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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Chemicals/Chambal Fertilisers
NSE: CHAMBLFERT· ChemicalsNot in Aug top-30Small cap

Chambal Fertilisers

10x P/E urea + TAN

Last close
₹413.55
29 Sept 2026 · reference
1D · 1M
−1.2% · −1.9%
price-only
Weight
0.9%
31 Jul 2026 · Aug rank —
Thesis review
8 Sep 2026
Why We Own, p65
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p65Screener ↗Tijori ↗NSE ↗
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SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Cheapest quality name in the portfolio: 8.7x TTM / 9.6x FY27e / 8.7x FY28e PE, 2.6% dividend yield, ROE 20.8% and ROCE 25.4% (FY26), near-net-cash balance sheet (borrowings Rs 1,068 cr vs equity Rs 10,408 cr).
  • Earnings have been resilient through the gas shock: FY26 PAT Rs 1,953 cr (+18%), Q1FY27 EBITDA Rs 826 cr (+9% YoY) with margin up to 16.4% even as revenue fell 12%.
  • New non-subsidy earnings stream: 2.4 lakh tpa TAN plant (Rs 1,645 cr capex, Casale technology, L&T EPC) began commercial production 20-Aug-2026, described as high-margin and import-substituting for mining explosives.
  • Non-urea growth engines: complex-fertiliser EBIT +67% and crop-protection/specialty EBIT +13% in Q1FY27; biologicals revenue +57% in FY26; 15 more launches planned for FY27.
Weaknesses
  • vs 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.
  • vs 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.
Opportunities
  • TAN plant commercial production started 20-Aug-2026 - first full-quarter contribution in Q3FY27 (Jan-2027 results).
  • Q2FY27 results (late Oct-2026) showing urea volume normalisation as gas allocation recovered to 76% of requirement and kharif demand.
  • Government notification of the new urea investment policy / any hike in NBS rates for rabi 2026-27 (Oct-2026), and Hormuz de-escalation lowering LNG costs.
Threats
  • Gas availability/price: Chambal's Gadepan plants run on RLNG; renewed Hormuz disruption or spot LNG spikes cut urea volumes (Q1FY27 urea revenue Rs 2,860 cr 'despite production challenges') and energy-norm reimbursement lags.
  • Subsidy/working-capital risk: FY27 subsidy budget (Rs 1.71 lakh cr) is well below likely outgo (Rs 2 lakh cr+), risking delayed payments; screener shows debtor days up from 16 to 36.
  • Traded-fertiliser (DAP/MOP) margins depend on government NBS rates vs import cost (DAP import dependence ~50%); TAN ramp-up and explosives-market pricing are unproven.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

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Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank n/a, Chemicals, —. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p65, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

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Ownership

Shareholding · Jun'26

Promoter61.34%
Indian Promoters61.34%
THE HINDUSTAN TIMES LIMITED14.28%
ZUARI INDUSTRIES LIMITED14.22%
SIL INVESTMENTS LIMITED8.19%
EARTHSTONE HOLDING (TWO) PRIVATE LIMITED3.56%
CHANDRA SHEKHAR NOPANY (SHEKHAR FAMILY TRUST)3.47%
EARTHSTONE INVESTMENT & FINANCE LIMITED2.03%
YASHOVARDHAN INVESTMENT &TRADING CO. LTD.1.90%
RONSON TRADERS LIMITED1.72%
JYOTSNA PODDAR1.66%
UTTAM COMMERCIAL LTD.1.64%
SHYAM SUNDER BHARTIA0.00%
AKSHAY PODDAR0.00%