Fertilizers & Chemicals Travancore Ltd (FACT)

Chemicals · Fertilizers · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹814.2 ↓ 17.72% (1Y)

🎯 Key Takeaways

FACT operates in a capital-intensive, cyclical fertilizer and chemicals sector with minimal profitability and persistently low margins, currently trading at an extremely high P/E of 1909.7 despite negative ROE and ROCE.
Revenue declined 3.8% QoQ to ₹1,568 in Q3FY26.
⚠️ 1) Persistent operational losses and negative ROE (2.0%) signal structural un profitability in a low-margin industry. 2) Rising leverage (D/E 1.29) am

Market Cap

₹52,685

P/E Ratio

1893.5

P/B Ratio

38.44

ROE

2.0%

ROCE

9.2%

Debt/Equity

1.29

Div Yield

0.05%

Promoter

90.0%

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📖 The Story

FACT operates in a capital-intensive, cyclical fertilizer and chemicals sector with minimal profitability and persistently low margins, currently trading at an extremely high P/E of 1909.7 despite negative ROE and ROCE. The company remains in a structural distress phase, characterized by recurring losses, weak operational performance, and limited reinvestment capacity, with promoter ownership tightly held at 90% and institutional participation negligible.

📰 What's Happening

Recent board-level appointments reflect regulatory compliance rather than strategic transformation: two independent directors were added on August 13, 2026, to meet SEBI LODR norms, while technical leadership was reinforced with the appointment of Sajo K.F. as Director (Technical) on July 27, 2026, drawing from 35 years in chemical engineering. Additionally, Shri S. Sakthimani was assigned additional charge as Technical Director on June 17, 2026, per a government order. These moves enhance governance and technical oversight but do not signal a shift in business model or turnaround strategy.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	1,053	1,043	1,629	1,568
Operating Profit	72	17	32	-51
OPM %	6.8%	1.6%	1.9%	-3.3%
Net Profit	71	4	21	-68
EPS	₹1.09	₹0.07	₹0.32	₹-1.05

Quarterly results reveal volatile but marginally improving operational performance: revenue rose from ₹1,043 crore in June 2025 to ₹1,629 crore in September 2025, with operating profit turning positive at ₹32 crore and net profit at ₹21 crore, though December 2025 saw a return to loss (₹-68 crore OP). Margins remain thin and inconsistent, swinging from 1.6% to 6.8% OPM, indicating sensitivity to input costs and pricing pressures without sustainable profitability improvement.

🔮 Management Outlook & What's Next

Management has not provided forward guidance on profitability, margin recovery, or capital allocation in the latest filings. There is no public roadmap for turning around the business, despite recurring losses and declining ROCE. The absence of strategic commentary suggests limited confidence in near-term improvement, with focus instead on compliance and governance updates.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2024	Mar 2025	Mar 2025	Mar 2026
Equity Capital	647	647	647	647
Reserves	711	656	724	728
Borrowings	1,810	1,810	1,770	3,837
Total Liabilities	5,797	5,697	5,981	6,677
Fixed Assets	827	818	951	948
Investments	130	148	158	158
Total Assets	5,797	5,697	5,981	6,677

The balance sheet shows a sharp rise in borrowings from ₹1,770 crore in March 2025 to ₹3,837 crore in March 2026, coinciding with asset growth from ₹5,981 to ₹6,677 crore, indicating aggressive capital deployment likely tied to operations or expansion. However, this has not translated into equity growth or improved solvency, raising concerns about leverage without commensurate asset efficiency or profitability gains.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+140
Investing	-282
Financing	-75
Net Cash Flow	-217

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	90.0%	90.0%	90.0%	90.0%
FII	0.2%	0.2%	0.2%	0.2%
DII	0.1%	0.1%	0.1%	0.1%
Public	0.7%	0.7%	0.7%	0.8%
# Shareholders	71,192	69,854	68,699	67,027

Promoter holding remains stable at 90%, but institutional interest is minimal and declining slightly, with FII shareholding flat at 0.16–0.21% and DII at 0.05–0.07% over the past year. The growing number of public shareholders (67k to 69k) suggests retail interest but limited institutional confidence, with no signs of activist or strategic investor accumulation.

⚖️ Peer Comparison — Fertilizers

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
COROMANDEL	56,782	30.9	21.0%	14.2%	0.07
FACT	52,685	1893.5	9.2%	2.0%	1.29
CHAMBLFERT	16,513	8.6	22.6%	18.5%	0.10
PARADEEP	16,356	15.3	14.5%	15.8%	1.01
GSFC	6,326	9.1	7.4%	5.7%	0.00
RCF	6,320	14.2	12.6%	9.4%	0.58
NFL	3,459	9.5	15.8%	13.4%	0.73
SPIC	1,403	6.8	16.0%	17.1%	0.60
MADRASFERT	1,046	14.7	9.5%	-219.7%	-49.36
ZUARI	971	1.0	50.7%	52.5%	0.34

🔗 Peer Stock Analyses

COROMANDEL CHAMBLFERT PARADEEP GSFC RCF

⚠️ Risk Factors

1) Persistent operational losses and negative ROE (2.0%) signal structural un profitability in a low-margin industry. 2) Rising leverage (D/E 1.29) amid asset growth without equity expansion raises financial stability concerns. 3) No visible turnaround strategy or management guidance on margin recovery or cash flow sustainability. 4) High P/E (1909.7) reflects market skepticism or speculative pricing despite weak fundamentals.

📋 Recent Filings

🧠 Analyst's Read

FACT remains a high-risk, low-visibility entity with no clear path to profitability; investors should monitor quarterly margin trends and any shift in capital allocation strategy, but structural challenges in the fertilizer sector limit near-term upside.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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