Madras Fertilizers Ltd

MADRASFERT

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Market Cap

₹ 1,188 Cr

P/E

14.99

Turned 1 L into 3.49 L in last 5 Years

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Madras Fertilizers Ltd (MFL) is a public sector undertaking involved in manufacturing ammonia, urea, complex fertilizers, and biofertilizers. It also trades in agrochemicals.

MFL has a production facility located on a 350-acre site in Manali, near Chennai, with a significant capacity for producing ammonia, urea, and NPK fertilizers and biofertilizers.

The company has faced significant challenges, including the impact of a new urea pricing policy and the requirement to close naphtha-based plants, leading to financial difficulties.

Despite historical setbacks, MFL has engaged in modernization efforts and capacity enhancements, such as the use of advanced technology and partnerships with international firms for its ammonia and urea plants.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

1,188 Cr

Volatility

High Risk

P/E Ratio

15.0

Industry P/E

19.0

PEG Ratio

0.0

P/B Ratio

50.2

52W High

108.55

52W Low

66.34

Sales CAGR

14.07%

3.36%

14.49%

10Y

8.65%

Profit CAGR

1055.58%

-26.58%

—

10Y

—

ROE

TTM

320.52%

-50.12%

-24.59%

10Y

1.47%

ROCE

TTM

26.29%

-565.66%

-81.70%

10Y

-27.21%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SPIC	81.80	1,676 Cr	9.01	1.29	2.43	14.30	18.82	8.31
ZUARI	315.00	1,325 Cr	4.16	0.52	0.00	12.61	20.80	26.39
MADRASFERT	74.00	1,188 Cr	14.99	50.19	0.00	320.52	26.29	3.81
BALAJIPHOS	142.00	338 Cr	42.64	4.22	0.00	13.20	15.24	7.63
NAGAFERT	4.75	285 Cr	—	0.00	0.00	2.63	2.68	-6.25
ANYA	21.70	260 Cr	31.91	3.06	0.00	6.67	9.16	3.26
AGROPHOS	38.33	78 Cr	6.91	1.11	0.00	16.11	18.98	7.02

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	529	385	556	758	655	532	800	555	672	510
Expenses	546	374	543	666	590	521	693	616	607	498
Operating Profit	-17	12	13	92	65	11	107	-61	65	12
OPM %	-3.24	3.00	2.41	12.16	9.99	2.07	13.39	-11.02	9.66	2.40
Other Income	3.95	8.81	-46	28	8.69	9.64	9.38	16	13	23
Interest	18	14	16	24	17	15	15	16	16	14
Depreciation	3.00	3.01	3.00	1.28	3.00	2.39	2.69	3.55	3.10	3.10
Profit Before Tax	-34	3.35	-52	95	54	3.32	99	-64	59	17
Tax %	0.00	0.00	0.00	6.67	25.16	52.41	24.26	18.51	25.17	25.45
Net Profit	-34	3.35	-52	88	40	1.58	75	-52	44	13
EPS in Rs	-2.14	—	-3.21	5.48	2.51	0.10	4.63	-3.26	2.74	0.80

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,395	1,617	1,593	1,292	1,533	2,302	3,447	2,228	2,542	2,559
Expenses	1,330	1,611	1,618	1,306	1,400	2,065	3,125	2,128	2,419	2,437
Operating Profit	65	6.49	-25	-14	132	238	322	100	122	122
OPM %	4.67	0.40	-1.54	-1.06	8.63	10.32	9.34	4.49	4.82	4.76
Other Income	36	47	18	12	7.27	31	14	-5.73	44	48
Interest	74	75	100	92	106	93	78	72	63	62
Depreciation	21	22	23	32	31	9.45	9.59	10	12	12
Profit Before Tax	3.54	-45	-130	-125	2.87	166	249	12	92	96
Tax %	0.00	0.00	0.00	0.00	0.00	2.39	25.47	53.12	29.86	29.63
Net Profit	3.54	-45	-130	-125	2.87	162	185	5.56	64	68
EPS in Rs	0.25	-2.79	-5.02	-7.77	0.18	10.06	11.50	0.34	3.98	4.91
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	162	162	162	162	162	162	162	162	162	162
Reserves	-694	-592	-654	-737	-892	-857	-668	-449	-352	-194
Borrowings	598	1,254	1,506	1,652	1,804	1,378	1,736	1,494	1,583	1,594
Other Liabilities	1,186	406	568	492	344	508	680	650	614	671
Total Liabilities	1,252	1,230	1,582	1,568	1,419	1,191	1,911	1,857	2,007	2,233
Fixed Assets	180	182	160	146	216	189	189	190	198	206
CWIP	15	22	26	31	3.13	18	14	13	25	20
Investments	0.40	137	150	199	181	204	252	338	456	526
Other Assets	1,057	889	1,246	1,192	1,018	780	1,456	1,315	1,328	1,482
Total Assets	1,252	1,230	1,582	1,568	1,419	1,191	1,911	1,857	2,007	2,233

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-19	220	-150	-23	104	492	-317	687	164	116
Cash from Investing Activity	-10	-4.72	-2.80	-13	-60	-15	1.54	1.81	-1.10	26
Cash from Financing Activity	44	-245	178	45	56	-527	265	-320	19	-52
Net Cash Flow	15	-30	25	9.61	100	-50	-50	369	182	90

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%	85.27%
FIIs	0.00%	0.15%	0.00%	0.00%	0.00%	0.13%	0.00%	0.00%	0.00%	0.03%	0.05%	0.09%
DIIs	0.02%	0.06%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%	0.05%	0.05%
Public	14.71%	14.52%	14.69%	14.69%	14.69%	14.56%	14.69%	14.69%	14.69%	14.66%	14.63%	14.59%
Total Shareholders	43,695	48,337	49,397	49,325	53,455	53,498	60,264	62,405	61,355	62,073	61,571	59,707

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 09, 2024	Hrti private limited	Bulk	Buy	126.81	10.11 Cr	7,96,903	0.49
Jul 09, 2024	Hrti private limited	Bulk	Sell	126.30	11.33 Cr	8,97,290	0.55
Jun 24, 2024	Hrti private limited	Bulk	Sell	110.02	10.42 Cr	9,47,076	0.58
Jun 24, 2024	Hrti private limited	Bulk	Buy	109.88	10.53 Cr	9,58,773	0.59
Jun 21, 2024	Hrti private limited	Bulk	Buy	119.31	10.57 Cr	8,85,924	0.54
Jun 21, 2024	Hrti private limited	Bulk	Sell	119.46	10.98 Cr	9,18,969	0.57
Jun 20, 2024	Hrti private limited	Bulk	Sell	121.85	19.20 Cr	15,75,843	0.97
Jun 20, 2024	Qe securities llp	Bulk	Sell	122.32	14.31 Cr	11,69,559	0.72
Jun 20, 2024	Qe securities llp	Bulk	Buy	121.33	14.08 Cr	11,60,509	0.72
Jun 20, 2024	Hrti private limited	Bulk	Buy	121.79	19.87 Cr	16,31,324	1.01

Projection

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Action Type

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Announcements

Last 7 days

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Presentations

Concalls

Reports

Presentations

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Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	529	385	556	758	655	532	800	555	672	510
Expenses	546	374	543	666	590	521	693	616	607	498
Operating Profit	-17	12	13	92	65	11	107	-61	65	12
OPM %	-3.24	3.00	2.41	12.16	9.99	2.07	13.39	-11.02	9.66	2.40
Other Income	3.95	8.81	-46	28	8.69	9.64	9.38	16	13	23
Interest	18	14	16	24	17	15	15	16	16	14
Depreciation	3.00	3.01	3.00	1.28	3.00	2.39	2.69	3.55	3.10	3.10
Profit Before Tax	-34	3.35	-52	95	54	3.32	99	-64	59	17
Tax %	0.00	0.00	0.00	6.67	25.16	52.41	24.26	18.51	25.17	25.45
Net Profit	-34	3.35	-52	88	40	1.58	75	-52	44	13
EPS in Rs	-2.14	—	-3.21	5.48	2.51	0.10	4.63	-3.26	2.74	0.80

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,395	1,617	1,593	1,292	1,533	2,302	3,447	2,228	2,542	2,559
Expenses	1,330	1,611	1,618	1,306	1,400	2,065	3,125	2,128	2,419	2,437
Operating Profit	65	6.49	-25	-14	132	238	322	100	122	122
OPM %	4.67	0.40	-1.54	-1.06	8.63	10.32	9.34	4.49	4.82	4.76
Other Income	36	47	18	12	7.27	31	14	-5.73	44	48
Interest	74	75	100	92	106	93	78	72	63	62
Depreciation	21	22	23	32	31	9.45	9.59	10	12	12
Profit Before Tax	3.54	-45	-130	-125	2.87	166	249	12	92	96
Tax %	0.00	0.00	0.00	0.00	0.00	2.39	25.47	53.12	29.86	29.63
Net Profit	3.54	-45	-130	-125	2.87	162	185	5.56	64	68
EPS in Rs	0.25	-2.79	-5.02	-7.77	0.18	10.06	11.50	0.34	3.98	4.91
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	162	162	162	162	162	162	162	162	162	162
Reserves	-694	-592	-654	-737	-892	-857	-668	-449	-352	-194
Borrowings	598	1,254	1,506	1,652	1,804	1,378	1,736	1,494	1,583	1,594
Other Liabilities	1,186	406	568	492	344	508	680	650	614	671
Total Liabilities	1,252	1,230	1,582	1,568	1,419	1,191	1,911	1,857	2,007	2,233
Fixed Assets	180	182	160	146	216	189	189	190	198	206
CWIP	15	22	26	31	3.13	18	14	13	25	20
Investments	0.40	137	150	199	181	204	252	338	456	526
Other Assets	1,057	889	1,246	1,192	1,018	780	1,456	1,315	1,328	1,482
Total Assets	1,252	1,230	1,582	1,568	1,419	1,191	1,911	1,857	2,007	2,233

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-19	220	-150	-23	104	492	-317	687	164	116
Cash from Investing Activity	-10	-4.72	-2.80	-13	-60	-15	1.54	1.81	-1.10	26
Cash from Financing Activity	44	-245	178	45	56	-527	265	-320	19	-52
Net Cash Flow	15	-30	25	9.61	100	-50	-50	369	182	90

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SPIC	81.80	1,676 Cr	9.01	1.29	2.43	14.30	18.82	8.31
ZUARI	315.00	1,325 Cr	4.16	0.52	0.00	12.61	20.80	26.39
MADRASFERT	74.00	1,188 Cr	14.99	50.19	0.00	320.52	26.29	3.81
BALAJIPHOS	142.00	338 Cr	42.64	4.22	0.00	13.20	15.24	7.63
NAGAFERT	4.75	285 Cr	—	0.00	0.00	2.63	2.68	-6.25
ANYA	21.70	260 Cr	31.91	3.06	0.00	6.67	9.16	3.26
AGROPHOS	38.33	78 Cr	6.91	1.11	0.00	16.11	18.98	7.02

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

Madras Fertilizers Ltd (MFL) is a public sector undertaking involved in manufacturing ammonia, urea, complex fertilizers, and biofertilizers. It also trades in agrochemicals.

MFL has a production facility located on a 350-acre site in Manali, near Chennai, with a significant capacity for producing ammonia, urea, and NPK fertilizers and biofertilizers.

The company has faced significant challenges, including the impact of a new urea pricing policy and the requirement to close naphtha-based plants, leading to financial difficulties.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

1,188 Cr

Volatility

High Risk

P/E Ratio

15.0

Industry P/E

19.0

PEG Ratio

0.0

P/B Ratio

50.2

52W High

108.55

52W Low

66.34

Sales CAGR

14.07%

3.36%

14.49%

10Y

8.65%

Profit CAGR

1055.58%

-26.58%

—

10Y

—

ROE

TTM

320.52%

-50.12%

-24.59%

10Y

1.47%

ROCE

TTM

26.29%

-565.66%

-81.70%

10Y

-27.21%