1. Opening Hook
When sulphur prices decide to behave like crypto and the dollar plays musical chairs, most companies panic. Rama Phosphates decided to post its second-highest-ever quarterly profit instead. Classic fertilizer sector energy—dirty inputs, clean numbers.
Q3 FY26 came with record chemical revenues, SSP volumes flexing hard, and management confidently saying, “Yes, we can handle volatility.” Somewhere, a cost accountant is still crying softly in a corner.
Between Dhule CAPEX, SSP dominance dreams, and margin expansion despite raw material chaos, this concall quietly turned spicy.
Stick around—because the real story isn’t just growth. It’s how they pulled it off without blowing up the balance sheet. Things get interesting later. 😏
2. At a Glance
- Revenue up 33% – Apparently sulphur tantrums didn’t get the memo.
- EBITDA up 134% – Operating leverage finally showed its PhD degree.
- PAT up 283% – Profits didn’t just grow; they sprinted.
- EPS up 283% – Minority shareholders finally felt noticed.
- 9M PAT up 462% – Last year’s base is now a distant memory.
- Debt still chill – Growth without leverage drama? Rare species spotted.
3. Management’s Key Commentary
“We
delivered robust financial performance despite volatility in sulphur prices.”
(Translation: Raw material prices tried to kill us. They failed.) 😏
“Chemical and fertilizer segment achieved its highest-ever quarterly turnover.”
(Translation: Diversification wasn’t just PowerPoint decoration.)
“HURL SSP contract renewal of ~1 lakh MT ensures revenue stability.”
(Translation: PSU contracts = predictable cash, boring but beautiful.)
“Forex volatility was managed efficiently.”
(Translation: Treasury team earned their salaries this quarter.)
“All recently launched products received tremendous market response.”
(Translation: Dealers didn’t ghost us this time.)
“Dhule Phase-1 is on track; trial production by end of Q4 FY26.”
(Translation: CAPEX promises—execution clock officially ticking.)
4. Numbers Decoded
Metric Q3 FY26 YoY Change
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Revenue ₹23,800 L +33%
EBITDA ₹2,414 L +134%
EBITDA Margin ~10.1% Expanded sharply
PAT ₹1,403