CHAMBLFERT · Chemicals
Chambal Fertilizers & Chemicals Ltd. reported revenue of ₹4,346 cr for July to September 2024, −19.3% on the year and −11.9% on the quarter.
Operating profit (EBITDA) was ₹790 cr, a margin of 18.2%, +676 bps on the year and +293 bps on the quarter. It is the widest margin of the last 6 quarters (range 6.3% to 18.2%). Operating costs grew −25.5% against revenue growth of −19.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹536 cr, +40.7% on the year and +19.6% on the quarter, with earnings per share of ₹13.39. Profit before other income, one-offs and tax grew faster, at +43.8%; other income, one-offs or tax held the headline back. The tax rate of 32% is in line with its recent average.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹38.04 over the last four quarters, the stock at ₹388.55 trades at 10.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 18.2%, +676 bps on the year (+293 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,386 cr | ₹4,349 cr | ₹2,643 cr | ₹4,933 cr | ₹4,346 cr | ₹4,918 cr | ₹2,449 cr | ₹5,698 cr | ₹6,413 cr | ₹5,898 cr | ₹2,785 cr | ₹5,027 cr |
| YoY | — | — | — | −12% | −19% | +13% | −7% | +16% | +48% | +20% | +14% | −12% |
| EBITDA margin | 11.4% | 14.4% | 6.3% | 15.2% | 18.2% | 15.8% | 6.7% | 13.4% | 13.1% | 13.9% | 9.2% | 16.4% |
| Other income, % of PBT | 15% | 23% | 58% | 12% | 10% | 12% | 51% | 10% | 10% | 5% | 25% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 34% | 31% | 23% | 37% | 32% | 32% | 22% | 27% | 23% | 24% | 21% | 30% |
| Net profit | ₹381 cr | ₹459 cr | ₹97.0 cr | ₹448 cr | ₹536 cr | ₹534 cr | ₹130 cr | ₹549 cr | ₹649 cr | ₹586 cr | ₹169 cr | ₹524 cr |
| YoY | — | — | — | +32% | +41% | +16% | +34% | +23% | +21% | +10% | +30% | −5% |
| Core profit YoY | — | — | — | +25% | +44% | +34% | +55% | +7% | +7% | +6% | +98% | +7% |
| EPS | ₹9.15 | ₹11.04 | ₹2.42 | ₹11.19 | ₹13.39 | ₹13.34 | ₹3.25 | ₹13.70 | ₹16.19 | ₹14.64 | ₹4.22 | ₹13.07 |
| Flags | · | · | 2 | ✓ | ✓ | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Chambal Fertilizers & Chemicals Ltd. reported revenue of ₹4,346 cr (−19.3% on the year) and net profit of ₹536 cr (+40.7% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +43.8% on the year, against +40.7% for reported profit.
None of the 7 checks that could run raised a question.
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