Paradeep Phosphates Ltd(PARADEEP)

NSE: PARADEEPBSE: 543530

₹ 138.6+0.54%refreshed 27 Oct, 03:30 pm ISTMarket cap: ₹ 14,394 crNext results: 29 Oct 2026Website: www.paradeepphosphates.comUpdated: 27 Oct 2026

About

Paradeep Phosphates Ltd (PPL) is one of India's leading phosphatic fertilizer manufacturers, producing DAP, NPK complexes, urea and specialty nutrients across three sites at Paradeep (Odisha), Goa and Mangalore. Following the merger of MCFL in October 2025, total granulation capacity stands at 3.7 MMTPA; FY26 revenue from operations was ₹21,826 crore. PPL grew total fertilizer volumes 10% YoY to 42.1 lakh MT in FY26 while the NPK industry contracted, gaining share in its core category.^[1][2]

Products and brands

Core manufactured products are DAP, NPK complex grades (led by N-20 and Other NPK), and urea; traded portfolio includes TSP, MOP and ammonium sulphate to supplement manufactured volumes.^[1]
Main brands are Jai Kisaan and Navratna, each with more than 50 years of heritage (FY25 annual report).^[3]
NPK category (including TSP) reached 24.64 lakh MT in FY26, more than 45-50% of total volume mix; the portfolio is being shifted further toward value-added NPK grades.^[1]
Triple Super Phosphate (TSP) was launched in FY25, with about 1.5 lakh tonnes sold in its first year.^[3]
Specialty and nano products include Nano DAP (496 KL in Q1 FY27, +62.2% YoY), MOP (64,715 MT in Q1 FY27, +109.6% YoY) and Zypmite (+45.4% YoY in Q1 FY27).^[4]
Rahul Dravid was onboarded as brand ambassador; two nationwide campaigns launched for Nano DAP and the NPK/organic range (Q2 FY26).^[5]

Manufacturing operations and capacity

Three granulation sites: Paradeep (Odisha), Goa and Mangalore; combined granulation capacity is 3.7 MMTPA after the MCFL merger completed in October 2025 increased capacity by 23%.^[6]
The Goa plant has 0.40 million MT of urea and 0.23 million MT of ammonia capacity (FY25 annual report).^[3]
All three granulation sites ran at ~100% utilisation in FY26; production reached 36.66 lakh MT (+7.7% YoY).^[1]
Phosphoric acid capacity at Paradeep is 0.5 MMTPA (501,000 MT produced in FY26); sulphuric acid capacity rose 45% company-wide in FY26 after 0.5 MMTPA added at Paradeep and 0.1 MMTPA at Mangalore.^[1]
Goa ammonia energy efficiency Phase II completed in Q4 FY26, cutting energy use from 6.4 to 6.1 Gcal/MT, an estimated ₹1,000-1,200/MT EBITDA benefit on urea at current gas prices.^[1]
Long-term sourcing agreements, including with OCP Group for phosphate rock, back the raw material supply (FY25 annual report).^[3]

Key operating numbers

Total fertilizer sales volume: 985,143 MT in Q1 FY27 (+4.0% YoY); DAP (incl. traded) 245,189 MT (+55.1%); NPK incl. TSP and traded 472,707 MT (−8.8%); urea 196,646 MT (−15.8%).^[4]
EBITDA per MT was ₹7,000 in Q1 FY27 vs ₹6,500 in Q1 FY26; FY26 blended EBITDA per ton was ₹5,300, rising to ₹5,700 in Q4 FY26.^[4]
N-20 volumes reached 14.5 lakh MT in FY26 (+9% YoY); traded products volume grew 48.9% YoY to 6.42 lakh MT in FY26.^[1]
Subsidy receivable stood at ₹4,600 crore as at 30 June 2026; subsidy collections were 22% higher YoY in Q1 FY27.^[4]

Customers and distribution

Distribution network spans 75,000+ retailers and 6,000+ dealers across 18 states, engaging more than 10 million farmers (Q2 FY26).^[5]
Exports were 0.08% of turnover in FY25; the company has no international locations.^[3]
PPL grew total fertilizer volumes 13% YoY in Q1 FY27 against ~1% phosphatic industry growth; farmer sales grew 15-16% vs ~1% for the industry.^[4]
In FY26 the standalone NPK industry contracted 1% while PPL's NPK volumes grew 10% YoY; including TSP, PPL grew 15% vs industry growth of 1.6%.^[1]

Expansion and capex

₹3,600 crore programme over ~2.5 years adds 1 MT granulation at Paradeep, 0.5 MT phosphoric acid and 1.5 MT sulphuric acid across sites, targeting ~5 MMTPA; commissioning around Q2 FY29; funded 30% equity / 70% debt.^[5]
Phosphoric acid at Paradeep rising from 0.5 to 0.6 MMTPA by December 2026, then 0.7 MMTPA by August-September 2027; ultimate target 1.0 MMTPA across sites.^[4]
Granulation debottlenecking from 3.7 MT to 4.0 MT targeted by December 2026; contract awarded.^[4]
Board approved a ₹250 crore aluminium fluoride plant at Paradeep (15,000 MT/year) using FSA by-product; targeted topline ₹180-200 crore, commissioning within 22-24 months.^[4]

Recent developments

MCFL merger completed in October 2025 with appointed date April 1, 2024; added the Mangalore granulation site and southern market presence.^[6]
Long-term credit rating upgraded to A− and short-term to A1+ (reported with Q3 FY26 results).^[6]
New urea energy policy notified July 30, 2026: expected +₹1,500/MT urea EBITDA at Goa and a ₹700-800/MT negative impact at Mangalore.^[4]
About 500,000 MT of traded imports (NPK, DAP, TSP, ammonium sulphate) secured for the rabi season as of Q1 FY27.^[4]

Market Cap

₹14,394 Cr

High / Low

₹181 / 100

Stock P/E

11.9

Price / Book

2.0

Book Value

₹65

EPS

₹9.6

No. of Shares

103.82 Cr

ROCE

17.1%

ROE

18.4%

OPM

8.6%

Debt / Equity

1.02

Sales

₹21,826 Cr

Net Profit

₹996 Cr

Promoter holding

57.9%

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