S P I C share price & results
- Jun 2026
- Sept 2026
Manufactures neem-coated urea at its Tuticorin plant; Lead Fertilizer Supplier for Tamil Nadu & Puducherry.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 849 | +8.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 7.0 | −5.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 45.0 | −22.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 15.88 | +1.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.54 | +12.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -2.86 | −63.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance −36.3% 1Y
1Y: ₹89.48 on 24 Oct 2025 → ₹56.99. High ₹92.27 (17 Nov 2025), low ₹55.01 (26 Oct 2026).
- Previous close
- ₹55.01
- Market cap
- ₹1.1k Cr
- 52-week range
- ₹55.01 – ₹92.27
- One year
- −36.51%
- Price to earnings (TTM to Jun 2026)
- 5.49×
- Return on equity (TTM to Jun 2026)
- 15.88%
Overview
- Symbol
- NSE:SPIC
- Sector
- Chemicals
- Industry
- Commodities
- Exchange
- NSE
- Currency
- INR
What S P I C does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: −22% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 760 | 818 | 754 | 781 | 817 | 774 | 584 | 849 |
| Expenses | 693 | 739 | 718 | 687 | 740 | 689 | 539 | 790 |
| Operating profit | 67 | 79 | 37 | 93 | 77 | 84 | 45 | 59 |
| Operating margin | 9.0% | 10.0% | 4.9% | 12.0% | 9.0% | 11.0% | 8.0% | 7.0% |
| Other income | 2 | 5 | 5 | 18 | 26 | 4 | 12 | 1 |
| Interest | 11 | 21 | 12 | 12 | 7 | 5 | 5 | 8 |
| Depreciation | 10 | 9 | 9 | 10 | 14 | 10 | 10 | 10 |
| Profit before tax | 48 | 55 | 21 | 89 | 81 | 74 | 42 | 43 |
| Tax rate | 36.0% | 35.0% | 37.0% | 35.0% | 35.0% | 35.0% | 37.0% | −5.0% |
| Net profit | 31 | 35 | 13 | 58 | 53 | 49 | 26 | 45 |
| EPS (₹ per share) | 1.52 | 1.74 | 0.64 | 2.86 | 2.61 | 2.39 | 1.28 | 2.20 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,830 | 1,944 | 3,086 | 2,956 |
| Expenses | 2,475 | 1,694 | 2,806 | 2,655 |
| Operating profit | 353 | 250 | 281 | 299 |
| Other income | 41 | -27 | 14 | 60 |
| Interest | 32 | 42 | 56 | 29 |
| Depreciation | 44 | 38 | 37 | 44 |
| Profit before tax | 320 | 143 | 203 | 286 |
| Net profit | 301 | 88 | 130 | 186 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 204 | 204 | 204 | 204 | 204 | 204 |
| Reserves | 411 | 682 | 748 | 845 | 1,096 | 987 |
| Borrowings | 305 | 401 | 471 | 722 | 449 | 703 |
| Other liabilities | 693 | 816 | 218 | 366 | 488 | 427 |
| Total liabilities | 1,612 | 2,103 | 1,640 | 2,137 | 2,236 | 2,320 |
| Fixed assets | 682 | 657 | 652 | 620 | 607 | 616 |
| Capital work in progress | 2 | 1 | 34 | 108 | 228 | 448 |
| Investments | 94 | 92 | 101 | 102 | 295 | 108 |
| Other assets | 834 | 1,352 | 853 | 1,307 | 1,106 | 1,149 |
| Total assets | 1,612 | 2,103 | 1,640 | 2,137 | 2,236 | 2,320 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 360 | -106 | -11 | 227 | -38 | 395 |
| Cash from investing | -158 | -156 | -34 | -175 | -145 | -262 |
| Cash from financing | -188 | 189 | 57 | 0 | 163 | -89 |
| Net cash flow | 14 | -73 | 11 | 53 | -20 | 45 |
| Free cash flow | 177 | -267 | -41 | 154 | -291 | 76 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 2 | 0 | 1 | 3 | 1 | 2 |
| Inventory days | 160 | 138 | 40 | 27 | 13 | 16 |
| Days payable | 425 | 150 | 108 | 17 | 37 | 44 |
| Cash conversion cycle | -263 | -12 | -67 | 13 | -23 | -26 |
| Working capital days | -91 | -57 | 0 | -47 | -9 | -23 |
| Return on capital employed | 9.0% | 21.0% | 30.0% | 17.0% | 16.0% | 16.0% |
| Dividend payout | 0.0% | 7.0% | 11.0% | 35.0% | 31.0% | 22.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Agro Inputs (Urea Operations) contributes 95.5% of reported segment revenue.
Year ended 31 Mar 2023 · Consolidated
- Agro Inputs (Urea Operations) 95.5%
₹2,720.83 crore
- Unallocated Income 4.4%
₹126.15 crore
- Others (Agri Business) <0.1%
₹2.47 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Agro Inputs (Urea Operations) | 2,720.83 | 95.5% |
| Unallocated Income | 126.15 | 4.4% |
| Others (Agri Business) | 2.47 | <0.1% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹2,849.45 crore
- Intersegment adjustment
- Not reported
- Net segment revenue
- ₹2,849.45 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
What the price assumes
Growth trapTo justify its price of ₹57, this stock must grow earnings at -4% every year for 7 years. Our analysis caps realistic growth at ~-20%. At that growth it is worth ₹24 — downside of 58%.
- Growth the price implies
- -4.3% 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
- -58% downside if it only repeats history
Ownership
Who owns it
Promoters hold 53.38% as of Sept 2026; institutions cut 0.11 pts since Jun 2026.
- Promoters 53.38%
- Foreign institutions 4.81%
- Domestic institutions 0.02%
- Government 0.00%
- Public 41.79%
Who is on the register
Named in the Sep 2026 filing
Every holder of S P I C above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 19.95% | unchanged | |
| 14.98% | unchanged | |
| 8.39% | unchanged | |
| 4.73% | unchanged | |
| FPI fund | 4.18% | unchanged |
| 3.43% | unchanged | |
| 2.41% | unchanged | |
| 1.49% | unchanged | |
| 1.02% | unchanged | |
| 0.71% | unchanged | |
| 0.12% | unchanged | |
| 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.
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