10x P/E urea + TAN
Chambal Fertilisers and Chemicals Limited is a key player in the production and supply of Urea and fertilisers in India. The company has strengthened its market presence by launching the Gadepan III plant.
Chambal Fertilisers and Chemicals Limited, together with its subsidiaries, produces and sells fertilizers primarily in India. The company operates through Own Manufactured Fertilisers; Complex Fertilisers; Crop Protection Chemicals and Speciality Nutrients and Seeds; and Others segments. It offers urea; di-ammonium phosphate, muriate of potash, and triple super phosphate; NPK fertilizers; and crop protection chemicals (CPC), speciality nutrients (SN), and agricultural biologicals under the Uttam brand. Chambal Fertilisers and Chemicals Limited was incorporated in 1985 and is based in New Delhi, India.
Key people: Mr. Abhay Baijal B.E., P.G.D.M. (MD & Director) · Mr. Anuj Jain (Chief Financial Officer) · Mr. Tridib Kumar Barat (VP of Legal, Company Secretary & Compliance Officer) · Mr. Rajnish Chaba (Vice President of Technical Services & Strategic Projects) · Mr. Vishal Mathur (Assistant Vice President of Human Resources & Administration) · Mr. Ashish Kumar Srivastava (Vice President of Sales & Marketing)
Chambal Fer. & Chem. major competitors are Paradeep Phosphates, Deepak Fert & Petro, GNFC, MP Bharat Agro Prod., GSFC, Rashtriya Chemicals, Krishana Phoschem. Market Cap of Chambal Fer. & Chem. is ₹16,621 Crs. While the median market cap of its peers are ₹7,509 Crs.
Chambal Fer. & Chem. seems to be financially stable compared to its competitors.The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Chambal Fertilisers (K.K. Birla group) is India's largest private-sector urea producer with three gas-based plants at Gadepan, Rajasthan, and also trades/markets DAP, MOP and complex fertilisers plus a fast-growing crop-protection, specialty-nutrient, seeds and biologicals business (17 launches in FY26, 3 mn acres under biologicals). It commissioned a Rs 1,645 cr, 2.4 lakh tpa Technical Ammonium Nitrate plant (with 2.1 lakh tpa weak nitric acid) on 20-Aug-2026 using surplus ammonia, entering the mining-explosives market.
8.7x TTM PE and 1.6x P/B (price 418 / BV 260) with 20% ROE and 25% ROCE; stock is down ~24% over one year (screener) despite FY26 PAT +18% - de-rated on Hormuz gas/subsidy fears; 10-yr profit CAGR 22%. EV/EBITDA n.m.; dividend yield 2.6%.
| Coromandel International | Coromandel trades at 31.3x TTM PE / 4.7x P/B with ROE 16% and Q1FY27 PAT -24% on DAP import-cost pressure; Chambal at 8.7x / 1.6x with 20% ROE is a much cheaper way to own fertiliser + crop-protection. |
| GNFC | GNFC is similarly cheap (8.5x, 0.96x P/B, 3.5% yield) but ROE is only 9% and it took a 60%-of-contract gas cut during the Hormuz crisis; Chambal's 20% ROE, TAN upside and private-sector execution justify the small premium. |
| National Fertilizers (NFL) | NFL is a PSU with 7.5% ROE, Rs 3,964 cr debt, FY26 PAT of only Rs 211 cr on Rs 21,519 cr revenue and Q1FY27 sales -21%; Chambal earns ~9x NFL's profit on similar revenue. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Chemicals — 1.5%: two cyclicals with very different drivers
Our two chemical positions are both small, both Cyclical, and owned for company-specific reasons rather than a sector call. Chambal Fertilisers is India's largest private urea producer, a 20% ROE business at under 10x earnings, whose economics are protected by the subsidy regime (retail urea is fixed at ₹267/bag; the government pays the difference) — the FY27 subsidy budget of ₹1.71 lakh crore was 58% spent by August and will likely be raised after the West Asia gas shock spiked urea from $447/t to $947/t. Its new TAN (technical ammonium nitrate) plant adds a non-subsidy, mining-linked profit pool. Archean is India's largest bromine and industrial-salt producer, with a cost position (solar-evaporation brine at Hajipir) that is second only to Israel and Jordan; bromine prices spiked on the Hormuz disruption and are now normalising ($4,453/t CIF India in July), and the company is adding bromine derivatives and a silicon-carbide fab venture (SiCSem, Odisha). Both are bought below mid-cycle earnings.
We own no specialty-chemical compounder (PI, SRF, Navin, Deepak) at 40–60x — the China-plus-one story has been priced for three years while Chinese dumping and agrochemical destocking hit earnings. Coromandel is the quality fertiliser name but at 25x prices its phosphates diversification. Tata Chemicals is a soda-ash cycle we do not want.
| DAP - Market share | 10 % | as of Mar 20 |
| Urea Sales Volume - Market Share | 9.50 % | as of Dec 21 |