Company research memos

55 hand-built midcap memos. Filter by verdict, industry, or company. Short news desk notes live under News.

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12 memos of 55

buy

CHAMBLFERT · Fertilizers

Chambal: urea efficiency, P&K trading, and TAN optionality at a cyclical multiple

FY25 PAT rose 24% while the stock sits near 52-week lows; base FY27E PAT × P/E implies ~₹474 vs ₹399 reference.

24 min · Yesterday

neutralCOROMANDEL• Fertilizers

Coromandel International

Coromandel: phosphatic integration and crop protection at a full multiple

Kakinada acid plants and NACL expand the moat; at ₹1,764 base FY27E offers ~8% upside, not yet a Buy.

25 min · Yesterday

neutralDEEPAKFERT• Fertilizers

Deepak Fertilisers and Petrochemicals Corporation

Deepak Fertilisers: integrated TAN, IPA, and Mahadhan at a capex crossroads

Jun 2026 margin spike flattered TTM earnings; at ₹1,301 base FY27E offers ~9% upside, not yet a Buy.

24 min · Yesterday

avoidFACT• Fertilizers

Fertilizers and Chemicals Travancore

FACT: regulated fertilizer margins at a commodity-cycle trough

Phosphoric acid broke Factamfos in FY25; ₹735 prices in a recovery the base case does not yet see.

22 min · Yesterday

neutralGNFC• Fertilizers

Gujarat Narmada Valley Fertilizers & Chemicals

GNFC: Bharuch chemicals recovery and urea policy at a single-digit multiple

TTM PAT rebounded on TDI and nitric acid spreads; at ₹589 base FY27E offers ~8% upside, not yet a Buy.

24 min · Yesterday

neutralGSFC• Fertilizers

Gujarat State Fertilizers & Chemicals

GSFC: caprolactam cycle and PSU dividend yield at book discount

TTM PAT held near ₹693 cr on treasury-backed other income; at ₹147 base FY27E offers ~1% upside, not yet a Buy.

24 min · Yesterday

neutralMANGCHEFER• Fertilizers

Mangalore Chemicals & Fertilizers

Mangalore Chemicals: west-coast urea and Paradeep merger optionality at a full multiple

Q1 FY26 PAT rebounded but trailing P/E embeds integration hope; at ₹309 base FY27E offers ~38% downside, not a Buy.

25 min · Yesterday

neutralNFL• Fertilizers

National Fertilizers

National Fertilizers: Navratna urea scale at a reimbursement crossroads

TTM PAT rebounded on seasonal quarters but FY26 CFO was negative; at ₹63.8 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday

neutralPARADEEP• Fertilizers

Paradeep Phosphates

Paradeep Phosphates: OCP-backed integration at a leverage crossroads

TTM PAT crossed ₹1,000 cr on acid debottlenecking; at ₹151 base FY27E offers ~5% downside, not yet a Buy.

25 min · Yesterday

neutralRCF• Fertilizers

Rashtriya Chemicals & Fertilizers

RCF: Trombay-Thal urea and industrial chemicals at a reimbursement crossroads

TTM PAT rebounded on Mar 2026 quarter strength; at ₹107 base FY27E offers ~6% upside, not yet a Buy.

24 min · Yesterday

neutralZUARI• Fertilizers

Zuari Agro Chemicals

Zuari Agro Chemicals: Paradeep stake marks at a holding company discount

Sep 2025 fair value drove TTM PAT; at ₹213 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday

neutralZUARIIND• Fertilizers

Zuari Industries

Zuari Industries: Adventz holding discount versus fertilizer NAV

Quoted stakes exceed market cap but FY26 PAT is lumpy; at ₹282 base FY27E offers ~7% downside, not yet a Buy.

25 min · Yesterday