Fertilizers and Chemicals Travancore Limited (FACT) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch
Fertilizers and Chemicals Travancore Limited (FACT), a Government of India enterprise making fertilisers and petrochemicals, heads into its Q2 FY 2026-2027 print with the West Asia crisis still driving record sulphur, sulphuric acid and LNG costs while government-controlled NBS rates cap what it can charge. The quarter will speak to how badly volumes and margins were hit — Q1 FY27 already saw a temporary plant shutdown and a PAT of minus Rs. 61.94 Cr — and whether the 1,650 TPD NP plant and the Rs. 6,350 Cr CAPEX 2.0 pipeline moved forward.
| Results date | November 13, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Market cap | Rs. 48,546.57 Cr |
| CMP | Rs. 750.25 |
Fertilizers and Chemicals Travancore Limited Q2 Results Date and Time
FACT is scheduled to announce its Q2 FY 2026-2027 results on November 13, 2026. The pre-fetched announcements summary returned no board-meeting intimation entry for this meeting, so the date is as per the results calendar.
No dividend was recommended for FY26 in view of the loss, and the company has applied to DPE for exemption from DIPAM guidelines requiring payment — the decision is awaited. The DPE decision and any dividend stance for FY27 may come up on the call.
What to expect from Fertilizers and Chemicals Travancore Limited's Q2 FY27 results
The central question for Q2 FY 2026-2027 is whether FACT could protect volumes and margins while every named input moved against it: sulphur at record levels above $1,000/t (+262% YoY in August), spot LNG more than doubled to $26/mmBtu with QatarEnergy force majeure extended, and the rupee near 95-96, roughly 8% weaker YoY.
The demand backdrop also softened — August all-India fertiliser sales fell 10.33% YoY on a 16.3% rainfall deficit, with complex fertilisers (the category closest to FACT's NP/Factamfos book) about 34% lower — and the monsoon closed at 87% of LPA. Management's FY27 framing of 16.39 lakh MT of sales and continued strong performance was explicitly conditional on the West Asia crisis subsiding, a condition that was not met during the quarter, with the conflict still active as of November 7, 2026.
With NBS rates fixed in April 2026 before the war-driven cost spike and Q1 FY27's cost of materials already at Rs. 861.29 Cr (+43.05% YoY) against revenue of Rs. 1,253.40 Cr, the margin direction is further compression from FY26's 3.67% company-reported operating margin.
The call will also be watched for movement on the 1,650 TPD NP plant 'approaching commissioning', the Rs. 6,350 Cr CAPEX 2.0 awaiting Government of India approval, and the financial restructuring proposal pending with the Department of Fertilisers covering the GoI loan of Rs. 3,92,162.98 lakhs including accrued interest.
Key Things To Watch
FY27 volume targets vs Q1 disruption: Management guided FY27 sales of 14.25 lakh MT indigenous, 1.50 lakh MT imported and 0.64 lakh MT traded, but Q1 FY27 production was hit by raw-material non-availability.
- Whether the combined FY27 sales target of 16.39 lakh MT is reaffirmed, re-phased or qualified, given the Q1 plant shutdown from the West Asia disruption
- Quarter-wise progress against the 14.25 lakh MT indigenous sales target
- Management's stated expectation of continuing FY26's production and marketing performance was conditional on the West Asia crisis subsiding — it had not subsided as of November 7, 2026
1,650 TPD NP plant and CAPEX 2.0 status
- Commissioning and stabilisation timeline for the 1,650 TPD NP plant at Cochin Division, linked to lifting capability from ~10 lakh MT to ~15 lakh MT annually
- Status of Government of India approval for the Rs. 6,350 Cr CAPEX 2.0 program across five projects, including a 700 MTPD Phosphoric Acid Plant and a 2200 MTPD Sulphuric Acid Plant at Cochin Division
- Funding plan, given the company sources 100% of capex from internal accruals and FY26 capex was Rs. 11,124.57 Lakh
Financial restructuring and liquidity
- Department of Fertilisers decision on conversion of part of the GoI loan into equity, interest write-off and restructuring of the balance — GoI loan including accrued interest of Rs. 3,92,162.98 lakhs has fallen due since March 31, 2022
- Operating cash flow direction after FY26's net cash used in operating activities of Rs. (99,569.85) Lakh
- Short-term funding against short-term borrowings of Rs. 1,80,050 Lakh and interest accrued on borrowings of Rs. 2,15,114 Lakh, with the Interest Coverage Ratio at 0.84
Raw-material costs and subsidy recognition
- Sulphur/sulphuric acid prices, forex and RLNG availability — the stated swing factors between FY26's 41.30% revenue growth and the Rs. 39.60 Cr loss
- Whether the 99% dealer-stock subsidy acknowledgement basis (vs 95% in the prior year) and the one-off Rs. 23,815.77 Lakh over-and-above NBS recognition on imported DAP/TSP recur
Caprolactam, trading expansion and pending decisions
- Any restart path for Caprolactam, which was not operated due to viability issues, with the Petrochemical segment posting a PBIT loss of Rs. (4,175.97) Lakh and nil production
- Scale-up of traded fertilisers, whose revenue grew 39.04% in FY26, and any movement on urea feasibility under NIPU-2026
- DPE decision on the dividend-exemption application, Mini Ratna status, and the NSE waiver request for the Rs. 23,37,580/- fine
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Frequently Asked Questions
Is FACT on track with its FY27 fertiliser sales guidance?
Management guided FY27 sales of 14.25 lakh MT of indigenous products, 1.50 lakh MT of imported products and 0.64 lakh MT of traded products, but conditioned continued strong performance on the West Asia crisis subsiding. The crisis had not subsided as of November 7, 2026, and Q1 FY27 production was affected by raw-material non-availability, so the target's status will be a key call item.
Why did FACT report a loss in FY26 despite higher revenue?
Revenue from operations rose 41.30% YoY to Rs. 5,723.76 Cr in FY26, but the company swung to a net loss of Rs. 39.60 Cr from a Rs. 41.23 Cr profit in FY25. Management attributes this to West Asia conflict-driven sulphur and sulphuric acid price escalation, adverse forex movements and RLNG availability constraints, with cost of materials consumed up 52.35% and purchases of stock-in-trade up 149.67% YoY.
What is the status of FACT's financial restructuring proposal with the Government of India?
FACT has submitted a proposal for conversion of part of the GoI loan into equity, write-off of interest on the GoI loan and restructuring of the balance loan, which is under consideration of the Department of Fertilisers. The GoI loan including accrued interest of Rs. 3,92,162.98 lakhs has fallen due as on March 31, 2022, and the company has stated it expects an early implementation.
When will FACT's new 1,650 TPD NP plant start operations?
The 1,650 TPD NP plant at Cochin Division is described as 'approaching commissioning' in the FY26 annual report, with no date stated. Once commissioned and stabilised, management says it can lift fertiliser manufacturing capability from around 10 lakh MT to approximately 15 lakh MT annually.
What is CAPEX 2.0 and how much will FACT invest in it?
CAPEX 2.0 is a second-phase capacity expansion program with a total outlay of Rs. 6,350 Cr across five projects, including new phosphoric acid and sulphuric acid plants at Cochin Division and a 1,500 MTPD urea plant at Udyogamandal. It has Board in-principle approval and is presently under consideration of the Government of India, with no timeline stated.
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