Rashtriya Chemicals and Fertilizers financials: balance sheet, profit and loss, cash flow

NSE: RCFBSE: 524230Fertilizers & AgrochemicalsSmall Cap

Rashtriya Chemicals and Fertilizers Limited · Face value ₹10 · Listed Sep 1992 on BSE, Jan 1998 on NSE

₹96.52₹1.99 (2.11%)BSE ₹96.60

Share price at the NSE close on 27 Oct 2026. Previous close ₹94.53.

27 Oct: open ₹94.60, high ₹97.40, low ₹94.03

52-week range of traded prices to 27 Oct 2026

₹93.25Low, 23 Oct 2026₹157.20High, 18 Nov 2025

Market cap: ₹5,325 Cr666th largest listed
P/E: 11.92
P/E without one-offs: 13.26
P/B: 1.04
Dividend yield: 2.42%
ROE: 9.1%
ROE without one-offs: 8.1%
ROCE: 7.5%
Debt to equity: 0.80
Volume, NSE: 16,63,36829.6% delivered

Rashtriya Chemicals and Fertilizers' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Rashtriya Chemicals and Fertilizers annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹21,452 Cr, year to Mar 2023; lowest ₹7,223 Cr, year to Mar 2017

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.6% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue18,480
Materials and goods−11,450
Employee costs−639
Other expenses−5,451
Operating profit941
Depreciation−292
Other income+211
One-off items+45
Finance costs−293
Profit before tax612
Tax−182
Joint ventures−2.4
Net profit427

What the company owns

Plant, investments and other assets₹10,260 Cr
Receivables₹4,690 Cr
Inventory₹1,597 Cr
Cash and bank₹153 Cr

What pays for it: net worth and liabilities

Other liabilities₹5,911 Cr
Net worth₹5,121 Cr
Borrowings₹4,113 Cr
Owed to suppliers₹1,555 Cr

Rashtriya Chemicals and Fertilizers business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Rashtriya Chemicals and Fertilizers segment results by quarter

Revenue by segment

₹18,465 CrTotal

Fertilizers₹10,912 Cr59.1% of total
Trading₹5,926 Cr32.1% of total
Industrial Chemicals₹1,627 Cr8.8% of total

Profit by segment

Fertilizers₹308 Cr35.7% of total
Trading₹240 Cr27.8% of total
Industrial Chemicals₹315 Cr36.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Fertilizers
Revenue, ₹ crore
7,547
8,076
6,446
9,565
14,642
10,997
10,590
10,912
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
278
431
323
366
752
71
115
308
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Trading
Revenue, ₹ crore
373
950
800
969
3,571
4,262
4,675
5,926
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
37
91
98
39
−172
145
78
240
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Industrial Chemicals
Revenue, ₹ crore
956
661
1,024
2,267
3,226
1,710
1,656
1,627
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
60
−11
230
505
885
213
359
315
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,876	9,687	8,269	12,801	21,440	16,970	16,922	18,465
Company revenue, as in its results	8,885	9,698	8,281	12,812	21,452	16,981	16,934	18,480
Revenue	7,547	8,076	6,446	9,565	14,642	10,997	10,590	10,912
Revenue growth	–	7.0%	−20.2%	48.4%	53.1%	−24.9%	−3.7%	3.0%
Profit	278	431	323	366	752	71	115	308
Profit growth	–	55.3%	−25.1%	13.2%	105.6%	−90.6%	62.7%	167.3%
Margin	3.7%	5.3%	5.0%	3.8%	5.1%	0.6%	1.1%	2.8%
Return on capital	4.6%	7.4%	9.7%	5.6%	18.9%	1.6%	3.1%	5.0%
Assets	7,613	7,706	4,374	6,687	6,622	7,271	6,901	8,489
Liabilities	1,560	1,901	1,045	160	2,632	2,715	3,167	2,280
Capital employed	6,053	5,805	3,330	6,527	3,990	4,557	3,734	6,209
Revenue	373	950	800	969	3,571	4,262	4,675	5,926
Revenue growth	–	154.6%	−15.8%	21.2%	268.6%	19.3%	9.7%	26.7%
Profit	37	91	98	39	−172	145	78	240
Profit growth	–	147.7%	8.0%	−60.2%	–	–	−46.0%	205.5%
Margin	9.9%	9.6%	12.3%	4.0%	−4.8%	3.4%	1.7%	4.0%
Return on capital	12.6%	48.0%	67.0%	44.1%	−17.8%	12.1%	8.5%	12.0%
Assets	675	190	223	1,054	1,076	1,716	1,046	2,000
Liabilities	383	0	77	966	106	512	119	4
Capital employed	292	190	147	89	970	1,205	927	1,996
Revenue	956	661	1,024	2,267	3,226	1,710	1,656	1,627
Revenue growth	–	−30.9%	54.8%	121.4%	42.3%	−47.0%	−3.2%	−1.8%
Profit	60	−11	230	505	885	213	359	315
Profit growth	–	–	–	119.9%	75.4%	−75.9%	68.4%	−12.4%
Margin	6.3%	−1.7%	22.4%	22.3%	27.4%	12.5%	21.7%	19.3%
Return on capital	25.9%	−4.7%	95.9%	189.2%	214.9%	54.2%	65.5%	47.8%
Assets	353	323	319	370	538	472	634	790
Liabilities	120	84	80	104	126	79	86	132
Capital employed	233	239	239	267	412	394	548	658
Revenue	10	11	12	12	12	12	12	15
Profit	0	0	0	0	0	0	0	0
Assets	0	0	2,704	2,419	1,469	0	0	0
Liabilities	0	0	3,087	5,420	2,251	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Rashtriya Chemicals and Fertilizers quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 27 May	Mar 2026Filed 21 May	Jun 2026Twelve months
Revenue from operations	7,223	7,319	8,885	9,698	8,281	12,812	21,452	16,981	16,934	18,480	18,695
	6,807	7,052	8,442	9,115	7,548	11,823	19,978	16,467	16,259	17,539	17,692
Materials and goods bought	3,198	3,224	4,073	4,674	3,741	6,352	12,140	10,133	10,283	11,450	11,256
Employee costs	–	–	591	617	564	654	692	543	598	639	652
Other expenses	–	–	3,777	3,823	3,243	4,817	7,146	5,791	5,378	5,451	5,785
Operating profit before depreciation	416	267	444	583	733	989	1,473	515	675	941	1,003
Operating margin	5.8%	3.6%	5.0%	6.0%	8.9%	7.7%	6.9%	3.0%	4.0%	5.1%	5.4%
Materials, % of revenue	–	–	45.8%	48.2%	45.2%	49.6%	56.6%	59.7%	60.7%	62.0%	60.2%
Employee costs, % of revenue	–	–	6.7%	6.4%	6.8%	5.1%	3.2%	3.2%	3.5%	3.5%	3.5%
Other expenses, % of revenue	–	–	42.5%	39.4%	39.2%	37.6%	33.3%	34.1%	31.8%	29.5%	30.9%
Depreciation and amortisation	141	137	156	171	175	184	212	233	263	292	308
Operating profit after depreciation	275	130	288	412	558	806	1,261	282	412	649	695
Other income	68	61	80	129	133	136	143	165	165	211	207
Finance costs	94	63	156	238	180	126	224	184	254	293	308
Profit before one-off items and tax	249	128	212	303	511	816	1,181	263	323	567	594
One-off items	0	0	23	−100	5	128	93	40	4	45	45
Profit before tax	249	128	235	203	516	944	1,274	304	328	612	639
	69	49	96	−5	143	240	307	76	86	182	189
Current tax	–	–	40	72	124	248	285	13	97	160	173
Deferred tax	–	–	56	−77	19	−9	22	63	−11	22	16
Share of profit of joint ventures and associates	–	0	−5	−1	2	−2	−1	−2	1	−2	−3
Net profit	179	79	134	207	375	702	966	225	242	427	447
Other comprehensive income	–	–	6	−5	2	1	−32	−6	−34	73	60
Total comprehensive income	–	–	140	202	377	703	934	220	208	500	507
Net margin	2.5%	1.1%	1.5%	2.1%	4.5%	5.5%	4.5%	1.3%	1.4%	2.3%	2.4%
Net margin without joint ventures and associates	–	1.1%	1.6%	2.1%	4.5%	5.5%	4.5%	1.3%	1.4%	2.3%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 27 May	Mar 2026Filed 21 May
	3,030	3,179	3,333	3,882	4,590	4,606	4,745	5,121
Share capital	552	552	552	552	552	552	552	552
Reserves	2,478	2,627	2,782	3,330	4,038	4,054	4,194	4,570
	3,311	4,678	1,863	2,968	1,863	3,283	2,752	4,113
Repayable after a year	425	601	1,043	1,120	1,035	940	923	1,742
Repayable within a year	2,885	4,077	820	1,848	828	2,343	1,829	2,371
	4,705	5,833	2,559	5,052	3,581	5,320	5,004	9,206
Trade payables	1,155	997	906	2,343	2,011	1,936	2,217	1,555
Other financial liabilities	450	483	600	521	451	622	664	4,980
Other liabilities	73	82	103	178	119	265	102	108
Provisions	142	142	119	123	172	155	188	154
Tax owed	0	53	11	38	0	0	5	38
	1,181	1,281	1,729	1,597	1,534	1,530	1,517	2,373
Other financial liabilities	44	44	36	38	43	51	53	58
Other liabilities	38	39	34	31	28	24	20	30
Provisions	181	189	186	194	191	209	225	216
Deferred tax	280	197	218	214	237	306	295	327
Trade payables	212	212	212	–	0	0	0	0
	8,915	10,293	7,621	10,531	9,705	11,456	11,267	16,701
Held for sale or for a demerger	–	–	–	–	–	–	–	1
	2,605	3,044	3,406	3,771	4,058	4,399	5,031	5,975
Plant in use, after depreciation	1,943	2,121	2,159	2,127	2,537	2,553	2,901	3,285
Plant being built	276	433	393	513	211	431	579	810
Intangible assets	1	3	3	2	0	0	1	4
Property held to earn rent	6	6	6	5	5	5	4	5
Investments	81	256	645	927	994	992	1,095	287
Stakes in joint ventures and associates	0	0	–	0	–	0	0	1,094
Loans given	0	21	15	10	5	0	0	0
Other financial assets	0	0	185	0	305	0	0	47
Other assets	297	204	–	188	0	418	451	443
	6,311	7,250	4,215	6,760	5,647	7,057	6,236	10,726
Inventories	1,479	950	788	2,328	2,585	2,582	1,586	1,597
Trade receivables	4,550	4,551	1,450	3,027	2,609	3,550	3,101	4,690
Cash and cash equivalents	4	2	1,471	1,100	11	156	987	124
Other bank balances	1	1	49	65	53	196	49	29
Current investments	0	0	0	8	0	0	0	0
Loans given	26	7	6	5	5	5	0	0
Other financial assets	46	1,655	297	69	383	266	164	3,769
Other assets	205	84	155	159	0	300	349	516
Net debt	3,306	4,674	342	1,796	1,798	2,930	1,716	3,961

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 27 May	Mar 2026Filed 21 May
	5,219	−592	787	−422	2,364	−471
	5,331	−374	1,165	−352	2,427	−364
	4,490	−1,437	−785	−946	1,662	−1,475
Receivables	4,381	−1,356	−182	−1,147	552	−1,590
Inventories	160	−1,540	−260	11	1,005	−8
Payables	−50	1,473	−347	198	116	29
Other working capital	−1	−14	3	−7	−10	94
Tax paid	−112	−218	−378	−70	−63	−107
Capital spending	232	170	385	482	827	1,076
Free cash flow	4,987	−762	402	−905	1,536	−1,547
	−618	−379	−316	−464	−681	−1,299
Plant and property sold	5	0	0	1	2	2
Companies bought	0	0	0	0	−97	0
Interest received	25	28	10	43	42	1
Dividends received	0	0	0	0	1	26
	−3,131	599	−1,560	1,032	−853	908
Borrowings raised	853	641	−877	1,604	600	2,087
Borrowings repaid	−3,600	256	−229	−184	−1,140	−759
Interest paid	−157	−121	−223	−178	−238	−286
Lease payments	−4	−4	−5	−7	−7	−7
Dividends paid	223	172	226	204	68	128
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1,470	−372	−1,088	145	831	−863

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Rashtriya Chemicals and Fertilizers dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 27 May	Mar 2026Filed 21 May
Earnings per share	₹3.25	₹1.43	₹2.43	₹3.75	₹6.80	₹12.73	₹17.52	₹4.08	₹4.39	₹7.75
Diluted earnings per share	₹3.25	₹1.43	₹2.43	₹3.75	₹6.80	₹12.73	₹17.52	₹4.08	₹4.39	₹7.75
Dividend per share	₹1.10	₹0.60	₹0.77	₹2.84	₹2.98	₹3.85	₹5.30	₹1.24	–	₹3.66
Book value per share	–	–	₹54.92	₹57.62	₹60.42	₹70.36	₹83.20	₹83.48	₹86.01	₹92.83
Dividend payout	33.9%	42.0%	31.7%	75.6%	43.8%	30.2%	30.3%	30.4%	–	47.2%
Shareholder yield	–	–	–	–	5.2%	3.5%	4.3%	2.9%	1.0%	2.2%
Market cap at the year end (₹ crore)	4,510	4,038	3,219	1,564	4,273	4,935	5,260	7,075	6,925	5,885

Ratios

Consolidated, years to March.Rashtriya Chemicals and Fertilizers PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 27 May	Mar 2026Filed 21 May
Revenue growth	−16.6%	1.3%	21.4%	9.1%	−14.6%	54.7%	67.4%	−20.8%	−0.3%	9.1%
Operating profit growth	−11.5%	−35.9%	66.3%	31.5%	25.7%	35.0%	48.9%	−65.1%	31.1%	39.4%
Net profit growth	−3.2%	−56.0%	70.1%	54.5%	81.2%	87.2%	37.6%	−76.7%	7.6%	76.3%
Earnings per share growth	–	−56.0%	69.9%	54.3%	81.3%	87.2%	37.6%	−76.7%	7.6%	76.5%
	–	–	4.4%	6.7%	11.5%	19.5%	22.8%	4.9%	5.2%	8.7%
	–	–	–	2.2 pts	4.9 pts	7.9 pts	3.3 pts	−17.9 pts	0.3 pts	3.5 pts
From the net margin	–	–	–	1.8 pts	7.5 pts	2.4 pts	−3.5 pts	−16.1 pts	0.4 pts	3.2 pts
From asset turnover	–	–	–	0.1 pts	−1.2 pts	7.3 pts	8.0 pts	−1.6 pts	−0.4 pts	−0.9 pts
From borrowing	–	–	–	0.3 pts	−1.4 pts	−1.8 pts	−1.2 pts	−0.2 pts	0.3 pts	1.2 pts
Return on capital employed	–	–	4.5%	5.2%	10.7%	11.8%	19.5%	3.6%	5.5%	7.0%
Cash conversion	–	–	–	–	1,390.6%	−84.3%	81.4%	−187.4%	975.0%	−110.2%
Interest cover	2.9	2.1	1.8	1.7	3.1	6.4	5.6	1.5	1.6	2.2
Debt to equity	–	–	1.09	1.47	0.56	0.76	0.41	0.71	0.58	0.80
Receivable days	–	–	187	171	64	86	44	76	67	93
Inventory days	–	–	133	74	77	134	78	93	56	51
Payable days	–	–	104	78	88	135	60	70	79	50
Cash conversion cycle, days	–	–	216	168	52	85	62	100	44	94
Working capital days	–	–	184	207	42	68	48	80	44	74
Asset turnover	–	–	1.00	1.01	0.92	1.41	2.12	1.61	1.49	1.32
Assets per rupee of net worth	–	–	2.94	3.09	2.75	2.52	2.39	2.30	2.43	2.83
Sales per rupee of plant	–	–	4.57	4.57	3.84	6.02	8.45	6.65	5.84	5.63
Capital spending to depreciation	–	–	–	–	1.33	0.93	1.81	2.07	3.15	3.69
Plant being built, % of plant in use	–	–	14.2%	20.4%	18.2%	24.1%	8.3%	16.9%	20.0%	24.7%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.1%
Cash from operations against operating profit: −50.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.9%	17.4%	−4.8%
Profit growth, yearly rate	8.7%	2.6%	−23.8%
Return on equity, average	–	12.2%	6.2%
Return on capital employed, average	–	9.5%	5.4%
Operating margin, average	5.6%	5.3%	4.0%
Net margin, average	2.7%	3.0%	1.7%
Asset turnover, average	–	1.59	1.47
Cash conversion cycle, days, average	–	77	79
Interest cover, average	2.9	3.5	1.8
Debt to equity, average	–	0.65	0.70

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,665	1,470	−471
Cash from investing	−3,139	−2,444	−1,299
Cash from financing	126	1,087	908
Capital spending	2,940	2,385	1,076
Dividends paid	799	400	128
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	4,292	2,087
Borrowings repaid	2,567	2,082	759

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	5	3	5	4
Altman Z-scorePublished threshold 1.81	–	–	2.07	1.74	2.76	2.63	4.17	2.92	2.96	2.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−5.96	−1.20	−2.12	−1.67	−3.33	−1.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−47.18	18.43	4.89	10.51	−12.68	15.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.65	−0.12	1.90	1.64
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.12	−53.54	54.09	−81.24	56.90	−12.37	42.13
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−50.52	2.86	125.75	−80.03	16.41	−40.08	−10.60
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	15.34	−15.54	−1.74	0.72	1.08	−0.31	20.41
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.24	1.85	3.38	0.34	1.74	0.95	1.20
Effective tax ratePublished threshold 17.16 per cent	27.93	38.54	40.84	−2.57	27.72	25.38	24.08	24.99	26.22	29.74
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.28	−5.57	1.94	6.98	12.18

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
6 Oct 2026	CARE Ratings Limited	Commercial Paper	CARE A1+Review, Re-affirm		3,000
11 Sep 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A1+Review, Re-affirm		2,333
17 Jul 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Re-affirm		3,000
17 Jul 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AAReview, Re-affirm	Stable	1,100
17 Jul 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AAReview, Re-affirm	Stable	300
17 Jul 2026	ICRA Limited	Fund-based-Term loan	[ICRA]AAReview, Re-affirm	Stable	3,500
17 Jul 2026	ICRA Limited	Non-fund based-Others	[ICRA]AA /[ICRA]A1+Review, Re-affirm	Stable	500
24 Apr 2026	India Ratings and Research Private Limited	Non-convertible debentures	IND AAReview, Re-affirm	Stable	205
24 Apr 2026	India Ratings and Research Private Limited	Non-convertible debentures	WDReview, Other		500

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.