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Last Updated: April 2, 2026, 3:17 am
Author: Getaka|Social: XLinkedIn

Madras Fertilizers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹24.72Overvalued by 57.53%vs CMP ₹58.20

P/E (132.0) × ROE (15.0%) × BV (₹1.53) × DY (2.00%)

Defaults: ROE=15%

₹16.83Overvalued by 71.08%vs CMP ₹58.20
MoS: -245.8% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹13.1524%Over (-77.4%)
Graham NumberEarnings₹3.8522%Over (-93.4%)
Earnings PowerEarnings₹2.2915%Over (-96.1%)
Net Asset ValueAssets₹1.5510%Over (-97.3%)
EV/EBITDAEnterprise₹50.0112%Over (-14.1%)
Earnings YieldEarnings₹4.3010%Over (-92.6%)
Revenue MultipleRevenue₹78.867%Under (+35.5%)
Consensus (7 models)₹16.83100%Overvalued
Key Drivers: EPS CAGR -46.8% drags value — could be higher if earnings stabilize. | P/E of 132 makes PE-ROE unreliable — asset/earnings models are better benchmarks.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -46.8% · Defaults: ROE=15%

*Investments are subject to market risks

Investment Snapshot

42
Madras Fertilizers Ltd scores 42/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health51/100 · Moderate
ROCE 10.8% AverageROE 0.0% WeakD/E -1.98 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 85.3% Stable
Earnings Quality40/100 · Moderate
OPM contracting (11% → 5%) Declining
Quarterly Momentum15/100 · Weak
Revenue (4Q): -21% YoY DecliningProfit (4Q): -97% YoY DecliningOPM: -0.7% (down 14.0% YoY) Margin pressure
Industry Rank60/100 · Moderate
P/E 132.0 vs industry 192.6 Cheaper than peersROCE 10.8% vs industry 13.0% Average3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Madras Fertilizers Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
60/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 132.0 vs Ind 192.6 | ROCE 10.8% | ROE 0.0% | CFO/NP N/A
Balance Sheet Stress
20/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.00x | IntCov 0.0x | Current 0.42x | Borrow/Reserve N/A
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹64 Cr | CFO/NP N/A
Ownership Accumulation
-25
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.09 pp | DII 0.00 pp | Prom 0.00 pp
Business Momentum
-100
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -18.0% | Q NP -80.5% | Q OPM -3.1 pp
Derived FieldValueHow it is derived
Valuation Gap %-71.1%((Fair Value - CMP) / CMP) × 100
Borrowings / ReservesN/ALatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.09 ppLatest FII% minus previous FII%
DII Change0.00 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-679Latest shareholder count minus previous count
Quarterly Sales Change-18.0%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-80.5%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change-3.1 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:17 am

Market Cap 938 Cr.
Current Price 58.2
Intrinsic Value₹16.83
High / Low 107/52.2
Stock P/E132
Book Value 1.53
Dividend Yield0.00 %
ROCE10.8 %
ROE%
Face Value 10.0
PEG Ratio-2.82

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Madras Fertilizers Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Madras Fertilizers Ltd 938 Cr. 58.2 107/52.2132 1.530.00 %10.8 %% 10.0
Zuari Agro Chemicals Ltd 826 Cr. 196 395/1662.49 6020.00 %12.7 %9.06 % 10.0
Southern Petrochemicals Industries Corporation Ltd (SPIC) 1,243 Cr. 61.0 128/55.06.17 63.83.28 %16.9 %13.8 % 10.0
Aries Agro Ltd 443 Cr. 341 460/23710.2 2460.35 %18.4 %12.3 % 10.0
Nagarjuna Fertilizers & Chemicals Ltd 219 Cr. 3.67 6.54/3.12 15.70.00 %%% 1.00
Industry Average9,736.35 Cr342.44192.60185.721.19%13.03%10.58%6.96

All Competitor Stocks of Madras Fertilizers Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 953.81768.13528.64385.25556.05758.48655.15532.42799.21554.76672.08510.37418.69
Expenses 869.43683.83545.75373.68542.65666.24589.68521.39692.50615.87607.40498.12421.56
Operating Profit 84.3884.30-17.1111.5713.4092.2465.4711.03106.71-61.1164.6812.25-2.87
OPM % 8.85%10.97%-3.24%3.00%2.41%12.16%9.99%2.07%13.35%-11.02%9.62%2.40%-0.69%
Other Income 3.396.503.958.81-46.3327.848.699.649.3816.2512.6722.6224.47
Interest 20.6919.0218.2414.0215.7624.1917.0714.9614.8615.9415.3714.4014.32
Depreciation 3.000.593.003.013.001.283.002.392.693.553.103.103.74
Profit before tax 64.0871.19-34.403.35-51.6994.6154.093.3298.54-64.3558.8817.373.54
Tax % 20.30%33.53%0.00%0.00%0.00%6.67%25.16%52.41%24.26%-18.51%25.17%25.45%28.81%
Net Profit 51.0747.32-34.403.35-51.6988.3040.481.5874.63-52.4444.0612.952.52
EPS in Rs 3.172.94-2.140.21-3.215.482.510.104.63-3.262.730.800.16

Last Updated: March 4, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,5921,6981,1981,3921,6161,5931,2921,5332,3023,4472,2282,5422,156
Expenses 2,3591,7281,1911,3131,5921,5951,2941,3982,0563,1152,1242,4152,143
Operating Profit 233-3077924-2-213524733210412713
OPM % 9%-2%1%6%1%-0%-0%9%11%10%5%5%1%
Other Income 1218-693647181272914-74476
Interest 97104109909412310410810089766860
Depreciation 4218182122233231910101213
Profit before tax 106-135-1904-45-130-1253166249129215
Tax % 5%0%0%0%0%0%0%0%2%25%53%30%
Net Profit 100-135-1904-45-130-12531621856647
EPS in Rs 6.21-8.36-11.770.22-2.78-8.06-7.780.1810.0811.500.353.990.43
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-235.00%-40.74%102.11%-1225.00%-188.89%3.85%102.40%5300.00%14.20%-96.76%966.67%
Change in YoY Net Profit Growth (%)0.00%194.26%142.85%-1327.11%1036.11%192.74%98.55%5197.60%-5285.80%-110.95%1063.42%

Madras Fertilizers Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:4%
5 Years:14%
3 Years:3%
TTM:9%
Compounded Profit Growth
10 Years:9%
5 Years:20%
3 Years:-27%
TTM:-48%
Stock Price CAGR
10 Years:24%
5 Years:39%
3 Years:20%
1 Year:-13%
Return on Equity
10 Years:%
5 Years:%
3 Years:%
Last Year:%

Last Updated: September 5, 2025, 10:10 am

Balance Sheet

Last Updated: December 4, 2025, 1:35 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 162162162162162162162162162162162162162
Reserves -368-505-694-592-654-737-892-857-668-449-352-194-137
Borrowings 7909149861,2541,5061,6521,8041,3781,7361,4941,5831,594584
Other Liabilities 1,1527847984065684923445086806506146721,468
Total Liabilities 1,7361,3561,2521,2301,5821,5681,4191,1911,9111,8572,0072,2342,077
Fixed Assets 195183180183162148217190190192200207200
CWIP 1815152226313181413252023
Investments 000135149198180203250337455525525
Other Assets 1,5221,1571,0578891,2461,1921,0187801,4561,3151,3281,4831,328
Total Assets 1,7361,3561,2521,2301,5821,5681,4191,1911,9111,8572,0072,2342,077

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -107-65-19220-150-23104492-317687175116
Cash from Investing Activity + -6-2-10-5-3-13-60-1522-126
Cash from Financing Activity + 1306244-2451784556-527265-32019-52
Net Cash Flow 17-515-302510100-50-5036919390
Free Cash Flow -114-69-33212-154-3639473-324677143103
CFO/OP -46%213%-289%278%-629%1,126%-5,687%365%-129%224%172%122%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-557.00-944.00-979.0078.0023.00-3.00-3.00134.00246.00331.00103.00126.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 033115614765156535355
Inventory Days 5668120169861161029871336255
Days Payable 1749412913314911549114774185100
Cash Conversion Cycle -117-24-648-59820049150452910
Working Capital Days -30-78-180-167-165-203-336-272-149-121-218-193
ROCE %35%-5%2%15%5%-1%-2%13%28%28%11%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%85.27%
FIIs 0.00%0.00%0.00%0.00%0.13%0.00%0.00%0.00%0.03%0.05%0.09%0.00%
DIIs 0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.04%0.05%0.05%0.05%0.05%
Public 14.69%14.69%14.69%14.69%14.56%14.69%14.69%14.69%14.66%14.63%14.59%14.68%
No. of Shareholders 49,39749,33048,32353,46153,49860,26462,40561,35562,07361,57159,70759,028

Shareholding Pattern Chart

No. of Shareholders

Madras Fertilizers Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 3.990.3511.5010.060.18
Diluted EPS (Rs.) 3.990.3511.5010.060.18
Cash EPS (Rs.) 4.680.9712.0210.582.10
Book Value[Excl.RevalReserv]/Share (Rs.) -1.99-11.70-17.70-31.17-42.88
Book Value[Incl.RevalReserv]/Share (Rs.) -1.99-11.70-17.70-31.17-42.88
Revenue From Operations / Share (Rs.) 156.77137.44212.60141.9994.53
PBDIT / Share (Rs.) 10.268.9020.7516.618.17
PBIT / Share (Rs.) 9.548.2720.1616.026.25
PBT / Share (Rs.) 5.650.7315.3410.280.17
Net Profit / Share (Rs.) 3.960.3411.439.990.17
PBDIT Margin (%) 6.546.479.7611.698.64
PBIT Margin (%) 6.086.019.4811.286.61
PBT Margin (%) 3.600.537.217.240.18
Net Profit Margin (%) 2.520.245.377.030.18
Return on Networth / Equity (%) -198.91-2.93-64.55-32.06-0.41
Return on Capital Employeed (%) 161.82-397.09-201.93-60.54-16.16
Return On Assets (%) 2.870.279.988.480.23
Long Term Debt / Equity (X) 0.000.000.00-0.01-0.03
Total Debt / Equity (X) -49.36-8.35-5.20-3.43-1.98
Asset Turnover Ratio (%) 1.201.151.831.471.12
Current Ratio (X) 0.680.630.630.600.42
Quick Ratio (X) 0.580.520.510.480.28
Inventory Turnover Ratio (X) 12.227.539.645.673.68
Interest Coverage Ratio (X) 2.632.004.302.891.35
Interest Coverage Ratio (Post Tax) (X) 2.021.773.372.741.03
Enterprise Value (Cr.) 2090.782332.382029.982506.491708.40
EV / Net Operating Revenue (X) 0.821.050.581.091.11
EV / EBITDA (X) 12.5716.166.039.3112.89
MarketCap / Net Operating Revenue (X) 0.450.580.270.340.26
Price / BV (X) -35.99-6.92-3.26-1.59-0.59
Price / Net Operating Revenue (X) 0.450.580.270.340.26
EarningsYield 0.050.000.190.200.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Madras Fertilizers Ltd. is a Public Limited Listed company incorporated on 08/12/1966 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L32201TN1966GOI005469 and registration number is 005469. Currently Company is involved in the business activities of Manufacture of urea and other organic fertilizers. Company's Total Operating Revenue is Rs. 2541.85 Cr. and Equity Capital is Rs. 162.14 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
FertilisersPost Bag No.2, Manali, Chennai (Madras) Tamil Nadu 600068Contact not found
Management
NamePosition Held
Mr. Manoj Kumar JainChairman & Managing Director
Dr. K JayachandranDirector - Technical
Dr. Jatin Kumar MohantyNon Official Independent Director
Mr. Sanjay ShetyeNon Official Independent Director
CA. Alok KumarNon Official Independent Director
Mr. Amar KushawhaGovernment Nominee Director
Mrs. Samieh KokabiNominee Director
Mr. Mohammad Bagher DakhiliNominee Director
Mr. Babak BagherpourNominee Director

FAQ

What is the intrinsic value of Madras Fertilizers Ltd and is it undervalued?

As of 07 April 2026, Madras Fertilizers Ltd's intrinsic value is ₹16.83, which is 71.08% lower than the current market price of ₹58.20, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (%), book value (₹1.53), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Madras Fertilizers Ltd?

Madras Fertilizers Ltd is trading at ₹58.20 as of 07 April 2026, with a FY2026-2027 high of ₹107 and low of ₹52.2. The stock is currently near its 52-week low. Market cap stands at ₹938 Cr..

How does Madras Fertilizers Ltd's P/E ratio compare to its industry?

Madras Fertilizers Ltd has a P/E ratio of 132, which is below the industry average of 192.60. This is broadly in line with or below the industry average.

Is Madras Fertilizers Ltd financially healthy?

Key indicators for Madras Fertilizers Ltd: ROCE of 10.8 % is moderate; ROE of % is below ideal levels (industry average: 10.58%). Dividend yield is 0.00 %.

Is Madras Fertilizers Ltd profitable and how is the profit trend?

Madras Fertilizers Ltd reported a net profit of ₹64 Cr in Mar 2025 on revenue of ₹2,542 Cr. Compared to ₹162 Cr in Mar 2022, the net profit shows a declining trend.

Does Madras Fertilizers Ltd pay dividends?

Madras Fertilizers Ltd has a dividend yield of 0.00 % at the current price of ₹58.20. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Madras Fertilizers Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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