Small Fertilizers
Market Cap
₹5,987 ₹5,987 Cr.
P/E
30.44
PEG
4.48
PEG = P/E ÷ 5yr forward EPS CAGR
5yr forward EPS CAGR thesis · Base case

The base case depends on the expanded NPK/DAP capacity reaching high utilization while trading fertilizer volumes expand without unduly diluting margins.

The bull path requires manufacturing utilization near its disclosed ceiling plus strong trading conversion; the bear path is a shortfall in both, with trading revenue and subsidy receivables as the key swing factors.

Monitor the trading conversion disclosure and subsidy receivables as the primary revision triggers.

Get your Reports on Demand
Get detailed, analyst-grade reports with actionable insights to make informed investment decisions.
  Flat 20% OFF
 for Tijori Premium Users
  Flat 20% OFF  for Tijori Premium Users
5Y Revenue & EBITDA Estimates
KEY TRIGGERS TO WATCH
  • The base case depends on the expanded NPK/DAP capacity reaching high utilization while trading fertilizer volumes expand without unduly diluting margins.
  • The bull path requires manufacturing utilization near its disclosed ceiling plus strong trading conversion; the bear path is a shortfall in both, with trading revenue and subsidy receivables as the key swing factors.
  • Monitor the trading conversion disclosure and subsidy receivables as the primary revision triggers.
Bear : 0.4% CAGR • ₹186 Cr
Base: 5.4% CAGR • ₹236 Cr
Bull: 9.5% CAGR • ₹286 Cr
Buy Report $5
Management Credibility Report
TRACK RECORD
  • Management is credible on capacity-led operating delivery and broad revenue direction, having leveraged a delayed plant into scale.
  • The weak spot is precision: project calendars slip and margin/cash-cycle promises land at the lower bound or below.
  • The split reflects a bias to call operational normalization early, before clean product-level proof is available.
Met : 3
Progress: 3
Missed : 1
Buy Report $5
WORST-CASE SCENARIO
  • Related-party optionality up to ₹1,400 Cr is the dominant governance concern, with unsecured, on-demand loans and no external valuation support.
  • The business runs on a receivables-funded model: cash covers only a fraction of short-term borrowings, making collections the real earnings test.
  • The existential scenario is a compound shock of subsidy delays, receivable non-collection and lender tightening, which could trigger a liquidity event despite accounting profitability.
High Risk : 1
Medium Risk : 10
Low Risk : 6
Buy Report $5
Powered By
Ideas Dashboard
Results
Timeline
Watchlist
Portfolio
Alerts
Stock Screener
Market
Raw Material