Indian Phosphate Ltd. (IPHL)
SME CapIndustrials stocks · SME cap · NSE
Indian Phosphate Limited (IPHL) is a leading manufacturer of chemicals (Anionic surfactant & Inorganic chemicals) and Phosphatic fertilizers with integrated plant operations in Rajasthan & Tamil Nadu. It has over 25 years of experience, ₹1,072 Cr FY26 revenue, and a strong market presence for its 'Ankur SSP' brand across 14+ states.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +36% YoY · PAT +1200% YoY · margin expansion · +16% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹580 Cr | +35.5% | +16.2% |
| EBITDA | ₹25 Cr | +108.3% | +31.6% |
| Operating margin | 4.3% | +170 bps | +50 bps |
| PAT | ₹13 Cr | +1200.0% | +30.0% |
| PAT margin | 2.2% | +69 bps | +24 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
IPHL reported strong H2 FY26 consolidated revenue growth of 28.5% YoY to ₹580.25 Cr, with EBITDA up 91.8% to ₹25.53 Cr and PAT up 105.8% to ₹13.40 Cr. For FY26, consolidated revenue grew 23% YoY to ₹1,072.33 Cr, EBITDA rose 118.4% to ₹45.19 Cr, and PAT increased 222.4% to ₹23.57 Cr.
IPHL delivered robust financial performance in FY26, driven by strong revenue growth and significant margin expansion. The company's integrated manufacturing strategy and focus on operational excellence appear to be yielding results. Management's confidence in sustaining growth, coupled with strategic backward integration and diversification plans, supports the current thesis.
Segment Wise Revenue Bifurcation in % (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Chemicals Segment Growth
The chemical segment is the fastest growing business and contributes significantly to the Company's revenue.
Integrated Manufacturing Strategy
Sulphuric Acid → LABSA Value Chain enhances raw material security, reduces operating costs, and improves margin profile.
Backward Integration
Allotment of Rock Phosphate mine in Madhya Pradesh and commissioning of Sulphuric acid plant at Cuddalore.
Product Diversification
Strategic forward integration into Magnesium Sulphate to expand the specialty chemical portfolio.
Sulphuric Acid Plant Commissioned
Commissioned Sulphuric acid plant at Cuddalore, Tamil Nadu by utilising IPO proceeds (FY26).
Sulphonation Capacity Expansion
Expanded sulphonation capacity to 350 MT/day (FY23).
Rock Phosphate Mine Allotment
Allotment of Rock Phosphate mine in Madhya Pradesh (FY23).
Favorable Industry Fundamentals
Management is confident of sustaining growth momentum in the coming years with favorable industry fundamentals.
Integrated Value Chain
Integrated plant operations and backward integration into mining and captive raw material production provide key advantages.
Dependency on Government Subsidy
Dependency on government fertilizer subsidy policy is identified as a weakness.
Global Crude Oil Impact
Global events impacting crude oil economics are identified as a threat.
Monsoon/Rainfall Affected by El Nino
Monsoon/Rainfall affected by El Nino, impacting crop cultivation/fertilizer usage, is identified as a threat.
High Working Capital Intensity
The business is identified as high working capital intensive.
Regulatory/Policy Risk
Dependency on government fertilizer subsidy policy poses a risk.
Commodity Price Volatility
Global events impacting crude oil economics can affect profitability.
Weather Dependency
Monsoon/Rainfall affected by El Nino can impact crop cultivation and fertilizer usage.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both half-yearly (H2 FY26 vs H2 FY25) and annual (FY26 vs FY25 vs FY24) consolidated and standalone financial statements, allowing for assessment of both short-term momentum and longer-term trends in a seasonal business.
EBITDA Margin (Consolidated)
ImprovedFY26: 4.21% (₹45.19 Cr EBITDA / ₹1,072.33 Cr Revenue), FY25: 2.37% (₹20.69 Cr EBITDA / ₹871.90 Cr Revenue).
PAT Margin (Consolidated)
ImprovedFY26: 2.20%, FY25: 0.84%.
Trade Receivables (Consolidated)
IncreasedFY26: ₹121.40 Cr, FY25: ₹105.15 Cr.
Debt-Equity Ratio (Consolidated)
StableFY26: 0.37, FY25: 0.38.
Sustaining Growth Momentum
Management is confident of sustaining growth momentum in the coming years.
Strengthening Market Presence
Committed to strengthening market presence, enhancing product offerings, and creating sustainable value.
Backward Integration & Diversification
Expansion steps include manufacturing Sulphuric Acid, leveraging captive mine, and venturing into NPK complex fertilizer.
Building Professional Team
Identifying and engaging young talent and experienced professionals for new plants and to chart the growth trajectory.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin (Consolidated) | 4.21% (FY26) | Sustained improvement in operational efficiency and cost management to maintain or expand margins. |
| Trade Receivables (Consolidated) | ₹121.40 Cr (FY26) | Control over working capital and collection period, especially with increasing revenue. |
| Capacity Utilization | Not explicitly stated for new capacities | Ramp-up and utilization rates of the newly commissioned Sulphuric Acid plant and Rock Phosphate mine. |
| New Product/Vertical Launches | Proposed Magnesium Sulphate, NPK complex fertilizer | Timely launch and market acceptance of new products and successful entry into new business verticals. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
66Bullishfull bull SMA stack · SMA20 +11.9% / mo · MACD − · near 52W high
Technical chart
IPHLdaily · 1Y · AUTO+43.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~10.6% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 11% off 52W high · 63% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 63 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 78.4%.
- Valuation contributes 29/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 64th percentile within Industrials. Main check: cash conversion is weak at 53/100.
Healthy Trust Lite: Promoter holding is 73%. Key concern: Only 1 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 64th pctile, median 68 · SME: 85th pctile, median 64
2 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 73%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸OPM spread across recent quarters is 2.7%.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 8.54
- P/B
- 0.99
- EV/EBITDA
- 5.22
- Market Cap
- 187.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 16.70%
- ROA
- 7.52%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.70%
- EPS 5Y
- 41.42%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.37
- Interest Coverage
- 6.29×
- Altman Z
- 5.25
- Book Value
- 75.60
Cash Flow
- FCF Yield
- 1.60%
- FCF Positive Y
- 1/5
- OCF
- 11.00 Cr
- EPS TTM
- 8.78
Shareholding
- Promoter Hold
- 72.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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