Paradeep Phosphates is one of India's largest private-sector fertilizer manufacturers, making DAP, NPK complexes and urea across Paradeep, Goa and Mangalore following the MCFL merger. This quarter's print will speak to whether EBITDA per ton holds up against a sharp rise in sulphur and phosphoric acid costs, and how much of the secured ~0.5 million tons of imported volumes landed in Q2.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,124.3 Cr |
| Previous quarter PAT | Rs. 393.2 Cr |
| Previous quarter EBITDA margin | 12.1% |
| Market cap | Rs. 14,380.27 Cr |
| CMP | Rs. 138.5 |
The board of Paradeep Phosphates meets on Thursday, October 29, 2026, to approve unaudited results for the quarter and half year ended September 30, 2026. The trading window remains closed till October 31, 2026 under the company's Insider Trading Code.
Separately, the company's AGM notice carried a final dividend of Rs. 1.50 per share (15% on Rs. 10 face value) for FY26, with a record date of September 4, 2026. This relates to FY26 and was approved at the September 17, 2026 AGM.
The central question for Q2 FY27 is whether Paradeep Phosphates can hold its EBITDA per ton economics after input costs spiked through the quarter — landed sulphur roughly doubled since January to about $1,050–1,100/tonne and phosphoric acid climbed to $1,700/t by late September, while DAP imports sat near $900–940/t. Demand ran softer than the strong year-ago base: cumulative April–August point-of-sale sales fell across nutrients, with NP/NPK complex down 19.4% and urea down 5.9%, and kharif sowing about 2% below last year amid rainfall deficiency, though the farmer mix shifted toward DAP — which favors the company's DAP-heavy book. Offsets include backward integration (sulphuric acid running at both Mangalore and Paradeep, with the 0.2 MMTPA phosphoric acid addition committed for Q2 FY27 commissioning), lower-cost inventory drawn from Rs. 4,626.70 Cr of stocks at March 31, 2026, and about 0.5 million tons of imports secured for Q2–Q3 against last year's 270,000 tons of traded volumes. Ammonia offered the only input relief, settling down $110/MT and then a further $30/MT, though it contributes less than 20% of complex-fertilizer costs, and no NBS rate revision notification for 2026-27 had surfaced in the searches. Management's Q1 markers — EBITDA/ton of about Rs. 7,000 against a Rs. 5,000/ton sustainable target by end-FY27 — were set before the renewed input spike, and formal FY27 guidance remains withdrawn since the Q4 FY26 call on Middle East volatility; whether H1 EBITDA/ton holds above Rs. 5,000 and whether quantified guidance is re-instated is the call's central unknown.
EBITDA per ton vs targets: Q1 FY27 ran at about Rs. 7,000/ton against management's Rs. 5,000/ton sustainable target by end-FY27.
Phosphoric acid Phase-I and granulation debottlenecking
Traded volume ramp and raw material visibility
Customs penalty and SC-upheld subsidy claim
Debt, subsidy receivables and capex execution
Management explained that Zypmite (~15,000 tons), a soil conditioner, is excluded from the headline 9.85 lakh ton number, which reconciles the gap versus the computed ~10.03 lakh tons. Total fertilizer volumes still grew 4.0% YoY to 985,143 MT.
Management has said the percentage 'is not the right metrics for us as an industry' and that the right metric is EBITDA per ton. Q1 FY27 ran at about Rs. 7,000/ton versus Rs. 6,500 a year ago, with a Rs. 5,000/ton sustainable target by end-FY27.
Management quantified the newly notified urea policy at a positive impact of about Rs. 1,500/MT on Goa EBITDA and a reduction of Rs. 700–800/MT at Mangalore. Separately, the MCFL urea benchmark energy norm reduction from 7.3 to 6.5 impacted EBITDA by about Rs. 3,000/ton.
Q1 FY27 ran at about Rs. 7,000/ton, above the Rs. 5,000/ton sustainable target by end-FY27, and management said it is 'expecting to cross this number'. However, formal FY27 guidance was withheld at the Q4 FY26 call citing Middle East geopolitical volatility, and none was given at the Q1 call.