Chambal Fertilisers & Chemicals Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 6,999.46 Cr (+9.15% YoY) and PAT growth of -2.60% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 03, 2026 |
|---|---|
| Revenue (Q2) | Rs. 6,999.46 Cr (+9.15% YoY) |
| PAT (Q2) | Rs. 631.92 Cr (-2.60% YoY) |
| EBITDA margin | 12.87% (-26 bps YoY) |
| EPS (Q2) | Rs. 15.77 (-2.60% YoY) |
Q2 FY27 revenue of Rs.6,999.46 crore grew 9.15% YoY and 39.24% QoQ on a urea-led recovery, with the new TAN segment contributing Rs.66.91 crore revenue and Rs.12.03 crore EBIT in its first ~6 weeks. Consolidated owners' PAT fell 2.60% YoY on a Rs.50.05 crore IMACID JV swing and finance costs of Rs.22.40 crore, while EBITDA margin compressed to 12.87%. The subsidy receivable cycle turned H1 operating cash flow negative at Rs.(1,283.18) crore, though leverage remains low at 0.16x debt-equity and management's prior qualitative guidance was confirmed on all four counts.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue behind on weak industry prints, urea in-line | Behind/soft | Revenue +39.24% QoQ, +9.15% YoY — company outgrew the weak July–August industry prints cited in the pre-call note — favorably | Contradicted |
| Complex margin compression post-Q1 NPK boost | Compress | Complex result Rs.78.49 crore vs Rs.124.22 crore YoY | Played out |
| TAN first meaningful contribution | New positive | Rs.66.91 crore revenue, Rs.12.03 crore EBIT | Played out |
| CPC revenue soft on deferred purchases | Soft | Rs.325.13 crore vs Rs.374.06 crore YoY | Played out |
| Subsidy cash-cycle strain (receivables from Rs.2,460 crore, net debt near zero) | Cash drag | Receivables Rs.4,817.93 crore; CFO −Rs.1,283.18 crore | Played out |
| IMACID partial recovery only | Partial | JV loss Rs.(3.09) crore vs Rs.(25.10) crore Q1 — recovery faster than "partial" | Partially/Played out |
| Rupee tailwind to urea realizations | Tailwind | Not separately disclosed in filing — not observable | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| TAN utilization 75–80%+; 160,000–170,000 t FY27 on a 9-month window; budget price Rs.37,000–38,000/t | Q3 FY26 & Q4 FY26 earnings calls | First partial-quarter contribution: Rs.66.91 crore revenue, Rs.12.03 crore EBIT since Aug 20, 2026; no tonnage/price disclosed in filing | Too Early |
| Routine FY27 capex Rs.170–180 crore | Q4 FY26 earnings call | H1 PP&E + intangibles purchases Rs.134.19 crore | On Track |
| Dividend: maintain numbers, ~25% payout policy | Q1 FY27 earnings call | Interim Rs.5/share (Rs.200.33 crore computed base) declared Nov 3, 2026 — interim | Met |
| IMACID P2O5 to 7 lakh MT by Dec 2026 | prior earnings calls | JV loss narrowed to Rs.(3.09) crore from Rs.(25.10) crore; no capacity data in filing | Too Early |
| "Strong Q2 recovery post monsoon delay" (Q1 FY27 call) | Revenue +39.24% QoQ to Rs.6,999.46 crore; urea result up YoY | Confirmed | |
| Q1's complex-fertiliser EBIT strength "will mean-revert as inventory costs average out" (Q1 FY27 call) | Complex result Rs.78.49 crore vs Rs.238.71 crore in Q1 FY27 and Rs.124.22 crore in Q2 FY26 | Confirmed | |
| TAN "first meaningful contribution" expected in Q2 | Rs.66.91 crore revenue, Rs.12.03 crore segment result booked | Confirmed | |
| Urea cost-plus shields margins from gas spikes; working capital affected | EBITDA margin broadly held YoY while finance costs rose to Rs.22.40 crore and CFO turned negative | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.