Indian Potash Ltd
India's largest importer and distributor of potash and a leading fertiliser marketer, owned by IFFCO and state cooperative federations, with sugar and dairy businesses on the side.
Market cap
₹3,854 Cr
1.43 Cr shares
P/E ratio
12.23
Sector average 15
Book value
₹3,132.87
P/B 0.86
1-year return
-5.09%
52w ₹2,300 – ₹3,200
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-6.68% ₹2,888 → ₹2,695
52-week band in this window: ₹2,623.60 – ₹2,921.48. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Largest importer and marketer of potash in India; also markets urea, DAP, NPK and specialty nutrients.
- Net worth of roughly ₹4,500 Cr on 1.43 Cr shares – book value above the dealer quote.
- Sugar mills, distillery, cogeneration and dairy diversify earnings.
About IPL
Indian Potash Limited (IPL), incorporated in 1955 and headquartered in Chennai, is the country's largest importer of muriate of potash (MOP) and a top-tier marketer of imported urea, DAP, NPK complexes, sulphate of potash and specialty nutrients. It handles several million tonnes of fertiliser a year through ports on both coasts and a distribution network of cooperative societies, state federations and private dealers across every major farming state. IFFCO, the world's largest fertiliser cooperative, is the single largest shareholder with about 34%, and state cooperative marketing federations hold most of the balance.
Beyond fertilisers, IPL owns and runs sugar mills in Uttar Pradesh (Titawi and Sakhera among them) with cogeneration and distillery capacity, a dairy plant at Sikandrabad, cattle-feed and gold-refining ventures, and equity stakes in institutions such as the Indian Commodity Exchange. It has also been an offtake partner for Indian potash-importing consortia and for government fertiliser procurement.
Turnover is enormous relative to its capital base but swings with international potash prices and the government's subsidy regime: on our estimates revenue peaked near ₹24,000 Cr in FY23 when MOP prices spiked, then normalised to about ₹14,500 Cr in FY24 and ₹12,500 Cr in FY25. Profit after tax has run at roughly ₹300–400 Cr a year, building a net worth of about ₹4,500 Cr on only 1.43 Cr shares (face value ₹10), so book value per share exceeds ₹3,000 – above the current dealer quote.
Registry identifiers and several figures could not be verified against public sources at the time of writing; line items are reconstructed around reported or estimated totals; treat them as approximate.
Where the revenue comes from
- Potash (MOP) and other imported fertilisers78%
Import, port handling and marketing of MOP, urea, DAP and NPK
- Sugar, ethanol and cogeneration14%
Sugar mills in Uttar Pradesh with distillery and power
- Dairy, cattle feed and other8%
Milk products, cattle feed, gold refining and investments
Products & services
Muriate of potash
Imported MOP marketed through cooperatives and dealers nationwide.
Urea, DAP and NPK complexes
Imported and traded fertilisers under government allocation.
Sugar and ethanol
Sugar, molasses, ethanol and power from Uttar Pradesh mills.
Dairy and cattle feed
Milk and value-added products from the Sikandrabad plant.
What works
- • Dominant position in potash imports with long-term supply relationships with Belaruskali, Uralkali, Canpotex and ICL, and a cooperative-backed distribution reach.
- • Book value per share above the unlisted price and a long record of profits and dividends.
- • Diversification into sugar, ethanol and dairy provides earnings not tied to the fertiliser subsidy cycle.
What to watch
- • Margins depend on the government's nutrient-based subsidy rates and on timely subsidy reimbursement; delays inflate working-capital borrowings.
- • Very few shares (1.43 Cr) exist and cooperatives hold almost all of them, so unlisted liquidity is thin and quotes are wide.
- • Exposure to global potash prices, rupee depreciation and geopolitics affecting Belarus and Russia, the largest MOP suppliers.