# 1. Financial Performance ## A. Key Figures * **Revenue:** ₹5,395 Cr Q1 FY26 (+8%) * **EBITDA:** ₹6 Cr Q1 FY26 (record-high) * PAT: ₹530.6 Cr Q1 FY26 (+86.6%) ## B. Revenue Growth * **Strong Market Momentum:** Revenue growth in Q1 driven by robust demand and efficient execution, building on prior-year performance. * **Full-Year Baseline:** FY25 revenue stood at ₹1,200 Cr with a 5% EBITDA margin, 2% ROCE, and high leverage (debt-equity of **98**). ## C. Margin Expansion * **Profitability Improvement:** Record EBITDA and PAT reflect margin expansion and strong operational performance despite modest prior-year returns. * **Unit Economics:** Company achieves EBITDA of **₹5,251 per ton** of fertilizer produced, highlighting production efficiency. ## D. Balance Sheet Strength * **Credit Profile:** Maintains 'A Stable' CRISIL rating, signaling adequate financial resilience despite elevated leverage. --- # 2. Volume & Production ## A. Key Figures * **Production Volume:** **94,222 MT** (fertiliser) * **Sales Volume:** **90,949 MT** (fertiliser) * **Capacity Utilization:** 81% NPK/DAP complex · 92% SSP plant ## B. Output & Sales Volume * **Robust Output and Sales:** Strong production and sales volumes reflect solid operational execution and market absorption. ## C. Capacity Utilization * **High Operational Efficiency:** Leading industry returns supported by high-capacity utilization, particularly in the SSP line at 92%. * **Backward Integration Strength:** Fully integrated input units for BRP, sulphuric acid, and phosphoric acid underpin cost efficiency and supply security. * **Capacity Benchmarking:** NPK/DAP complex runs at healthy utilization levels, indicating sustained demand and production optimization. --- # 3. Product & Portfolio ## A. New Product Launches * **Portfolio Expansion:** Successful commencement of **NPK/DAP complex production** marks a strategic shift toward advanced, cost-competitive offerings and vertical integration. * **Innovation in Nutrition:** Launched two key differentiated products—**Bharat Urea SSP** (Urea + SSP blend) and **Annadata Super 6** (SSP fortified with Zinc, Boron, Magnesium)—to address crop-specific and soil health needs. * **Targeted Relaunch:** **Annadata Zibo**, a **Zinc- and Boron-fortified SSP**, was relaunched to strengthen the specialty product lineup and capture premium segments. ## B. Product Mix Shift * **Strategic Diversification:** Focus on **product diversification**, **soil-health innovations**, and scaling integrated capacities to align with evolving agricultural practices and crop-specific nutrient demands. --- # 4. Manufacturing & Integration ## A. Key Figures * **NPK/DAP Capacity (Post-Expansion):** **495,000 MTPA** (Meghnagar) · **Sulphuric Acid Capacity:** **363,000 MTPA** * Expansion Project Cost: **<₹142 Cr** (Meghnagar) ## B. Backward Integration * **Fully Integrated Model:** Only Indian manufacturer with complete backward integration, ensuring **stable, low-cost supply** of core raw materials and minimal vendor dependency. * **Capital Efficiency:** Achieved substantial savings by reusing existing assets during relocation, enhancing project ROI. * **Strategic Resource Access:** Backward integration supported by access to low-grade rock phosphate and in-house beneficiation capabilities, enabling sustainable operations. ## C. Expansion Projects * **Meghnagar Expansion Underway:** Civil work initiated and orders placed for plant and machinery; project on track with all approvals in process. * **Pioneering Relocation:** Successfully executed India’s first relocation of a complex fertilizer plant (from Spain to MP), leveraging operational and geographical advantages. * **State-of-the-Art Facility:** New complex being built at a strategic location, designed for high efficiency and scalability. ## D. Asset Revival Success * **Proven Turnaround Expertise:** KPL, acquired as a loss-making unit in 2007, now operates as a profitable, fully integrated manufacturer under Ostwal Group leadership. * **Repeatable Revival Model:** Management has successfully transformed **four sick plants** into cash-generating assets, demonstrating a scalable turnaround capability. --- # 5. Distribution & Market Share ## A. Key Figures * **Distribution Network:** **60+** marketing professionals · **2,500+** wholesalers/dealers · **30,000+** retailers * **Market Share:** **16%** SSP share in Chhattisgarh and Madhya Pradesh * **Production Rank:** **2nd-largest** SSP producer in India (OGI) ## B. Dealer Network Scale * **Extensive Pan-India Reach:** Robust, multi-tiered distribution network underpins national market access and reinforces brand trust among farmers. ## C. Regional Market Share * **Regional Leadership:** Strong double-digit market share in key central Indian states, anchored by strategic operations in Meghnagar. * **National Competitive Position:** OGI’s position as the second-largest SSP producer enhances group-level pricing power and scale advantages. --- # 6. Input Cost & Operational Risks ## A. Raw Material Volatility * **Cost Advantage:** Enjoys significant savings in logistics and procurement costs, providing a critical buffer against volatile raw material pricing. * **Industry Benchmarking:** Competitive cost position validated against peers including PPL, Coromandel, FACT, Deepak, GNFC, GSFC, RCF, and MCF. --- # 7. Guidance & Outlook ## A. Growth Contribution * **New Product Impact:** Both new products expected to contribute **meaningfully to growth** in upcoming quarters. * **Strategic Expansion:** Company actively evaluating new growth opportunities to scale and diversify integrated operations. ## B. Commissioning Timeline * **Project Milestone:** New plant commissioning and commercial production at Meghnagar both targeted for **March 2026**. * **Funding Approach:** Project funded through a combination of **debt and internal accruals**.