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Indian Potash Unlisted Shares
DRHP Status : Not Filed
2720
Fundamentals About Indian Potash
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Indian Potash
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 16304 | 18504 | 33323 | 20946 |
| Cost of Material Consumed | 13270 | 19037 | 27744 | 17810 |
| Gross Margins | 18.61 | -2.88 | 16.74 | 14.97 |
| Change in Inventory | -66 | -3418 | 2052 | 231 |
| Employee Benefit Expenses | 91 | 97 | 114 | 130 |
| Other Expenses | 2322 | 2010 | 2331 | 2374 |
| EBITDA | 687 | 778 | 1082 | 401 |
| OPM | 4.21 | 4.2 | 3.25 | 1.91 |
| Other Income | 622 | 1419 | 2369 | 2257 |
| Finance Cost | 151 | 118 | 696 | 384 |
| D&A | 51 | 46 | 48 | 61 |
| EBIT | 636 | 732 | 1034 | 340 |
| EBIT Margins | 3.9 | 3.96 | 3.1 | 1.62 |
| PBT | 1107 | 2033 | 2707 | 2213 |
| PBT Margins | 6.79 | 10.99 | 8.12 | 10.57 |
| Tax | 254 | 415 | 833 | 955 |
| PAT | 853 | 1618 | 1874 | 1258 |
| NPM | 5.23 | 8.74 | 5.62 | 6.01 |
| EPS | 298.36 | 565.93 | 655.47 | 439.86 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 4.21 | 4.2 | 3.25 | 1.91 |
| Net Profit Margin | 5.23 | 8.74 | 5.62 | 6.01 |
| Earning Per Share (Diluted) | 298.36 | 565.93 | 655.47 | 439.86 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 872 | 882 | 1221 | 1213 |
| CWIP | 93 | 157 | 24 | 217 |
| Investments | 1868 | 6185 | 4906 | 5784 |
| Trade Receivables | 3067 | 1900 | 5454 | 3670 |
| Inventory | 2632 | 6067 | 4013 | 3792 |
| Other Assets | 1854 | 6187 | 3447 | 2945 |
| Total Assets | 10386 | 21378 | 19065 | 17621 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 28.59 | 28.59 | 28.59 | 28.6 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 4478 | 6098 | 8211 | 9488 |
| Borrowings | 2777 | 5544 | 3964 | 4575 |
| Trade Payables | 2420 | 8626 | 5364 | 2087 |
| Other Liabilities | 682.41 | 1081.41 | 1497.41 | 1442.4 |
| Total Liabilities | 10386 | 21378 | 19065 | 17621 |
About Company
The following table shows a 10-point analysis of Indian Potash Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue from Operations ~₹20,688–21,934 cr PAT ₹1,331–1,661 cr PAT margin ~6–8% |
Leading importer & distributor of fertilizers in India (MOP, DAP, complex fertilizers, urea via canalization); joint venture with global suppliers (e.g., JPMC for phosphates); government-mandated role in urea imports; strong focus on complex fertilizers for margin enhancement; resilient operations despite global volatility. |
| Industry & Market Position | Dominant in potash & phosphate imports Government-linked (canalized urea) High share in complex/imported fertilizers |
Near-monopolistic advantages in certain imports via policy; benefits from farmer subsidies & agri demand; competitive in distribution but exposed to global prices, forex & subsidy delays; strategic JV for supply security. |
| Revenue Growth Trend | FY23–FY25 volatile Peak FY23 ~₹33,000+ cr FY24–25 ~₹20,700–21,900 cr |
Post-peak normalization from high commodity prices in FY23; FY25 stable amid volume strategy & complex fertilizer shift; long-term tied to agri output, subsidies & import mandates; resilient despite cyclicality. |
| Profitability & Margins | EBITDA ~₹1,305 cr ROE strong PAT margin ~6–8% |
Exceptional PAT growth (32–71% YoY) from cost control, compensation packages, lower forex losses & higher JV profits; margins recovered to multi-year highs despite revenue flatness; high-quality earnings from efficiency & policy support. |
| Cash Flow Quality | OCF robust High dividend payout (200% proposed/record) |
Excellent cash generation supporting dividends & reinvestment; low working capital strain in distribution model; strong earnings quality with JV upstream exposure & subsidy buffers. |
| Balance Sheet Strength | Net worth strong (Book value ~₹2,800+) Debt manageable (moderate gearing) |
Conservative balance sheet with high liquidity & JV asset backing; downside protected by government linkages & import mandates; minimal risk from leverage & forex management. |
| Valuation Comfort | Unlisted price ~₹2,950–3,500 (Feb 2026) P/E ~4–7x EPS ~₹465–580 |
Deep discount to book & peers for stable, high-ROE agri play; market cap ~₹8,000–10,000 cr; attractive valuation despite no IPO hype; supported by policy moat & dividend yield. |
| Management & Governance | Government & promoter-linked Transparent disclosures High dividends |
Solid execution in import/distribution; clean governance with annual reports & AGM filings; no major scrutiny; benefits from policy alignment & JV partnerships. |
| Growth Triggers & Catalysts | Complex fertilizer shift Subsidy continuity JV profits (e.g., JPMC) |
Organic upside from balanced nutrient demand & agri reforms; incremental growth from cost efficiencies & import stability; no confirmed IPO/DRHP plans currently. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO/DRHP plans |
Moderate unlisted trading; capital somewhat locked; exit via OTC or strategic interest; liquidity risk exists but asset quality remains defensive. |
Indian Potash Ltd (IPL) was incorporated in 1955 as Indian Potash Supply Agency. Its primary business is importing, handling, and marketing potash fertilisers (e.g., Muriate of Potash) across India. Over time, IPL has diversified into:
- Cattle feed (plants at Sikandrabad, UP, and Renigunta, Andhra)
- Dairy (processing up to ~7 lakh litres/day)
- Sugar: IPL owns sugar mills (capacity ~9,700 TCD)
- Rural warehousing and infrastructure / port-handling business.
- Precious metals: It runs a jewelry showroom (“IPL Swarnalaya”) in partnership with MMTC.
It also has strong fertiliser import and handling infrastructure, including warehousing at major & minor ports.
Strategic Role & Positioning
- IPL acts as a State Trading Enterprise (STE) for urea import under government mandate: recently allowed to continue urea imports till March 2026.
- It plays a key role in the fertiliser ecosystem by ensuring potash availability, especially for cooperatives and farmer groups.
- Its “New Vistas” strategy includes building a break-bulk port in Gujarat leveraging its import-handling expertise
Strengths & Growth Drivers
- Import-Expertise: Deep experience in importing, handling and distributing potash gives IPL a strong moat.
- Diversified Business Model: Beyond fertilisers, its cattle feed, dairy and sugar business helps de-risk.
- Infrastructure Ambition: Its plan for a break-bulk port could improve margin, reduce working capital and strengthen import supply chain.
- State Trading Enterprise Role: Being an official importer for urea gives it a stable institutional role and ties to government policy.
- Agri Network: Established network helps reach remote farmers, which is critical for fertiliser distribution.
Risks & Challenges
- Import Dependence: Heavy reliance on imported fertilisers makes it exposed to global commodity price risk and shipping costs.
- Regulatory Risk: Changes in fertiliser subsidy policy, import mandates, or trade regulations could impact profitability.
- Capex Risk: Port or warehousing infrastructure plans are capex-intensive and execution risk is high.
- Agronomic Risk: Demand for potash depends on farmer practices, crop economics, and alternative fertiliser use.
- Credit / Distributor Risk: Working with co-ops and rural dealers may mean higher credit risk or receivables’ delays.
Quick Summary
Indian Potash Ltd is more than just a fertiliser company — it’s an import-infrastructure play, with deep roots in potash import, rural fertiliser distribution, and diversified non-fertiliser businesses (dairy, feed, sugar). Its unlisted shares offer a play on India’s agricultural backbone and fertiliser policy, but also carry import-risk, capital-intensity, and regulatory exposure. For long-term investors, it’s a strategic infrastructure-plus-agri-play; for short-term punters, the valuation may already be rich.
Click here to visit the official website of Indian Potash.
Shareholding Pattern of Indian Potash
| Name | Holding |
|---|---|
| Indian Farmers Fertilisers Cooperative Limited | 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 | 6.3% |
| Madras Fertilisers Limited | 5.54% |
| Other | 35.92% |
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Frequently Asked Questions
Indian Potash Limited unlisted shares refer to equity ownership in a private company specialising in fertiliser and potash distribution. These shares are not listed on stock exchanges like NSE or BSE and can be invested in through platforms like UnlistedKraft.
Yes, you can invest in Indian Potash Limited unlisted shares via UnlistedKraft. Once you complete your KYC and place the order, the shares are credited to your demat account, usually within 24 hours.
Unlisted investments carry some risk due to limited liquidity and public information. However, Indian Potash Limited operates in an essentials-driven agricultural industry, and UnlistedKraft ensures your transaction is verified, secure, and transparent.
The price is based on recent private transactions, market demand, the company’s business performance, and valuation trends. UnlistedKraft keeps pricing updated to reflect fair and transparent market value.
Yes, you must have an active demat account to hold and receive unlisted shares such as those of Indian Potash Limited.
There is no mandatory lock-in period unless the company goes public. Investors normally hold these shares until a liquidity event, such as an IPO or acquisition, to potentially capture long-term returns.
Yes, you may sell your shares through UnlistedKraft’s resale network, depending on buyer availability and prevailing market demand.
Yes. SEBI mandates a six-month lock-in period following the listing of any company. Pre-IPO shareholders must adhere to this rule.
If the shares are held for more than two years, they qualify as long-term capital assets and are taxed at 20 percent with indexation. If sold within two years, any gains are treated as short-term capital gains and taxed according to your income tax slab.
UnlistedKraft offers verified access to unlisted share opportunities in stable, established sectors like agriculture and fertilisers. We provide expert guidance, transparent pricing, secure transactions, and fast delivery of shares to your demat account.
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