Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹7,222Cr
Rev Gr TTM
Revenue Growth TTM
-2.66%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

RCF
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 14.0 | -18.4 | -25.5 | -21.4 | -17.2 | 8.7 | 3.2 | -7.8 | -3.9 | -23.3 | 23.4 | -6.2 |
| 4,487 | 3,914 | 4,049 | 4,819 | 3,684 | 4,280 | 4,088 | 4,339 | 3,551 | 3,213 | 5,078 | 3,992 |
Operating Profit Operating ProfitCr |
| 4.2 | 3.2 | 2.5 | 1.7 | 5.0 | 2.6 | 4.7 | 4.0 | 4.8 | 4.7 | 4.0 | 5.8 |
Other Income Other IncomeCr | 104 | 58 | 66 | 38 | 41 | 30 | 43 | 43 | 54 | 39 | 51 | 52 |
Interest Expense Interest ExpenseCr | 44 | 39 | 44 | 48 | 52 | 70 | 76 | 53 | 54 | 56 | 55 | 103 |
Depreciation DepreciationCr | 59 | 56 | 56 | 56 | 64 | 60 | 62 | 63 | 78 | 66 | 70 | 75 |
| 197 | 92 | 72 | 17 | 120 | 16 | 106 | 105 | 100 | 75 | 141 | 118 |
| 37 | 24 | 21 | 6 | 25 | 6 | 27 | 25 | 28 | 21 | 35 | 37 |
|
Growth YoY PAT Growth YoY% | -31.8 | -77.4 | -80.5 | -95.4 | -40.3 | -84.1 | 54.7 | 615.1 | -23.9 | 404.0 | 33.4 | 0.9 |
| 3.4 | 1.7 | 1.2 | 0.2 | 2.5 | 0.3 | 1.8 | 1.8 | 1.9 | 1.6 | 2.0 | 1.9 |
| 2.9 | 1.2 | 0.9 | 0.2 | 1.7 | 0.2 | 1.4 | 1.4 | 1.3 | 1.0 | 1.9 | 1.5 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 17.1 | 5.0 | -12.3 | 2.2 | 22.5 | 9.1 | -14.6 | 54.7 | 67.4 | -20.8 | -0.3 | -1.8 |
| 6,872 | 7,626 | 6,682 | 6,988 | 8,444 | 9,115 | 7,530 | 11,823 | 19,978 | 16,467 | 16,259 | 15,834 |
Operating Profit Operating ProfitCr |
| 10.9 | 5.8 | 5.9 | 3.7 | 5.0 | 6.0 | 9.1 | 7.7 | 6.9 | 3.0 | 4.0 | 4.8 |
Other Income Other IncomeCr | 74 | 81 | 67 | 61 | 99 | 28 | 133 | 262 | 236 | 203 | 170 | 196 |
Interest Expense Interest ExpenseCr | 122 | 145 | 94 | 63 | 156 | 238 | 180 | 126 | 224 | 184 | 254 | 268 |
Depreciation DepreciationCr | 263 | 148 | 141 | 137 | 156 | 171 | 175 | 184 | 212 | 233 | 263 | 290 |
| 533 | 262 | 249 | 128 | 229 | 202 | 530 | 942 | 1,273 | 301 | 328 | 434 |
| 188 | 93 | 69 | 49 | 96 | -5 | 146 | 240 | 307 | 76 | 86 | 121 |
|
| 43.4 | -51.1 | 6.0 | -56.0 | 68.6 | 55.8 | 85.4 | 82.9 | 37.6 | -76.7 | 7.6 | 29.2 |
| 4.5 | 2.1 | 2.5 | 1.1 | 1.5 | 2.1 | 4.6 | 5.5 | 4.5 | 1.3 | 1.4 | 1.9 |
| 6.3 | 3.1 | 3.3 | 1.4 | 2.4 | 3.8 | 7.0 | 12.7 | 17.5 | 4.1 | 4.4 | 5.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 | 552 |
| 2,165 | 2,265 | 2,373 | 2,378 | 2,477 | 2,627 | 2,800 | 3,330 | 4,038 | 4,054 | 4,194 | 4,370 |
Current Liabilities Current LiabilitiesCr | 2,736 | 4,109 | 2,894 | 2,327 | 4,705 | 5,824 | 2,560 | 5,052 | 3,581 | 5,320 | 5,004 | 6,208 |
Non Current Liabilities Non Current LiabilitiesCr | 817 | 727 | 717 | 1,066 | 1,181 | 1,281 | 1,730 | 1,597 | 1,534 | 1,530 | 1,517 | 2,172 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 4,447 | 5,589 | 4,501 | 3,869 | 6,311 | 7,240 | 4,212 | 6,760 | 5,647 | 7,057 | 6,236 | 7,702 |
Non Current Assets Non Current AssetsCr | 1,823 | 2,063 | 2,035 | 2,454 | 2,603 | 3,044 | 3,430 | 3,771 | 4,058 | 4,399 | 5,031 | 5,600 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 212 | -633 | 1,595 | 1,078 | -1,636 | -522 | 5,211 | -592 | 787 | -422 | 2,364 |
Investing Cash Flow Investing Cash FlowCr | -201 | -259 | -180 | -496 | -310 | -531 | -610 | -379 | -316 | -464 | -681 |
Financing Cash Flow Financing Cash FlowCr | 3 | 811 | -1,406 | -588 | 1,945 | 1,052 | -3,131 | 599 | -1,560 | 1,032 | -853 |
|
Free Cash Flow Free Cash FlowCr | 5 | -900 | 1,409 | 584 | -1,934 | -948 | 4,970 | -752 | 402 | -903 | 1,538 |
| 61.2 | -374.7 | 890.0 | 1,367.8 | -1,231.1 | -252.2 | 1,356.8 | -84.3 | 81.4 | -187.4 | 975.0 |
CFO To EBITDA CFO To EBITDA% | 25.1 | -133.9 | 382.8 | 404.2 | -370.8 | -89.7 | 693.4 | -59.9 | 53.4 | -82.0 | 350.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3,106 | 2,141 | 4,510 | 4,038 | 3,227 | 1,564 | 4,276 | 4,943 | 5,261 | 7,070 | 6,926 |
Price To Earnings Price To Earnings | 9.5 | 12.7 | 25.1 | 51.2 | 24.3 | 7.6 | 11.1 | 7.0 | 5.4 | 31.4 | 28.6 |
Price To Sales Price To Sales | 0.4 | 0.3 | 0.6 | 0.6 | 0.4 | 0.2 | 0.5 | 0.4 | 0.3 | 0.4 | 0.4 |
Price To Book Price To Book | 1.1 | 0.8 | 1.5 | 1.4 | 1.1 | 0.5 | 1.3 | 1.3 | 1.1 | 1.5 | 1.5 |
| 5.9 | 10.3 | 14.8 | 19.8 | 14.8 | 10.7 | 6.4 | 6.8 | 4.8 | 19.5 | 12.8 |
Profitability Ratios Profitability Ratios |
| 52.9 | 55.1 | 55.0 | 55.6 | 54.2 | 51.8 | 55.0 | 50.4 | 43.4 | 40.3 | 39.3 |
| 10.9 | 5.8 | 5.9 | 3.7 | 5.0 | 6.0 | 9.1 | 7.7 | 6.9 | 3.0 | 4.0 |
| 4.5 | 2.1 | 2.5 | 1.1 | 1.5 | 2.1 | 4.6 | 5.5 | 4.5 | 1.3 | 1.4 |
| 14.1 | 7.3 | 7.5 | 4.6 | 6.1 | 5.6 | 13.1 | 15.6 | 23.1 | 6.1 | 7.8 |
| 12.7 | 6.0 | 6.1 | 2.7 | 4.4 | 6.5 | 11.5 | 18.1 | 21.1 | 4.9 | 5.1 |
| 5.5 | 2.2 | 2.7 | 1.3 | 1.5 | 2.0 | 5.0 | 6.7 | 10.0 | 2.0 | 2.1 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Rashtriya Chemicals & Fertilizers Limited (RCF) is a government-owned 'Navratna' enterprise, with approximately **75% equity held by the Government of India**. Established as a key player in India’s fertilizer and chemical industry, RCF operates two major manufacturing units in **Trombay, Mumbai**, and **Thal, Raigad (Maharashtra)**, serving fertilizer demand across **24 Indian states**. The company is a critical component of India's agricultural ecosystem, contributing significantly to food security through its urea and complex fertilizer production.
RCF is vertically integrated across **fertilizers and industrial chemicals**, allowing strategic flexibility in product mix to stabilize revenues amid market volatility. It maintains a vast **distribution network of over 3,500 to 5,800 dealer contact points**, ensuring country-wide reach, particularly in rural and remote areas.
---
### **Core Business Segments**
1. **Fertilizer Production & Marketing**
- RCF is the **fourth-largest urea producer in India by capacity**, accounting for about **5% of national urea sales**.
- Key branded products include:
- **Ujjwala** (urea)
- **Suphala** (complex fertilizers)
- **Sujala** (100% water-soluble fertilizers)
- **Microla** (micronutrients)
- **Biolá** and **Geola** (biofertilizers)
- **Vipula** (specialty nutrients)
2. **Industrial Chemicals Division**
- Produces high-value chemical products used in pharmaceuticals, dyes, leather, agrochemicals, and mining.
- Key products: Ammonium Nitrate (AN) Melt, Nitric Acid, Sulphuric Acid, Methylamines, Liquid CO₂, Refrigerant Ammonia, and Argon.
---
### **Key Strengths**
#### **1. Brand Equity & Farmer Engagement**
- Strong brand recognition and loyalty in rural India.
- Digital outreach through **‘RCF Kisan Manch’** platform: mobile app, social media, and YouTube.
- Farmer education via:
- **Farmer Training Institutes (Thal & Nagpur)**
- **‘Kisan Care’ toll-free helpline**
- Field demonstrations, soil testing camps, and publications like *Sheti-patrika*
#### **2. Diversified & Integrated Operations**
- Vertically integrated production across fertilizers and industrial chemicals.
- Product portfolio spans conventional, bio, micronutrient, and water-soluble fertilizers, enabling response to evolving agricultural needs.
- Industrial chemicals support domestic sectors while offering export potential.
#### **3. Innovation & R&D Leadership**
- **Indigenous technology development** and adoption:
- **Sulphur Coated Urea "Urea Gold"** (37% N + 17% S), produced to reduce import dependence.
- **Nano Urea Plant** under construction at Trombay (75 kL/day), using IFFCO-licensed technology.
- **Nano DAP development** – a liquid nano-fertilizer (3% N, 8% P) under testing; offers higher nutrient absorption and reduced fertilizer use.
- **Geola** – India’s first **biofertilizer with NPK bacterial consortium**, fully biodegradable with 2-year shelf life.
- **Agri-tech piloting**:
- Nutrient Film Technique (NFT) polyhouse at Trombay (1 acre) for trialing **liquid and nano fertilizers** on exotic crops (lettuce, kale, basil, etc.).
- R&D developing **100% water-soluble fertilizers** for horticulture (e.g., grapes), **crop-specific grades**, and **nano-micronutrient formulations**.
---
### **Strategic Growth Initiatives (Ongoing & Planned)**
| **Project** | **Details** | **Status / Expected Completion** |
|------------|-----------|-------------------------------|
| **New NPK Plant (Thal)** | 1,200 MTPD (DAP equivalent), ₹~9,146 crore investment | Under construction; target completion **Jan 2027** |
| **Nano Urea Plant (Trombay)** | 75 kL/day capacity, indigenous IFFCO tech | Commissioning in progress |
| **AN Melt Plant (Trombay)** | 140,000 MT/year capacity to meet coal industry demand | Commissioned in FY25 |
| **Liquid CO₂ Plant (Trombay)** | 100 MTPD capacity | Under development |
| **Coal Gasification Project (Talcher JV)** | 2,200 MTPD ammonia + 3,850 MTPD urea via **Talcher Fertilizers Limited (TFL)** with CIL, GAIL, FCIL | Site under construction; delayed to **FY26 due to execution challenges** |
| **Organic Fertilizer Plant (Trombay)** | 10,000 MT/year from sludge and gypsum | Project approved; awaiting MDA support |
| **Energy Efficiency Projects** | Revamps at Ammonia/V and Urea plants, GTG-HRSG turbine (Trombay) | Ongoing; expected energy savings up to **0.40 Gcal/MT NH₃** |
---
### **Operational Advancements**
- **Record Sales (Recent Years):**
- Industrial Chemicals: ₹1,654.77 crore (FY25), with AN Melt sales at **211,781 MT**
- **3,950 MT of PROM** (organic-nutrient alternative) sold
- Record shipments of Suphala-15 (6.39 LMT), Microla (410 KL), and imported NPK
- **Sulphur Coated Urea (Urea Gold)**: Production surged from **0.04 lakh MT to 0.26 lakh MT** in FY25.
- **Suspension Fertilizer Pilot Plant**: Developing NPK 10:10:10, fortified calcium nitrate, etc. – higher nutrient density and improved handling.
---
### **Recent Milestones (September 2025 & Earlier)**
- Commissioned **new AN Melt plant (140,000 MT/year)** to boost coal sector supply.
- Increased **AN Melt capacity to 330,000 MT/year** across both sites.
- **Launched commercial sales of Nano Urea** (500 ml bottles) via marketing partnerships.
- Successfully tested **NFT hydroponics system** for high-value crops.
- Ongoing **technology evaluation with Topsoe A/S** for energy savings in Thal ammonia unit.