 2021 19% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 13% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 19% | Dec 2023 22% | Mar 2024 20% | Jun 2024 23% | Sep 2024 19% | Dec 2024 26% | Mar 2025 27% | Jun 2025 35% | Sep 2025 33% | Dec 2025 42% | Mar 2026 35% | Jun 2026 44%
- NFL: Sep 2021 6.0% | Dec 2021 — | Mar 2022 5.2% | Jun 2022 — | Sep 2022 8.8% | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 5.4% | Dec 2023 -3.2% | Mar 2024 6.1% | Jun 2024 12% | Sep 2024 13% | Dec 2024 14% | Mar 2025 5.6% | Jun 2025 8.2% | Sep 2025 5.3% | Dec 2025 11% | Mar 2026 9.9% | Jun 2026 —
- SPIC: Sep 2021 16% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 25% | Dec 2022 — | Mar 2023 28% | Jun 2023 — | Sep 2023 21% | Dec 2023 25% | Mar 2024 19% | Jun 2024 21% | Sep 2024 17% | Dec 2024 18% | Mar 2025 18% | Jun 2025 24% | Sep 2025 16% | Dec 2025 24% | Mar 2026 16% | Jun 2026 —
- MADRASFERT: Sep 2021 -25% | Dec 2021 — | Mar 2022 -61% | Jun 2022 — | Sep 2022 -135% | Dec 2022 — | Mar 2023 -196% | Jun 2023 — | Sep 2023 -209% | Dec 2023 — | Mar 2024 -324% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 115% | Jun 2025 166% | Sep 2025 76% | Dec 2025 49% | Mar 2026 41% | Jun 2026 —
- ZUARI: Sep 2021 7.7% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 5.1% | Dec 2022 — | Mar 2023 9.9% | Jun 2023 — | Sep 2023 -3.8% | Dec 2023 -6.9% | Mar 2024 9.3% | Jun 2024 17% | Sep 2024 7.5% | Dec 2024 18% | Mar 2025 10% | Jun 2025 20% | Sep 2025 13% | Dec 2025 47% | Mar 2026 11% | Jun 2026 —

### 20-quarter ROCE change history
- COROMANDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.2 pp | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 −2.0 pp | Dec 2023 — | Mar 2024 −12.5 pp | Jun 2024 — | Sep 2024 −13.0 pp | Dec 2024 −4.2 pp | Mar 2025 −1.9 pp | Jun 2025 +6.3 pp | Sep 2025 +3.0 pp | Dec 2025 +3.9 pp | Mar 2026 0.0 pp | Jun 2026 —
- FACT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −297.4 pp | Dec 2022 — | Mar 2023 −12.5 pp | Jun 2023 — | Sep 2023 −72.2 pp | Dec 2023 — | Mar 2024 −29.0 pp | Jun 2024 — | Sep 2024 −36.4 pp | Dec 2024 −49.5 pp | Mar 2025 −16.8 pp | Jun 2025 +13.7 pp | Sep 2025 +7.8 pp | Dec 2025 +15.7 pp | Mar 2026 −2.0 pp | Jun 2026 —
- DEEPAKFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.8 pp | Dec 2022 — | Mar 2023 +5.1 pp | Jun 2023 — | Sep 2023 −9.5 pp | Dec 2023 — | Mar 2024 −12.4 pp | Jun 2024 — | Sep 2024 0.0 pp | Dec 2024 +5.3 pp | Mar 2025 +5.5 pp | Jun 2025 +4.0 pp | Sep 2025 −1.7 pp | Dec 2025 −3.4 pp | Mar 2026 −5.8 pp | Jun 2026 —
- CHAMBLFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.0 pp | Dec 2022 — | Mar 2023 −4.2 pp | Jun 2023 — | Sep 2023 +0.5 pp | Dec 2023 — | Mar 2024 +1.9 pp | Jun 2024 — | Sep 2024 +3.3 pp | Dec 2024 +5.4 pp | Mar 2025 +2.9 pp | Jun 2025 +1.9 pp | Sep 2025 −1.4 pp | Dec 2025 −1.1 pp | Mar 2026 −1.7 pp | Jun 2026 —
- GNFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.4 pp | Dec 2022 — | Mar 2023 −7.3 pp | Jun 2023 — | Sep 2023 −15.8 pp | Dec 2023 — | Mar 2024 −13.0 pp | Jun 2024 — | Sep 2024 −6.0 pp | Dec 2024 −2.0 pp | Mar 2025 +1.0 pp | Jun 2025 +0.5 pp | Sep 2025 +1.1 pp | Dec 2025 +1.4 pp | Mar 2026 +1.1 pp | Jun 2026 —
- RCF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 — | Mar 2023 +7.6 pp | Jun 2023 — | Sep 2023 −9.4 pp | Dec 2023 — | Mar 2024 −17.6 pp | Jun 2024 −12.9 pp | Sep 2024 −5.3 pp | Dec 2024 +0.8 pp | Mar 2025 +2.3 pp | Jun 2025 +2.9 pp | Sep 2025 +0.6 pp | Dec 2025 +1.2 pp | Mar 2026 +1.6 pp | Jun 2026 —
- MBAPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +30.4 pp | Dec 2022 — | Mar 2023 +9.9 pp | Jun 2023 — | Sep 2023 −15.9 pp | Dec 2023 — | Mar 2024 −28.5 pp | Jun 2024 — | Sep 2024 −16.1 pp | Dec 2024 −3.8 pp | Mar 2025 +3.3 pp | Jun 2025 +8.1 pp | Sep 2025 +7.1 pp | Dec 2025 +11.4 pp | Mar 2026 −0.4 pp | Jun 2026 −1.8 pp
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.2 pp | Dec 2022 — | Mar 2023 +2.0 pp | Jun 2023 — | Sep 2023 −5.5 pp | Dec 2023 — | Mar 2024 −8.3 pp | Jun 2024 — | Sep 2024 −4.0 pp | Dec 2024 −2.6 pp | Mar 2025 +0.9 pp | Jun 2025 +1.2 pp | Sep 2025 +2.4 pp | Dec 2025 +1.3 pp | Mar 2026 +1.2 pp | Jun 2026 —
- KRISHANA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.9 pp | Dec 2022 — | Mar 2023 −6.4 pp | Jun 2023 — | Sep 2023 +5.8 pp | Dec 2023 — | Mar 2024 +9.5 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +3.2 pp | Mar 2025 +7.8 pp | Jun 2025 +11.8 pp | Sep 2025 +14.1 pp | Dec 2025 +16.7 pp | Mar 2026 +7.8 pp | Jun 2026 +8.6 pp
- NFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 — | Mar 2023 +9.5 pp | Jun 2023 — | Sep 2023 −3.4 pp | Dec 2023 — | Mar 2024 −8.6 pp | Jun 2024 — | Sep 2024 +7.7 pp | Dec 2024 +17.0 pp | Mar 2025 −0.5 pp | Jun 2025 −3.8 pp | Sep 2025 −7.8 pp | Dec 2025 −3.0 pp | Mar 2026 +4.3 pp | Jun 2026 —
- SPIC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +8.5 pp | Dec 2022 — | Mar 2023 +10.4 pp | Jun 2023 — | Sep 2023 −3.5 pp | Dec 2023 — | Mar 2024 −8.7 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 −7.3 pp | Mar 2025 −1.1 pp | Jun 2025 +3.4 pp | Sep 2025 −1.3 pp | Dec 2025 +6.0 pp | Mar 2026 −1.7 pp | Jun 2026 —
- MADRASFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −110.3 pp | Dec 2022 — | Mar 2023 −134.8 pp | Jun 2023 — | Sep 2023 −73.7 pp | Dec 2023 — | Mar 2024 −128.2 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +439.5 pp | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −74.5 pp | Jun 2026 —
- ZUARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.6 pp | Dec 2022 — | Mar 2023 −3.3 pp | Jun 2023 — | Sep 2023 −8.9 pp | Dec 2023 — | Mar 2024 −0.6 pp | Jun 2024 — | Sep 2024 +11.3 pp | Dec 2024 +24.8 pp | Mar 2025 +1.0 pp | Jun 2025 +2.8 pp | Sep 2025 +5.8 pp | Dec 2025 +29.0 pp | Mar 2026 +0.4 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Gujarat Narmada Valley Fertilizers & Chemicals Ltd has the lowest comparable Guarded PEG at 0.27×, 10% below Gujarat State Fertilizers & Chemicals Ltd. Only 10 of 15 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Gujarat Narmada Valley Fertilizers & Chemicals Ltd · 0.27× | 10% versus #2 · Gujarat State Fertilizers & Chemicals Ltd | 0/8 recent comparable periods | 10/15 companies · 57 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 0.3
2. Gujarat State Fertilizers & Chemicals Ltd (GSFC): 0.3
3. Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT): 0.4
4. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 0.5
5. Krishana Phoschem Ltd (KRISHANA): 0.6

### P/E — lowest P/E
1. Zuari Agro Chemicals Ltd (ZUARI): 3.1
2. Southern Petrochemicals Industries Corporation Ltd (SPIC): 6.3
3. Khaitan Chemicals & Fertilizers Ltd (KHAICHEM): 8.2
4. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 8.8
5. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 9.2

### 20-quarter Guarded PEG history
- COROMANDEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2 | Sep 2022 0.9 | Dec 2022 0.3 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 0.9 | Dec 2023 3.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 4.4 | Sep 2025 0.9 | Dec 2025 0.6 | Mar 2026 0.9 | Jun 2026 2.7
- FACT: Sep 2021 — | Dec 2021 — | Mar 2022 0.5 | Jun 2022 — | Sep 2022 0.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DEEPAKFERT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 —
- CHAMBLFERT: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 — | Jun 2022 0.6 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 1.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 —
- GNFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.5 | Dec 2025 0.3 | Mar 2026 — | Jun 2026 —
- RCF: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.2 | Dec 2024 — | Mar 2025 0.9 | Jun 2025 1.6 | Sep 2025 — | Dec 2025 — | Mar 2026 0.9 | Jun 2026 —
- MBAPL: Sep 2021 0.5 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.5 | Jun 2023 — | Sep 2023 0.8 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 2.0
- GSFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.6 | Dec 2025 0.4 | Mar 2026 0.3 | Jun 2026 —
- KRISHANA: Sep 2021 — | Dec 2021 0.8 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 3.4 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.0 | Dec 2023 — | Mar 2024 — | Jun 2024 1.2 | Sep 2024 1.0 | Dec 2024 — | Mar 2025 0.6 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- NFL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.0 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.4 | Jun 2026 —

### 20-quarter P/E history
- COROMANDEL: Sep 2021 16.7 | Dec 2021 16.5 | Mar 2022 16.7 | Jun 2022 17.9 | Sep 2022 17.3 | Dec 2022 13.6 | Mar 2023 12.6 | Jun 2023 13.8 | Sep 2023 16.8 | Dec 2023 18.2 | Mar 2024 18.3 | Jun 2024 28.7 | Sep 2024 33.4 | Dec 2024 39.8 | Mar 2025 35.5 | Jun 2025 40.0 | Sep 2025 32.4 | Dec 2025 32.6 | Mar 2026 26.8 | Jun 2026 29.6
- FACT: Sep 2021 21.0 | Dec 2021 21.9 | Mar 2022 25.6 | Jun 2022 14.3 | Sep 2022 13.2 | Dec 2022 36.6 | Mar 2023 17.7 | Jun 2023 42.5 | Sep 2023 53.8 | Dec 2023 91.3 | Mar 2024 93.2 | Jun 2024 163.1 | Sep 2024 294.7 | Dec 2024 586.2 | Mar 2025 495.8 | Jun 2025 3,131.6 | Sep 2025 754.1 | Dec 2025 634.8 | Mar 2026 3,428.3 | Jun 2026 —
- DEEPAKFERT: Sep 2021 10.7 | Dec 2021 9.2 | Mar 2022 11.3 | Jun 2022 10.3 | Sep 2022 10.7 | Dec 2022 7.5 | Mar 2023 5.5 | Jun 2023 5.8 | Sep 2023 9.2 | Dec 2023 12.7 | Mar 2024 13.2 | Jun 2024 18.9 | Sep 2024 25.0 | Dec 2024 21.4 | Mar 2025 16.0 | Jun 2025 21.6 | Sep 2025 19.7 | Dec 2025 16.1 | Mar 2026 13.7 | Jun 2026 —
- CHAMBLFERT: Sep 2021 9.7 | Dec 2021 10.7 | Mar 2022 11.3 | Jun 2022 7.6 | Sep 2022 8.7 | Dec 2022 10.0 | Mar 2023 9.3 | Jun 2023 11.0 | Sep 2023 11.2 | Dec 2023 13.7 | Mar 2024 11.2 | Jun 2024 16.5 | Sep 2024 15.5 | Dec 2024 13.1 | Mar 2025 15.5 | Jun 2025 13.6 | Sep 2025 11.9 | Dec 2025 10.2 | Mar 2026 8.8 | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1 | Sep 2022 8.8 | Dec 2022 13.9 | Mar 2023 11.9 | Jun 2023 16.9 | Sep 2023 48.1 | Dec 2023 34.6 | Mar 2024 61.5 | Jun 2024 67.9 | Sep 2024 30.0 | Dec 2024 23.3 | Mar 2025 17.1 | Jun 2025 20.0 | Sep 2025 15.6 | Dec 2025 12.5 | Mar 2026 9.1 | Jun 2026 —
- GNFC: Sep 2021 6.7 | Dec 2021 6.3 | Mar 2022 8.7 | Jun 2022 5.3 | Sep 2022 4.9 | Dec 2022 4.3 | Mar 2023 4.5 | Jun 2023 6.3 | Sep 2023 9.6 | Dec 2023 12.6 | Mar 2024 13.7 | Jun 2024 21.6 | Sep 2024 19.2 | Dec 2024 18.7 | Mar 2025 14.1 | Jun 2025 13.4 | Sep 2025 13.0 | Dec 2025 11.3 | Mar 2026 9.1 | Jun 2026 —
- RCF: Sep 2021 9.5 | Dec 2021 8.6 | Mar 2022 8.4 | Jun 2022 7.1 | Sep 2022 6.5 | Dec 2022 7.9 | Mar 2023 5.1 | Jun 2023 6.8 | Sep 2023 10.9 | Dec 2023 20.5 | Mar 2024 36.2 | Jun 2024 54.6 | Sep 2024 64.2 | Dec 2024 50.1 | Mar 2025 27.2 | Jun 2025 36.3 | Sep 2025 28.0 | Dec 2025 25.3 | Mar 2026 19.9 | Jun 2026 —
- MBAPL: Sep 2021 17.3 | Dec 2021 16.2 | Mar 2022 21.6 | Jun 2022 24.4 | Sep 2022 25.7 | Dec 2022 23.9 | Mar 2023 21.4 | Jun 2023 20.9 | Sep 2023 26.0 | Dec 2023 30.5 | Mar 2024 44.3 | Jun 2024 80.1 | Sep 2024 65.1 | Dec 2024 64.4 | Mar 2025 55.1 | Jun 2025 65.2 | Sep 2025 48.4 | Dec 2025 39.9 | Mar 2026 38.6 | Jun 2026 33.6
- GSFC: Sep 2021 8.4 | Dec 2021 7.9 | Mar 2022 7.6 | Jun 2022 6.1 | Sep 2022 4.7 | Dec 2022 4.8 | Mar 2023 3.6 | Jun 2023 5.2 | Sep 2023 6.7 | Dec 2023 9.1 | Mar 2024 10.2 | Jun 2024 17.1 | Sep 2024 16.2 | Dec 2024 15.1 | Mar 2025 13.0 | Jun 2025 13.7 | Sep 2025 12.2 | Dec 2025 10.6 | Mar 2026 8.3 | Jun 2026 —
- KRISHANA: Sep 2021 20.3 | Dec 2021 19.9 | Mar 2022 33.9 | Jun 2022 26.7 | Sep 2022 34.4 | Dec 2022 36.8 | Mar 2023 45.9 | Jun 2023 49.3 | Sep 2023 44.4 | Dec 2023 35.7 | Mar 2024 36.2 | Jun 2024 43.8 | Sep 2024 32.9 | Dec 2024 28.8 | Mar 2025 24.5 | Jun 2025 36.5 | Sep 2025 32.5 | Dec 2025 28.4 | Mar 2026 22.9 | Jun 2026 24.9
- NFL: Sep 2021 85.5 | Dec 2021 79.4 | Mar 2022 -27.4 | Jun 2022 16.2 | Sep 2022 18.8 | Dec 2022 30.8 | Mar 2023 5.1 | Jun 2023 7.5 | Sep 2023 16.9 | Dec 2023 41.0 | Mar 2024 47.9 | Jun 2024 42.6 | Sep 2024 23.6 | Dec 2024 15.6 | Mar 2025 15.3 | Jun 2025 26.9 | Sep 2025 29.6 | Dec 2025 40.8 | Mar 2026 17.2 | Jun 2026 —
- SPIC: Sep 2021 10.7 | Dec 2021 7.4 | Mar 2022 6.9 | Jun 2022 5.9 | Sep 2022 5.6 | Dec 2022 7.1 | Mar 2023 4.1 | Jun 2023 4.5 | Sep 2023 5.4 | Dec 2023 7.2 | Mar 2024 8.8 | Jun 2024 10.6 | Sep 2024 10.0 | Dec 2024 9.7 | Mar 2025 10.3 | Jun 2025 11.7 | Sep 2025 11.7 | Dec 2025 8.9 | Mar 2026 5.9 | Jun 2026 —
- MADRASFERT: Sep 2021 8.4 | Dec 2021 10.1 | Mar 2022 7.1 | Jun 2022 4.3 | Sep 2022 4.3 | Dec 2022 5.3 | Mar 2023 4.0 | Jun 2023 6.2 | Sep 2023 14.0 | Dec 2023 26.5 | Mar 2024 62.3 | Jun 2024 31.2 | Sep 2024 12.8 | Dec 2024 11.9 | Mar 2025 5.8 | Jun 2025 23.4 | Sep 2025 20.3 | Dec 2025 16.1 | Mar 2026 128.8 | Jun 2026 —
- ZUARI: Sep 2021 11.3 | Dec 2021 25.3 | Mar 2022 5.0 | Jun 2022 4.7 | Sep 2022 4.2 | Dec 2022 10.6 | Mar 2023 5.9 | Jun 2023 2.0 | Sep 2023 2.8 | Dec 2023 2.6 | Mar 2024 2.8 | Jun 2024 9.4 | Sep 2024 6.6 | Dec 2024 5.1 | Mar 2025 3.5 | Jun 2025 5.4 | Sep 2025 4.7 | Dec 2025 3.7 | Mar 2026 2.4 | Jun 2026 —
- KHAICHEM: Sep 2021 15.3 | Dec 2021 11.3 | Mar 2022 15.5 | Jun 2022 12.6 | Sep 2022 10.4 | Dec 2022 13.3 | Mar 2023 19.7 | Jun 2023 17.3 | Sep 2023 27.8 | Dec 2023 117.0 | Mar 2024 138.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 482.4 | Sep 2025 29.1 | Dec 2025 12.2 | Mar 2026 6.2 | Jun 2026 7.9

## Enterprise Value & Book Value

What the numbers say: Zuari Agro Chemicals Ltd leads both ev/ebitda at 2.1× and p/bv at 0.44×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Zuari Agro Chemicals Ltd · 2.1× | 38.2% versus #2 · Southern Petrochemicals Industries Corporation Ltd | 0/8 recent comparable periods | 15/15 companies · 282 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Zuari Agro Chemicals Ltd (ZUARI): 2.1
2. Southern Petrochemicals Industries Corporation Ltd (SPIC): 3.4
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 4.3
4. Gujarat State Fertilizers & Chemicals Ltd (GSFC): 4.5
5. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): 5.7

### P/BV — lowest P/BV
1. Zuari Agro Chemicals Ltd (ZUARI): 0.4
2. Gujarat State Fertilizers & Chemicals Ltd (GSFC): 0.5
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 0.8
4. Southern Petrochemicals Industries Corporation Ltd (SPIC): 1.0
5. National Fertilizer Ltd (NFL): 1.2

### 20-quarter EV/EBITDA history
- COROMANDEL: Sep 2021 10.9 | Dec 2021 10.8 | Mar 2022 11.0 | Jun 2022 11.8 | Sep 2022 12.0 | Dec 2022 9.5 | Mar 2023 7.9 | Jun 2023 8.6 | Sep 2023 10.6 | Dec 2023 11.1 | Mar 2024 10.8 | Jun 2024 17.7 | Sep 2024 19.4 | Dec 2024 22.4 | Mar 2025 20.4 | Jun 2025 23.6 | Sep 2025 19.0 | Dec 2025 19.9 | Mar 2026 16.1 | Jun 2026 15.8
- FACT: Sep 2021 14.3 | Dec 2021 10.2 | Mar 2022 10.9 | Jun 2022 10.5 | Sep 2022 8.9 | Dec 2022 25.9 | Mar 2023 12.9 | Jun 2023 29.9 | Sep 2023 37.6 | Dec 2023 60.6 | Mar 2024 56.1 | Jun 2024 112.5 | Sep 2024 167.7 | Dec 2024 230.8 | Mar 2025 157.7 | Jun 2025 199.0 | Sep 2025 153.0 | Dec 2025 147.9 | Mar 2026 171.1 | Jun 2026 —
- DEEPAKFERT: Sep 2021 6.9 | Dec 2021 6.5 | Mar 2022 7.3 | Jun 2022 6.9 | Sep 2022 7.4 | Dec 2022 5.5 | Mar 2023 4.1 | Jun 2023 4.2 | Sep 2023 6.3 | Dec 2023 7.7 | Mar 2024 7.2 | Jun 2024 8.3 | Sep 2024 10.9 | Dec 2024 10.2 | Mar 2025 8.8 | Jun 2025 11.9 | Sep 2025 11.2 | Dec 2025 9.7 | Mar 2026 8.3 | Jun 2026 —
- CHAMBLFERT: Sep 2021 6.6 | Dec 2021 7.5 | Mar 2022 8.1 | Jun 2022 5.6 | Sep 2022 7.7 | Dec 2022 8.4 | Mar 2023 6.3 | Jun 2023 7.4 | Sep 2023 7.2 | Dec 2023 7.9 | Mar 2024 6.8 | Jun 2024 9.9 | Sep 2024 8.9 | Dec 2024 7.3 | Mar 2025 8.9 | Jun 2025 8.6 | Sep 2025 7.3 | Dec 2025 6.4 | Mar 2026 5.7 | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.4 | Sep 2022 13.1 | Dec 2022 13.3 | Mar 2023 7.6 | Jun 2023 8.4 | Sep 2023 14.7 | Dec 2023 11.6 | Mar 2024 12.8 | Jun 2024 15.8 | Sep 2024 11.8 | Dec 2024 11.1 | Mar 2025 9.1 | Jun 2025 10.4 | Sep 2025 8.9 | Dec 2025 9.8 | Mar 2026 7.5 | Jun 2026 —
- GNFC: Sep 2021 3.0 | Dec 2021 2.6 | Mar 2022 4.6 | Jun 2022 2.9 | Sep 2022 2.9 | Dec 2022 2.5 | Mar 2023 2.5 | Jun 2023 3.6 | Sep 2023 4.7 | Dec 2023 5.5 | Mar 2024 5.4 | Jun 2024 8.7 | Sep 2024 8.1 | Dec 2024 7.1 | Mar 2025 5.4 | Jun 2025 5.8 | Sep 2025 4.9 | Dec 2025 5.5 | Mar 2026 4.3 | Jun 2026 —
- RCF: Sep 2021 9.5 | Dec 2021 4.8 | Mar 2022 4.9 | Jun 2022 4.3 | Sep 2022 5.8 | Dec 2022 6.5 | Mar 2023 3.9 | Jun 2023 4.8 | Sep 2023 6.9 | Dec 2023 8.7 | Mar 2024 10.7 | Jun 2024 18.4 | Sep 2024 19.7 | Dec 2024 13.9 | Mar 2025 9.4 | Jun 2025 13.9 | Sep 2025 12.2 | Dec 2025 10.4 | Mar 2026 7.9 | Jun 2026 —
- MBAPL: Sep 2021 10.1 | Dec 2021 9.1 | Mar 2022 12.5 | Jun 2022 13.7 | Sep 2022 15.9 | Dec 2022 15.0 | Mar 2023 13.1 | Jun 2023 12.8 | Sep 2023 15.6 | Dec 2023 16.1 | Mar 2024 18.3 | Jun 2024 21.4 | Sep 2024 18.4 | Dec 2024 17.5 | Mar 2025 19.4 | Jun 2025 25.7 | Sep 2025 21.4 | Dec 2025 18.9 | Mar 2026 18.4 | Jun 2026 24.2
- GSFC: Sep 2021 5.1 | Dec 2021 4.7 | Mar 2022 4.6 | Jun 2022 3.5 | Sep 2022 2.7 | Dec 2022 2.8 | Mar 2023 2.4 | Jun 2023 3.6 | Sep 2023 4.0 | Dec 2023 5.3 | Mar 2024 4.6 | Jun 2024 9.2 | Sep 2024 7.4 | Dec 2024 6.6 | Mar 2025 5.3 | Jun 2025 6.0 | Sep 2025 5.8 | Dec 2025 5.8 | Mar 2026 4.5 | Jun 2026 —
- KRISHANA: Sep 2021 11.3 | Dec 2021 11.6 | Mar 2022 18.9 | Jun 2022 14.5 | Sep 2022 22.1 | Dec 2022 24.5 | Mar 2023 27.6 | Jun 2023 25.4 | Sep 2023 23.0 | Dec 2023 18.1 | Mar 2024 15.8 | Jun 2024 16.0 | Sep 2024 12.6 | Dec 2024 11.5 | Mar 2025 11.4 | Jun 2025 18.5 | Sep 2025 16.5 | Dec 2025 14.7 | Mar 2026 11.9 | Jun 2026 16.5
- NFL: Sep 2021 7.7 | Dec 2021 10.9 | Mar 2022 13.9 | Jun 2022 9.4 | Sep 2022 11.9 | Dec 2022 13.4 | Mar 2023 4.3 | Jun 2023 5.2 | Sep 2023 7.7 | Dec 2023 5.3 | Mar 2024 18.9 | Jun 2024 12.9 | Sep 2024 10.9 | Dec 2024 6.3 | Mar 2025 5.6 | Jun 2025 11.1 | Sep 2025 8.8 | Dec 2025 12.6 | Mar 2026 9.1 | Jun 2026 —
- SPIC: Sep 2021 6.7 | Dec 2021 5.1 | Mar 2022 5.1 | Jun 2022 4.1 | Sep 2022 4.2 | Dec 2022 5.8 | Mar 2023 4.0 | Jun 2023 4.0 | Sep 2023 4.8 | Dec 2023 5.4 | Mar 2024 5.7 | Jun 2024 7.0 | Sep 2024 6.4 | Dec 2024 6.6 | Mar 2025 6.6 | Jun 2025 6.5 | Sep 2025 7.5 | Dec 2025 4.7 | Mar 2026 3.4 | Jun 2026 —
- MADRASFERT: Sep 2021 11.1 | Dec 2021 10.6 | Mar 2022 9.4 | Jun 2022 7.4 | Sep 2022 7.6 | Dec 2022 7.9 | Mar 2023 7.2 | Jun 2023 8.5 | Sep 2023 10.7 | Dec 2023 14.6 | Mar 2024 18.4 | Jun 2024 19.6 | Sep 2024 11.6 | Dec 2024 10.5 | Mar 2025 6.3 | Jun 2025 15.2 | Sep 2025 13.7 | Dec 2025 6.7 | Mar 2026 9.8 | Jun 2026 —
- ZUARI: Sep 2021 6.4 | Dec 2021 7.5 | Mar 2022 5.6 | Jun 2022 4.0 | Sep 2022 5.2 | Dec 2022 7.7 | Mar 2023 6.2 | Jun 2023 4.9 | Sep 2023 5.2 | Dec 2023 2.3 | Mar 2024 2.4 | Jun 2024 4.7 | Sep 2024 3.9 | Dec 2024 3.6 | Mar 2025 3.1 | Jun 2025 4.0 | Sep 2025 2.6 | Dec 2025 2.4 | Mar 2026 2.1 | Jun 2026 —
- KHAICHEM: Sep 2021 9.1 | Dec 2021 8.0 | Mar 2022 10.8 | Jun 2022 8.8 | Sep 2022 7.7 | Dec 2022 8.9 | Mar 2023 10.6 | Jun 2023 9.2 | Sep 2023 13.2 | Dec 2023 22.9 | Mar 2024 25.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 40.4 | Sep 2025 23.2 | Dec 2025 12.3 | Mar 2026 6.7 | Jun 2026 7.4

### 20-quarter P/BV history
- COROMANDEL: Sep 2021 4.6 | Dec 2021 3.8 | Mar 2022 4.0 | Jun 2022 5.3 | Sep 2022 3.9 | Dec 2022 3.5 | Mar 2023 4.1 | Jun 2023 4.4 | Sep 2023 4.3 | Dec 2023 4.1 | Mar 2024 3.5 | Jun 2024 6.0 | Sep 2024 5.2 | Dec 2024 5.3 | Mar 2025 5.8 | Jun 2025 7.6 | Sep 2025 5.8 | Dec 2025 5.7 | Mar 2026 4.7 | Jun 2026 5.3
- FACT: Sep 2021 -17.4 | Dec 2021 -85.1 | Mar 2022 -83.3 | Jun 2022 -12.7 | Sep 2022 14.5 | Dec 2022 49.9 | Mar 2023 20.1 | Jun 2023 42.5 | Sep 2023 52.6 | Dec 2023 37.0 | Mar 2024 28.8 | Jun 2024 50.1 | Sep 2024 45.8 | Dec 2024 47.7 | Mar 2025 31.8 | Jun 2025 46.3 | Sep 2025 44.5 | Dec 2025 41.8 | Mar 2026 37.1 | Jun 2026 —
- DEEPAKFERT: Sep 2021 1.6 | Dec 2021 1.4 | Mar 2022 2.2 | Jun 2022 2.3 | Sep 2022 2.3 | Dec 2022 2.0 | Mar 2023 1.7 | Jun 2023 1.7 | Sep 2023 1.6 | Dec 2023 1.6 | Mar 2024 1.2 | Jun 2024 1.7 | Sep 2024 2.4 | Dec 2024 2.6 | Mar 2025 2.5 | Jun 2025 3.6 | Sep 2025 3.1 | Dec 2025 2.4 | Mar 2026 1.8 | Jun 2026 —
- CHAMBLFERT: Sep 2021 2.7 | Dec 2021 2.8 | Mar 2022 2.9 | Jun 2022 2.3 | Sep 2022 2.0 | Dec 2022 1.9 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.6 | Dec 2023 2.0 | Mar 2024 1.9 | Jun 2024 3.0 | Sep 2024 2.9 | Dec 2024 2.4 | Mar 2025 3.0 | Jun 2025 3.1 | Sep 2025 2.4 | Dec 2025 1.9 | Mar 2026 1.7 | Jun 2026 —
- PARADEEP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.7 | Dec 2023 1.6 | Mar 2024 1.6 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 3.6 | Sep 2025 3.6 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- GNFC: Sep 2021 1.0 | Dec 2021 1.0 | Mar 2022 1.8 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.0 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 1.0 | Dec 2023 1.3 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 1.2 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.7 | Jun 2026 —
- RCF: Sep 2021 1.4 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.3 | Sep 2022 1.2 | Dec 2022 1.7 | Mar 2023 1.4 | Jun 2023 1.6 | Sep 2023 1.8 | Dec 2023 1.9 | Mar 2024 1.5 | Jun 2024 2.3 | Sep 2024 2.2 | Dec 2024 2.0 | Mar 2025 1.5 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.6 | Mar 2026 1.3 | Jun 2026 —
- MBAPL: Sep 2021 2.6 | Dec 2021 2.3 | Mar 2022 5.6 | Jun 2022 9.3 | Sep 2022 7.5 | Dec 2022 9.1 | Mar 2023 10.9 | Jun 2023 11.4 | Sep 2023 8.2 | Dec 2023 7.4 | Mar 2024 6.1 | Jun 2024 5.4 | Sep 2024 5.4 | Dec 2024 4.8 | Mar 2025 6.6 | Jun 2025 10.7 | Sep 2025 8.9 | Dec 2025 7.9 | Mar 2026 8.8 | Jun 2026 9.2
- GSFC: Sep 2021 0.5 | Dec 2021 0.5 | Mar 2022 0.6 | Jun 2022 0.6 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.8 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.7 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 —
- KRISHANA: Sep 2021 3.2 | Dec 2021 2.8 | Mar 2022 5.2 | Jun 2022 4.7 | Sep 2022 4.0 | Dec 2022 5.1 | Mar 2023 6.5 | Jun 2023 5.9 | Sep 2023 5.5 | Dec 2023 5.3 | Mar 2024 5.2 | Jun 2024 5.9 | Sep 2024 4.8 | Dec 2024 3.7 | Mar 2025 4.4 | Jun 2025 10.5 | Sep 2025 8.5 | Dec 2025 7.5 | Mar 2026 6.7 | Jun 2026 8.0
- NFL: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 1.7 | Mar 2023 1.7 | Jun 2023 1.6 | Sep 2023 1.4 | Dec 2023 2.0 | Mar 2024 2.0 | Jun 2024 2.5 | Sep 2024 2.4 | Dec 2024 2.2 | Mar 2025 1.6 | Jun 2025 1.9 | Sep 2025 1.7 | Dec 2025 1.7 | Mar 2026 1.3 | Jun 2026 —
- SPIC: Sep 2021 2.1 | Dec 2021 1.8 | Mar 2022 2.3 | Jun 2022 1.9 | Sep 2022 1.3 | Dec 2022 2.0 | Mar 2023 1.7 | Jun 2023 1.9 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.3 | Jun 2024 1.7 | Sep 2024 1.6 | Dec 2024 1.3 | Mar 2025 1.4 | Jun 2025 1.7 | Sep 2025 1.6 | Dec 2025 1.3 | Mar 2026 0.9 | Jun 2026 —
- MADRASFERT: Sep 2021 -0.7 | Dec 2021 -0.7 | Mar 2022 -1.1 | Jun 2022 -1.0 | Sep 2022 -2.2 | Dec 2022 -3.2 | Mar 2023 -1.8 | Jun 2023 -2.3 | Sep 2023 -4.3 | Dec 2023 -7.8 | Mar 2024 -5.7 | Jun 2024 -6.1 | Sep 2024 -8.8 | Dec 2024 — | Mar 2025 -35.8 | Jun 2025 -7.9 | Sep 2025 -7.8 | Dec 2025 51.9 | Mar 2026 9.3 | Jun 2026 —
- ZUARI: Sep 2021 2.6 | Dec 2021 1.4 | Mar 2022 1.5 | Jun 2022 3.0 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 1.4 | Jun 2023 1.7 | Sep 2023 1.8 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 0.4 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 0.3 | Jun 2026 —
- KHAICHEM: Sep 2021 3.3 | Dec 2021 2.8 | Mar 2022 5.5 | Jun 2022 4.0 | Sep 2022 2.6 | Dec 2022 2.7 | Mar 2023 2.6 | Jun 2023 2.6 | Sep 2023 2.1 | Dec 2023 2.3 | Mar 2024 2.2 | Jun 2024 2.4 | Sep 2024 3.6 | Dec 2024 3.4 | Mar 2025 2.2 | Jun 2025 3.9 | Sep 2025 5.2 | Dec 2025 3.0 | Mar 2026 1.7 | Jun 2026 2.5

## Market action

Zuari Agro Chemicals Ltd has the strongest one-year price move in Fertilisers at +13.8%. Madhya Bharat Agro Products Ltd leads on Mansfield relative strength against NIFTY at +43.9%. 4 of 15 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

### Strongest one-year price performers
1. Zuari Agro Chemicals Ltd (ZUARI): 14%
2. Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT): 0.8%
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): -7.9%
4. Coromandel International Ltd (COROMANDEL): -12%
5. Fertilizers & Chemicals Travancore Ltd (FACT): -13%

### Strongest relative strength versus NIFTY 500
1. Madhya Bharat Agro Products Ltd (MBAPL): 44%
2. Krishana Phoschem Ltd (KRISHANA): 23%
3. Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT): 20%
4. Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC): 1.8%
5. Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT): -4.8%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 3 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Coromandel International Ltd (COROMANDEL) — market value ₹58.4K Cr; latest fundamentals Jun 2026
- Fertilizers & Chemicals Travancore Ltd (FACT) — market value ₹52.4K Cr; latest fundamentals Mar 2026
- Deepak Fertilisers & Petrochemicals Corp Ltd (DEEPAKFERT) — market value ₹19.9K Cr; latest fundamentals Mar 2026
- Chambal Fertilisers & Chemicals Ltd (CHAMBLFERT) — market value ₹17.3K Cr; latest fundamentals Mar 2026
- Paradeep Phosphates Ltd (PARADEEP) — market value ₹14.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) — market value ₹7.4K Cr; latest fundamentals Mar 2026
- Rashtriya Chemicals & Fertilizers Ltd (RCF) — market value ₹6.9K Cr; latest fundamentals Mar 2026
- Madhya Bharat Agro Products Ltd (MBAPL) — market value ₹6.5K Cr; latest fundamentals Jun 2026
- Gujarat State Fertilizers & Chemicals Ltd (GSFC) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- Krishana Phoschem Ltd (KRISHANA) — market value ₹5.0K Cr; latest fundamentals Jun 2026
- National Fertilizer Ltd (NFL) — market value ₹3.4K Cr; latest fundamentals Mar 2026
- Southern Petrochemicals Industries Corporation Ltd (SPIC) — market value ₹1.3K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Madras Fertilizers Ltd (MADRASFERT) — market value ₹1.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Zuari Agro Chemicals Ltd (ZUARI) — market value ₹925 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Khaitan Chemicals & Fertilizers Ltd (KHAICHEM) — market value ₹475 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 10. Unverified: 4. Withheld: 1. Graded companies: 15.

3 of 15 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 15 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Paradeep Phosphates Ltd (PARADEEP) — its two data sources disagree by up to 24% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | PARADEEP | Paradeep Phosphates Ltd | diff_gt_2pct | disagreement up to 23.8% over 14 comparable periods

- UNVERIFIED | SPIC | Southern Petrochemicals Industries Corporation Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MADRASFERT | Madras Fertilizers Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ZUARI | Zuari Agro Chemicals Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Fertilisers index?

The Nifty Fertilisers index tracks India's listed Fertilisers companies as a single basket. This page follows the same 15 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Fertilisers sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Fertilisers stocks in India?

Ranked by this page's four-factor score, Chambal Fertilisers & Chemicals Ltd places first among 15 listed Fertilisers companies, followed by Gujarat Narmada Valley Fertilizers & Chemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Fertilisers stocks are listed in India?

This comparison covers 15 listed Fertilisers companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Fertilisers company is the biggest?

Coromandel International Ltd is the largest, with trailing-twelve-month revenue of ₹32,602 crore, ahead of Paradeep Phosphates Ltd at ₹21,827 crore. That covers 15 of 15 companies with comparable reporting through Jun 2026.

### Which Fertilisers company is growing fastest?

Krishana Phoschem Ltd has the fastest revenue growth at 73.3% year on year, across 15 of 15 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Fertilisers company has the best profit margins?

Gujarat Narmada Valley Fertilizers & Chemicals Ltd has the highest operating margin at 22%, from 15 of 15 comparable companies. Madras Fertilizers Ltd shows the biggest recent improvement, at +16 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Fertilisers company makes the most profit?

Chambal Fertilisers & Chemicals Ltd earns the most, at ₹1,953 crore of trailing-twelve-month net profit, from 15 of 15 comparable companies. Fertilizers & Chemicals Travancore Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Fertilisers company earns the highest return on capital?

Krishana Phoschem Ltd leads on return on capital employed at 27.2%, across 15 of 15 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Fertilisers stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Gujarat Narmada Valley Fertilizers & Chemicals Ltd screens cheapest at 0.27×. Only 10 of 15 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Fertilisers company has the strongest balance sheet?

Gujarat Narmada Valley Fertilizers & Chemicals Ltd carries the lowest comparable gross debt at ₹6 crore, from 15 of 15 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Fertilisers stock has the strongest price momentum?

Madhya Bharat Agro Products Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Fertilisers company scores highest for research priority?

Chambal Fertilisers & Chemicals Ltd scores 72.1 out of 100 with 95.6% evidence confidence, from 19.4 points on growth and earnings, 19.4 on capital efficiency, 16.4 on valuation and 16.9 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Fertilisers companies does this comparison cover, and over what period?

It compares 15 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Fertilisers sector?

The 15 Fertilisers companies on this page carry ₹2,01,208 crore of combined market value. Coromandel International Ltd is the largest at ₹58,437 crore, about 29% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Fertilisers sector's P/E ratio?

The median price-to-earnings ratio across the 15 Fertilisers companies on this page is 13.8×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Fertilisers sector performing?

4 of the 15 covered Fertilisers companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/fertilisers