RCF Q4 Results: Standalone Net Profit Surges 160% to ₹188.63 Crore

MUMBAI: Rashtriya Chemicals and Fertilizers Limited (RCF), a Government of India Undertaking, announced its audited standalone financial results for the quarter and year ended March 31, 2026, reporting a stellar 160% jump in standalone net profit to ₹188.63 crore for Q4 FY26.

Standalone Financial Performance – Q4 FY26 (Highlights):

• Net Profit: ₹188.63 crore (vs. ₹72.65 crore in Q4 FY25) – Growth of 159.6%

• Revenue from Operations: ₹5,580.57 crore (vs. ₹3,729.67 crore in Q4 FY25) – Growth of 49.6%

• Total Income: ₹5,648.83 crore

• Profit Before Tax (PBT): ₹277.75 crore

• Earnings Per Share (EPS): ₹3.42 per share (Basic & Diluted)

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Shareholder Reward: Final Dividend Recommended

The Board of Directors recommended a final dividend of ₹1.34 per equity share (face value of ₹10 each) for the financial year 2025-26.

• Interim Dividend Paid: ₹1.00 per share (paid in March 2026)

• Total Dividend for FY26: ₹2.34 per share (23.40% of face value)

• Status: Subject to approval of shareholders at the ensuing Annual General Meeting (AGM)

• Payment: Within 30 days from declaration at the AGM

Standalone Financial Performance – Full Year FY26:

Segment-Wise Performance (Standalone, FY26):

• Fertilizers Segment Revenue: ₹10,912.08 crore

• Industrial Chemicals Segment Revenue: ₹1,627.21 crore

• Trading Segment Revenue: ₹5,925.70 crore

• Segment Results (Profit before Finance Costs & Unallocable): ₹862.46 crore

Consolidated Financial Performance – Full Year FY26:

• Consolidated Net Profit: ₹427.45 crore

• Consolidated Revenue from Operations: ₹18,480.17 crore

• Total Comprehensive Income: ₹500.00 crore

• Net Worth: ₹5,121.20 crore

Key Financial Ratios (Standalone, FY26):

Key Developments & Exceptional Items:

1. TDR Income – Exceptional Gain of ₹45.10 Crore:
During the year, the Company surrendered land admeasuring 7,435.96 sq. mtrs. to the Municipal Corporation of Greater Mumbai (MCGM). Consequently, Development Rights Certificate (TDR) receivable valued at ₹41.04 crore was recognized under exceptional items. Additionally, fair valuation of TDRs received/accrued amounted to ₹4.06 crore. Total exceptional gain for the year stood at ₹45.10 crore.

2. FRBL Resolution Plan – Write-off of Investments (No Financial Impact):
Pursuant to the approval of the Resolution Plan of FACT-RCF Building Products Limited (FRBL) by the Hon'ble NCLT, Kochi Bench, the Company's claims amounting to ₹37.87 crore stood extinguished. Investment in FRBL of ₹35.23 crore and advances of ₹37.87 crore, which were already fully provided for in earlier years, were written off without any additional financial impact. The Company received 2,50,000 equity shares of ₹10 each under the plan.

3. P&K Fertilizers – Price Adversity Subsidy Claim:
In accordance with DoF operational guidelines for import of DAP and TSP, the Company recognized subsidy income over and above the notified NBS rates amounting to ₹928.40 crore for the full year (₹362.61 crore for Q4). Out of this, ₹630.46 crore remains outstanding as on March 31, 2026.

4. Urea Freight Subsidy – Recognition of ₹98.17 Crore:
DoF notified freight subsidy rates for Urea for FY 2021-22 onwards vide OM dated March 9, 2026. The Company recognized subsidy income of approximately ₹98.17 crore in Q4, out of which ₹77.28 crore pertains to earlier periods up to 2024-25.

5. GTG Dispute – High Court Order Impact:
Pursuant to an order dated December 9, 2025 of the Hon'ble Bombay High Court in the GTG dispute, the Company refunded ₹218.46 crore to the LSTK contractor in March 2026 along with applicable interest. Consequently, finance cost for the year includes ₹31.62 crore (₹2.52 crore for Q4) towards the same. The Company has challenged the order.

6. Gas Pooling Dispute – Exposure of ₹204.14 Crore:
The Company has a dispute with GAIL (India) Ltd. regarding non-recognition of EPMC/Spot gas in the gas pool account for urea operations. The cumulative amount recognized as receivable from DoF stands at ₹80.57 crore up to March 2026. Additionally, the Company has disputed GAIL's demand of ₹52.18 crore for FY 2022-23 as against its receivable of ₹71.39 crore. Total exposure is approximately ₹204.14 crore. The matter is under examination by the Department of Fertilizers (DoF).

7. Middle East Crisis – Operational Impact Assessed:
During the quarter, the Company experienced marginal operational disruptions arising from the ongoing Middle East crisis, particularly relating to availability and supply of natural gas. Based on current assessment, no material adverse impact is envisaged on the Company's operations or overall financial position.

8. Credit Ratings (ICRA):

• Commercial Papers: ICRA A1+ / CARE A1+

• Non-Convertible Debentures: ICRA AA / IND AA

• Long Term Bank Lines: ICRA AA

• Short Term Bank Lines: CRISIL A1+

9. Borrowings & Debt Securities:

• Outstanding Long Term Debt as on March 31, 2026: ₹1,955.07 crore

• Net Worth: ₹5,129.54 crore

• The Company issued Unsecured NCDs during FY26 aggregating to ₹995 crore (Series I-2024: ₹300 crore, Series I-2025: ₹300 crore, Series II-2025: ₹395 crore)

10. Board Meeting: The meeting commenced at 11:45 AM and concluded at 3:50 PM on May 21, 2026. The results were reviewed by the Audit Committee and approved by the Board.

About Rashtriya Chemicals and Fertilizers Limited (RCF): RCF is a Government of India Undertaking under the Ministry of Chemicals and Fertilizers. The Company is primarily engaged in the production and supply of various grades of fertilizers for agricultural use, production of industrial chemicals, and trading of fertilizers imported/locally sourced. RCF operates its manufacturing units at Trombay (Mumbai) and Thal (Raigad, Maharashtra).