8Bharat Agri Fert: Its SSP plant sat idle through the March quarter, the fertiliser segment booked a significant loss, and no impairment was provided. With sulphur at multi-year highs and sulphuric acid above $500/t, the economics of restarting that line only worsen in FY27 — the squeeze that idled it has deepened.
8Bohra Industries: The pure SSP/GSSP maker closed FY26 in a net loss. Its only two inputs, rock phosphate and sulphuric acid, are both war-inflated, so the margin pressure that produced the loss intensifies into FY27 unless subsidy catches up.
8Teesta Agro: Total income rose around 20% to Rs 226.5 crore, making it an outlier grower among small SSP/NPK names. Its captive sulphuric acid partly shields it from the sulphur-import spike, but Hormuz-exposed rock phosphate keeps a war premium on its main feedstock.
8MP Agro: A rare steady small-cap, modestly profitable on a single fertiliser-and-heavy-chemicals segment. Small and dependent on imported rock phosphate and sulphur, it has little buffer if the war keeps input costs elevated through FY27.
8Basant Agro Tech: Pre-tax profit rose to Rs 10.26 crore from Rs 7.06 crore even as revenue fell around 19% to Rs 462.7 crore, with a 5% dividend — margin over volume. That discipline gets retested as sulphur and phosphoric-acid costs climb in FY27, though its seeds segment offers some cover away from the phosphatic squeeze.
8MBAPL: Record FY26: revenue Rs 1,867 crore, EBITDA Rs 227 crore, all-time-high PAT Rs 150 crore, 5% dividend, plus new SSP and sulphuric-acid plants commissioned at Dhule. Backward integration makes it a war winner — it produces in-house the very intermediates, sulphuric and phosphoric acid, that rivals must now overpay to import, leaving rock phosphate as its lone exposure.
8Krishana Phoschem: Turnover is led by DAP/NPK at around 49% and imported NPK at around 22%, with captive phosphoric acid and SSP making up most of the rest, all sold domestically. This is the most war-exposed name here: nearly a quarter of revenue is imported NPK riding the import-price and Hormuz freight surge, while its DAP/NPK business needs war-tight ammonia and phosphoric acid.
8Chambal Fertilisers: Weak Nitric Acid production has commenced at its Gadepan TAN project, with ammonium nitrate to follow. The timing is fortunate: with ammonia tight and AN prices firming on export bans and the Yara outage, the new nitrate capacity lands into a seller’s market — though its urea side stays price-controlled and gas-allocation-exposed.
8GSFC: Confirmed the resignation of ED, Agri Business, HR & IR, S. V. Varma, effective 28 April. As a gas-based fertiliser-and-chemicals maker, it faces war-driven LNG and feedstock cost pressure plus subsidy-timing risk — the same pincer squeezing the wider sector.
Details
