Fertiliser sector results preview for Q3FY12: PINC Research

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26 Aug, 2025 12:21

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PINC Research has come with its December quarterly earning estimates for fertiliser sector. The research firm expects strong year-on-year growth in revenues driven by higher realisations, however, margins to remain under pressure due to increased raw material prices.

PINC Research earning estimates:

• We expect strong YoY growth in revenues driven by higher realisations, however, margins to remain under pressure due to increased raw material prices.
• Trading volumes across the sector should increase sequentially as volumes were bleak in H1FY12 due to higher international fertiliser's prices and delay in MOP contracts
• Earnings expected to grow YoY for Deepak Fertilisers (due to higher Chemical's volume)
• We expect new investment policy for Urea coming soon, however decision on decontrol for Urea is unlikely before March'12
• Recent correction in international prices of fertilisers augur well for our industry as players have taken price hike of ~100% at farm-gate level for complex fertilisers in last 18months and further price hike
  looks difficult in near future.

Company	Revenue			PAT			Reco
	Rs mn	QoQ%	YoY%	Rs mn	QoQ%	YoY%
Coromandel Intern	28,577	5.4	39.9	1,949	-30.1	29.6	BUY
Chambal Fertiliser	14,950	-8.7	10.5	902	-1.6	-16.1	SELL
Deepak Fertiliser	5,800	1	56.6	541	0.4	34.5	BUY
RCF	16,200	11.2	5.6	656	-15.7	-4.1	BUY

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