Chambal Fertilisers FY26: Profit growth, TAN commissioning and higher subsidy receivables

FY26 consolidated operating income was INR 20,793.7 crore, EBITDA was INR 2,678.6 crore and profit after tax was INR 1,953.3 crore.

The investor presentation reported FY26 segment revenue split as Urea 60%, Complex Fertilisers 34%, and Crop Protection Chemicals, Speciality Nutrients and Seeds 6%.

The presentation states TAN project cost is Rs 16,450 million with capacity of 2.4 lakh MTPA. Management stated it is in commissioning phase and dry run of the Weak Nitric Acid plant has started, followed by sequential commissioning of AN melt and HDAN.

The presentation shows subsidy debtors of INR 1,954.1 crore as of March 31, 2026 versus INR 265.4 crore as of March 31, 2025; total receivables were INR 2,075.2 crore including market debtors.

Management indicated routine capex of about Rs 170 to 180 crore in FY27 and stated there will also be balance spending on the TAN project; finance team indicated total balance capex around Rs 500 crore for urea and TAN put together.

Management stated IMACID plans to increase P2O5 production capacity from 5 lakh metric tons to 7 lakh metric tons expected in December 2026, and to increase sulphuric acid capacity expected in FY27.