Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

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-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.0

Profitability

2.7

Balance sheet

4.7

Cash conversion

3.7

Valuation

4.1

Sales20,794 cr FY26

Net Profit1,953 cr FY26

Operating margin12.9% FY26

ROCE19.5% FY26

Revenue CAGR 3y

−9.2%

5y 10.3%

Net profit CAGR 3y

23.6%

5y 3.4%

Operating margin

12.9%

3y avg 10.9%

CFO / PAT, 3y

1.00x

FCF ₹2,788 cr cumulative

ROCE

19.5%

3y avg 20.4%

Debt / equity

0.10x

interest cover 380.0x

Cash conversion cycle

36 days

30 days three years earlier

P/E

8.7x

PEG 0.4 on 3y PAT growth

Promoter holding

61.3%

pledged 23.1%

Growth. Revenue compounded −9.2% a year over FY23–FY26, net profit 23.6%; the latest year grew 24.9% (profit 18.4%). · Tijori P&L, annual
Margins. Operating margin 12.9% in FY26, +2.0 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.00x reported profit across the last three years; free cash flow of ₹2,788 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 19.5% and ROE 18.8% in FY26 (three-year average ROCE 20.4%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.10x, interest covered 380.0x by EBIT in FY26. · Tijori ratios sheet
Valuation. 8.7x trailing earnings, 6.3x EV/EBITDA, 1.6x book — 0.4x the three-year profit growth rate; dividend yield 2.6%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue −11.8% YoY, net profit −4.6% YoY; 3 of the last 4 quarters grew revenue year on year. · Tijori quarterly results
Ownership. 23.1% of promoter shares are pledged. · Tijori shareholding (latest quarter)

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Roce of the company has decreased even without significant capex
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Share price: Share price has increased over last 10 years but more due to rerating
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Chambal Fertilisers

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	18.77%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	18.77%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	20.00%
Net profit	Tijori P&L	FY26	consolidated, annual	₹1,953 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹1,860 cr
	Tijori screener	TTM	trailing 12 months	₹1,860 cr
	House model (one-pager)	FY26	standalone, annual	₹1,953 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹524 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	8.70x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	8.74x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	9.60x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	1.61x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	1.64x
Market cap	BSE master	2026-09-25	BSE full market cap	₹16,809 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹16,753 cr
	House one-pager	31-Jul-26	as printed	₹17,863 cr
Promoter holding	Tijori screener	latest filing	% of shares	61.34%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	17,966	16,646	20,794
EBITDA (₹ cr)	2,047	2,501	2,694
Net profit (₹ cr)	1,276	1,649	1,953
ROE (%)	n.a.	n.a.	20.0

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	7,541	10,095	12,206	12,719	16,069	27,773	17,966	16,646	20,794	20,123
Operating Expenses	6,743	8,905	10,303	10,254	13,804	25,953	15,923	14,170	18,116	17,355
Raw Material	4,586	6,592	6,681	6,984	11,930	17,918	10,757	9,861	13,744	5,937
Material Cost (%)	61.42	60.25	56.44	57.69	59.76	70.95	60.68	55.97	63.93	23.02
Employee Cost	149	127	156	176	181	191	221	233	287	296
Power & Fuel Cost	1,099	1,768	2,114	1,646	3,019	4,838	3,650	3,504	3,250	—
Operating Profit	798	1,189	1,903	2,465	2,265	1,819	2,043	2,476	2,677	2,768
Other Income	141	103	108	60	85	168	258	223	128	110
OPM (%)	10.58	11.78	15.59	19.38	14.10	6.55	11.37	14.87	12.88	13.76
Depreciation and Amortisation	85	119	287	289	300	308	313	330	349	354
Interest	157	247	504	303	126	320	182	48	7	21
Profit Before Tax	737	846	1,328	2,360	2,231	1,416	1,887	2,452	2,578	2,504
Tax	245	247	101	612	665	383	611	802	625	644
Net Profit	499	590	1,226	1,655	1,566	1,034	1,276	1,650	1,953	1,860
Number of shares(Crs)	42	42	42	42	42	42	40	40	40	—
Dividend Payout Ratio(%)	15.85	14.10	13.58	18.86	19.93	30.18	23.55	24.29	22.56	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. Commodity/cyclical preset: volumes, realisations, unit cost, mid-cycle earnings, leverage.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	3.22	5.71	4.43	3.64	8.78	18.77	5.43	11.40	51.63	380.00
Debt to Equity Ratio	2.17	2.43	3.14	2.85	0.75	0.68	0.47	0.25	0.01	0.10
Free Cash Flow/Sales (%)	5.30	-16.58	-23.12	1.45	52.74	-1.17	10.96	15.13	4.95	-3.62
Free Cash Flow(est) (Crs)	400.00	-1,250.00	-2,334.00	177.00	6,708.00	-188.00	3,045.00	2,718.00	824.00	-754.00
Op Profit Margin (%)	10.21	10.58	11.78	15.59	19.38	14.10	6.55	11.37	14.87	12.88
Net Profit Margin (%)	4.79	6.62	5.85	10.05	13.01	9.75	3.72	7.10	9.91	9.39
ROCE (%)	19.66	13.88	15.86	22.05	25.63	21.61	16.45	19.77	22.09	19.49
ROE (%)	17.05	19.91	20.47	34.64	31.53	24.47	14.63	17.54	18.90	18.77
Net Profit Margin (%)	4.79	6.62	5.85	10.05	13.01	9.75	3.72	7.10	9.91	9.39
P/E	9.95	13.57	11.74	3.67	5.75	11.22	10.63	10.74	15.20	8.74
Price to Book	1.72	2.73	2.41	1.27	1.82	2.75	1.56	1.88	2.87	1.64
EV/EBITDA	8.84	13.59	12.30	7.18	4.96	9.08	7.18	6.70	9.23	6.27

Commodity/cyclical preset: volumes, realisations, unit cost, mid-cycle earnings, leverage. Suppressed for this preset: none.