IPHL
Indian Phosphate financials
- Market cap
- ₹189 Cr
- Sector
- Chemicals
- Calls analysed
- 1
IPHL H1 FY26
What went well
- H1 FY26 Revenue from operations increased by 17.14% YoY to ₹451 crores (from ₹385 crores in H1 FY25).
- EBITDA for H1 FY26 jumped by 40% YoY.
- PAT for H1 FY26 increased by almost 50% YoY.
What to watch
- Dhule plant (Maharashtra) timeline is uncertain due to previous unfavorable fertilizer policies and current focus on the Tamil Nadu project.
- A corporate guarantee of ₹105 crores has been provided for a related party project, with release expected in FY27.
What Indian Phosphate Ltd does
Indian Phosphate Limited manufactures phosphatic fertilizers — SSP powder and granules, including zincated, boronated and nitro variants — marketed to farmers under the 'Ankur SSP' brand through a dealer network spanning 14+ states of India. Its chemicals business produces LABSA 90% (Linear Alkyl Benzene Sulphonic Acid), an anionic surfactant supplied to detergent and FMCG manufacturers, backed by backward-integrated captive sulphuric acid production. The company runs integrated manufacturing at its original Udaipur, Rajasthan base and a newer greenfield facility at Cuddalore, Tamil Nadu, built with proceeds from its FY25 IPO.
Segments
- Fertilizers
- Chemicals
- Manufacturing facilities
- 2 integrated plants (Udaipur, Rajasthan; Cuddalore, Tamil Nadu)
- Fertilizer (SSP) installed capacity
- 400 MT/day powder + 400 MT/day granulation; ~1,32,000 MT/year
- LABSA 90% installed capacity
- Udaipur 350 MT/day + Cuddalore 100 MT/day
- Sulphuric acid installed capacity
- 200 MT/day (Cuddalore, backward-integrated for LABSA)
- Chemical division installed capacity
- 1,05,000 MT/year
- Dealer/distribution reach
- 14+ states across North, West & South India
Guidance record · Q2 FY26
what the last two calls moved 4 tracked 0 delivered 0 missed 4 open- Labsa Plant Commissioning open said Q2 FY26 Promised: Operational by Q4 FY26 Q2 FY26: Construction is almost complete, expecting commissioning by the beginning of next quarter (Q4 FY26).
All 4 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 35.5%, net profit up 1200.0% against the same quarter last year.
| Line item | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 428 | 428 | 452 | 499 | 580 +36% |
| EBITDA | 7 | 7 | 12 | 19 | 25 +257% |
| Net profit | 1 | 1 | 7 | 10 | 13 +1200% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +45.2% 1Y
1Y: ₹52 on 10 Sept 2025 → ₹75.5. High ₹79.25 (26 Aug 2026), low ₹49.05 (11 Nov 2025).
How the price took the results
close before → close after
- Q2 FY26
- −7.3%
- 6 Dec
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹18 Cr | ₹25 Cr | ₹25 Cr |
| Reserves | ₹63 Cr | ₹150 Cr | ₹164 Cr |
| Borrowings | ₹88 Cr | ₹73 Cr | ₹69 Cr |
| Other liabilities | ₹86 Cr | ₹98 Cr | ₹60 Cr |
| Total liabilities | ₹255 Cr | ₹346 Cr | ₹319 Cr |
| Fixed assets | ₹41 Cr | ₹75 Cr | ₹80 Cr |
| Capital work in progress | ₹6 Cr | ₹11 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹5 Cr | ₹15 Cr |
| Other assets | ₹208 Cr | ₹255 Cr | ₹216 Cr |
| Total assets | ₹255 Cr | ₹346 Cr | ₹319 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, FIIs trimmed −4.22 pp while the public added +2.51 pp. The shareholder count shrank 10% to 1,621.
- Promoters
- 73.0%
- FIIs
- 1.4%
- DIIs
- 3.2%
- Public
- 22.5%
Since Mar 2025
- FIIs −4.22 pp
- Public +2.51 pp
- DIIs +1.48 pp
How it drifted, 4 quarters
Over this window FIIs fell from 10.8% to 1.4% — −9.5 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 72.8%, FIIs 10.8%, DIIs 1.3%, Public 15.1%.Mar '25: Promoters 72.8%, FIIs 5.6%, DIIs 1.7%, Public 20.0%.Sep '25: Promoters 73.0%, FIIs 3.9%, DIIs 1.5%, Public 21.6%.Mar '26: Promoters 73.0%, FIIs 1.4%, DIIs 3.2%, Public 22.5%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Aarth AIF Growth Fund AIF newly disclosed 2.31% held
- tMala Sandhu newly disclosed 0.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Indian Phosphate Ltd above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Ravindra Singh | 57.43% | unchanged |
| Mamta Arora | 7.52% | unchanged |
| Rushita Arora | 4.02% | unchanged |
| Rushil Ravindra Arora | 4.02% | unchanged |
| Aarth AIF Growth Fund AIF | 2.31% | newly disclosed |
| Adheeshaa Carriers | 0.00% | unchanged |
| Earth Movert | 0.00% | unchanged |
| KB- Harish (JV) | 0.00% | unchanged |
| Step by Step Sansthan | 0.00% | unchanged |
| Meher Traders | 0.00% | unchanged |
| Surjeet Kaur | 0.00% | unchanged |
| Anita Malhotra | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Indian Phosphate Ltd
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