India Fertilizer Stocks 2026: CHAMBLFERT, Coromandel, GSFC, Deepak Ranked

India's fertilizer sector sits at the intersection of food security policy and global commodity cycles. Urea prices, phosphate imports, government subsidy disbursals, and monsoon patterns all shape earnings. After a volatile FY25, how do the five key listed fertilizer companies stack up in FY26? We rank them using live data from NSE/BSE audited filings — no estimates, no extrapolations.

Data pulled: July 10, 2026 — price, ROCE, ROE, EBITDA margin, PAT margin, revenue, PAT, debt-to-equity, P/E, market cap, 52-week range.

At a Glance: FY26 Snapshot

Source: DocStoX data — NSE/BSE audited filings as of July 10, 2026. All revenue and PAT figures in ₹ crore.

1. Chambal Fertilisers (CHAMBLFERT) — Best ROCE & ROE in the Group

Chambal Fertilisers is the standout performer on capital efficiency. Its ROCE of 26% is the highest in this five-stock peer group, and its ROE of 20.4% confirms it earns well above the cost of equity. Revenue came in at ₹20,794 crore with PAT of ₹1,953 crore, giving a PAT margin of 9.4% — second only to Coromandel's scale advantage.

The balance sheet is lean: D/E of 0.10, meaning the company operates almost debt-free relative to equity. At a P/E of just 9.3×, Chambal trades at a significant discount to peers like Coromandel (31.2×) and Deepak Fertilisers (26.1×), which may reflect subdued near-term urea volume expectations, but also prices in limited downside risk.

Chambal's 5-year ROCE track record is consistent: ROE has held at 20% for five years per DocStoX data. This consistency, combined with the lowest valuation multiple in the group, makes it a candidate for value-oriented screens.

2. Coromandel International (COROMANDEL) — Scale Leader with Strong Returns

Coromandel is the largest company in this group by market cap (₹61,019 crore) and by revenue (₹31,480 crore). It also commands the highest PAT at ₹1,898 crore, though Chambal edges it slightly on an absolute basis. ROCE of 23% and ROE of 17% are both solid — not quite Chambal's levels, but backed by a more diversified model spanning phosphatic fertilizers, crop protection, and biologicals.

Coromandel holds a ~40% share in unique-grade fertilizer sales and is India's second-largest phosphatic fertilizer seller. Its crop protection business — anchored by 60+ brands and ~37% export revenue — adds earnings stability. The 10-year ROE average of 22% (per growth metrics data) is exceptional in a commodity-adjacent business.

The premium P/E of 31.2× reflects this track record, but it also leaves less margin of safety if subsidy disbursals or raw material costs turn adverse in FY27.

3. Deepak Fertilisers (DEEPAKFERT) — Highest EBITDA Margin, Premium Valuation

Deepak Fertilisers earns an EBITDA margin of 15% — the highest in this group — which reflects its technical ammonium nitrate (TAN) and specialty chemicals exposure, not just commodity fertilizers. PAT of ₹739 crore on revenue of ₹11,506 crore gives a PAT margin of 6.4%.

However, ROCE of 12% and ROE of 11.3% lag behind Chambal and Coromandel, even as the stock trades at 26.1× earnings. The D/E of 0.83 is the second highest in this group, reflecting capital deployment into new capacity. The 5-year stock price CAGR of 29% rewards investors who bought during the commodity upcycle; whether that momentum sustains at current valuations is the key question.

4. GSFC — Debt-Free, Low Returns

Gujarat State Fertilizers & Chemicals (GSFC) is notable for one fact: zero debt. A D/E of 0.00 is exceptional for an industry that routinely runs leverage. But that cleanliness comes with low returns — ROCE of 7% and ROE of 5.5% suggest the capital employed isn't working hard enough. EBITDA margin of 7% is thin.

At a P/E of 9.5× and a dividend yield of 3.11% (highest in the group), GSFC functions more like a yield play for income-seeking investors than a growth compounder. The stock has fallen 22% over the past year (52-week high: ₹220.59; current price: ₹160.90), reflecting weak earnings momentum.

5. National Fertilizers (NFL) — PSU with Thin Margins

NFL is a government-owned urea manufacturer. Revenue of ₹21,514 crore sounds impressive for a ₹3,623 crore market cap company, but PAT of just ₹211 crore highlights razor-thin margins: PAT margin of 0.98% and EBITDA margin of 4%. Urea pricing is regulated, which caps NFL's upside directly.

D/E of 1.4 is the highest in the group. ROCE of 9% and ROE of 7.6% trail private-sector peers. NFL's strengths are policy-backed revenue visibility and a 2.1% dividend yield. It's not a return compounder — it's a defensive, government-linked revenue stream.

ROCE & Margin Rankings — Summary

Key Sector Tailwinds and Risks for FY27

Tailwinds: A normal monsoon boosts fertilizer demand. The government's push on food security keeps urea subsidy pipelines active. Players with crop protection and specialty chemical exposure (Coromandel, Deepak) benefit from premiumisation in agri-inputs. Chambal's consistent 20%+ ROE track record suggests durable competitive positioning in urea distribution.

Risks: Global phosphate and ammonia prices are volatile — a spike raises raw material costs for phosphatic players like Coromandel and Chambal. Subsidy disbursal delays are a perennial working-capital headache, especially for PSU players like NFL. Regulatory pricing on urea limits NFL's and GSFC's earning potential regardless of operational efficiency improvements.

Valuation Lens: Who's Cheap, Who's Priced for Growth?

Chambal Fertilisers at 9.3× P/E looks cheapest relative to its 26% ROCE — a rare combination in Indian industrials. GSFC at 9.5× P/E reflects structural ROE weakness, not deep value. Coromandel's 31.2× P/E is a premium for a demonstrated compounder with a 22% ten-year ROE average. Deepak at 26.1× bets on the specialty chemical thesis materialising into better ROCE.

The sector as a whole tends to re-rate during kharif season optimism (June–August) and de-rate when subsidy receivables balloon. Position sizing and entry timing matter as much as stock selection here.

Disclaimer

This is for informational purposes only and not investment advice. All figures sourced from DocStoX data — NSE/BSE audited filings as of July 10, 2026. Past performance is not indicative of future results. Please consult a SEBI-registered advisor before investing.