Paradeep Phosphates (PARADEEP) Q3 25/26 earnings summary

Executive summary

• Production rose 13% year-over-year in Q3 to 1 million tons, with year-to-date production and sales reaching 2.86 million tons and 3.37 million tons, up 15% and 17% respectively.

• Achieved strong financial growth in Q3 and 9M FY26, driven by increased realizations, volumes, and the MCFL merger, expanding capacity by 23% to 3.7 MMTPA.

• Strategic projects completed include a fifth evaporator and a 1,500 TPD sulfuric acid plant at Paradeep; ongoing backward integration and granulation capacity expansion to 5.0 MMTPA by FY29.

• Company is focused on backward integration, digital outreach, expanding its NPK product portfolio, and strengthening national presence.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved by the Board on February 2, 2026.

Financial highlights

• 9M FY26 total income: Rs. 172,311 million, up 34.1% YoY; EBITDA: Rs. 18,166 million, up 44.7% YoY (margin 10.5%); net profit: Rs. 8,407 million, up 71.6% YoY.

• Q3 FY26 total income: Rs. 57,797 million, up 14.9% YoY; EBITDA: Rs. 5,035 million, up 4.8% YoY (margin 8.7%).

• Standalone revenue for the quarter ended December 31, 2025, was ₹5,748.67 crore, up from ₹4,989.55 crore YoY; nine-month revenue was ₹17,124.37 crore, up from ₹12,764.69 crore.

• EBITDA per ton for Q3 was INR 4,700; YTD EBITDA per ton is INR 5,300.

• Net debt as of December 31 was INR 5,450 crore; working capital debt INR 4,200 crore, long-term debt INR 1,235 crore.

Outlook and guidance

• EBITDA guidance for FY 2026 and FY 2027 is INR 4,500–5,000 per ton, subject to subsidy policy and raw material prices.

• Granulation capacity to reach 5.0 MMTPA by FY29, funded by internal accruals and external debt.

• Sustainable EBITDA per ton expected to improve by 30–35% post full backward integration.

• Management continues to monitor the impact of new Labour Codes and will account for further regulatory changes as needed.