S P I C

NSE: SPIC · Fertilizers

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Snapshot

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Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Southern Petrochemical Industries Corporation Limited is an Indian manufacturer specialising in chemical fertilizers, secondary nutrients, and bio-products. The company also produces industrial chemicals such as aluminium fluoride and silica, while providing agricultural support services and tissue culture solutions.

Business Model

The company generates revenue through the production and sale of urea and other agri-inputs, alongside industrial chemical manufacturing. It further diversifies its income stream by offering agricultural consultancy, soil management services, and specialised farming training.

Growth Outlook

Growth is driven by the expansion of its agri-input portfolio and the integration of agricultural services to support farmer productivity. The company continues to leverage its established presence in the Indian fertilizer market to maintain operational scale.

Key Risks

  • Regulatory and Subsidy Risk. The company's profitability is highly sensitive to changes in government fertilizer subsidy policies and price controls.
  • Raw Material Price Volatility. Fluctuations in the global prices of natural gas and other chemical feedstocks significantly impact manufacturing costs.
  • Monsoon Dependency. As an agri-focused business, the company's sales are heavily dependent on the success of the Indian monsoon and overall agricultural output.
  • Environmental Compliance. Stringent environmental regulations regarding chemical manufacturing processes pose ongoing operational and capital expenditure risks.

Price

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Key Metrics

REVENUE

₹2,956 Cr

TTM · consolidated

-4.2%YoY

NET PROFIT

₹211 Cr

TTM · consolidated

+35.8%YoY

EPS

₹10.40

TTM · consolidated

+35.9%YoY

RETURN ON EQUITY

17.0%

TTM · consolidated

+2.9 ppYoY

RETURN ON CAPITAL EMPLOYED

22.0%

TTM · consolidated

+0.5 ppYoY

P/E

6.4x

Q4 FY26 · consolidated

6.4 vs 8.6x5Y avg

EV/EBITDA

5.5x

Q4 FY26 · consolidated

5.5 vs 5.6x5Y avg

EBITDA MARGIN

12.1%

TTM · consolidated

+2.5 ppYoY

NET PROFIT MARGIN

5.0%

Q4 FY26 · consolidated

+2.4 ppYoY

DEBT TO EQUITY

0.5%

Q4 FY26 · consolidated

-0.1 ppYoY

Peers · Fertilizers

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
S P I CSPIC
1,2396.425.47-4.2%12.1%17.0%22.0%-21.7%
Madras FertilizeMADRASFERT
97113.718.74-9.5%8.0%-6538.2%123.2%-24.4%
Zuari Agro Chem.ZUARI
8111.074.84-27.9%10.3%51.3%30.2%+14.3%
Khaitan ChemicalKHAICHEM
4665.165.0871.6%11.8%35.9%48.8%-53.9%
Aries AgroARIES
46110.445.3318.9%12.0%14.1%21.8%-6.8%
Rama PhosphatesRAMAPHO
4058.316.4720.1%9.9%12.5%20.2%-13.2%

As of Q4 FY26

Financials