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Stock Analysis

Key Growth Triggers

Increased operational uptime for the Urea plant (92 days in Q2 FY26 vs 84 days in Q2 FY25).
Significant rise in 'Other Income' driven by insurance proceeds from past operational disruptions.
Strong year-on-year growth in Net Profit After Tax (PAT) for both standalone and consolidated entities.
Substantial improvement in consolidated operating cash flow for the first half of FY26.

Order Book

Order Book: Not available.

Key Red Flags

Reliance on provisional subsidy rates from the government for accounting, subject to final notification.
Lease expiry for a manufacturing unit's land, with renewal pending (Note 9b).

Key Dates To Watch

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Corporate Announcements

14th Feb 26

Impact Rating: -

No description available.

14th Nov 25

Impact Rating: 8

SPIC's Q2 FY26 standalone PAT grew 71.2% YoY to ₹53.10 Cr on revenue of ₹817.29 Cr. Consolidated PAT surged 74.0% to ₹61.22 Cr. The board appointed Thiru. Sweta Suman, IAS, as an Additional Director on November 13, 2025.

5th Sep 25

Impact Rating: -

No description available.

5th Sep 25

Impact Rating: -

No description available.

1st Sep 25

Impact Rating: -

No description available.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Coromandel Inter	2299.20	31.88	67825.34	0.52	793.44	21.28	9654.13	29.88	23.20	28620.01	10.66	2127.30	805.33	5.57	9.90	0.12
2.	F A C T	892.80	636.87	57770.59	0.02	20.86	86.42	1629.30	12.47	8.65	4674.77	3.85	90.71	20.86	42.01	0.37	2.79
3.	Chambal Fert.	483.55	10.40	19373.54	2.07	648.75	20.95	6412.76	47.55	26.76	19477.16	13.06	1862.50	648.76	1.97	13.81	0.01
4.	Paradeep Phosph.	159.70	16.96	16576.36	0.63	341.94	33.92	6872.20	48.78	13.72	18974.64	10.12	977.47	341.94	2.03	5.19	0.87
5.	R C F	147.41	26.26	8132.46	0.90	105.35	33.42	5292.58	23.38	7.49	16911.18	4.31	309.74	105.35	1.65	2.07	0.56
6.	G S F C	183.14	10.92	7297.72	2.73	324.11	8.67	3187.37	20.96	6.18	10108.04	7.61	668.15	324.07	0.59	4.04	0.00
7.	Natl.Fertilizer	89.79	41.81	4404.92	1.74	-35.81	-396.69	6763.07	54.04	7.57	20609.60	2.74	105.35	-35.81	1.72	1.66	1.77
8.	S P I C	82.13	10.46	1672.50	2.44	53.10	71.24	817.29	7.60	16.14	3170.33	9.04	159.85	53.10	1.48	6.93	0.40
–	Median: 22 Co.	153.56	19.04	1517.7	0.11	20.39	50.17	480.28	26.23	12.71	1610.35	9.71	84.95	20.44	2.03	4.88	0.56

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	699	506	818	569	754	781	672	125	754	708	744	760	817
Expenses	601	450	739	487	656	687	620	98	718	586	659	693	740
Operating Profit	97	56	79	82	98	93	51	27	37	122	85	67	77
Other Income	9	8	5	2	2	18	5	-41	5	4	4	2	26
Profit before tax	85	47	55	69	79	89	39	-44	21	109	71	48	81
Tax %	0%	40%	35%	37%	35%	35%	39%	-34%	37%	0%	37%	36%	35%
Net Profit	85	28	35	44	51	58	24	-29	13	109	45	31	53
EPS in Rs	4.18	1.38	1.74	2.16	2.52	2.86	1.16	-1.43	0.64	5.35	2.21	1.52	2.61

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,332	2,076	1,812	1,499	1,994	2,592	2,079	1,527	1,875	2,829	1,944	3,086	3,170
Expenses	1,496	2,009	1,773	1,445	1,883	2,492	1,966	1,456	1,699	2,475	1,694	2,805	2,884
Operating Profit	-164	68	39	54	111	100	113	71	176	354	249	281	286
Other Income	294	9	27	14	7	21	10	28	23	21	-30	14	53
Interest	21	28	12	11	41	36	34	14	14	31	38	55	51
Depreciation	44	30	29	31	40	32	32	38	44	44	38	38	43
Profit before tax	66	18	25	26	37	53	57	47	140	300	143	203	246
Net Profit	66	18	25	26	37	53	57	52	140	284	88	131	160
EPS in Rs	3.23	0.86	1.22	1.29	1.83	2.62	2.80	2.55	6.90	13.97	4.32	6.43	7.85
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	7%	11%	35%	31%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	204	204	204	204	204	204	204	204	204	204	204	204	204
Reserves	-12	5	30	65	102	144	197	256	411	682	748	845	929
Borrowings	480	133	132	536	263	400	408	104	305	401	471	722	449
Other Liabilities	749	989	1,201	415	867	1,264	1,251	1,100	693	816	218	366	488
Total Liabilities	1,421	1,331	1,568	1,219	1,436	2,012	2,059	1,664	1,612	2,103	1,640	2,137	2,069
Fixed Assets	309	300	281	263	247	233	353	525	682	657	652	620	607
Gross Block	1,404.95	1,413.95	1,417.93	284.76	303.34	320.20	469.72	676.16	866.17	843.95	742.21	734.10	–
Accumulated Depreciation	1,096.18	1,113.88	1,137.14	22.12	56.57	87.57	116.63	150.87	184.22	186.80	90.12	114.34	–
CWIP	7	13	12	23	35	69	26	18	2	1	34	108	228
Investments	32	32	32	36	35	65	64	59	94	92	101	102	128
Other Assets	1,073	986	1,243	898	1,119	1,645	1,616	1,062	834	1,352	853	1,307	1,106
Total Assets	1,421	1,331	1,568	1,219	1,436	2,012	2,059	1,664	1,612	2,103	1,640	2,137	2,069

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-346	389	30	-351	330	67	136	360	-106	-11	227	-38
Cash from Investing Activity	14	-14	-16	-17	-40	-101	-151	-158	-156	-34	-175	-145
Cash from Financing Activity	308	-381	-9	360	-290	102	6	-188	189	57	0	163
Net Cash Flow	-24	-6	5	-8	-0	69	-8	14	-73	11	53	-20

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	4	3	13	22	9	2	2	2	0	1	3	1
Inventory Days	85	38	32	106	65	43	42	160	138	40	27	13
Days Payable	292	263	394	171	254	276	364	425	150	108	17	37
Cash Conversion Cycle	-204	-221	-349	-43	-180	-231	-321	-263	-12	-67	13	-23
Working Capital Days	-31	-25	-74	-50	3	-13	-48	-91	-57	-0	-47	-9
ROCE %	-4%	9%	8%	6%	11%	14%	12%	9%	21%	30%	17%	16%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%	53.38%
FIIs	0.14%	0.28%	0.21%	0.42%	0.50%	0.38%	0.34%	0.65%	0.84%	4.87%	6.53%	6.09%
DIIs	2.39%	2.37%	2.37%	2.09%	1.68%	1.68%	1.69%	1.17%	1.17%	0.30%	0.29%	0.14%
Public	44.09%	43.97%	44.04%	44.10%	44.44%	44.56%	44.59%	44.80%	44.61%	41.45%	39.80%	40.39%