Indian Phosphate Ltd(IPHL)

NSE: IPHL

₹ 73.65+0.75%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 184 crUpdated: 24 Oct 2026

About

Indian Phosphate Ltd works in two verticals: chemicals used in detergents and soaps, mainly LABSA, and fertilizers such as Single Super Phosphate sold under the Ankur SSP brand. Its main manufacturing base is at Umarda, Udaipur, Rajasthan, and it has a second site at Cuddalore, Tamil Nadu. Revenue was Rs 1072.33 cr in FY26, with chemicals making up 80.5% of segment revenue.^[1][2][3][4]

Business segments

Chemicals: Rs 868.61 cr of revenue in FY26, or 80.5% of segment revenue. The segment makes LABSA and related chemicals used in detergents and soaps.^[4][1]
Fertilizer: Rs 210.52 cr of revenue in FY26, or 19.5% of segment revenue. The segment makes SSP and other multi-nutrient fertilizers.^[4][1]
Fertilizers were less than 10% of revenue in FY25 and chemicals about 90%, according to management.^[5]

Products and brands

LABSA made up about 87% of product revenue in FY26.^[2]
Main products are Single Super Phosphate (SSP) and Linear Alkyl Benzene Sulphonic Acid (LABSA-90%). The flagship fertilizer brand is Ankur SSP.^[1]
Over 80% of fertilizer output is fortified with micronutrients (zinc and boron), as of FY25.^[1]
A Urea-SSP product called Nitrosuper was launched in Dec 2024, and its production and supply had stabilised by March 2025.^[1]

Plants and capacity

Listed capacity as of FY26: 350 MT/day LABSA at Udaipur, plus 100 MT/day LABSA and 200 MT/day sulphuric acid at Cuddalore.^[2]
SSP capacity as of FY26: 400 MT/day of powder and 400 MT/day of granulation.^[2]
Installed capacity in FY25 was 1,05,000 MT per year for chemical products and 1,32,000 MT per year for fertilizer products.^[1]
The Udaipur (Umarda) base sits near its rock phosphate and sulphuric acid inputs. The Cuddalore site is near sources of Linear Alkyl Benzene.^[1]
Backward integration includes captive rock phosphate from the Rupakheda mines, captive solar power and in-house sulphuric acid. Its laboratories are NABL-certified.^[1]

Key operating numbers

The Cuddalore sulphuric acid plant ran at about 75% utilisation shortly after it was commissioned, and it also sells to outside customers.^[5]
Sulphur cost Rs 48,000/t ex-refinery, up from Rs 24,500, as stated on the Q2 FY26 call.^[5]

Customers and distribution

Customers include FMCG detergent makers on multi-year contracts and institutional fertilizer buyers such as Hindustan Urvarak & Rasayan Limited.^[1]
The fertilizer distribution network reaches 9 states, as of FY25.^[1]

Expansion and capex

Cuddalore sulphuric acid plant: commissioned in July 2025, with commercial production from August. It feeds the LABSA plant on the same site and provides captive power.^[5]
Magnesium sulphate is proposed as a forward-integration product. The company also plans to enter NPK complex fertilizer manufacturing.^[2]
Construction of the Dhule (Maharashtra) fertilizer plant is on hold while resources go to Cuddalore. No timeline has been given.^[5]
Limits on borrowings, charges and s.186 investments were raised to Rs 500 crore in FY25.^[1]

Recent developments

14 Oct 2026: won a contract to distribute German-origin Sulphate of Potash to the Tobacco Board of India for the 2026 crop season.^[6]
Q2 FY27 standalone revenue was ₹42,525.25 lakh, up 94.39% from ₹21,876.23 lakh in Q2 FY26.^[6]
CRISIL upgraded the company's ratings to BBB+/Stable for long-term facilities and A2 for short-term facilities (FY25 annual report).^[1]

Market Cap

₹184 Cr

High / Low

₹87 / 46

Stock P/E

7.1

Price / Book

0.9

Book Value

₹76

EPS

₹8.8

No. of Shares

2.5 Cr

ROCE

16.8%

ROE

12.4%

OPM

3.8%

Debt / Equity

0.37

Sales

₹1,072 Cr

Net Profit

₹24 Cr

Promoter holding

73.0%

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