Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
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.
₹75.5
-4.95 · -6.15%
Market cap ₹201 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result02 Jun, 08:23 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
63Bullishfull bull SMA stack · SMA20 -1.3% / mo · MACD +
Stock trend: 72
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IPHLD candles · FIT view+37.0%Latest close ₹75.50 on 2026-10-19
Bar
-6.2%
RSI
54
MACD hist
0.81
52W pos
71%
2026-10-19O ₹80.45H ₹81.00L ₹75.05C ₹75.50Vol 37,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IPHLNifty India ManufacturingNifty 500
- IPHL
- +35.5%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +41.1 pp
Chart stats
19 Oct 2026- From 52W high
- -13.7%
- 52W range position
- 71%
- ATR (14)
- 5.5%
- Volume vs 20D
- 1.49x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹67 - ₹87.5
₹87.5
₹46.1 - ₹87.5
₹4.2
Latest completed session
20-session average
54.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +35.5% · PAT +1200.0% YoY
Technical
Bullish63
Price trend and sector-relative-strength timing.
Valuation
Legacy model+78.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +36% YoY · PAT +1200% YoY · margin expansion · +16% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹580 Cr | +35.5% | +16.2% |
| EBITDA | ₹25 Cr | NDF | +31.6% |
| Operating margin | 4.3% | NDF | +50 bps |
| PAT | ₹13 Cr | +1200.0% | +30.0% |
| PAT margin | 2.2% | NDF | +24 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.17
- P/B
- 1.18
- EV/EBITDA
- 5.51
- Market Cap
- 201.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 16.70%
- ROA
- 7.52%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.70%
- EPS 5Y
- 41.42%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.41
- Interest Coverage
- 6.29×
- Altman Z
- 5.09
- Book Value
- 68.10
Cash Flow
- FCF Yield
- 1.49%
- FCF Positive Y
- 1/5
- OCF
- 11.00 Cr
- EPS TTM
- 8.78
Shareholding
- Promoter Hold
- 72.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 83%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 580+16.2% vs prev
Net Profit
₹ CrLatest: 13.0+30.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 54. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~1.4% over last month) — short-term momentum negative.
- RSI(14) at 54 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 14% off 52W high · 64% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 2 UptrendEstablished S2
1M return
+6.3%
3M return
+41.4%
6M return
+38.7%
1Y return
+43.8%
RS 1D
-3
RS 20D
+8
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 22.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
14 Aug 2026
S2 age
44 trading sessions
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
255 observations
19 Oct 2026Value 145.42-5.18%
RS vs Nifty 500145
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation29/30
Growth19/25
Quality9/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
7/9 (+5)
Penalties
-3
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 78.1%.
- Valuation contributes 29/30 to the score.
Main drags
- Penalty bucket subtracts 3 points.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
9.2
PB
1.2
EV/EBITDA
5.5
ROE
13.8%
ROCE
16.7%
FCF Yield
1.5%
Debt/Equity
0.4
MoS
+78.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 9.2, so peak-cycle earnings risk should be checked.
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+78.1%
Previous: +78.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
66
66
66
66
66
66
66
66
66
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹115.99
+34.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹345.05
+78.1% MoS
PEG
0.31
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ANYA
SME
Anya Polytech & Fertilizers Ltd.
Fertilizers
match 90
32
24.9
9.1%
+46%
WATCHLIST
BALAJIPHOS
SME
Balaji Phosphates Ltd.
Fertilizers
match 88
38
27.2
11.4%
+31%
WATCHLIST
AGROPHOS
Small
Agro Phos India Limited
Fertilizers
match 79
59
6.4
10.3%
+66%
FAIR VALUE
GSFC
Micro
Gujarat State Fertilizers & Chemicals Limited
Fertilizers
match 56
66
8.5
5.5%
+73%
UNDERVALUED
FACT
Large
Fertilizers and Chemicals Travancore Limited
Fertilizers
match 52
17
—
-2.9%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-18T07:53:45.922Z
Management commentary snapshot
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.
Current business mix
Segment Wise Revenue Bifurcation in % (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Chemicals80.7%
Fertilizer19.6%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Industrials: 64th pctile, median 68 · SME: 85th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
63
acceptable · quarterly consistency
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.
Continue researching Indian Phosphate Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit ratingJun 2026
Jun 2026 · Credit Rating 29 June 2026 - Brickwork assigned A-/Stable and A2+ ratings to Rs.211 crore bank facilities on 26 June 2026.
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptDec 2025
Dec 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.