SPIC
S P I C share price & financials
- Price
- ₹70.66
- Market cap
- ₹1.4k Cr
- Sector
- Chemicals
What S P I C does
Southern Petrochemical Industries Corporation (SPIC) manufactures and sells neem-coated urea, commencing commercial production in 1975, from a single fertilizer complex at Tuticorin, Tamil Nadu that runs on a mixed feedstock of natural gas and naphtha. The company is the government-designated Lead Fertilizer Supplier (LFS) for Tamil Nadu and Puducherry, and earns through fertilizer sales backed by an extensive farmer-facing retail and advisory network across South India. SPIC has no subsidiaries; its associate companies Tamilnadu Petroproducts Limited (linear alkyl benzene, caustic soda) and Tuticorin Alkali Chemicals and Fertilizers Limited (soda ash, ammonium chloride) are separately listed entities and not part of SPIC's own reported operations.
Segments
- Fertilizers (Urea)
- Manufacturing plant
- Single urea complex at Tuticorin, Tamil Nadu
- Installed (re-assessed) urea capacity
- 6,20,400 MT per annum
- Core product since
- Neem-coated Urea; commercial production commenced 1975
- Market role
- Lead Fertilizer Supplier (LFS) for Tamil Nadu & Puducherry
- ePOS-enabled fertilizer retail points
- 12,673 devices deployed across Tamil Nadu & Puducherry
- Pradhan Mantri Kisan Samridhi Kendra (PMKSK) outlets
- 2,473 across Tamil Nadu, Puducherry, Kerala, Karnataka, Andhra Pradesh, Telangana & Maharashtra
Quarterly results
Q1 FY27: revenue up 8.7%, net profit down 22.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 760 | 818 | 754 | 781 | 817 +8% | 774 −5% | 584 −23% | 849 +9% |
| EBITDA | 67 | 79 | 37 | 93 | 77 +15% | 84 +6% | 45 +22% | 59 −37% |
| Net profit | 31 | 35 | 13 | 58 | 53 +71% | 49 +40% | 26 +100% | 45 −22% |
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 −37.5% 1Y
1Y: ₹110.43 on 10 Sept 2025 → ₹69. High ₹110.43 (10 Sept 2025), low ₹55.42 (30 Mar 2026).
Financials, as filed
Revenue grew 1.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 10.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.8k Cr | ₹1.9k Cr | ₹3.1k Cr | ₹3.0k Cr |
| Operating profit | ₹353 Cr | ₹250 Cr | ₹281 Cr | ₹299 Cr |
| Operating margin | 12.5% | 12.9% | 9.1% | 10.1% |
| Interest | ₹32 Cr | ₹42 Cr | ₹56 Cr | ₹29 Cr |
| Depreciation | ₹44 Cr | ₹38 Cr | ₹37 Cr | ₹44 Cr |
| Net profit | ₹301 Cr | ₹88 Cr | ₹130 Cr | ₹186 Cr |
| Net margin | 10.6% | 4.5% | 4.2% | 6.3% |
| Cash from operations | ₹-11 Cr | ₹227 Cr | ₹-38 Cr | ₹395 Cr |
| Free cash flow | ₹-41 Cr | ₹154 Cr | ₹-291 Cr | ₹76 Cr |
| ROCE | 30.0% | 17.0% | 16.0% | 16.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹204 Cr | ₹204 Cr | ₹204 Cr | ₹204 Cr | ₹204 Cr | ₹204 Cr |
| Reserves | ₹256 Cr | ₹411 Cr | ₹682 Cr | ₹748 Cr | ₹1.1k Cr | ₹987 Cr |
| Borrowings | ₹104 Cr | ₹305 Cr | ₹401 Cr | ₹471 Cr | ₹449 Cr | ₹703 Cr |
| Other liabilities | ₹1.1k Cr | ₹693 Cr | ₹816 Cr | ₹218 Cr | ₹488 Cr | ₹427 Cr |
| Total liabilities | ₹1.7k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.3k Cr |
| Fixed assets | ₹525 Cr | ₹682 Cr | ₹657 Cr | ₹652 Cr | ₹607 Cr | ₹616 Cr |
| Capital work in progress | ₹18 Cr | ₹2 Cr | ₹1 Cr | ₹34 Cr | ₹228 Cr | ₹448 Cr |
| Investments | ₹59 Cr | ₹94 Cr | ₹92 Cr | ₹101 Cr | ₹295 Cr | ₹108 Cr |
| Other assets | ₹1.1k Cr | ₹834 Cr | ₹1.4k Cr | ₹853 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Total assets | ₹1.7k Cr | ₹1.6k Cr | ₹2.1k Cr | ₹1.6k Cr | ₹2.2k Cr | ₹2.3k 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 Jun 2026
Since Jun 2025, the public added +1.88 pp while FIIs trimmed −1.73 pp. The shareholder count shrank 2% to 1,13,768.
- Promoters
- 53.4%
- FIIs
- 4.8%
- DIIs
- 0.1%
- Public
- 41.7%
Since Jun 2025
- Public +1.88 pp
- FIIs −1.73 pp
- DIIs −0.15 pp
How it drifted, 12 quarters
Over this window FIIs went from 0.4% to 4.8% — +4.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 53.4%, FIIs 0.4%, DIIs 2.1%, Public 44.1%.Dec '23: Promoters 53.4%, FIIs 0.5%, DIIs 1.7%, Public 44.4%.Mar '24: Promoters 53.4%, FIIs 0.4%, DIIs 1.7%, Public 44.6%.Jun '24: Promoters 53.4%, FIIs 0.3%, DIIs 1.7%, Public 44.6%.Sep '24: Promoters 53.4%, FIIs 0.7%, DIIs 1.2%, Public 44.8%.Dec '24: Promoters 53.4%, FIIs 0.8%, DIIs 1.2%, Public 44.6%.Mar '25: Promoters 53.4%, FIIs 4.9%, DIIs 0.3%, Public 41.5%.Jun '25: Promoters 53.4%, FIIs 6.5%, DIIs 0.3%, Public 39.8%.Sep '25: Promoters 53.4%, FIIs 6.1%, DIIs 0.1%, Public 40.4%.Dec '25: Promoters 53.4%, FIIs 4.9%, DIIs 0.2%, Public 41.5%.Mar '26: Promoters 53.4%, FIIs 5.1%, DIIs 0.1%, Public 41.4%.Jun '26: Promoters 53.4%, FIIs 4.8%, DIIs 0.1%, Public 41.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Hitesh Ramji Javeri newly disclosed 1.49% held
- Key Managerial Personnel newly disclosed 0.01% 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 Jun 2026 filing
Every holder of S P I C above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Ami Holdings Private Limited | 19.95% | unchanged |
| Lotus Fertilizers Private Limited | 14.98% | unchanged |
| Ficon Holdings Ltd | 8.39% | unchanged |
| Tamilnadu Industrial Development Corporation Ltd | 4.73% | unchanged |
| Ares Diversified FPI fund | 4.18% | unchanged |
| Sicagen India Limited | 3.43% | unchanged |
| Finquest Securities Private Limited - Proprietary Account | 2.41% | unchanged |
| Hitesh Ramji Javeri | 1.49% | newly disclosed |
| Ranford Investments Ltd | 1.02% | unchanged |
| Darnolly Investments Ltd | 0.71% | unchanged |
| South India Travels Pvt Ltd | 0.12% | unchanged |
| Unclaimed or Suspense or Escrow Account | 0.10% | 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.
What the price assumes
Growth trapTo justify its price of ₹69, this stock must grow earnings at -1% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹24 — downside of 66%.
- Growth the price implies
- -0.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -20.4% a year
- net profit, FY23–FY26 · EPS -20.3%
- The gap
- 0.2 pp
- -66% downside if it only repeats history
Learn to analyse S P I C
Guides on how to read this kind of business and the numbers that matter.