CHAMBAL FERTILISERS & CHEMICALS LTD Reuters chmb.bo MCAP 7200.

4 CMP

10 Y PNL Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Sales 4,593.03 3,572.31 4,652.85 6,460.55 7,336.62 7,976.96 8,877.10 8,770.26 7,410.66
OP 548.50 636.49 725.65 795.21 713.19 614.85 692.07 642.97 737.69
OPM 11.94% 17.82% 15.60% 12.31% 9.72% 7.71% 7.80% 7.33% 9.95%
Interest 132.32 91.04 110.02 120.87 131.60 200.09 158.20 260.67 247.13
Depreciation 227.14 257.62 267.95 262.08 222.04 230.31 173.32 86.55 61.57
PBT 318.09 358.81 440.80 559.64 456.73 345.92 400.12 141.52 607.21
Tax 87.53 109.76 115.62 312.35 151.12 42.85 163.34 152.67 182.11
PAT 230.56 249.05 325.18 247.29 305.61 303.07 236.78 -11.14 425.10
NPM 5.02% 6.97% 6.99% 3.83% 4.17% 3.80% 2.67% -0.13% 5.74%
EPS 5.54 5.98 7.81 5.94 7.34 7.32 5.72 -0.27 10.21
Payout R 32.49% 31.75% 24.32% 31.98% 25.88% 25.95% 33.22% 0.00% 18.60%
Dividend 74.92 79.08 79.08 79.08 79.08 78.65 78.65 - 79.08
10Y CF Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
OCF 977.20 -148.26 579.47 -583.32 -1,240.06 842.55 986.48 -26.68 1,248.97
Capex 141.58 30.04 214.41 175.36 261.56 141.89 -214.36 524.91
FCF -289.84 549.43 -797.73 -1,415.42 580.99 844.59 187.68 724.06
10Y BS Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Total Assets 5,284.07 4,674.00 4,826.16 6,335.30 8,466.66 7,799.54 7,302.08 7,963.34 8,113.76
Total Liabilities 4,049.72 3,283.94 3,202.83 4,556.59 6,474.86 5,613.34 4,986.53 5,757.25 5,561.07
Equity (BV) 1,234.35 1,390.06 1,623.33 1,778.71 1,991.80 2,186.20 2,315.55 2,206.09 2,552.69
Borrowing 2481.22 2615.97 2483.69 3556.9 5114.74 4546.65 3950.32 4806.59 4152.53
Cash 127.52 30 261.82 273.5 224.71 23.66 21.37 30.88 104.07
Receivables 660.10 559.92 585.15 2,021.65 3,433.63 3,440.49 3,049.43 3,836.96 3,023.15
Inventory 316.82 243.31 331.9 517.79 1226.78 642.12 693.68 862.18 849.35
Fixed Assets 2,870.64 2,932.01 2,678.32 2,635.78 2,599.20 2,632.14 2,550.89 1,715.96 1,098.84
CWIP 221.09 43.68 59.46 54.33 44.23 42.54 92.36 626.38 1706.84
LT Debt
ST Debt
Tax Rate 27.52% 30.59% 26.23% 55.81% 33.09% 12.39% 40.82% 107.88% 29.99%
Investments 610.89 417.21 400.56 492.25 544.40 560.35 487.38 315.71 291.25

PSR PER
1.40 20.00
18.00
1.20
16.00
1.00 14.00
12.00
0.80
10.00
0.60 8.00
0.40 6.00
4.00
0.20 2.00
- -
Jan/09 Jan/11 Jan/13 Jan/15 Jan/17 Jan/09 Jan/11 Jan/13 Jan/15
PSR Max PSR Mi n Pri ce PER Max PER Mi n P

PSR Max 0.69 1.22 1.06 0.61 0.41 0.37 0.36 0.35 0.88
 PSR Min 0.29 0.62 0.59 0.40 0.17 0.19 0.25 0.24 0.40
Price
AVG
PER Max 17.51 15.17 15.82 9.80 9.70 13.46 - 15.38
PER Min 8.85 8.43 10.44 4.17 4.93 9.41 - 6.91
Price
AVG

416.50

Price History 416.00Corporate Action

2/1/2019 180.00 2/1/2019 146.35 1/1/2019 AnnouncOld FV New FV Ex-Split Date
415.50
12/31/2018 209.45 4/27/2018 128.25 10/8/2018 ### 10 2 27/Jun/18
12/29/2017 157.10 10/12/2017 70.60 1/3/2017 415.00
12/30/2016 74.75 12/8/2016 50.85 2/12/2016
12/31/2015 77.00 4/8/2015 53.85 9/8/2015 414.50
12/31/2014 71 11/17/2014 36.1 2/25/2014
414.00
12/31/2013 71.95 1/10/2013 30.6 8/28/2013
12/31/2012 94 2/9/2012 62.05 8/30/2012 413.50
12/30/2011 118.5 9/9/2011 65.9 2/25/2011
413.00
12/31/2010 104.8 11/9/2010 52.95 5/25/2010
12/31/2009 75.6 6/12/2009 32 1/9/2009 412.50
Ja n/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Ja n/15 Jan/
Is s ued Capi ta l

Avg Y Price
Future Cash Flow estimates 180.0
3.06% 3.06% 3.06% 160.0
FY18 FY19E FY20E FY21E 140.0
Sales ### 7689.4 7924.6 8167.0 120.0
OP 782.41 768.9 792.5 816.7 100.0
Other income 155.75 155.8 155.8 155.8 80.0
Interest 151.46 156.1 160.9 165.8 60.0
Depreciation 62.89 64.8 66.8 68.8 40.0
PBT 723.81 703.8 720.5 737.8 20.0
Tax 243.64 489.5 501.1 513.1 0.0
Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/1
NP 480.17 214.3 219.4 224.7
# Shares 41.62 41.62 41.62 41.62
EPS 11.54 5.15 5.27 5.40 Upside
x -35.40 -35.40 -35.40 -35.40 2Y 3Y
Price -408.46 -182.32 -186.66 -191.13 ### -222.52%

30.0%

25.0% 26.6%

20.0%

15.0%
14.
10.0%
8.5% 9.5%
5.0%
5.5%
4.0% 4.2%
0.0% 1.9%
10Y 0.3% 5Y 3Y
-5.6%
-5.0%
 15.0%
14.
10.0%
8.5% 9.5%
5.0%
3132.00% 5.5%
4.0% 4.2%
0.0% 1.9%
0.5247058824 10Y 0.3% 5Y 3Y
-5.6%
0.2627659574 -5.0%
0.3105590062
-10.0%
0.2408376963
Sal es EBITDA NP

Remunarations
PAT 303.07 236.78 -11.14 425.10
Highest paid manager
% of PAT 0.0% 0.0% 0.0% 0.0%
Total Managerial Remunaration
% of PAT 0.0% 0.0% 0.0% 0.0%
Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Consolidated
Sales 4,593.03
EBITDA 548.50
PAT 230.56
Standalone
Sales 4,593.03
EBITDA 548.50
PAT 230.56
Subs. Assoc. JVs contribution to
Topline - - - - - - - - -
EBITDA - - - - - - - - -
Bottomline - - - - - - - - -

Cash + Investments as % of assets

Assets 5,284.07 4,674.00 4,826.16 6,335.30 8,466.66 7,799.54 7,302.08 7,963.34 8,113.76
Cash + Investme 738.41 447.21 662.38 765.75 769.11 584.01 508.75 346.59 395.32
As % of assets 14.0% 9.6% 13.7% 12.1% 9.1% 7.5% 7.0% 4.4% 4.9%
Nature of investments
 156 # Shares 46.16 FV 10

Mar/18 Ratios Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
7,461.12 PSR 0.49 0.92 0.82 0.50 0.29 0.28 0.31 0.30 0.64
782.41 PER 8.22 10.54 10.84 13.37 7.15 5.71 12.18 -219.38 8.79
10.49% PBV 1.81 2.36 2.36 1.83 1.07 1.01 1.17 1.18 1.86
151.46 PCF 2.29 -22.14 6.62 -5.57 -1.72 2.63 2.75 -97.97 3.79
62.89 DY 3.35% 2.41% 2.06% 2.44% 3.71% 3.55% 2.90% 0.00% 1.67%
723.81 RoE 18.68% 17.92% 20.03% 13.90% 15.34% 13.86% 10.23% -0.50% 16.65%
243.64 RoA 4.36% 5.33% 6.74% 3.90% 3.61% 3.89% 3.24% -0.14% 5.24%
480.17 Asset Turn 1.60 1.22 1.74 2.45 2.82 3.03 3.48 5.11 6.74
6.44% Interest Cover 4.15 6.99 6.60 6.58 5.42 3.07 4.37 2.47 2.99
11.54 D/E 2.01 1.88 1.53 2.00 2.57 2.08 1.71 2.18 1.63
16.47% Cost of Funds 5.3% 3.5% 4.4% 3.4% 2.6% 4.4% 4.0% 5.4% 6.0%
79.08 Receivable days 52.5 57.2 45.9 114.2 170.8 157.4 125.4 159.7 148.9
Mar/18 Inventory/Sales 6.90% 6.81% 7.13% 8.01% 16.72% 8.05% 7.81% 9.83% 11.46%
1,162.82 # Shares 41.62 41.62 41.62 41.62 41.62 41.40 41.40 41.62 41.62
2,555.29 FV 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
-1,392.47 Valuation PSR PER PBV PCF PDY Y Growth 10Y 5Y 3Y
Mar/18 Current 0.84 14.32 2.47 6.19 1.10% Sales 5.5% 0.3% -5.6%
9,480.01 Historical 0.55 -12.69 1.71 -10.33 2.32% EBITDA 4.0% 1.9% 4.2%
6,567.36 Industry NP 8.5% 9.5% 26.6%
2,912.65 10 Q Results Sep/16 Dec/16 Mar/17 Jun/17 Sep/17 Dec/17 Mar/18 Jun/18 Sep/18
5608.99 Sales 2164.40 2378.22 1072.76 1966.29 2107.80 2330.10 1056.93 2190.37 2486.09
69.22 NP 127.11 130.18 27.15 140.29 141.25 149.09 49.55 155.38 145.00
2,515.70 Market EstimatesEPS Growth Sales Growth Q Growth 5Q 4Q 3Q 2Q
795.1 FY19E 11.60 0.55% 8072.00 8.19% Sales -2.02% -1.5% 11.4% 17.9%
1,169.37 FY20E 21.50 46.05% 10612.00 31.47% NP 14.53% 82.5% 10.8% 2.7%
4128.71 Price
Max 75.6 104.8 118.5 94.0 72.0 71.0 77.0 74.8 157.1
Min 32.0 53.0 65.9 62.1 30.6 36.1 53.9 50.9 70.6
33.66% Average 53.8 78.9 92.2 78.0 51.3 53.6 65.4 62.8 113.9
291.25 SSGR -2.49% -2.99% -0.82% -3.56% 0.17% -0.22% -0.60% -5.69% 25.89%

80.00%
PER 70.00%

60.00%
Inventory/Sal es
50.00%
Raw materi al / Sal es
40.00% Fuel / Sa l es
Employee /Sal es
30.00%
Other Expens e/ Sal es
20.00% Sel l ing & Admi n
Cha nge i n Inventory
10.00%
Other Mfg. Expens e
0.00%
Ja n/09 Jan/11 Jan/13 Jan/15 Ja n/17
an/11 Jan/13 Jan/15 Jan/17 -10.00%
PER Max PER Mi n Pri ce -20.00%

1.17 Inventory/Sales 6.90% 6.81% 7.13% 8.01% 16.72% 8.05% 7.81% 9.83% 11.46%
 0.72 Raw material/ Sa 54.57% 45.78% 56.73% 61.68% 68.65% 51.22% 59.64% 69.67% 64.19%
0.84 Fuel/ Sales 17.47% 15.74% 13.81% 12.27% 15.06% 16.19% 15.44% 14.22% 12.93%
0.55 Employee /Sales 1.95% 2.73% 2.43% 2.05% 1.92% 1.85% 1.87% 1.19% 1.44%
18.15 Other Expense/ S 6.42% 6.14% 5.08% 5.64% 4.39% 6.43% 6.74% 0.84% 1.98%
11.12 Selling & Admin 5.17% 7.91% 7.20% 6.22% 6.88% 7.29% 7.35% 8.68% 8.83%
14.32 Change in Invent 1.06% -2.13% 2.44% 2.00% 9.08% -7.22% 0.67% 3.40% -0.04%
11.20 Other Mfg. Expen 6.42% 6.14% 5.08% 5.64% 4.39% 6.43% 6.74% 0.84% 1.98%

8.00

7.00
Ex-Split Date
6.00

5.00

4.00

3.00

2.00

1.00

0.00
Issued Capital 416.21 416.21Ja n/09 Jan/10 416.21
416.21 Jan/11 Ja416.21
n/12 Jan/13
413.95Jan/14 Ja n/15416.21
413.95 Jan/16 Jan/17
416.21 Jan/18
12 Jan/13 Jan/14 Ja n/15 Jan/16 Jan/17 Jan/18
Interest Cover D/E
Is s ued Capi ta l

60.00%
Avg Y Price
50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Ja n/18 Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18

-10.00%
NPM OPM RoA RoE

5000.00

26.6% 4000.00 4214.14

3799.17
3000.00
2780.16 2791.67
14.5% 2000.00
13.0%
.5% 1000.00 1433.98
6.1% 944.85 1007.50
4.2%
0.00
5Y 10Y
3Y 1Y
-1008.71
-5.6% -1000.00
 2780.16 2791.67
14.5% 2000.00
13.0%
.5% 1000.00 1433.98
6.1% 944.85 1007.50
4.2%
0.00
5Y 10Y
3Y 1Y
-1008.71
-5.6% -1000.00
5Y 10Y
-2000.00
PAT 1433.98 2791.67
EBITDA NP OCF 4214.14 3799.17PAT OCF OCF-PAT FCF
OCF-PAT 2780.16 1007.50
FCF 944.85 -1008.71

480.17

0.0%

0.0%
Mar/18
###

- ###
- ###
- ###

9,480.01###
360.47
3.8%
 Mar/18
0.94
15.67
2.41
6.04
1.13%
16.49%
5.07%
6.38
5.17
1.93
2.7%
123.1
10.66%
41.62
10.0
1Y
14.5%
6.1%
13.0%
Dec/18
2807.21
153.02
1Q
20.5%
2.6%

209.5
128.3
168.9
28.92%

Inventory/Sal es
Raw materi al / Sal es
Fuel / Sa l es
Employee /Sal es
Other Expens e/ Sal es
Sel l ing & Admi n
Cha nge i n Inventory
Other Mfg. Expens e

10.66%
 61.46%
14.72%
1.53%
1.63%
8.14%
-0.62%
1.63%

n/16 Jan/17 Jan/18

416.21###

an/16 Jan/17 Jan/18

oE

17

1007.50

10Y
-1008.71
 1007.50

10Y
-1008.71
 CHAMBAL FERTILISERS & CHEMICALS LTD Reuters chmb.bo MCAP 7200.4 CMP

10 Y PNL Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Sales 4,593.03 3,572.31 4,652.85 6,460.55 7,336.62 7,976.96 8,877.10 8,770.26 7,410.66
OP 548.50 636.49 725.65 795.21 713.19 614.85 692.07 642.97 737.69
OPM 11.94% 17.82% 15.60% 12.31% 9.72% 7.71% 7.80% 7.33% 9.95%
Interest 132.32 91.04 110.02 120.87 131.60 200.09 158.20 260.67 247.13
Depreciation 227.14 257.62 267.95 262.08 222.04 230.31 173.32 86.55 61.57
PBT 318.09 358.81 440.80 559.64 456.73 345.92 400.12 141.52 607.21
Tax 87.53 109.76 115.62 312.35 151.12 42.85 163.34 152.67 182.11
PAT 230.56 249.05 325.18 247.29 305.61 303.07 236.78 -11.14 425.10
NPM 5.02% 6.97% 6.99% 3.83% 4.17% 3.80% 2.67% -0.13% 5.74%
EPS 5.54 5.98 7.81 5.94 7.34 7.32 5.72 -0.27 10.21
Payout R 32.49% 31.75% 24.32% 31.98% 25.88% 25.95% 33.22% 0.00% 18.60%
Dividend 74.92 79.08 79.08 79.08 79.08 78.65 78.65 - 79.08
10Y CF Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
OCF 977.20 -148.26 579.47 -583.32 -1,240.06 842.55 986.48 -26.68 1,248.97
Capex 141.58 30.04 214.41 175.36 261.56 13,631.00 ### 524.91
FCF -289.84 549.43 -797.73 -1,415.42 580.99 ### 13,676.79 724.06
10Y BS Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
Total Assets 5,284.07 4,674.00 4,826.16 6,335.30 8,466.66 7,799.54 7,302.08 7,963.34 8,113.76
Total Liabilities 4,049.72 3,283.94 3,202.83 4,556.59 6,474.86 5,613.34 4,986.53 5,757.25 5,561.07
Equity (BV) 1,234.35 1,390.06 1,623.33 1,778.71 1,991.80 2,186.20 8,338.29 2,206.09 2,552.69
Borrowing 2481.22 2615.97 2483.69 3556.9 5114.74 4546.65 7,302.08 4806.59 4152.53
Cash 127.52 30 261.82 273.5 224.71 23.66 2,550.89 30.88 104.07
Receivables 660.10 559.92 585.15 2,021.65 3,433.63 3,440.49 2,643.25 3,836.96 3,023.15
Inventory 316.82 243.31 331.9 517.79 1226.78 642.12 579.74 862.18 849.35
Fixed Assets 2,870.64 2,932.01 2,678.32 2,635.78 2,599.20 2,632.14 4,658.83 1,715.96 1,098.84
CWIP 221.09 43.68 59.46 54.33 44.23 42.54 11,473.53 626.38 1706.84
LT Debt 7,302.08 188.15 76.35
ST Debt 3,135.24 249 615.95
Tax Rate 27.52% 30.59% 26.23% 55.81% 33.09% 12.39% 6,184.67 107.88% 29.99%

PSR PER
1.40 20.00
18.00
1.20
16.00
1.00 14.00
12.00
0.80
10.00
0.60 8.00
0.40 6.00
4.00
0.20 2.00
- -
Jan/09 Jan/11 Jan/13 Jan/15 Jan/17 Ja n/09 Jan/11 Jan/13 Jan/15
PSR Max PSR Mi n Price PER Max PER Mi n Pr

PSR Max 0.69 1.22 1.06 0.61 0.41 0.37 0.36 0.35 0.88
 PSR Min 0.29 0.62 0.59 0.40 0.17 0.19 0.25 0.24 0.40
Price
AVG
PER Max 17.51 15.17 15.82 9.80 9.70 13.46 - 15.38
PER Min 8.85 8.43 10.44 4.17 4.93 9.41 - 6.91
Price
AVG

Price History Corporate Action

2/1/2019 180.00 2/1/2019 146.35 1/1/2019 AnnouncOld FV New FV Ex-Split Date
12/31/2018 209.45 4/27/2018 128.25 10/8/2018 ### 10 2 27/Jun/18
12/29/2017 157.10 10/12/2017 70.60 1/3/2017
12/30/2016 74.75 12/8/2016 50.85 2/12/2016
12/31/2015 77.00 4/8/2015 53.85 9/8/2015
12/31/2014 71 11/17/2014 36.1 2/25/2014
12/31/2013 71.95 1/10/2013 30.6 8/28/2013
12/31/2012 94 2/9/2012 62.05 8/30/2012
12/30/2011 118.5 9/9/2011 65.9 2/25/2011
12/31/2010 104.8 11/9/2010 52.95 5/25/2010
12/31/2009 75.6 6/12/2009 32 1/9/2009

Urea Sales FY18 30.31

Urea cost FY18 250
Value 30310000
Future Cash Flow estimates 3.03
13.92% 34.12% 3.06% 5302.5
FY18 FY19E FY20E FY21E
Sales ### 8500.0 11400.3 11749.1 Urea 9050.3
OPM 10.5% 10.0% 10.0% 10.0% Trading 1850
OP 782.41 850.0 1140.0 1174.9 Other 500
Other income 155.75 155.8 155.8 155.8 Total 11400.3
Interest 151.46 172.5 150.0 125.0
Depreciation 62.89 71.6 96.1 99.0
PBT 723.81 761.6 1049.7 1106.6
Tax 243.64 251.3 346.4 365.2
NP 480.17 510.2 703.3 741.4
# Shares 41.62 41.62 41.62 41.62
EPS 11.54 12.26 16.90 17.81 Upside
x 10.59 10.59 10.59 10.59 2Y 3Y
Price 122.17 129.82 178.93 188.64 14.70% 20.92%

Mar/14 Mar/15 Mar/16 Mar/17

Consolidated Sales 8,906.00 9,733.00 9,008.00 7,553.00
Consolidated NP 244 295 221 362
(Consol - Stand) Sale 929.04 855.90 237.74 142.34
(Consol - Stand) NP -59.07 58.22 232.14 -63.10
Trading Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
DAP Imported 556 600 565 635 897 985
NPK Imported/ Other 68 22 7 - 59 81
MOP Imported 52 60 28 199 184 209
Total Traded 676 682 600 834 1140 1275
Mannufacturing
SSP 78 188 192 143
Urea 2126 2001 1911 1883 2071 2002
 156 # Shares 46.16 FV 10

Mar/18 Ratios Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16 Mar/17
7,461.12 PSR 0.49 0.92 0.82 0.50 0.29 0.28 0.31 0.30 0.64
782.41 PER 8.22 10.54 10.84 13.37 7.15 5.71 12.18 - 8.79
10.49% PBV 1.81 2.36 2.36 1.83 1.07 1.01 0.32 1.18 1.86
151.46 PCF 2.29 -22.14 6.62 -5.57 -1.72 2.63 2.75 -97.97 3.79
62.89 DY 3.35% 2.41% 2.06% 2.44% 3.71% 3.55% 2.90% 0.00% 1.67%
723.81 RoE 18.68% 17.92% 20.03% 13.90% 15.34% 13.86% 10.23% -0.50% 16.65%
243.64 RoA 4.36% 5.33% 6.74% 3.90% 3.61% 3.89% 3.24% -0.14% 5.24%
480.17 Asset Turn 1.60 1.22 1.74 2.45 2.82 3.03 1.91 5.11 6.74
6.44% Interest Cover 4.15 6.99 6.60 6.58 5.42 3.07 4.37 2.47 2.99
11.54 D/E 2.01 1.88 1.53 2.00 2.57 2.08 0.88 2.18 1.63
16.47% Cost of Funds 5.3% 3.5% 4.4% 3.4% 2.6% 4.4% 2.2% 5.4% 6.0%
79.08 Receivable days 52.5 57.2 45.9 114.2 170.8 157.4 108.7 159.7 148.9
Mar/18 Inventory/Sales 6.90% 6.81% 7.13% 8.01% 16.72% 8.05% 6.53% 9.83% 11.46%
1,162.82 # Shares 41.62 41.62 41.62 41.62 41.62 41.40 41.40 41.62 41.62
2,555.29 FV 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0
-1,392.47 Valuation PSR PER PBV PCF PDY Y Growth 10Y 5Y 3Y
Mar/18 Current 0.84 14.32 2.47 6.19 1.10% Sales 5.5% 0.3% -5.6%
9,480.01 Historical 0.55 10.28 1.62 -10.33 2.32% EBITDA 4.0% 1.9% 4.2%
6,567.36 Industry NP 8.5% 9.5% 26.6%
2,912.65 10 Q Results Jun/17 Sep/17 Dec/17 Mar/18 Jun/18 Sep/18 Dec/18 Mar/19 Jun/19
5608.99 Sales 2164.40 2378.22 1072.76 1966.29 2107.80 2330.10 1056.93 2190.37 2486.09
69.22 NP 127.11 130.18 27.15 140.29 141.25 149.09 49.55 155.38 145.00
2,515.70 Market EstimatesEPS Growth Sales Growth Q Growth 5Q 4Q 3Q 2Q
795.1 FY19E 11.60 0.55% 8072.00 8.19% Sales -2.02% -1.5% 11.4% 17.9%
1,169.37 FY20E 21.50 46.05% 10612.00 31.47% NP 14.53% 82.5% 10.8% 2.7%
4128.71 Price
145.66 Max 75.6 104.8 118.5 94.0 72.0 71.0 77.0 74.8 157.1
604.17 Min 32.0 53.0 65.9 62.1 30.6 36.1 53.9 50.9 70.6
33.66% Average 53.8 78.9 92.2 78.0 51.3 53.6 65.4 62.8 113.9

SSGR -2.49% -2.99% -0.82% -3.56% 0.17% -0.22% -0.33% -5.69% 25.89%

80.00%
PER 70.00%

60.00%
Inventory/Sal es
50.00%
Raw materi al / Sal es
40.00% Fuel / Sa l es
Empl oyee /Sal es
30.00%
Other Expens e/ Sal es
20.00% Sel l i ng & Admi n
Cha nge i n Inventory
10.00%
Other Mfg. Expens e
0.00%
Jan/09 Jan/11 Jan/13 Jan/15 Jan/17
an/11 Jan/13 Jan/15 Ja n/17 -10.00%
PER Max PER Mi n Pri ce -20.00%

1.17 Inventory/Sales 6.90% 6.81% 7.13% 8.01% 16.72% 8.05% 7.81% 9.83% 11.46%
 0.72 Raw material/ Sa 54.57% 45.78% 56.73% 61.68% 68.65% 51.22% 59.64% 69.67% 64.19%
0.84 Fuel/ Sales 17.47% 15.74% 13.81% 12.27% 15.06% 16.19% 15.44% 14.22% 12.93%
0.55 Employee /Sales 1.95% 2.73% 2.43% 2.05% 1.92% 1.85% 1.87% 1.19% 1.44%
18.15 Other Expense/ S 6.42% 6.14% 5.08% 5.64% 4.39% 6.43% 6.74% 0.84% 1.98%
11.12 Selling & Admin 5.17% 7.91% 7.20% 6.22% 6.88% 7.29% 7.35% 8.68% 8.83%
14.32 Change in Invent 1.06% -2.13% 2.44% 2.00% 9.08% -7.22% 0.67% 3.40% -0.04%
11.20 Other Mfg. Expen 6.42% 6.14% 5.08% 5.64% 4.39% 6.43% 6.74% 0.84% 1.98%

Liquidity & Solvency

Ex-Split Date 8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
Jan/09 Jan/10 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Ja n/16 Jan/17 Ja n/18
Interest Cover D/E

mMT
USD/t Avg Y Price
180.0
crores
160.0
140.0
120.0
100.0
80.0
60.0
40.0
20.0
0.0
Jan/09 Ja n/10 Jan/11 Ja n/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Jan/18

Mar/18
7,541.00
499
79.88
18.83
Mar/18
869
71
256
1196

44
2094
 Mar/18
0.94
15.67
2.41
6.04
1.13%
16.49%
5.07%
6.38
5.17
1.93
2.7%
123.1
10.66%
41.62
10.0
1Y
14.5%
6.1%
13.0%
Sep/19
2807.21
153.02
1Q
20.5%
2.6%

209.5
128.3
168.9

28.92%

Inventory/Sal es
Raw materi al / Sal es
Fuel / Sa l es
Empl oyee /Sal es
Other Expens e/ Sal es
Sel l i ng & Admi n
Cha nge i n Inventory
Other Mfg. Expens e

10.66%
 61.46%
14.72%
1.53%
1.63%
8.14%
-0.62%
1.63%

n/16 Jan/17 Ja n/18

Jan/16 Jan/17 Jan/18

Name to Person Category of PeSecurities hel Securities Acquired / Disposed Securities hel
Type of SecuritNumber Value Transaction Type

The Hindustan Times Ltd. Promoter 54266815 (13.Equity Shares 10000 1602329 Acquisition 54276815 (13.

The Hindustan Times Ltd. Promoter 54250815 (13.Equity Shares 16000 2555033 Acquisition 54266815 (13.

The Hindustan Times Ltd. Promoter 54220815 (13.Equity Shares 30000 4809680 Acquisition 54250815 (13.

The Hindustan Times Ltd. Promoter 54185815 (13. Equity Shares 15000 2424006 Acquisition 54200815 (13.

Earthstone Holding (Three Promoter Gro 0 (0.00) Equity Shares 2681 434579 Acquisition 2681 (0.00)

Earthstone Holding (Three Promoter Gro 2681 (0.00) Equity Shares 2319 378426 Acquisition 5000 (0.00)

The Hindustan Times Ltd. Promoter 54200815 (13.Equity Shares 20000 3212219 Acquisition 54220815 (13.

Virendra Kumar Gupta Designated Pe0 (0.00) Equity Shares 4000 294000 Acquisition 4000 (0.00)

Virendra Kumar Gupta Designated Pe4000 (0.00) Equity Shares 4000 672513 Disposal 0 (0.00)

Arun Mahajan as Trustee o Trust 1344900 (0.32Equity Shares 9000 661500 Disposal 1335900 (0.32

Shailendra Kumar Saxena Employee 12000 (0.00) Equity Shares 5000 367500 Acquisition 17000 (0.00)

Ashish Kumar Srivastava Designated Pe7010 (0.00) Equity Shares 7000 1204000 Disposal 10 (0.00)

The Hindustan Times Ltd. Promoter 54170815 (13. Equity Shares 15000 2447562 Acquisition 54185815 (13.

Dr. Naresh Prasad Employee 13000 (0.00) Equity Shares 6000 1023000 Disposal 7000 (0.00)

The Hindustan Times Ltd. Promoter 54165815 (13. Equity Shares 3500 587632 Acquisition 54169315 (13.

The Hindustan Times Ltd. Promoter 54169315 (13. Equity Shares 1500 251997 Acquisition 54170815 (13.

The Hindustan Times Ltd. Promoter 54160815 (13. Equity Shares 5000 791817 Acquisition 54165815 (13.

Raghvendra Mani Tiwari Employee 6000 (0.00) Equity Shares 4000 307400 Acquisition 10000 (0.00)

Shailendra Kumar Saxena Employee 2000 (0.00) Equity Shares 10000 735000 Acquisition 12000 (0.00)

The Hindustan Times Ltd. Promoter 54155815 (13.0Equity Shares 5000 755530 Acquisition 54160815 (13.

Arun Mahajan as Trustee o Trust 1361900 (0.33Equity Shares 17000 1262900 Disposal 1344900 (0.32

The Hindustan Times Ltd Promoter 54145815 (13. Equity Shares 10000 1424601 Acquisition 54155815 (13.0

Ashish Kumar Srivastava Designated Pe10 (0.00) Equity Shares 7000 514500 Acquisition 7010 (0.00)

Arun Mahajan as Trustee o Trust 1388900 (0.33Equity Shares 27000 1984500 Disposal 1361900 (0.33

The Hindustan Times Ltd. Promoter 54131017 (13.0Equity Shares 14798 2103514 Acquisition 54145815 (13.
Period ## Mode of AcquiTrading in Derivatives Reported to Exchange
Type of ContraBuy Value Sale Value
(Units~) (Units~)
2/25/2019 Market Purchase 2/27/2019
2/25/2019
2/21/2019 Market Purchase 2/22/2019
2/21/2019
2/20/2019 Market Purchase 2/21/2019
2/20/2019
2/18/2019 Market Purchase 2/20/2019
2/18/2019
2/15/2019 Market Purchase 2/20/2019
2/15/2019
2/18/2019 Market Purchase 2/20/2019
2/18/2019
2/19/2019 Market Purchase 2/20/2019
2/19/2019
2/8/2019 ESOP 2/14/2019
2/8/2019
2/13/2019 Market Sale 2/14/2019
2/13/2019
2/8/2019 ESOP 2/11/2019
2/8/2019
2/8/2019 ESOP 2/11/2019
2/8/2019
2/6/2019 Market Sale 2/8/2019
2/6/2019
2/5/2019 Market Purchase 2/6/2019
2/5/2019
2/6/2019 Market Sale 2/6/2019
2/6/2019
1/14/2019 Market Purchase 1/15/2019
1/14/2019
1/14/2019 Market Purchase 1/15/2019
1/14/2019
1/9/2019 Market Purchase 1/10/2019
1/9/2019
1/4/2019 ESOP 1/8/2019
1/4/2019
1/4/2019 ESOP 1/8/2019
1/4/2019
1/4/2019 Market Purchase 1/7/2019
1/4/2019
1/4/2019 ESOP 1/7/2019
1/4/2019
11/15/2018 Market Purchase 11/19/2018
11/15/2018
11/14/2018 ESOP 11/16/2018
11/14/2018
11/14/2018 ESOP 11/15/2018
11/14/2018
11/13/2018 Market Purchase 11/14/2018
11/13/2018
CHAMBAL FERTILISERS & CHEMICALS LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales 4,593.03 3,572.31 4,652.85 6,460.55 7,336.62 7,976.96 8,877.10 8,770.26 7,410.66 7,461.12 8,540.60 8,540.60 6,980.48
Expenses 4,044.53 2,935.82 3,927.20 5,665.34 6,623.43 7,362.11 8,185.03 8,127.29 6,672.97 6,678.71 7,671.02 7,671.02 6,382.34
Operating Profit 548.50 636.49 725.65 795.21 713.19 614.85 692.07 642.97 737.69 782.41 869.58 869.58 598.14
Other Income 129.05 70.98 93.12 147.38 97.19 161.47 39.56 -154.23 178.23 155.75 103.17 - -
Depreciation 227.14 257.62 267.95 262.08 222.04 230.31 173.32 86.55 61.57 62.89 58.60 58.60 58.60
Interest 132.32 91.04 110.02 120.87 131.60 200.09 158.20 260.67 247.13 151.46 162.93 162.93 162.93
Profit before tax 318.09 358.81 440.80 559.64 456.73 345.92 400.12 141.52 607.21 723.81 751.22 648.05 376.61
Tax 87.53 109.76 115.62 312.35 151.12 42.85 163.34 152.67 182.11 243.64 248.25 33% 33%
Net profit 230.56 249.05 325.18 247.29 305.61 303.07 236.78 -11.14 425.10 480.17 502.95 433.89 252.15
EPS 5.54 5.98 7.81 5.94 7.34 7.32 5.72 -0.27 10.21 11.54 10.90 9.40 5.46
Price to earning 8.22 10.54 10.84 13.37 7.15 5.71 12.18 -219.38 8.79 15.67 14.32 14.32 10.68
Price 45.53 63.08 84.70 79.46 52.53 41.81 69.67 58.72 89.83 180.80 156.00 134.58 58.35

RATIOS:
Dividend Payout 32.49% 31.75% 24.32% 31.98% 25.88% 25.95% 33.22% 0.00% 18.60% 16.47%
OPM 11.94% 17.82% 15.60% 12.31% 9.72% 7.71% 7.80% 7.33% 9.95% 10.49% 10.18%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 5.54% 6.98% 0.34% -5.63% 14.47% 14.47% -5.63%
OPM 10.27% 9.17% 8.57% 9.15% 10.18% 10.18% 8.57%
Price to Earning 10.68 11.03 11.33 12.93 14.32 14.32 10.68
CHAMBAL FERTILISERS & CHEMICALS LTD SCREENER.IN

Narration Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
Sales 2,164.40 2,378.22 1,072.76 1,966.29 2,107.80 2,330.10 1,056.93 2,190.37 2,486.09 2,807.21
Expenses 1,942.55 2,174.51 1,019.74 1,777.91 1,889.39 2,033.74 982.06 1,961.03 2,278.84 2,449.09
Operating Profit 221.85 203.71 53.02 188.38 218.41 296.36 74.87 229.34 207.25 358.12
Other Income 34.33 49.88 56.34 78.34 52.55 -17.22 45.11 55.74 78.04 -75.72
Depreciation 14.41 15.64 16.57 17.88 17.96 18.28 8.76 16.09 17.01 16.74
Interest 58.59 62.02 40.18 43.92 38.34 31.46 36.38 40.90 47.77 37.88
Profit before tax 183.18 175.93 52.61 204.92 214.66 229.40 74.84 228.09 220.51 227.78
Tax 56.07 45.74 25.47 64.63 73.41 80.31 25.28 72.71 75.51 74.75
Net profit 127.11 130.18 27.15 140.29 141.25 149.09 49.55 155.38 145.00 153.02

OPM 10% 9% 5% 10% 10% 13% 7% 10% 8% 13%

CHAMBAL FERTILISERS & CHEMICALS LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 416.21 416.21 416.21 416.21 416.21 413.95 413.95 416.21 416.21 416.21
Reserves 818.14 973.85 1,207.12 1,362.50 1,575.59 1,772.25 1,901.60 1,789.88 2,136.48 2,496.44
Borrowings 2,481.22 2,615.97 2,483.69 3,556.90 5,114.74 4,546.65 3,950.32 4,806.59 4,152.53 5,608.99
Other Liabilities 1,568.50 667.97 719.14 999.69 1,360.12 1,066.69 1,036.21 950.66 1,408.54 958.37
Total 5,284.07 4,674.00 4,826.16 6,335.30 8,466.66 7,799.54 7,302.08 7,963.34 8,113.76 9,480.01

Net Block 2,870.64 2,932.01 2,678.32 2,635.78 2,599.20 2,632.14 2,550.89 1,715.96 1,098.84 1,169.37
Capital Work in Progress 221.09 43.68 59.46 54.33 44.23 42.54 92.36 626.38 1,706.84 4,128.71
Investments 610.89 417.21 400.56 492.25 544.40 560.35 487.38 315.71 291.25 291.25
Other Assets 1,581.45 1,281.10 1,687.82 3,152.94 5,278.83 4,564.51 4,171.45 5,305.29 5,016.83 3,890.68
Total 5,284.07 4,674.00 4,826.16 6,335.30 8,466.66 7,799.54 7,302.08 7,963.34 8,113.76 9,480.01

Working Capital 12.95 613.13 968.68 2,153.25 3,918.71 3,497.82 3,135.24 4,354.63 3,608.29 2,932.31
Debtors 660.10 559.92 585.15 2,021.65 3,433.63 3,440.49 3,049.43 3,836.96 3,023.15 2,515.70
Inventory 316.82 243.31 331.90 517.79 1,226.78 642.12 693.68 862.18 849.35 795.10

Debtor Days 52.46 57.21 45.90 114.22 170.82 157.43 125.38 159.69 148.90 123.07
Inventory Turnover 14.50 14.68 14.02 12.48 5.98 12.42 12.80 10.17 8.73 9.38

Return on Equity 19% 18% 20% 14% 15% 14% 10% -1% 17% 16%
Return on Capital Emp 8% 8% 9% 5% 5% 6% 6% 7% 10% 12%
CHAMBAL FERTILISERS & CHEMICALS LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 977.20 -148.26 579.47 -583.32 -1,240.06 842.55 986.48 -26.68 1,248.97 1,162.82
Cash from Investing Activity -1,366.18 20.97 -84.75 7.51 -111.80 8.18 -55.60 -310.73 -717.45 -1,805.80
Cash from Financing Activity 349.18 129.53 -288.11 612.64 1,242.80 -991.42 -933.80 347.60 -456.72 609.99
Net Cash Flow -39.80 2.24 206.61 36.83 -109.06 -140.69 -2.93 10.19 74.80 -33.00
How to use it?
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/

Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: screener.feedback@dalal-street.in
… do ANYTHING.

dalal-street.in
COMPANY NAME CHAMBAL FERTILISERS & CHEMICALS LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 46.16
Face Value 10
Current Price 156
Market Capitalization 7200.4

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 4,593.03 3,572.31 4,652.85 6,460.55
Raw Material Cost 2,506.20 1,635.55 2,639.40 3,985.10
Change in Inventory 48.51 -76.05 113.62 129.52
Power and Fuel 802.27 562.19 642.52 792.81
Other Mfr. Exp 295.01 219.38 236.44 364.19
Employee Cost 89.66 97.55 113.21 132.39
Selling and admin 237.56 282.52 335.17 401.54
Other Expenses 162.34 62.58 74.08 118.83
Other Income 129.05 70.98 93.12 147.38
Depreciation 227.14 257.62 267.95 262.08
Interest 132.32 91.04 110.02 120.87
Profit before tax 318.09 358.81 440.80 559.64
Tax 87.53 109.76 115.62 312.35
Net profit 230.56 249.05 325.18 247.29
Dividend Amount 74.92 79.08 79.08 79.08

Quarters
Report Date Sep-16 Dec-16 Mar-17 Jun-17
Sales 2,164.40 2,378.22 1,072.76 1,966.29
Expenses 1,942.55 2,174.51 1,019.74 1,777.91
Other Income 34.33 49.88 56.34 78.34
Depreciation 14.41 15.64 16.57 17.88
Interest 58.59 62.02 40.18 43.92
Profit before tax 183.18 175.93 52.61 204.92
Tax 56.07 45.74 25.47 64.63
Net profit 127.11 130.18 27.15 140.29
Operating Profit 221.85 203.71 53.02 188.38

BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 416.21 416.21 416.21 416.21
Reserves 818.14 973.85 1207.12 1362.5
Borrowings 2481.22 2615.97 2483.69 3556.9
Other Liabilities 1568.5 667.97 719.14 999.69
Total 5,284.07 4,674.00 4,826.16 6,335.30
Net Block 2870.64 2932.01 2678.32 2635.78
Capital Work in Progress 221.09 43.68 59.46 54.33
Investments 610.89 417.21 400.56 492.25
Other Assets 1581.45 1281.1 1687.82 3152.94
Total 5,284.07 4,674.00 4,826.16 6,335.30
Receivables 660.10 559.92 585.15 2,021.65
Inventory 316.82 243.31 331.9 517.79
Cash & Bank 127.52 30 261.82 273.5
No. of Equity Shares 416207852 416207852 416207852 416207852
New Bonus Shares
Face value 10 10 10 10

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 977.20 -148.26 579.47 -583.32
Cash from Investing Activity -1,366.18 20.97 -84.75 7.51
Cash from Financing Activity 349.18 129.53 -288.11 612.64
Net Cash Flow -39.80 2.24 206.61 36.83

PRICE: 45.53 63.08 84.70 79.46

DERIVED:
Adjusted Equity Shares in Cr 41.62 41.62 41.62 41.62
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

7,336.62 7,976.96 8,877.10 8,770.26 7,410.66 7,461.12
5,036.50 4,086.03 5,293.98 6,109.95 4,757.16 4,585.90
666.05 -576.17 59.59 298.50 -2.61 -46.57
1,104.63 1,291.50 1,370.25 1,247.48 958.01 1,098.17
321.72 512.62 598.37 73.46 146.85 121.67
140.58 147.91 165.57 104.44 107.03 114.28
504.95 581.45 652.26 761.34 654.21 607.58
181.10 166.43 164.19 129.12 47.10 104.54
97.19 161.47 39.56 -154.23 178.23 155.75
222.04 230.31 173.32 86.55 61.57 62.89
131.60 200.09 158.20 260.67 247.13 151.46
456.73 345.92 400.12 141.52 607.21 723.81
151.12 42.85 163.34 152.67 182.11 243.64
305.61 303.07 236.78 -11.14 425.10 480.17
79.08 78.65 78.65 79.08 79.08 79.08

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

2,107.80 2,330.10 1,056.93 2,190.37 2,486.09 2,807.21
1,889.39 2,033.74 982.06 1,961.03 2,278.84 2,449.09
52.55 -17.22 45.11 55.74 78.04 -75.72
17.96 18.28 8.76 16.09 17.01 16.74
38.34 31.46 36.38 40.90 47.77 37.88
214.66 229.40 74.84 228.09 220.51 227.78
73.41 80.31 25.28 72.71 75.51 74.75
 141.25 149.09 49.55 155.38 145.00 153.02
218.41 296.36 74.87 229.34 207.25 358.12

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

416.21 413.95 413.95 416.21 416.21 416.21
1575.59 1772.25 1901.6 1789.88 2136.48 2496.44
5114.74 4546.65 3950.32 4806.59 4152.53 5608.99
1360.12 1066.69 1036.21 950.66 1408.54 958.37
8,466.66 7,799.54 7,302.08 7,963.34 8,113.76 9,480.01
2599.2 2632.14 2550.89 1715.96 1098.84 1169.37
44.23 42.54 92.36 626.38 1706.84 4128.71
544.4 560.35 487.38 315.71 291.25 291.25
5278.83 4564.51 4171.45 5305.29 5016.83 3890.68
8,466.66 7,799.54 7,302.08 7,963.34 8,113.76 9,480.01
3,433.63 3,440.49 3,049.43 3,836.96 3,023.15 2,515.70
1226.78 642.12 693.68 862.18 849.35 795.1
224.71 23.66 21.37 30.88 104.07 69.22
416207852 413954450 413954450 416207852 416207852 416207852

10 10 10 10 10 10

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

-1,240.06 842.55 986.48 -26.68 1,248.97 1,162.82
-111.80 8.18 -55.60 -310.73 -717.45 -1,805.80
1,242.80 -991.42 -933.80 347.60 -456.72 609.99
-109.06 -140.69 -2.93 10.19 74.80 -33.00

52.53 41.81 69.67 58.72 89.83 180.80

41.62 41.40 41.40 41.62 41.62 41.62