Rashtriya Chemicals & Fertilizers Ltd (RCF)

Chemicals · Fertilizers · NSE · Updated 2 September 2026

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

₹114.55 ↓ 27.06% (1Y)

🎯 Key Takeaways

Rashtriya Chemicals & Fertilizers Ltd (RCF) is transitioning from a traditional fertilizer-focused entity into a diversified chemicals and renewable energy player, marked by strategic expansions into new sectors and capital-raising initiatives. Management is actively reshaping the company's profile through debt issuance, public offerings, and operational diversification, signaling a deliberate shift toward long-term growth in non-traditional chemical and infrastructure-linked segments.
Revenue declined 35.7% QoQ to ₹3,586 in Q1FY27.
⚠️ The company faces ongoing financial pressure from unresolved subsidy claims of approximately ₹217.50 crore and a disputed gas pooling case involving ₹

Market Cap

₹6,320

P/E Ratio

14.2

P/B Ratio

1.33

ROE

9.4%

ROCE

12.6%

Debt/Equity

0.58

Div Yield

1.17%

Promoter

75.0%

✨ Ask AI About RCF 📊 Interactive Charts

📖 The Story

Rashtriya Chemicals & Fertilizers Ltd (RCF) is transitioning from a traditional fertilizer-focused entity into a diversified chemicals and renewable energy player, marked by strategic expansions into new sectors and capital-raising initiatives. Management is actively reshaping the company's profile through debt issuance, public offerings, and operational diversification, signaling a deliberate shift toward long-term growth in non-traditional chemical and infrastructure-linked segments.

📰 What's Happening

In May 2026, RCF's board approved audited financial results for FY26, recommending a final dividend of ₹1.34 per share and appointing cost auditors, while highlighting unresolved gas pooling disputes and pending ₹217.50 crore in subsidy claims. The company resolved an insolvency matter involving its JV FRBL, extinguishing ₹37.87 crore in unsecured claims and de-consolidating the entity. In July 2026, it approved a ₹1,500 crore public offering pending shareholder and government approvals, and amended its MoA to expand into renewable energy, water management, and agro-chemicals. Additionally, in August 2026, the board cleared a proposal to raise up to ₹11,00 crore via NCDs through private placement, targeting completion within 12 months. These moves reflect a strategic pivot toward capital-intensive growth areas beyond conventional fertilizers.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	3,371	5,293	4,236	5,581	3,586
Operating Profit	91	145	169	244	137
OPM %	2.7%	2.7%	4.0%	4.4%	3.8%
Net Profit	54	105	81	187	74
EPS	₹0.99	₹1.91	₹1.47	₹3.38	₹1.33

Revenue has shown volatility over the past year, peaking at ₹5,581 crore in March 2026 before declining to ₹3,586 crore by June 2026, indicating seasonality and possible softness in core fertilizer demand. Profitability trends mirror this pattern, with net profit dropping from ₹187 crore in Q4FY26 to ₹74 crore in Q1FY27, despite stable operating margins around 3.8–4.4%. The sharp decline in EPS from ₹3.38 to ₹1.33 over the same period suggests earnings pressure, likely due to lower volumes or pricing. While margins remain modest, the financial performance underscores a business in transition, with seasonal fluctuations and a need for structural repositioning to sustain growth.

🔮 Management Outlook & What's Next

Management has articulated an explicit strategy to diversify into renewable energy, water management, and agro-chemicals through amendments to its memorandum of association, supported by upcoming capital-raising plans including a ₹1,500 crore public offering and a ₹11,00 crore NCD issuance. These initiatives are framed as long-term investments to reduce dependence on traditional fertilizer markets and capture growth in strategic sectors. While specific financial targets or timelines for these new ventures were not detailed in the filings, the repeated emphasis on capital deployment and structural expansion indicates a clear intent to reposition RCF as a broader chemical and infrastructure player with ambitions beyond commodity agriculture inputs.

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

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	552	552	552	552
Reserves	4,070	4,194	4,370	4,570
Borrowings	2,762	2,752	2,778	4,128
Total Liabilities	12,005	11,267	13,302	16,701
Fixed Assets	2,611	2,901	3,081	3,290
Investments	1,179	1,099	1,299	1,380
Total Assets	12,005	11,267	13,302	16,701

The balance sheet shows a significant rise in total assets from ₹11,267 crore in March 2025 to ₹16,701 crore in March 2026, driven by growth in reserves and borrowings, which increased from ₹2,752 crore to ₹4,128 crore over the same period. Despite this, equity remains flat at ₹552 crore, suggesting that asset growth is being funded predominantly through debt and retained earnings rather than equity dilution. The debt-to-equity ratio improved slightly to 0.58 from prior levels, but the planned ₹11,00 crore NCD issuance and ₹1,500 crore public offering could further increase leverage. This indicates an aggressive capital deployment strategy, likely aimed at funding expansion into new sectors, though it raises near-term scrutiny on leverage and cash flow sustainability.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+2,364
Investing	-681
Financing	-853
Net Cash Flow	+831

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%	75.0%
FII	2.3%	2.5%	2.6%	2.4%
DII	0.3%	0.4%	0.4%	0.3%
Public	19.6%	19.5%	19.4%	19.6%
# Shareholders	3,53,478	3,43,881	3,39,059	3,34,914

Promoter holding remains stable at 75% across all reporting periods, signaling continued confidence from the promoter group. In contrast, Foreign Institutional Investors (FII) have shown marginal accumulation, increasing their stake from 2.31% in Q2FY26 to 2.6% in Q4FY26, while Domestic Institutional Investors (DII) rose from 0.33% to 0.42%. Public shareholding has slightly declined from 19.64% to 19.43%, but the number of shareholders has grown steadily, suggesting retail participation is expanding. There are no signs of significant institutional exit, and the modest rise in FII/DII participation may reflect early positioning ahead of the proposed public offering and strategic shift.

⚖️ 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 FACT CHAMBLFERT PARADEEP GSFC

⚠️ Risk Factors

1. The company faces ongoing financial pressure from unresolved subsidy claims of approximately ₹217.50 crore and a disputed gas pooling case involving ₹123.57 crore, which could impact working capital and profitability. 2. The proposed ₹1,500 crore public offering and ₹11,00 crore NCD issuance introduce execution and market risk, particularly in a volatile interest rate environment, with potential to increase leverage beyond comfortable levels. 3. Diversification into renewable energy and water management requires new operational expertise and capital deployment, with no proven track record in these areas, raising execution and timing risks. 4. Core fertilizer margins remain under pressure, as evidenced by declining revenue and profitability in recent quarters, which may limit near-term cash generation to support new ventures.

📋 Recent Filings

🧠 Analyst's Read

RCF is in the midst of a strategic transformation, shifting from a traditional fertilizer producer to a diversified chemical and infrastructure player through targeted capital raises and structural expansions. While promoter confidence remains high and institutional interest is gradually increasing, the company's financial performance shows signs of core business softness, and new initiatives carry significant execution and funding risks. Investors should monitor the progress of the public offering, utilization of raised funds, and resolution of subsidy and gas-related disputes as key near-term catalysts.

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

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on RCF

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.

📡 Get AI alerts when RCF files new disclosures

Track RCF filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track RCF — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd