Indian Potash Ltd

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	836	Visit
★★★★☆	₹2,600	703	Visit
★★★★★☆	₹2,700	472	Visit
★★★★★☆	₹2,800	993	Visit
★★★★☆☆	₹2,900	675	Visit

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★★★★☆

LTP:₹2,100

Min Qty:179

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★★★★☆

LTP:₹2,600

Min Qty:13

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★★★★★☆

LTP:₹2,700

Min Qty:889

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★★★★★☆

LTP:₹2,800

Min Qty:987

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★★★★☆☆

LTP:₹2,900

Min Qty:204

Strengths & Weaknesses

Strengths

Dominance in Fertiliser Trading Market: India's Muriate of Potash (MOP) trade is dominated by the company, controlling a whopping 69% of all MOP imports in the FY22. Additionally, due to higher domestic demand for urea compared to its production, IPL acts as an import agent on behalf of the Ministry of Fertilizer.

Resilient Profitability Amid Revenue Dip: While revenue dropped by 37.8% in FY24 and remained flat in FY25 at ₹20,688 Cr, IPL maintained a healthy Operating Profit of ₹1,082 Cr and improved operating margins to 5.2% in FY25 — the highest in 7 years, showing strong cost control and pricing power.

Future Business Diversification: IPL’s diversification continues with expansion into sugar, cattle feed, and dairy. The ₹1,341 Cr acquisition of a sugar/distillery plant in Odisha is already reflecting in the increased fixed assets from ₹1,149 Cr (FY22) to ₹2,149 Cr in FY25.

Weaknesses

Price and Forex Risk: IPL has a significant amount of outstanding debts and letters of credit denominated in US dollars and euros. If the Indian rupee weakens considerably, this could lead to substantial losses due to forex conversion.

Increase in Borrowings: The long-term borrowings have increased from 4,449.69 Cr in FY24 to 5,191.99 Cr in FY25

Balance Sheet	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	28.6	28.6	28.6	28.6	28.6	28.6	28.6
Reserves	11,292.89	9,487.6	8,211.2	6,097.7	4,478.2	3,631.8	3,217.5
Total Equity	11,321.5	9,516.2	8,239.8	6,126.3	4,506.8	3,660.4	3,246.1
Borrowings	71.8	124.9	124.6	47.8	69.1	97.5	292.5
Other Non-Current Liabilities	1,323.6	1,084.2	897.6	226.3	51.8	66.9	50.2
Total NC Liabilities	1,395.37	1209.1	1,022.2	274.1	120.9	164.4	342.7
Borrowings	5,191.99	4449.6	3,839.2	5,496.6	2,707.7	3,575.4	2,851.5
Other Current Liabilities	4,201.0	2,446.3	5,963.6	9,481.2	3,050.5	4,181.6	4,034.5
Total Current Liabilities	9,392.99	6896.0	9,802.8	14,977.9	5,758.3	7,757.0	6,886.0
Equity + Liabilities	22,109.9	17,621.4	19,064.8	21,378.2	10,385.9	11,581.8	10,474.8
Fixed Assets (incl. WIP)	2149.09	1538.8	5,791.3	1,148.7	1,059.1	955.6	842.1
Other Non Current Assets	8,723.54	5838.4	488.4	3,037.8	1,933.1	1,470.6	1,492.1
Total NC Assets	10,872.63	7,377.2	6,279.7	4,186.5	2,992.1	2,426.2	2,334.2
Trade Receivables	4,507.11	3669.7	5,454.4	1,900.2	3,066.6	5,408.4	4,301.9
Cash & Cash Equivalents	421.06	613.6	1,400.7	5,110.2	1,224.9	542.4	753.5
Other Current Assets	6,309.1	5,960.8	5,930.0	10,181.4	3,102.3	3,204.8	3,085.1
Total Current Assets	11,237.22	10,244.1	12,785.1	17,191.7	7,393.8	9,155.6	8,140.5
Total Assets	22,109.9	17,621.4	19,064.8	21,378.2	10,385.9	11,581.8	10,474.8

Profit & Loss	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	20,688.91	20,946.4	33,323.0	18,503.5	16,303.9	14483.4	15430.1
Growth %	-1%	-37%	80%	13%	13%	-6%	0
Operating Expenses	19606.53	20,546.0	32,241.45	17,726.04	15,617.17	13,847.14	14,895.31
Growth %	-5%	-36%	82%	14%	13%	-7%	0
Operating Profit	1,082.4	400.5	1,081.6	777.5	686.7	636.2	534.8
Op. Profit Margin %	5.2%	1.9%	3.2%	4.2%	4.2%	4.4%	3.5%
Other Income + share of net profits from investments	2172.04	2,257.2	2,369.6	1,419.2	621.8	231.8	436.8
Finance Costs	499.42	383.76	695.8	118.1	151.1	253.8	283.8
Depreciation	68.37	60.7	47.7	46.4	51.2	52.3	42.5
Profit Before Tax	2,686.6	2,213.2	2,707.7	2,032.1	1,106.2	561.84	645.3
Tax	1,025.28	955.3	833.3	414.5	253.6	184.8	191.0
Tax %	38%	43%	31%	20%	23%	33%	30%
Profit After Tax	1,661.4	1,257.8	1,874.4	1,617.7	852.6	377.1	454.3
Growth %	32.1%	-32.9%	15.9%	89.7%	126.1%	-17.0%	0
PAT %	8%	6%	6%	9%	5%	3%	3%
Diluted EPS	580.95	439.84	655.46	565.67	298.1	131.9	158.9

Shareholding Pattern

Color	Shareholder	Holding
	Indian Farmers Fertilisers Cooperative Ltd	33.99
	Gujarat State Co-operative Marketing Federation Limited	10.45
	Gujarat State Fertilisers and Chemicals Limited	7.87
	Andhra Pradesh State Cooperative Marketing Federation Limited	6.23
	Madras Fertilisers Limited	5.54
	Others	35.92

Fundamentals

Quick Insights

Dominance in Fertiliser Trading Market: India's Muriate of Potash (MOP) trade is dominated by the company, controlling a whopping 69% of all MOP imports in the FY22. Additionally, due to higher domestic demand for urea compared to its production, IPL acts as an import agent on behalf of the Ministry of Fertilizer.
Resilient Profitability Amid Revenue Dip: While revenue dropped by 37.8% in FY24 and remained flat in FY25 at ₹20,688 Cr, IPL maintained a healthy Operating Profit of ₹1,082 Cr and improved operating margins to 5.2% in FY25 — the highest in 7 years, showing strong cost control and pricing power.
Future Business Diversification: IPL’s diversification continues with expansion into sugar, cattle feed, and dairy. The ₹1,341 Cr acquisition of a sugar/distillery plant in Odisha is already reflecting in the increased fixed assets from ₹1,149 Cr (FY22) to ₹2,149 Cr in FY25.

Market Cap₹9,851.74 Cr

PE Ratio5.93

EPS₹580.95

Dividend YieldNA%

Book Value₹3,958.95

Debt/Equity0.46

Price/Book0

Industry PENA

Sales₹20946.4 Cr

Profit After Tax₹1661.4 Cr

ISININE863S01015

SectorChemicals

About Company

Incorporated in 1955 as the Indian Potash Supply Agency (IPSA) for importing and promoting potash fertilisers across India, the company was rebranded as IPL in 1971.

Today, IPL's majority ownership is held by co-operatives (70.21%) and public sector entities (20.55%), with Indian Farmers Fertilisers and Chemicals Limited (IFFCO) as the largest shareholder at 33.99%. IPL imports and distributes major fertilisers such as MOP, DAP, and urea, along with other complex fertilisers like Sulphate of Potash, Rock Phosphate, and Gypsum. Additionally, IPL serves as a canalising agent for the Indian government in the importation of urea.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	627	Visit
★★★★☆	₹2,600	759	Visit
★★★★★☆	₹2,700	296	Visit
★★★★★☆	₹2,800	920	Visit
★★★★☆☆	₹2,900	858	Visit

Quick Insights

Dominance in Fertiliser Trading Market: India's Muriate of Potash (MOP) trade is dominated by the company, controlling a whopping 69% of all MOP imports in the FY22. Additionally, due to higher domestic demand for urea compared to its production, IPL acts as an import agent on behalf of the Ministry of Fertilizer.
Resilient Profitability Amid Revenue Dip: While revenue dropped by 37.8% in FY24 and remained flat in FY25 at ₹20,688 Cr, IPL maintained a healthy Operating Profit of ₹1,082 Cr and improved operating margins to 5.2% in FY25 — the highest in 7 years, showing strong cost control and pricing power.
Future Business Diversification: IPL’s diversification continues with expansion into sugar, cattle feed, and dairy. The ₹1,341 Cr acquisition of a sugar/distillery plant in Odisha is already reflecting in the increased fixed assets from ₹1,149 Cr (FY22) to ₹2,149 Cr in FY25.

Market Cap₹9,851.74 Cr

PE Ratio5.93

EPS₹580.95

Dividend YieldNA%

Book Value₹3,958.95

Debt/Equity0.46

Price/Book0

Industry PENA

Sales₹20946.4 Cr

Profit After Tax₹1661.4 Cr

ISININE863S01015

SectorChemicals

About Company

Strengths

Weaknesses

Increase in Borrowings: The long-term borrowings have increased from 4,449.69 Cr in FY24 to 5,191.99 Cr in FY25

Annual Reports

FY25 FY24 FY23 FY22 FY21 FY20

Balance Sheet	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Equity Capital	28.6	28.6	28.6	28.6	28.6	28.6	28.6
Reserves	11,292.89	9,487.6	8,211.2	6,097.7	4,478.2	3,631.8	3,217.5
Total Equity	11,321.5	9,516.2	8,239.8	6,126.3	4,506.8	3,660.4	3,246.1
Borrowings	71.8	124.9	124.6	47.8	69.1	97.5	292.5
Other Non-Current Liabilities	1,323.6	1,084.2	897.6	226.3	51.8	66.9	50.2
Total NC Liabilities	1,395.37	1209.1	1,022.2	274.1	120.9	164.4	342.7
Borrowings	5,191.99	4449.6	3,839.2	5,496.6	2,707.7	3,575.4	2,851.5
Other Current Liabilities	4,201.0	2,446.3	5,963.6	9,481.2	3,050.5	4,181.6	4,034.5
Total Current Liabilities	9,392.99	6896.0	9,802.8	14,977.9	5,758.3	7,757.0	6,886.0
Equity + Liabilities	22,109.9	17,621.4	19,064.8	21,378.2	10,385.9	11,581.8	10,474.8
Fixed Assets (incl. WIP)	2149.09	1538.8	5,791.3	1,148.7	1,059.1	955.6	842.1
Other Non Current Assets	8,723.54	5838.4	488.4	3,037.8	1,933.1	1,470.6	1,492.1
Total NC Assets	10,872.63	7,377.2	6,279.7	4,186.5	2,992.1	2,426.2	2,334.2
Trade Receivables	4,507.11	3669.7	5,454.4	1,900.2	3,066.6	5,408.4	4,301.9
Cash & Cash Equivalents	421.06	613.6	1,400.7	5,110.2	1,224.9	542.4	753.5
Other Current Assets	6,309.1	5,960.8	5,930.0	10,181.4	3,102.3	3,204.8	3,085.1
Total Current Assets	11,237.22	10,244.1	12,785.1	17,191.7	7,393.8	9,155.6	8,140.5
Total Assets	22,109.9	17,621.4	19,064.8	21,378.2	10,385.9	11,581.8	10,474.8

Profit & Loss	FY25	FY24	FY23	FY22	FY21	FY20	FY19
Revenue from Operations	20,688.91	20,946.4	33,323.0	18,503.5	16,303.9	14483.4	15430.1
Growth %	-1%	-37%	80%	13%	13%	-6%	0
Operating Expenses	19606.53	20,546.0	32,241.45	17,726.04	15,617.17	13,847.14	14,895.31
Growth %	-5%	-36%	82%	14%	13%	-7%	0
Operating Profit	1,082.4	400.5	1,081.6	777.5	686.7	636.2	534.8
Op. Profit Margin %	5.2%	1.9%	3.2%	4.2%	4.2%	4.4%	3.5%
Other Income + share of net profits from investments	2172.04	2,257.2	2,369.6	1,419.2	621.8	231.8	436.8
Finance Costs	499.42	383.76	695.8	118.1	151.1	253.8	283.8
Depreciation	68.37	60.7	47.7	46.4	51.2	52.3	42.5
Profit Before Tax	2,686.6	2,213.2	2,707.7	2,032.1	1,106.2	561.84	645.3
Tax	1,025.28	955.3	833.3	414.5	253.6	184.8	191.0
Tax %	38%	43%	31%	20%	23%	33%	30%
Profit After Tax	1,661.4	1,257.8	1,874.4	1,617.7	852.6	377.1	454.3
Growth %	32.1%	-32.9%	15.9%	89.7%	126.1%	-17.0%	0
PAT %	8%	6%	6%	9%	5%	3%	3%
Diluted EPS	580.95	439.84	655.46	565.67	298.1	131.9	158.9

Shareholding Pattern

Color	Shareholder	Holding
	Indian Farmers Fertilisers Cooperative Ltd	33.99
	Gujarat State Co-operative Marketing Federation Limited	10.45
	Gujarat State Fertilisers and Chemicals Limited	7.87
	Andhra Pradesh State Cooperative Marketing Federation Limited	6.23
	Madras Fertilisers Limited	5.54
	Others	35.92

Board of Directors

Shri. Pankaj Kumar Bansal, IASChairman

Shri. Kamal Dayani, IASDirector

Shri. Manoj Kumar JainDirector

Thiru. Siva MuthukkumarasamyDirector

Shri. Sony SebastianDirector

Shri. Arvind Kumar KadyanDirector

Shri. Santosh Kumar Dash, OAS (SS)Director

Shri. Manish GuptaDirector

Shri. Rakesh KapurDirector

Shri. Dileep SanghaniDirector

Dr. U. S. AwasthiDirector

Shri. Alok Kumar Singh, IASDirector

Shri. Kumar Amit, IASDirector

Dr. P. S. GahlautManaging Director

Shri. Sudhir BhargavaIndependent Director

Ms. Vandana ChananaIndependent Director

Senior Management

Dr. P. S. GahlautManaging Director

Shri. R. SrinivasanChief Financial Officer

Dr. Girish KumarCompany Secretary