Key Metrics of Rama Phosphates Limited
About Rama Phosphates Limited
Company details
- Registered office
- 51-52 Free Press House,, Free Press Journal Marg, Nariman Point, Mumbai, In-mh, 400021
- Listed
- NSE: RAMAPHO · ₹109.59
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 May 2026 | ICRA | Other | — | — | — | — | View |
| 28 Apr 2026 | ICRA | Watch | A- | A2+ | — | ₹168 Cr | View |
| 26 Mar 2026 | ICRA | Watch | A- | A2+ | — | ₹136 Cr | View |
| 30 Jun 2021 | CARE | Withdrawn | BBB | A3+ | Stable | — | View |
| 05 Jan 2021 | CARE | Reaffirmed | BBB | A3+ | Stable | ₹154 Cr | View |
| 25 Dec 2019 | CARE | Revised (from BBB-) | BBB | A3+ | Stable | ₹154 Cr | View |
| 07 Jan 2019 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹77.0 Cr | View |
| 29 Nov 2017 | CARE | Assigned | BBB- | A3 | Stable | ₹145 Cr | View |
Credit strengths (ICRA, Apr 2026)
+ Established presence in SSP segment with strong distribution network and experienced promoters
The company is promoted by the Ramsinghani family, who have an extensive experience in the fertiliser and seeds industry.
+ Diversified product portfolio
The company has a diversified product mix consisting of SSP fertilisers, sulphuric acid and its derivatives and soya-based products.
+ Highly integrated operational structure
The company has a sizeable in-house production capacity of sulphuric acid which provides a high degree of backward integration as sulphuric acid is used as a raw material to produce SSP.
Credit challenges
− Profitability susceptible to regulatory and agro-climatic risks
The company operates in the fertiliser industry, which is highly regulated and dependent on the subsidy levels announced by the GoI andthe timeliness of the subsidy release.
− Volatility in raw material prices and foreign exchange rates
The prices of key raw materials such as rock phosphate and sulphuric acid are linked to the global market and subject to volatility arising from fluctuations in international prices and foreign exchange rates.
Could lead to an upgrade
ICRA will continue to monitor the impact of the ongoing conflict in West Asia on the availability and pricing of raw materials, and in turn, on the earnings and credit profile of RPL. The ratings may be removed from watch if the impact of the ongoing geological developments is found to be not materially adverse for RPL’s financial profile. www.icra.in Sensitivity Label : Public Page |3
Could lead to a downgrade
The ratings may be downgraded in the event of a prolonged conflict in West Asia, leading to a sustained disruption in raw material availability and adverse pricing, thus resulting in a material deterioration of the company’s earnings and credit profile. Also, any sustained moderation in earnings, irrespective of the geological factors, could exert pressure on the ratings. An elongation of the working capital cycle, resulting in a deterioration of the
Agency-reported financials (ICRA, 28 Apr 2026)
| Metric | FY2024 | FY2025 | 9MFY2026 |
|---|---|---|---|
| Operating income | ₹603 Cr | ₹744 Cr | ₹674 Cr |
| PAT | ₹-31.10 Cr | ₹13.70 Cr | ₹47.30 Cr |
| OPBDITA/OI | -3.6% | 5.9% | 11.5% |
| PAT/OI | -5.2% | 1.8% | 7.0% |
| Total outside liabilities/Tangible net worth (times) | 1.10× | 1.00× | — |
| Total debt/OPBDITA (times) | -6.90× | 2.90× | — |
| Interest coverage (times) | -1.60× | 3.20× | 8.90× |
| Revenue growth (YoY) | — | 23.3% | — |
| EBITDA (margin × income) | ₹-21.72 Cr | ₹43.88 Cr | ₹77.51 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | — | ₹127 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | — | ₹13.71 Cr | ₹8.71 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| continues to be on watch | Other | ₹80.0 Cr | ₹100 Cr | 25.0% | — | Watch | ICRA |
| Loan continues to be on watch | Other | ₹8.00 Cr | ₹8.00 Cr | 0.0% | A2+ | Watch | ICRA |
| Others continues to be on watch | Other | ₹48.0 Cr | ₹60.0 Cr | 25.0% | — | Watch | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Fund based term loan FY FY rating watch with | Term loans | 10.25% | 31 Mar 2025 | 31 Mar 2031 | ₹8.00 Cr | A | Outstanding |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Proposed fund based limits | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Fertilisers
CARE Ratings’ Criteria for Rating Fertilizer Companies (Aug 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 30 Jun 2021 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 41% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 34% chance the next rating action is stable or better
Rated limits by facility
Timeline
From the report
April 28, 2026 Rama Phosphates Limited: Ratings continue to be placed on watch with negative implications; assigned for enhanced amount Summary of rating action Previous rated Current rated Instrument* amount amount Rating action (Rs. crore) (Rs. crore) [ICRA]A-; rating watch with negative implications Long term - Fund based 80.00 100.00 and assigned for enhanced amount ; continues to be on watch Long term – Fund based - Term [ICRA]A-; rating watch with negative implications; 8.00 8.00 Loan continues to be on watch [ICRA]A2+; rating watch with negative Short term - Non-fund based - 48.00 60.00
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.