Krishana Phoschem Ltd(KRISHANA)

NSE: KRISHANA

₹ 208.44+1.65%refreshed 27 Oct, 10:15 am ISTMarket cap: ₹ 6,444 crWebsite: www.krishnaphoschem.comUpdated: 27 Oct 2026

About

Krishana Phoschem Ltd is a phosphatic fertilizer manufacturer operating a single integrated complex at Meghnagar, Madhya Pradesh, producing NPK/DAP complex fertilizers and Single Super Phosphate (SSP). The company reported revenue of ₹2,418 crore in FY26. It holds approximately 18% of the domestic SSP market and is one of only three entities in India with rock phosphate beneficiation capability, alongside RSMM and group company Madhya Bharat Agro Products.^[1]

Business segments

In FY2023, Fertilisers & Mineral Beneficiation (including trading) accounted for 76.3% of revenue (₹260.84 crore) at 12.7% EBIT margin; Chemicals & Speciality Chemicals contributed 23.7% (₹80.92 crore) at 18.0% EBIT margin.^[2]

Products and brands

Core manufactured products are NPK/DAP complex fertilizers and SSP; SSP variants include fortified Annadata Super 6 (with Zinc, Boron, Magnesium) and Bharat Urea SSP, positioned as a DAP substitute.^[3]
Five new NPK grades were introduced in Q1 FY27: 12:32:16, 16:20:0:13, 15:15:15, 8:21:21 and 9:24:24, beyond the earlier single manufactured grade of 20:20:0:13.^[4]
Trading covers imported NPK grades and other fertilizer products not manufactured in-house.^[5]

Manufacturing operations

Single plant at Meghnagar, Madhya Pradesh: after a 50% expansion commissioned in March 2026, NPK/DAP capacity is 495,000 MTPA and SSP 120,000 MTPA, a total of 615,000 MTPA.^[5]
Backward integration includes 99,000 MTPA sulphuric acid capacity commissioned alongside the NPK/DAP expansion in March 2026.^[5]
Rock phosphate beneficiation at Meghnagar makes Krishana one of only three entities in India with this capability, alongside RSMM and group company Madhya Bharat Agro Products.^[5]
Group companies in the same business line buy and sell raw material between themselves for economies of scale and cost benefits (FY26 annual report).^[6]
Total fertilizer production in FY26 was 397,263 MT; Q4 FY26 production reached a then-record 94,103 MT.^[5]

Key operating numbers

Total fertilizer production in Q1 FY27 was 89,747 MT; NPK/DAP utilisation was 43% of 495,000 MTPA and SSP ran at 121% of 120,000 MTPA nameplate.^[4]
Q1 FY27 sales volumes: NPK/DAP 53,515 MT, SSP 36,232 MT, trading 21,000 MT.^[4]
FY26 NPK sales volume was 258,588 MT (+18% YoY); SSP 125,564 MT (+7% YoY); trading about 93,000 MT.^[5]
Manufacturing EBITDA per tonne was ~₹5,500 in FY26 vs ~₹6,000 in FY25; in Q2 FY26 SSP was ~₹1,900-2,000 per tonne and NPK ~₹6,000+.^[5]
Subdued NPK utilisation in Q1 FY27 was attributed to raw material availability and grade-switching downtime, not demand.^[4]
Industry NPK sales rose 33% YoY and SSP 28% YoY in April-May 2026, while industry production fell 28% YoY on raw-material and logistics constraints.^[4]

Customers and market position

Krishana held about 18% of the domestic SSP market as of Q1 FY27, with a stated target of 25% within 2-3 years.^[4]
Management cites the global shift from DAP towards multiple NPK grades as a demand trend for its integrated NPK position.^[7]

Expansion and capex

The Meghnagar NPK/DAP expansion (165,000 MTPA, +50%) and 99,000 MTPA sulphuric acid plant were commissioned in March 2026, funded partly by a ₹75 crore term loan plus internal accruals.^[5]
Management targets NPK/DAP utilisation above 80% in coming years, from 43% in Q1 FY27.^[4]
Further expansion is under evaluation, with details to follow board approval; the FY26 annual report says the company is evaluating organic expansion and inorganic growth.^[4][6]

Group structure

Madhya Bharat Agro Products Limited, a fertilizer and chemicals maker, is a fellow subsidiary and part of the Ostwal Group of Industries (FY26 annual report).^[6]
FY26 annual report seeks approval for loans or guarantees to director-interested entities up to Rs 300 crore, and related-party inter-corporate loans with group companies at 8-9%.^[6]

Recent developments

In Q4 FY26, Krishana signed a 10-year Green Ammonia Sale Agreement for 70,000 MTPA with SECI under the National Green Hydrogen Mission (NTPC winning bidder); deliveries expected from about FY29.^[5]
CRISIL upgraded Krishana's credit rating to A+ Stable in FY26.^[5]
In Q1 FY27 the company split shares 5-for-1, from ₹10 to ₹2 face value; no capital was raised.^[4]
FY26 annual report seeks enabling approval to raise up to ₹1,000 crore via QIP, equity or convertibles for capex, debt repayment, working capital and group investments.^[6]
FY26 annual report proposes raising the borrowing and charge-creation limit to Rs 2000 crore.^[6]

Market Cap

₹6,444 Cr

High / Low

₹216 / 91

Stock P/E

31.4

Price / Book

11.0

Book Value

₹18

EPS

₹5.8

No. of Shares

30.91 Cr

ROCE

27.2%

ROE

38.1%

OPM

11.5%

Debt / Equity

1.31

Sales

₹2,418 Cr

Net Profit

₹180 Cr

Promoter holding

72.9%

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Krishana Phoschem Ltd(KRISHANA)

About

Business segments

Products and brands

Manufacturing operations

Key operating numbers

Customers and market position

Expansion and capex

Group structure

Recent developments

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