Chambal Fertilisers and Chemicals (CHAMBLFERT) Q2 25/26 earnings summary

Executive summary

• Q2 FY2026 revenue rose to INR 6,413 crore from INR 4,346 crore year-over-year; EBITDA increased to INR 882 crore from INR 834 crore; PAT grew 20% to INR 602 crore from INR 500 crore.

• H1 FY2026 revenue reached INR 12,110 crore, up from INR 9,279 crore; EBITDA at INR 1,812 crore versus INR 1,776 crore; PAT up 18% to INR 1,240 crore.

• Achieved strong revenue growth in Crop Protection Chemicals (CPC), Speciality Nutrients (SN), and Seeds, with 32% y-o-y revenue growth and 33% contribution growth in H1 FY26.

• Six new products launched in Q2, with 22 new products in H1, expanding the crop protection and specialty nutrient portfolio.

• TAN (Technical Ammonium Nitrate) project progressing on schedule, with 86.95% completion and INR 1,052 crore spent as of September 2025.

Financial highlights

• Standalone revenue rose 48% y-o-y in Q2 FY26 to INR 6,413 crore; H1 revenue up 31% y-o-y to INR 12,110 crore.

• Standalone EBITDA increased 6% y-o-y in Q2 and 2% in H1; PAT up 20% in Q2 and 18% in H1.

• Crop protection and specialty nutrient Q2 revenue: INR 374 crore (up from INR 289 crore); contribution up 37% to INR 114 crore.

• Biological segment H1 revenue: INR 73 crore (up from INR 40 crore, 80% growth).

• Consolidated PAT grew 21% y-o-y in Q2 and 22% in H1, aided by higher margins at the IMACID joint venture.

Outlook and guidance

• TAN plant expected to begin sales by mid-February 2026, with full capacity utilization targeted for FY2027 H2.

• Phosphoric acid capacity expansion to 7 lakh metric tons by December 2026 to enhance profitability.

• Good Rabi crop prospects expected due to above-normal monsoon rainfall, though late rains may delay sowing by about 15 days in some regions.

• Management optimistic on breaking even quickly for new TAN plant and maintaining strong margins.

• Continued focus on expanding product offerings and geographies, especially in NPK and specialty nutrients.