Interim report
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~~~ Cfil'qq I<"ICfi ~ (fci"N"Q?f ~~) (A Government of India Undertaking) LeA- V\-;Y B vovr fo9~ ~ "Priyadarshini" , Jai Bhagwan Sharma Executive Director ~ ~~, Eastern Express Highway, (Legal & Company Secretary) ~, ~ - 400022 Sion, Mumbai - 400022 CIN: l24110MH1978GOI020185 ~q;fi I Tel. (Office): (022) 2404 5024 4& ~-~I E-mail: jbsharma@rcfltd.com 4& ~ I Website: www.rcfltd.com RCF/CS/Stock Exchanges 12025 The Corporate Relations Department BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 November 14, 2025 The Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No.C/1, G Siock, Sandra Kurla Complex, Sandra(East), Mumbai- 400 051 Script Code: 524230 1 9758901 976867 Script Code: RCF EQISIN: INE027A080281 977150 INE027 A08036/1NE027 A08044 Dear Sir IMadam, Sub: Outcome of the Board Meeting in accordance with the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 This is to inform that Soard at its meeting held today i.e., November 14, 2025 has considered and approved the Un-audited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2025. Pursuant to Regulation 33 & 52 of SESI (Listing Obligations and Disclosure Requirements) Regulation, 2015, please find enclosed herewith the following: - 1. Integrated Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2025 along with the Limited Review Report issued by M/s K. Gopal Rao & Co, Chartered Accountants, Statutory Auditors of the Company (Annexure A). 2. Statement of deviation or variation for proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement etc.: Not applicable 3. Pursuant to Regulation 23(9) of SESI (LODR), please find enclosed disclosure of Related Party Transaction for half year ended September 30,2025 (Annexure B). 4. Pursuant to Regulation 52(7) & 52(7 A) of SESI (LODR), please find enclosed the Statement indicating no Deviation or Variation in the use of proceeds of issue of listed, non-convertible, Secured/Unsecured Debentures for the quarter ended September 30,2025 (Annexure C). 5. As per the provisions of Regulation 54(3) of SESI (LODR), Report in respect of Security Cover is not applicable as Secured Debentures were redeemed on Maturity i.e August 5, 2025
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6. As per SEBI circular no. SEBIiHO/CFD/CFD-PoD-2/CIRlP/2024/185 dated December 31, 2024 please find enclosed herewith the Format for disclosing outstanding default on loans and debt securities (Annexure D). The meeting of Board of Directors commenced at 12.00 noon and concluded at 3.45. p.m. This is for your kind information and record. Yours faithfully, For Rashtriya Chemicals and Fertilizers Limited J. B. Sharma Executive Director Legal & Company Secretary
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K. GOPAL RAO & CO., Chartered Accountants IN D IA GSTIN: 33AAGFK3782M1ZZ Independent Auditor's Limited Review Report on the Quarterly Unaudited Standalone Financial Results of Rashtriya Chemicals and Fertilizers Limited for the quarter ended 30.09.2025, pursuant to the Regulation 33 and Regulation 52 read with regulation 63 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015. To The Board of Directors RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Opinion Branches 1, We have revie",red the accompanying Statement of Standalone Financial Results of Rashtriya Chemicals and Fertilizers Limited ("the company") for the Quarter and half year ended September 30, 2025,("the Statement") attached herewith, being prepared and submitted by the company pursuant to the requirement of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("LODR Regulations") 2, This Statement, which is the responsibility of the Company's Ma:lagement and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards 34 "Interim Financial Reporting" ("lndAS 34"),prescribed under section 133 of the Companies Act, 2013 (the 1 Act') read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. Our responsibility is to express a conclusion on the statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Revie"v Engagements (SRE) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from material misstatement. A review is limited primarily to inquiries of the company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit. We have not perfornled an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted and procedure performed as stated in paragraph 3 above, nothing has come to our attention that leads us to believe that the accompanying Statement of unaudited standalone financial results, prepared in accordance with recognition and nleasurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act, as amended, read with relevant r 4/: "', there Registered Office Second Office ;::: /1 ~ Bengaluru Mumbai # 21, Moosa Street, lNagar, Chennai -600 017. (~) 4552 2032/24343639/42128955/24342563 98400 63269/ 98401 63269/98408 73269 #2, South Dhandapa~l e, Coimbatore Sri City Hyderabad Tiruchirappalli Madurai Tiruvallur ~ www.kgrca.in gkr@kgrca.in Gr. Floor, Off: Burkit '~ 42129770/4212 -600017
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under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Regulation 33 of the Listing Regulations, as amended, including the manner in which it is to be disclosed,or that it contains any material misstatement. 5. We draw attention to the following matters forming part of the notes to the Statement: i. Note No.4 - Price adversity and UpwardIDownward Revision in CFR prices on Imported Phosphatic and Potassic (P&K) fertilizers: In accordance with the operational guidelines issued by Department of Fertilizers (DoF), vide F.No.23011/5/2025-P&K dated 30th April 2025 to facilitate import of DAP and TSP in Kharif 2025,Company has recognized subsidy income over and above the notified NBS rates on estimated basis on quantities sold out of such imports undertaken amounting to ~ 347.14 crore for the current period and (~318.15 crore for the current quarter). ii. Note No.5 - Property, Plant and Equipment: Title deeds of Immovable properties: In respect of immovable properties other than land, i.e. building and other structures situated at its Trombay and ThaI units, the Company has self-constructed properties on the land owned by the Company, evidenced by partial property cards/title deeds of land. iii. Note No.7 - Gas pooling applicable to Fertilizer (Urea) sector: The matter regarding the differential claimed by GAIL( India) Ltd., due to non-recognition of EPMC gas for 2021-22 onwards and Spot gas sourced during 2022-23 based on DoF directives in the gas pool account (replaced with cheaper market-priced gas contracted by the Company for non-urea operations by FICC), has been represented to DoF and is still under resolution. DoF, vide letter no. 12022/2/2024-UPP (E.38249) dated 25th June 2025,informed that the Committee constituted to examine the issue has found that FICe's stance of non-recognition of EPMC gas for Urea is justified. The Company has examined the Committee report and submitted its responses and has once again represented the matter to DoF for re-exarnination and has urged DoF not to initiate any action in this regard.The Company maintains that EPMC/Spot gas is meant exclusively for urea operations and should be included in calculating the final pool price for subsidy purposes, in accordance with gas pooling guidelines and extant Urea policies. Accordingly, the Company has continued to account for the differential (EPMC/Spot gas price minus cheaper gas price) as receivable from DoF. The cumulative amount stood at ~80.57 crore up to' September 2025. Further, the Company has disputed GAIL( India) Ltd. demand of ~52.18 crore for FY 2022-23 towards pool price differential, as against its receivable of ~71.39 ,crore. This differential owing to FICC substituting EPMC/Spot gas with cheaper RLNG gas meant for non-urea use. The Page 2 of3
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total disputed amount for FY 2022-23 stands at ~123.57 crore.As directed by DOF,GAIL( India) Ltd. had kept the demand in abeyance, and the matter was being examined by DOF. Our conclusion is not modified in respect of these matters. 6. Other Matters a) The statement includes comparative figures for the corresponding quarter ended 30th September 2024, which have been reviewed by us, where we have expressed an unmodified conclusion vide their report dated November 13, 2024 on such unaudited Standalone Financial Results. Our conclusion is not modified in respect of these matters. For K. GOPAL RAO & CO Chartered Accountants FRN : 0009565 V CA (Dr.) GOPAL KRISHNA RAJU Partner I M. No.: 205929 UDIN: Z5<2051'2 __ £16MLDPT200~ Plac~: Mumhai Date: 14th November 2025 Page 3 of 3
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1 a b 2 a. b. c. d. e. f. g. 3 4 5 6 7 8 9 10 11 12 RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED ( A Govt. Of India Undertaking) Regd. Office: "Prlyadarshlnl".Eastern Express Highway, Slon, Mumbal400 022 CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com Statement of Unaudited Standalone Financial Results for the Quarter and Half Year Ended 30TH SEPTEMBER 2025 Quarter ended I Half Year ended 30.09.2025 I 30.06.2025 I 30.09.2024 I 30.09.2025 I 30.09.2024 Particulars Unaudited I Unaudited I Unaudited I Unaudited I Unaudited 1 2 3 4 5 Income Revenue from Operations 5292.58 3370.58 4289.56 8663.16 8685.62 Other Income 51.15 39.02 42.60 90.17 72.74 Total Income 5343.73 3409.60 4332.16 8753.33 8758.36 Expenses Cost of materials consumed 1538.31 1230.43 1562.17 2768.74 2757.95 Purchase of stock-in-trade 1599.86 1725.99 1220.34 3325.85 2456.08 Changes in inventories of finished goods and stock in trade 345.96 (1075.71) (277.34) (729.75) 232.45 Employee benefits expense 157.08 146.59 155.12 303.67 296.35 Finance costs 54.75 55.55 76.49 110.30 146.47 Depreciation and amortisation expense 69.78 66.39 61.62 136.17 121.38 Other expenses i. Power and fuel 982.49 810.89 1040.84 1793.38 1863.90 ii. Freight and handling charges 246.24 180.81 219.53 427.05 421.46 iii. Others 208.31 193.85 167.39 402.16 340.05 Total expenses 5202.78 3334.79 4226.16 8537.57 8636.09 Profit I (Loss) before exceptional Items and tax (1-2) 140.95 74.81 106.00 215.76 122.27 Exceptional items - - - Profit I (Loss) before tax (3-4) 140.95 74.81 106.00 215.76 122.27 Tax Expense i. Current tax 35.35 20.94 29.08 56.29 35.78 ii. Deferred tax (0.09) (0.25) (1.68) (0.34) (2.84) iii. Short / (excess) provision for tax for earlier vears - - - - Total Tax 35.26 20.69 27.40 55.95 32.94 Profit I (Loss) after tax (5-61 105.69 54.12 78.60 159.81 89.33 Other Comprehensive Income Items that will not be reclassified to profit or loss i. Remeasurements of Defined Benefit Plans 11.69 5.54 (6.03) 17.23 (7.06) ii. Fair Value Equity Instruments - - Income tax relating to items that will not be reclassified to profit or loss i. Income Tax on Remeasurements of Defined Benefit Plans (2.95) (1.39) 1.52 (4.34) 1.78 ii. Deferred Tax on Fair Value Equity Instruments - - - - Other Comprehensive Income (net of tax) 8.74 4.15 (4.51) 12.89 (5.28) Total Comprehensive Income for the period (7+8) 114.43 58.27 74.09 172.70 84.05 Paid up equity share capital 551.69 551.69 551.69 551.69 551.69 ( Face Value - ~ 10/- each. ) Reserves / Other Equity (excluding Revaluation Reserves) 4376.18 4261.75 4080.35 4376.18 4080.35 Earnings Per Share {EPS} {~}* (i) Basic EPS (~) 1.92 0.98 1.42 2.90 1.62 (ii) Diluted EPS (~) 1.92 0.98 1.42 2.90 1.62 * Not annualised in case of quarterly and half yearly figures (~ in Crore) I Year ended 31.03.2025 Audited 6 16933.64 164.82 17098.46 5821.61 3712.58 749.03 597.92 253.68 262.76 3841.15 892.21 644.39 16775.33 323.13 (4.37) 327.50 99.00 (10.71) (2.42) 85.87 241.63 (46.65) 1.75 10.89 (0.44) (34.45) 207.18 551.69 4203.48 4.38 4.38
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED !rJ ( A Govt. Of India Undertaking) Regd. Office: "Prlyadarshlnl" Eastern Express Highway, Slon, Mumbal 400 022 :>m_ CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com Unaudited Standalone Segmentwlse Revenue, Results, Assets and Liabilities for the Quarter and Half Year Ended 30TH SEPTEMBER 2025 ('{ in Crorel Quarter ended Half Year ended Year ended Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 2 3 4 5 6 1 Segment Revenue a. Fertilizers 2946.97 2143.85 2760.10 5090.82 4900.46 10590.49 b. Industrial Chemicals 327.49 382.06 368.92 709.55 831.02 1656.36 c. Trading 2013.11 841.75 1157.63 2854.86 2948.32 4675.13 d. Unallocated 5.01 2.92 2.91 7.93 5.82 11.66 Total 5292.58 3370.58 4289.56 8663.16 8685.62 16933.64 Less: Inter Segment Revenue - Revenue from Operations 5292.58 3370.58 4289.56 8663.16 8685.62 16933.64 2 Segment Results a. Fertilizers 108.49 (40.09) 45.52 68.40 8.18 115.31 b. Industrial Chemicals 41.77 94.88 84.17 136.65 181.03 359.40 c. Trading 47.51 81.98 49.02 129.49 77.20 78.39 Total 197.77 136.77 178.71 334.54 266.41 553.10 Less: i. Finance Costs 54.75 55.55 76.49 110.30 146.47 253.68 ii. Other Net Unallocable Expenditure / (Income) 2.07 6.41 (3.78) 8.48 (2.33) (23.71) Profit Before Exceptional Items 140.95 74.81 106.00 215.76 122.27 323.13 Exceptional Item - Expenditure / (Income) - - - - (4.37) Profitl (Loss) Before Tax 140.95 74.81 106.00 215.76 122.27 327.50 3 Segment Assets a. Fertilizers 6270.86 6804.54 6419.94 6270.86 6419.94 6901.15 b. Industrial Chemicals 775.32 613.31 495.96 775.32 495.96 634.32 c. Trading 2563.32 2130.56 1565.78 2563.32 1565.78 1046.41 d. Unallocated 3698.12 2827.78 3533.53 3698.12 3533.53 2694.59 Total 13307.62 12376.19 12015.21 13307.62 12015.21 11276.47 4 Segment Liabilities a. Fertilizers 3583.71 2460.60 2532.87 3583.71 2532.87 3167.44 b. Industrial Chemicals 147.43 74.66 76.30 147.43 76.30 85.97 c. Trading 1125.45 886.42 728.57 1125.45 728.57 119.43 d. Unallocated 3523.16 4141.07 4045.43 3523.16 4045.43 3148.46 Total 8379.75 7562.75 7383.17 8379.75 7383.17 6521.30 Notes: 1 The above financial results are drawn in accordance with the accounting poliCies conSistently followed by the Company. The results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14th November, 2025. These results have been reviewed by the Statutory Auditors as required under Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 2 The results for the quarter ended 30th September,2025, are in compliance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
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Based on the nature of business activities undertaken by the Company and requirement of Ind AS 108 - Operating Segments, following are the operating segments identified: Segment Nature of Activities Fertilizers Production and supply of various grades of Fertilizers for agricultural use. Industrial Chemicals Production of various chemicals and supply to diverse industries. Trading Represents fertilizers imported /Iocally sourced and marketed for agricultural use. Unallocable income primarily includes interest Income, dividends and profit on sale of investments. Unallocable expenditure mainly includes corporate expenses not allocated to segments. Unallocable assets mainly comprise investments, corporate assets and other financial assets Including receivable towards import of urea on Government of India account. Unallocable liabilities mainly comprise borrowings, tax liabilities and other financial and non financial liabilities including payable towards import of urea on Government of India account. 4 In accordance with the operational guidelines Issued by Department of Fertilizers (DoF), vide F.No.23011/5/2025-P&K dated 30th April 2025 to facilitate import of DAP and TSP in Kharif 2025,Company has recognized subsidy Income over and above the notified NBS rates on estimated basis on quantities sold out of such imports undertaken amounting to ~ 347.14 crore for the current period and (~ 318.15 crore for the current quarter). Property Plant and Equipment: - Title deeds of Immovable properties In respect of immovable properties other than land, i.e. building and other structures Situated at its Trombay and Thai units, Company has self-constructed properties on the land owned by the Company as evidenced by property cards/title deeds of land. Company had came into existence in 1978 as a result of Government of India reorganising Fertilizer Corporation of India Ltd. and National Fertilizers Ltd. Consequent to the same, major portion of immovable assets at its Trombay unit became vested with the Company. In case of Thai unit, such properties on the Company's land were erected over the years following land acquisition effected around 1978. Thus records pertaining to self-constructed properties are not readily available since they date back to more than 40 years. Based on legal opinion obtained from legal and regulatory experts on land matters, and also has other documentary evidence in that regard, Company is of the view that it has clear title to the same. Company has also initiated the process of obtaining appropriate evidence of the approvals/permissions taken for construction of the self-constructed properties from the respective regulatory authorities. 6 The matter regarding the differential claimed by GAIL( India) Ltd., due to non-recognition of EPMC gas for 2021-22 onwards and Spot gas sourced during 2022-23 based on DoF directives in the gas pool account (replaced with cheaper market-priced gas contracted by the Company for non-urea operations by FICC), has been represented to DoF and is still under resolution. DoF, vide letter no. 12022/2j2024-UPP (E.38249) dated 25th June 2025,informed that the Committee constituted to examine the issue has found that FICe's stance of non-recognition of EPMC gas for Urea is justified. The Company has examined the Committee report and submitted its responses and has once again represented the matter to DoF for re-examination and has urged DoF not to initiate any action in this regard. The Company maintains that EPMCjSpot gas is meant exclusively for urea operations and should be included in calculating the final pool price' for subsidy purposes, in accordance with gas pooling guidelines and extant Urea policies. Accordingly, the Company has continued to account for the differential (EPMC/Spot gas price minus cheaper gas price) as receivable from DoF. The cumulative amount stood at ~80.57 crore up to September 2025. Further, the Company has disputed GAIL( India) Ltd.'s demand of ~52.18 crore for FY 2022-23 towards pool price differential, as against its receivable of ~71.39 crore. This differential owing to FICC substituting EPMCjSpot gas with cheaper RLNG gas meant for non-urea use. The total disputed amount for FY 2022-23 stands at ~123.57 crore.As directed by DOF ,GAIL( India) Ltd. had kept the demand in abeyance, and the matter was being examined by DOF. Particulars Revaluation of Development Right Certificate received j receivable from from Municipal Corporation of Greater Mumbai (MCGM)j Mumbai Metropolitan Regional Development Authority (MMRDA) towards surrender of land in earlier Total Exceptional Item - Expenditure I (Income) .2 24 (4.37)
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Other Disclosures of the Company as per SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015: Sr. Particulars Quarter ended Half Year ended Year ended No. 30.09.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025 Credit Rating * Commercial Papers ICRA ICRA Al+ ICRA Al+ ICRA Al+ ICRA Al+ ICRA A1+ CARE CARE Al+ CARE Al+ CARE Al+ CARE Al+ CARE A1+ Non Conve,rtible Debentures ICRA ICRA AA ICRAAA ICRA AA ICRA AA ICRA AA India Ratings IND AA IND AA IND AA IND AA IND AA Long Term Bank Lines - ICRA ICRA AA ICRA AA ICRA AA ICRA AA ICRA AA Short Term Bank Lines - CRISIL CRISIL Al + CRISIL Al + CRISIL Al + CRISIL Al + CRISIL Al + II Security Cover available for 6.59% Secured Non-Convertible Debentures(SERIES 1-2020) 3.02 times 3.02 times 2.84 times III Long Term Debt Equity ratio 0.36: 1 0.35: 1 0.36: 1 0.35 : 1 0.33: 1 IV Debt Service Coverage Ratio** 1.13 0.23 1.60 0.35 0.96 V Interest Service Coverage Ratio 4.85 3.19 4.19 2.66 3.31 VI Current Ratio 1.28 1.43 1.28 1.43 1.42 VII Long Term Debt to Working Capital 1.06 0.75 1.06 0.75 0.83 VIII Bad Debts to Accounts Receivable Ratio** 0.00 0.00 0.00 0.00 0.00 IX Current Liability Ratio 0.72 0.70 0.72 0.70 0.67 X Total Debts to Total Assets 0.21 0.23 0.21 0.23 0.24 XI Debtors Turnover** 1.83 1.35 3.00 2.73 5.09 XII Inventory Turnover** 4.81 3.13 7.87 6.34 15.24 XIII Operating Margin % 4.05 4.70 4.29 3.65 3.98 XIV Net profit Margin % 2.00 1.83 1.84 1.03 1.43 XV Debenture Redemption Reserve *** Refer Note *** Refer Note *** Refer Note *** Refer Note *** Refer Note XVI Net Worth (Equity Share Capital + Other Equity) (~Crore) 4927.87 4632.04 4927.87 4632.04 4755.17 XVII Outstanding Debt (Long Term) (~ Crore) 1768.32 1640.93 1768.32 1640.93 1546.66 6.59% Secured Non-Convertible Debenture (SERIES 1-2020) (ISIN - INE027A07012) face value of t 500.00 crore Issued on 5th August,2020 were redeemed on 05th August 2025. The Company issued 7.99% Unsecured Non-Convertible Debenture (SERIES 1-2024) (ISIN - INE027A08028) face value of ~ 300.00 crore on 07th August, 2024, redeemable on 07th August, 2027, 7.49% Unsecured Non-Convertible Debenture (SERIES 1-2025) (ISIN - INE027A08036) face value of f 300.00 crore on 30th June, 2025, redeemable on 30th June, 2028 and 7.60% Unsecured Non-Convertible Debenture (SERIES II-2025) (ISIN -INE027A08044 ) face value of f 395.00 crore on 25th September, 2025, redeemable on 25th July, 2029. * The above disclosu re Is based on latest ratings. ** Not annuallsed In case of quarterly and half yearly figures. *** In accordance with Gazette Notification No. GSR 574(E) dated 16th August, 2019 Issued by Ministry of Corporate Affairs Company Is not required to create Debenture Redemption Reserve In respect of the above referred debentures as they have been Issued on private placement basis. Formula used for calculation of Ratios: a. Debt: Equity Ratio = (Long Term Borrowings +Current maturities of Long Term Borrowings) / (Shareholders funds) b. Debt Service Coverage RatiO = (Profit before Finance costs, Depreciation, Exceptional Items and Tax) / (Finance Costs+Current maturities of Long Term Borrowings) c. Interest Service Coverage Ratio = (Profit before Finance costs, Depreciation, Exceptional Items and Tax) / (Finance Costs) d. Current RatiO = (Current assets) / (Current liabilities - Current maturities of long term borrowings) e. Long Term Debt to Working Capital = (Long term borrowings + Current maturities of long term borrowings) / (Working capital) [working capital refers to net current assets arrived after reducing current liabilities excluding current maturities of long term borrowings from current assets] f. Bad Debts to Accounts Recievable Ratio = (Bad debts written off) / (Average trade receivables) g. Current Liability Ratio = (Current liabilities - Current maturities of long term borrowings) / (Total liabilities) h. Total Debts to Total Assets = (Total borrowings) / (Total assets) i. Debtors Turnover = (Revenue from operations) / (Average trade receivables) j. Inventory Turnover = (Revenue from operations) / (Average inventory of finished goods and stock in trade) k. Operating Margin % = (PrOfit before Finance costs, Depreciation, Exceptional Items and Tax - Other income) / (Revenue from operations) I. Net profit Margin % = (Profit after tax) / (Revenue from operations) XVIII The details of Interest / Principal payment and due date in respect of Non-convertible debt securities is given below: Bond / Debentures Interest 6.59% Secured Non-Convertible Debenture (SERIES I-2020) 05.08.2025 (~ 32.95 crore) 7.99% Unsecured Non Convertible Debentures (SERIES 1-2024) 07.08.2025 (f 23.97 crore) 7.49% Unsecured Non Convertible Debentures (SERIES I -2025) NA 7.60% Unsecured Non Convertible Debentures (SERIES II -2025) NA IXX The details of due date and actual date of Repayment of Commercial Paper Previous Due Date Principal 05.08.2025 (~ 500.00 crore) NA NA NA Statu~ Paid on due date Paid on due date NA NA Interest 07.08.2026 (f 23.97 crore) 30.06.2026 (f 22.47 crore) 25.09.2026 (f 30.02 crore) Next Due date PrincipJI The Commercial Papers outstanding as on 30th September, 2025 was f NIL and further no funds were raised through issuance of Commercial Papers during the period April-Sep, 2025 and thus no disclosure warranting repayment status of the same is being given. National Company Law Tribunal (NCLT) proceedings were initiated vide order dated 11th January, 2024 on FACT-RCF Building Products Limited (FRBL) a joint venture entity with a 50:50 partnership between the Company and Fertilizers and Chemicals Travancore (FACT) Limited and has received NCLT order No.IA (IBC)(Plan)/05/KOB/2025 IN CP(IB)/39/KOB/2023 dated 26th September 2025 wherein the Resolution Plan has been approved in respect of FRBL.The said order does not have material Impact and the Company is reviewing the order for further appropriate course of action.Accordingly,as the Company has made full provision of its investments/dues from FRBL in earlier years, the financials of FRBL is not consolidated. 10 The figures for the corresponding previous periods have been restated / regrouped wherever necessary, to make them comparable. o the Board of Directors AND FERTILIZERS LIMITED (S.C~kar) Chairman" Managing Director DIN: 03498837
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Regd. Office: "Prlyadarshlnl" Eastern Express Highway, Slon, Mumbal400 022 CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com STATEMENT OF STANDALONE ASSETS AND LIABLITIES Particulars A ASSETS 1 Non Current Assets (a) Property, Plant and Equipment (b) Capital Work in Progress (c) Right of Use Assets (d) Investment Property (e) Intangible Assets (f) Financial Assets (i) Investments (ii) Trade Receivables (iii) Loans (iv) Others (g) other Non-Current Assets Sub total 2 Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (Iii) Cash and Cash Equivalents (iv) Bank Balances other than (iii) above (v) Loans (vi) Others c Other Current Assets Sub total TOTAL· ASSETS B. EQUITY 80 LIABILITIES 1 2 Liabilities (I) Non Current Liabilities (a) Financial Liabilities (I) Borrowings (ii) Lease Liabilities (iii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities(Net) d Other Non-Current Liabilities Sub total (II) Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Trade Payables (A) total outstanding dues of micro enterprises and small enterprises. (B) total outstanding dues of creditors other than micro enterprises and small enterprises. (iv) other Financial Liabilities (b) Other Current Liabilities (c) Provisions Cd) Current Tax Liabilities (Net) Sub total TOTAL - E UITY &. LIABILITIES 30.09.2025 Unaudited 3064.38 737.30 12.54 4.14 0.51 1304.96 481.83 5605.66 2437.77 2680.02 1072.48 79.46 233.00 757.21 442.02 7701.96 13307.62 551.69 4376.18 4927.87 1589.08 9.14 46.25 210.82 295.12 21.20 2171.61 1175.45 4.39 66.98 4024.82 644.66 123.02 168.82 6208.14 13307.62 AS AT 30.09.2024 Unaudited 2595.86 568.87 9.72 5.28 0.21 1098.84 380.96 4659.74 2130.51 90.01 2802.87 1753.55 87.35 5.10 173.88 312.20 7355.47 12015.21 551.69 4080.35 4632.04 678.58 5.96 47.75 204.36 302.89 21.90 1261.44 2072.36 5.02 47.59 2995.52 736.35 94.68 169.26 0.95 6121.73 12015.21 For and on behalf of the Board of Directors RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED (S. C. ikar) Chairman &. Managing Director DIN: 03498837 31.03.2025 Audited 2891.55 579.17 9.09 4.21 0.57 1104.96 451.16 5040.71 1585.59 3100.67 987.03 48.71 164.39 349.37 6235.76 11276.47 551.69 4203.48 4755.17 923.28 6.24 46.54 225.32 295.46 20.23 1517.07 1828.64 4.05 88.42 2128.10 659.65 101.90 188.46 5.01 5004.23 11276.47
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED ( A Govt. Of India Undertaking) Regd. Office: "Prlyadarshlnl" Eastern Express Highway, Slon, Mumbal 400 022 CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com STANDALONE CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 30TH SEPTEMBER 2025 51. No. Particulars A Cash Flow From Operating Activities Net Profit before tax Adjustments for: Depreciation/Amortisation/loss on Impairment of Assets (Profit) / loss on Sale of Property, Plant and Equipment / Intangible Assets Interest Income Dividend Income Rental Income Derived from Investment Properties (Gain) / loss on Sale of Current Investments Interest and Finance Charges Provision for Bad/Doubtful Debts Provision for Obsolescence Stores Provision Written Back Unrealised Foreign Exchange (Gain) floss Operating Profit before Working Capital Changes Adjustments for: Trade Receivables and Other Assets Inventories Trade Payables and Other Liabilities Cash Generated / (Used) from Operations Direct Taxes Paid (net of refunds) Net Cash Generated I (Used) from Operating Activities --- A B Cash Flow from Investing Activities Additions to Property, Plant and Equipment / Intangile Assets Sale of Property, Plant and Equipment / Intangile Assets Purchase of Current Investments Investments in Joint Ventures Sale of Current Investments Inter Corporate Advances / Repayments Interest Received Dividend Received Rental Income Derived from Investment Properties Margin Money Deposits Matured / (Placed) with Banks Government Grants Received Net Cash Generated I (Used) from Investing Activities ----- B C Cash Flow from Financing Activities Note: Net Proceeds / (Repayment) of working capital facilities and short term loans Proceeds from Term loans / Non Convertible Debentures Repayments of Term loans/ / Non Convertible Debentures Interest paid Dividend paid Repayment of lease liabilities Net Cash Generated I (Used) from Financing Activities ----- C Net Increase/Decrease( -) in Cash and Cash Equivalent (A+B+C) Cash and Cash Equivalents as at 1st April(Opening Balance) Cash and Cash Equivalents as at 30th September (Closing Balance) Components of Cash and Cash Equivalents Cash on hand Balance With Scheduled Banks in Current Accounts in Term DepOSits with less than 3 months maturity Unaudited Half Year ended 30.09.2025 30.09.2024 215.76 136.60 121.72 6.48 0.46 (15.49) (15.99) (1.35) (0.50) (22.64) (22.46) (1.35) (2.75) 110.30 146.47 2.97 0.01 0.70 (2.15) (6.33) 15.96 (2.52) 229.33 445.09 (185.81) 909.19 (850.44) 456.78 1896.00 934.60 859.75 1304.84 (11.45) 1,293.39 (645.84) (317.76) 0.05 6.68 (2697.86) (1616.93) (200.00) (96.67) 2699.21 1529.67 (233.00) 15.92 13.49 1.35 0.50 22.64 22.46 (30.86) 109.10 1.34 (1067.05) (1,067.05) (219.50) (781.09) 1072.36 300.00 (850.70) (52.32) (139.76) (131.45) (0.11) (0.01) (3.18) (140.89) (3.26) (140.89) 85.45 987.03 1072.48 0.02 217.46 855.00 1072.48 122.27 218.81 341.08 2300.57 2641.65 (27.00) 2,614.65 (349.46) (349.46) (668.13) (668.13) 1597.06 156.49 1753.55 0.02 58.53 1695.00 1753.55 1 The Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind AS) 7 on Statement of Cash Flows and presents cash flows by operating, investing and financing activities. Figures In the bracket are outflows / deductions. Figures of the previous year have been regrouped / rearranged wherever necessary to make it comparable to the current year presentation. 4 The cash credit facilities availed from bank are part of financing activity which do not form part of cash and cash equivalents for Cash Flow Statement purpose. Fnr ilnn nn hAhiltf nf thA Rn~rn nf nirQrtnr~ RASHTRIY, CHEM:::t: FERnUZERS UNITED (S.C.~ar) Chairman So. Managing Director DIN: 03498837
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K. GOPAL RAO & CO., Chartered Accountants IN D IA GSTIN: 33AAGFK3782M1ZZ Independent Auditor's Limited Review Report on the Quarterly Unaudited Consolidated Financial Results of Rashtriya Chemicals and Fertilizers Limited for the quarter ended 30.09.2025, pursuant to the Regulation 33 and Regulation 52 read with regulation 63 (2) of the SEBI(Listing Obligations and Disclosure Requirements) Regulations,2015. To The Board of Directors RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Opinion Branches 1, We have review'ed the accompanying Statement of Unaudited Consolidated Financial Results of Rashtriya Chemicals and Fertilizers Limited (the "Holding Companyll) and its J oint Ventures and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter and half year ended 30.09.2025 (the "Statement ll ), being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Companis Management and approved by the Holding Companis Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards IIlnterim Financial Reporting" (IlInd As 3411 ) prescribed under section 133 of the Companies Act, 2013 (the IIActll) read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India (ICAI). This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free from ITlaterial misstatement. A review is limited primarily to inquiries of the company personnel and an analytical procedure applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. We also performed procedures in accordance with the SEBI Circular No. CIR/CFD/CMDl/44/2019 dated 29.03.2019 under Regulation 33(8) of the Regulations, as amended, to the extent applicable. Registered Office Second Office Bengaluru Mumbai # 21, Moosa Street, INagar, Chennai -600 017. #2, South DhandapaniStreet, Meena Arcade, Coimbatore ,.:~ Sri City Hyderabad Madurai Tiruchirappalli Tiruvallur 45522032/24343639/42128955/24342563 Gr. Floor, Off: Burkit Road, lNagar, Chennai -600 017 9840063269/98401 63269/9840873269 © 42129770/42128955 kgrnco@gmail,com ~ www.kgrca.in gkr@kgrca.in gkr@icai.org, gopalkrishnarajuca@gmail,com
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4. The Statement includes the results of the following entities: (A) Rashtriya Chemicals and Fertilizers Ltd ("the Holding Company") (B) J oint Ventures: i. Urvarak Videsh Ltd; and ii. Talcher Fertilizers Ltd. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, and based on the consideration of the review reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the Indian Accounting Standards specified under Section 133 of the Act, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 read with regulation 63(2) of the SEBI Listing Regulations, as amended, including the manner in which it is to be disclosed, or whether it contains any material misstatement. 6. We draw attention to the following matters forming part of the notes to the Statement: i. Note No.5 - Price adversity on Imported Phosphatic and Potassic (P&K) fertilizers: In accordance with the operational guidelines issued by Department of Fertilizers (DoF), vide F.No.23011/5/2025-P&K dated 30th Apri12025 to facilitate import of DAP and TSP in Kharif 2025,Company has recognized subsidy income over and above the notified NBS rates on estimated basis on quantities sold out of such imports undertaken amounting to ~ 347.14 crore for the current period and (~318.15 crore for the current quarter). ii. Note No.6 - Property, Plant and Equipment: Title deeds of Immovable properties: In respect of immovable properties other than land, i.e. building and other structures situated at its Trombay and ThaI units, the Company has self-constructed properties on the land owned by the Company as evidenced by property cards/title deeds of land. iii. Note No.8 - Gas pooling applicable to Fertilizer (Urea) sector: The matter regarding the differential claimed by GAIL( India) Ltd., due to non recognition of EPMC gas for 2021-22 onwards and Spot gas sourced during 2022-23 based on DoF directives in the gas pool account (replaced with cheaper market-priced gas contracted by the Company for non-urea operations by FICC), has been represented to DoF and is still under resolution. DoFf vide letter no. 12022/2/2024-UPP (E.38249) dated 25th June 2025,informed that the Committee constituted to examine the issue has found that FICC's stance of non recognition of EPMC gas tor Urea is justified. The Company has examined the Committee report and submitted its responses and has once again represented the matter to DoF for re-examination and has urged DoF not to initiate any action in this Page2of4
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maintains that EPMC/Spot gas is meant exclusively for urea operations and should be included in calculating the final pool price for subsidy purposes, in accordance with gas pooling guidelines and extant Urea policies. Accordingly, the Company has continued to account for the differential (EPMC/Spot gas price minus cheaper gas price) as receivable from DoF. The cumulative amount stood at ~80.57 crore up to September 2025. Further, the Company has disputed GAIL( India) Ltd. demand of ~52.18 crore for FY 2022- 23 towards pool price differential, as against its receivable of ~71.39 crore. This differential owing to FICC substituting EPMC/Spot gas with cheaper RLNG gas meant for non-urea use. The total disputed amount for FY 2022-23 stands at ~123.57 crore.As directed by DOF,GAIL( India) Ltd. had kept the demand in abeyance, and the matter was being examined by DOF. iv. Note No. 11- Investment in Talchar Fertilizers Limited: The consolidated financial statements have been prepared considering the share of equity contribution made by the Company amounting to ~1102.15 crore vis-a vis ~ 2169.67 crore each contributed by the other joint venture partners GAIL (India) Ltd and Coal· India Limited as on 30th September 2025 in Talcher Fertilizers Limited. Our conclusion is not modified in respect of these matters. 7. Other Matters a) The accompanying statements includes the audited financial results/ statements and other financial information in respect of: 1. Talcher Fertilizers Limited, a joint venture of the company, whose financial statement/ information/ results includes the Company's share of net profit of Rs. 0.34 Crores for the quarter ended 30th September 2025, as considered in the statement which have not been reviewed by their auditor. This financials results/information is certified by the management. ii. As regards to Urvarak Videsh Limited, a joint venture, whose financial statement/ information/ results includes the Company's share of net loss of Rs. 0.00 crores (Rs. 4,933) for the quarter ended 30th September 2025, as considered in the statement which have not been reviewed by their auditor, whose report has been furnished to us by the management of the company and our conclusion on the statement, in so far relates to the amount and disclosure included in respect of this joint venture, is based solely on the report of the other auditor and the procedure performed by us as stated in para 3 above. Page 3 of4
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iii. National Company Law Tribunal (NCLT) proceedings were initiated vide order dated 11th January, 2024 on FACT -RCF Building Products Limited (FRBL) a joint venture entity with a 50:50 partnership between the Company and Fertilizers and Chemicals Travancore (FACT) Limited and has received NCLT order No. IA (IBC)(Plan)/05/KOB/2025 IN CP(IB)/39/KOB/2023 dated 26th September 2025 wherein the Resolution Plan has been approved in respect of FRBL.The said order does not have material impact and the Company is reviewing the order for further appropriate course of action. Accordingly and as the Company has made full provision of its investments/ dues from FRBL in earlier years, the financials of FRBL is not consolidated. b) The statement includes comparative figures for the corresponding quarter ended 30th September 2024, which have been reviewed by us, where they have expressed an unmodified conclusion vide their report dated November 13, 2024 on such unaudited Consolidated Financial Results. Our opinion is not modified in respect of these matters. For K. GOPAL RAO & CO Chartered Accountants CA (Dr.) GOPAL KRISHNA RAJU Partner I M. No.: 205929 UDIN: f'l-:Y20 S ~ "1-:J G\'Y\ \- 'D ~ u 6 rYlo Place: Mumbai Date: 14th November 2025 Page 4of4
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RASHTRIVA CHEMICALS AND FERTILIZERS LIMITED !3 ( A Govt. Of India Undertaking ) Regd. Office: "Prlyadarshlnl" Eastern Express Highway, Sian, Mumbal400 022 '"}::.c.:::."·'· CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com Statement of Unaudited Consolidated Financial Results for the Quarter Ended 30TH SEPTEMBER 2025 ('{ in Crore) uarter ended Half Year ended Year ended 30.09,2025 I 'On n" '1n',., I 'On no '1n'1, I 'On no '1n'1" I 30.09.2024 I 31.03.2025 Particulars Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 2 3 4 5 6 1 Income a Revenue from Operations 5292.58 3370.58 4289.56 8663.16 8685.62 16933.64 b Other Income 51.15 39.02 42.60 90.17 72.74 164.82 Total Income 5343.73 3409.60 4332.16 8753.33 8758.36 17098.46 2 Expenses a. Cost of materials consumed 1538.31 1230.43 1562.17 2768.74 2757.95 5821.61 b. Purchase of stock-in-trade 1599.86 1725.99 1220.34 3325.85 2456.08 3712,58 c. Changes in inventories of finished goods and stock in trade 345.96 (1075.71) (277.34) (729.75) 232.45 749.03 d. Employee benefits expense 157.08 146.59 155.12 303.67 296.35 597.92 e. Finance costs 54.75 55.55 76.49 110.30 146.47 253.68 f. DepreCiation and amortisation expense 69.78 66.39 61.62 136.17 121.38 262.76 g. Other expenses i. Power and fuel 982.49 810.89 1040.84 1793.38 1863.90 3841.15 ii. Freight and handling charges 246.24 180.81 219.53 427.05 421.46 892.21 iii. Others 208.31 193.85 167.39 402.16 340.05 644.39 Total expenses 5202.78 3334.79 4226.16 8537.57 8636.09 16775.33 3 Profit I (Loss) before lV'S share of Profit I (Loss), exceptional items and tax 140.95 74.81 106.00 215.76 122.27 323.13 (1-2) 4 Share of Profit / (Loss) of Associates / JV's (0.34) 0.31 0.36 (0.03) 0.43 0.82 5 Profit I {Loss} before exceptional items and tax (3-4) 140.61 75.12 106.36 215.73 122.70 323.95 6 Exceptional items - - (4.37) 7 Profit I (Loss) before tax (5-6) 140.61 75.12 106.36 215.73 122.70 328.32 8 Tax Expense i. Current tax 35.35 20.94 29.08 56.29 35.78 99.00 ii. Deferred tax (0.09) (0.25) (1.68) (0.34) (2.84) (10.71) iii. Short / (excess) provision for tax for earlier vears - - (2.42) Total Tax 35.26 20.69 27.40 55.95 32.94 85.87 9 Profit I (Loss) after tax (7-8) 105.35 54.43 78.96 159.78 89.76 242.45 10 Other Comprehensive Income Items that will not be reclassified to profit or loss i. Remeasurements of Defined Benefit Plans 11.69 5.54 (6.03) 17.23 (7.06) (46.65) ii. Fair Value Equity Instruments - - 1.75 Income tax relating to items that will not be reclassified to profit or loss i. Income Tax on Remeasurements of Defined Benefit Plans (2.95) (1.39) 1.52 (4.34) 1.78 10.89 ii. Deferred Tax on Fair Value Equity Instruments - - (0.44) Other Comprehensive Income (net of tax) 8.74 4.15 (4.51) 12.89 (5.28) (34.45) 11 Total Comprehensive Income for the period (9+10) 114.09 58.58 74.45 172.67 84.48 208.00 12 Paid up equity share capital 551.69 551.69 551.69 551.69 551.69 551.69 ( Face Value - ~ 10/- each. ) 13 Reserves / Other Equity (excluding Revaluation Reserves) 4370.17 4256.09 4070.12 4370.17 4070.12 4193.64 14 Earnings Per Share (EPS) (~)* (i) Basic EPS (~) 1.91 0.99 1.43 2.90 1.63 4.39 (ii) Diluted EPS m 1.91 0.99 1.43 2.90 1.63 4.39 * Not annualised in case of quarterly figures
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED !I ( A Govt. Of India Undertaking) Regd. Office: "Priyadarshini" Eastern Express Highway, Sion, Mumbai 400 022 . ~ .. :,,;,; CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com Unaudited Consolidated Segmentwise Revenue, Results, Assets and Liabilities for the Quarter Ended 30TH SEPTEMBER 2025 (~in Crore) Quarter ended Half Year ended Year ended Particulars -~r ~ .. ;;; .. -... r 'On no .. n ..... 'On no .. n .... .. nno .. n ..... 3103.2025 Unaudited Unaudited Unaudited Unaudited Unald"ted Audited 1 2 3 4 S 6 1 Segment Revenue a. Fertilizers 2946.97 2143.85 2760.10 5090.82 4900.46 10590.49 b. Industrial Chemicals 327.49 382.06 368.92 709.55 831.02 1656.36 c. Trading 2013.11 841.75 1157.63 2854.86 2948.32 4675.13 d. Unallocated 5.01 2.92 2.91 7.93 5.82 11.66 Total 5292.58 3370.58 4289.56 8663.16 8685.62 16933.64 Less: Inter Segment Revenue - - Revenue from Operations 5292.58 3370.58 4289.56 8663.16 8685.62 16933.64 2 Segment Results a. Fertilizers 108.49 (40.09) 45.52 68.40 8.18 115.31 b. Industrial Chemicals 41.77 94.88 84.17 136.65 181.03 359.40 c. Trading 47.51 81.98 49.02 129.49 77.20 78.39 Total 197.77 136.77 178.71 334.54 266.41 553.10 Less: i. Finance Costs 54.75 55.55 76.49 110.30 146.47 253.68 ii. Other Net Unallocable Expenditure / (Income) 2.41 6.10 (4.14) 8.51 (2.76) (24.53) Profit Before Exceptional Items 140.61 75.12 106.36 215.73 122.70 323.95 Exceptional Item - Expenditure / (Income) - - (4.37) Profitt (Loss) Before Tax 140.61 75.12 106.36 215.73 122.70 328.32 3 Segment Assets a. Fertilizers 6270.86 6804.54 6419.94 6270.86 6419.94 6901.15 b. Industrial Chemicals 775.32 613.31 495.96 775.32 495.96 634.32 c. Trading 2563.32 2130.56 1565.78 2563.32 1565.78 1046.41 d. Unallocated 3692.11 2822.12 3523.30 3692.11 3523.30 2684.75 Total 13301.61 12370.53 12004.98 13301.61 12004.98 11266.63 4 Segment Liabilities a. Fertilizers 3583.71 2460.60 2532.87 3583.71 2532.87 3167.44 b. Industrial Chemicals 147.43 74.66 76.30 147.43 76.30 85.97 c. Trading 1125.45 886.42 728.57 1125.45 728.57 119.43 d. Unallocated 3523.16 4141.07 4045.43 3523.16 4045.43 3148.46 Total 8379.75 7562.75 7383.17 8379.75 7383.17 6521.30 Notes: 1 The above financial results are drawn in accordance with the accounting policies conSistently followed by the Company. The results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14th November, 2025. These results have been reviewed by the Statutory Auditors as required under Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation:;, 2015. 2 The results for the quarter ended 30th September,2025, are in compliance with the Indian Accounting Standards (Ind AS) as prescribed under section 133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
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The above consolidated financial results include the results of the following joint ventures in accordance with Ind AS 28 - Investment in Associates and JOint Ventures: a. URVARAK VIDESH LIMITED - Limited Reviewed Results b. TALCHER FERTILIZERS LIMITED - Management Certified Results Based on the nature of business activities undertaken by the Company and requirement of Ind AS 108 - Operating Segments, following are the operating segments identified: Segment Nature of Activities Fertilizers Production and supply of various grades of Fertilizers for agricultural use. Industrial Chemicals Production of various chemicals and supply to diverse industries. Trading Represents fertilizers imported /Iocally sourced and marketed for agricultural use. Unallocable income primarily includes interest income, dividends and profit on sale of investments. Unallocable expenditure mainly includes corporate expenses not allocated to segments. Unallocable assets mainly comprise investments, corporate assets and other financial assets including receivable towards import of urea on Government of India account. Unallocable liabilities mainly comprise borrowings, tax liabilities and other financial and non financial liabilities including payable towards import of urea on Government of India account. In accordance with the operational guidelines issued by Department of Fertilizers (DoF), vide F.No.23011/5/2025-P&K dated 30th April 2025 to facilitate import of DAP and TSP in Kharif 2025!Company has recognized subsidy income over and above the notified NBS rates on estimated basis on quantities sold out of such imports undertaken amounting to ~ 347.14 crore for the current period and (~318.15 crore for the current quarter). Property Plant and Equipment: - Title deeds of Immovable properties In respect of immovable properties other than land, i.e. building and other structures Situated at its Trombay and Thai units, Company has self-constructed properties on the land owned by the Company as evidenced by property cards/title deeds of land. Company had came into existence in 1978 as a result of Government of Indi p reorganising Fertilizer Corporation of India Ltd. and National Fertilizers Ltd. Consequent to the same, major portion of immovable assets at its Trombay unit became vested with the Company. In case of Thai unit, such properties on the Company's land were erected over the years following land acquisition effected around 1978. Thus records pertaining to self-constructed properties are not readily available Since they date back to more than 40 years. Based on legal opinion obtained from legal and regulatory experts on land matters, and also has other documentary evidence in that regard, Company is of the view that it has clear title to the same. Company has also initiated the process of obtaining appropriate evidence of the approvals/permissions taken for construction of the self-constructed properties from the respective regulatory authorities. The matter regarding the differential claimed by GAIL( India) Ltd., due to non-recognition of EPMC gas for 2021-22 onwards and Spot gas sourced during 2022-23 based on DoF directives in the gas pool account (replaced with cheaper market-priced gas contracted by the Company for non-urea operations by FICC), has been represented to DoF and is still under resolution. DoF, vide letter no. 12022/2j2024-UPP (E.38249) dated 25th June 2025,informed that the Committee constituted to examine the issue has found that FICe's stance of non recognition of EPMC gas for Urea is justified. The Company has examined the Committee report and submitted its responses and has once again represented the matter to DoF for re examination and has urged DoF not to initiate any action in this regard.The Company maintains that EPMC/Spot gas is meant exclusively for urea operations and should be included in calculating the final pool price for subsidy purposes, in accordance with gas pooling guidelines and extant Urea policies. Accordingly, the Company has continued to account for the differential (EPMC/Spot gas price minus cheaper gas price) as receivable from DoF. The cumulative amount stood at ~80.57 crore up to September 2025. Further, the Company nas disputed GAIL( India) Ltd.'s demand of ~52.18 crore for FY 2022-23 towards pool price differential, as against its receivable of ~71.39 crore. This differential owing to FICC substituting EPMC/Spot gas with cheaper RLNG gas meant for non-urea use. The total disputed amount for FY 2022-23 stands at H23,57 crore.As directed by DOF,GAIL( India) Ltd. had kept the demand in abeyance, and the matter was being examined by DOF. Exceptional items [Expense or Loss / (Income or Gain)] consists of: (~ in Crore) Particulars Quarter ended Half Yellr ended Year ended 30.09.2025 30.06.2025 30.09.2024 3009.2025 30,09.2024 31.03.2025 Revaluation of Development Right Certificate received / receivable from from - - - - (4,37) Municipal Corporation of Greater Mumbai (MCGM) / Mumbai Metropolitan Regional Development Authority (MMRDA) towards surrender of land in earlier v",,,r. Total Exceptional Item - Expenditure / (Income) - - - - - (4.37)
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9 Other Disclosures of the Company as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Sr. Particulars Quarter ended Half Year ended Year ended No. ~3~0~.0~9~.2~0~2~5~T~3~0.~09~.~20~2-4~~3~0~.0~9~.2~0~25~~~30~.~09~.2~0~2~4-+~3~1~.0~3.~2~02~5~ Credit Rating * a Commercial Papers ICRA ICRA Al+ ICRA A1+ ICRA Al+ ICRA A1+ ICRA A1+ CARE CAREA1+ CAREA1+ CARE Al+ CARE Al+ CARE A1+ Non Convertible Debentures ICRA ICRA AA ICRAAA ICRAAA ICRAAA ICRA AA ii India Ratings IND AA INDAA INDAA IND AA INDAA c Long Term Bank Lines - ICRA ICRA AA ICRAAA ICRAAA ICRA AA ICRA AA Short Term Bank Lines - CRISIL CRlSIL Ai + CRISILAl + CRISIL Al + CRISILAl + CRISILAl + II Security Cover available for 6.59% Secured Non-Convertible Debentures (SERIES 1-2020) 3.02 times 3.02 times 2.B4 times III Long Term Debt Equity ratio 0.36: 1 0.36: 1 0.36: 1 0.36: 1 0.33: 1 IV Debt Service Coverage Ratlo** 1.13 0.24 1.60 0.35 0.96 V Interest Service Coverage Ratio 4.84 3.20 4.19 2.67 3.31 VI Current Ratio 1.28 1.43 1.28 1.43 1.42 VII Long Term Debt to Working Capital 1.06 0.75 1.06 0.75 0.83 VIII Bad Debts to Accounts Receivable Ratlo** 0.00 0.00 0.00 0.00 0.00 IX Current Liability Ratio 0.72 0.70 0.72 0.70 0.67 X Total Debts to Total Assets 0.21 0.23 0.21 0.23 0.24 XI Debtors Turnover** 1.83 1.35 3.00 2.73 5.09 XII Inventory Turnover** 4.81 3.13 7.87 6.34 15.24 XllI Operating Margin % 4.04 4.71 4.29 3.66 3.99 XIV Net profit Margin % 1.99 1.84 1.84 1.03 1.43 xv Debenture Redemption Reserve *** Refer Note *** Refer Note *** Refer Note *** Refer Note *** Refer Note XVI Net Worth (Equity Share Capital + Other Equity) (f Crore) 4921.86 4621.81 4921.86 4621.81 4745.33 XVII Outstanding Debt (Long Term) (~ Crore) 1768.32 1640.93 1768.32 1640.93 1546.66 6.59% Secured Non-Convertible Debenture (SERIES 1-2020) (ISIN - INE027A07012) face value of f 500.00 crore Issued on 5th August,2020 were redeemed on 05th August 2025. The Company Issued 7.99% Unsecured Non-Convertible Debenture (SERIES 1-2024) (ISIN - INE027A08028) face value of f 300.00 crore on 07th August, 2024, redeemable on 07th August, 2027,7.49% Unsecured Non-Convertible ·qebenture (SERIES 1-2025) (ISIN - INE027A08036) face value of ~ 300.00 crore on 30th June, 2025, redeemable on 30th June, 2028 and 7.60% Unsecured Non-Convertible Debenture (SERIES 11-2025) (ISIN -INE027A08044) face value of ~ 395.00 crore on 25th September, 2025, redeemable on 25th July, 2029. • The above disclosure is based on latest ratings . •• Not annualised In case of quarterly and half yearly figures. *** In accordance with Gazette Notification No. GSR 574(E) dated 16th August, 2019 issued by Ministry of Corporate Affairs Company Is not required to create Debenture Redemption Reserve In respect of the above referred debentures as they have been Issued on private placement basis. Formula used for calculation of Ratios: a. Debt: Equity Ratio = (Long Term Borrowings +Current maturities of Long Term Borrowings) / (Shareholders funds) b. Debt Service Coverage Ratio = (Profit before Finance costs, Depreciation, Exceptional Items and Tax) / (Finance Costs+Current maturities of Long Term Borrowings) c. Interest Service Coverage Ratio = (Profit before Finance costs, Depreciation, Exceptional Items and Tax) / (Finance Costs) d. Current Ratio = (Current assets) / (Current liabilities - Current maturities of long term borrowings) e. Long Term Debt to Working Capital = (Long term borrowings + Current maturities of long term borrowings) / (Working capital) [working capital refers to net current assets arrived after redUCing current liabilities excluding current maturities of long term borrowings from current assets] f. Bad Debts to Accounts Reclevable Ratio = (Bad debts written off) / (Average trade receivables) g. Current liability RatiO = (Current liabilities - Current maturities of long term borrowings) / (Total liabilities) h. Total Debts to Total Assets = (Total borrowings) / (Total assets) I. Debtors Turnover = (Revenue from operations) I (Average trade receivables) j. Inventory Turnover = (Revenue from operations) / (Average Inventory of finished goods and stock in trade) k. Operating Margin % = (Profit before Finance costs, Depreciation, Exceptional Items and Tax - Other Income) / (Revenue from operations) I. Net profit Margin % = (Profit after tax) / (Revenue from operations) XVIII The details of Interest / Principal payment and due date In respect of Non-convertible debt securities Is given below: Bond / Debentures 6.59% Secured Non-Convertible Debenture (SERIES 1-2020) 7.99% Unsecured Non Convertible Debentures (SERIES 1- 2024) 7.49% Unsecured Non Convertible Debentures (SERIES I - 2025) 7.60% Unsecured Non Convertible Debentures (SERIES II - 2025) Interest 05.08.2025 (f 32.95 crore 07.08.2025 (f 23.97 crore) NA NA IXX The details of due date and actual date of Repayment of Commercial Paper Previous Due Date Principal Status 05.08.2025 Paid on due (f 500.00 crore) date NA Paid on due date NA NA NA NA Interest 07.08.2026 (f 23.97 crore) 30.06.2026 (f 22.47 crore) 25.09.2026 (f 30.02 crore) Next Due date Principal The Commercial Papers outstanding as on 30th September, 2025 was ~ NIL and further no funds were raised through Issuance of Commercial Papers during the period April-Sep, 2025 and thus no disclosure warranting repayment status of the same Is being given. 10 National Company Law Tribunal (NCLT) proceedings were Initiated vide order dated 11th January, 2024 on FACT-RCF Building Products limited (FRBL) a joint venture entity with a 50:50 partnership between the Company and Fertilizers and Chemicals Travancore (FACT) Limited and has received NCLT order No.IA (IBC)(Plan)/05/KOB/2025 IN CP(IB)/39/KOB/2023 dated 26th September 2025 wherein the Resolution Plan has been approved In respect of FRBL.The said order does not have material Impact and the Company Is reviewing the order for further appropriate course of actlon.Accordlngly and as the Company has made full provision of its Investments/dues from FRBL In earlier years, the financials of FRBL Is not consolidated. 11 The consolidated financial statements have been prepared considering the share of equity contribution made by the Company amounting to Ul02.15 crore vis-a vis ~ 2169.67 crore each contributed by the other Joint venture partners GAIL( India) Ltd. and Coal India Limited as on 30th September 2025 In Talcher Fertilizers Limited. 12 The figures for the corresponding previous periods have been restated / regrouped wherever necessary, 0 make them comparable. Dated: 14th November, 2025. Plat., Humbai For and on RA5HTRIYA CHE (5.c.~r) CIi"h ",au. Hamil/IllY Dh ,,~Lu, DIN: 03498837
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Regd. Office: "Prlyadarshlnl" Eastern Express Highway, Slon, Mumbal 400 022 CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com STATEMENT OF CONSOLIDATED ASSETS AND LIABlITIES Particulars A ASSETS 1 Non Current Assets (a) Property, Plant and Equipment (b) Capital Work in Progress (c) Right of Use Assets Cd) Investment Property (e) Intangible Assets (f) Financial Assets (i) Investments (ii) Trade Receivables (iii) Loans (iv) Others (g) Other Non-Current Assets Sub total 2 Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than (iii) above (v) Loans (vi) Others Other Current Assets Sub total TOTAL - ASSETS B. EQUITY &. LIABILITIES 2 Liabilities (I) Non Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities(Net) d Other Non-Current Liabilities Sub total (II) Current Liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Trade Payables (A) total outstanding dues of micro enterprises and small enterprises. (B) total outstanding dues of creditors other than micro enterprises and small enterprises. (iv) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions d Current Tax Liabilities Net Sub total TOTAL - E UITY 8r. LIABILITIES 30.09.2025 Unaudited 3064.38 737.30 12.54 4.14 0.51 1298.95 481.83 2437.77 2680.02 1072.48 79.46 233.00 757.21 442.02 7701.96 1589.08 9.14 46.25 210.82 295.12 21.20 2171.61 1175.45 4.39 66.98 4024.82 644.66 123.02 168.82 For and on behalf of the Board of Directors AS AT 30.09.2024 Unaudited 2595.86 568.87 9.72 5.28 0.21 1088.61 380.96 2130.51 90.01 2802.87 1753.55 87.35 5.10 173.88 312.20 7355.47 678.58 5.96 47.75 204.36 302.89 21.90 1261.44 2072.36 5.02 47.59 2995.52 RASHTRIYA CHEMICALS D FERTILIZERS LIMITED Dated: 14th November, 2025. Place: Mumbai --(S. C. Mudgerikar) Chairman 8r. Managing Director DIN : 03498837 31.03.2025 Audited 2891.55 579.17 9.09 4.21 0.57 1095.12 451.16 1585.59 3100.67 987.03 48.71 0.00 164.39 349.37 6235.76 923.28 6.24 46.54 225.32 295.46 20.23 1517.07 1828.64 4.05 88.42 2128.10
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Regd. Office: "Priyadarshini" Eastern Express Highway, Sion, Mumbai 400 022 CIN No. L24110MH1978GOI020185 Website: www.rcfltd.com CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30TH SEPTEMBER 2025 51. No. A Particulars Cash Flow From Operating Activities Net Profit before tax Adjustments for: Share of (Profit) / loss of Associates / JV's Depreciation/Amortisation/loss on Impairment of Assets (PrOfit) / loss on Sale of Property, Plant and Equipment / Intangible Assets Interest Income Dividend Income Rental Income Derived from Investment Properties (Gain) / loss on Sale of Current Investments Interest and Finance Charges Provision for Bad/Doubtful Debts Provision for Obsolescence Stores Provision Written Back Unrealised Foreign Exchange (Gain) floss Operating Profit before Working Capital Changes Adjustments for : Trade Receivables and Other Assets Inventories Trade Payables and Other Liabilities Cash Generated / (Used) from Operations Direct Taxes Paid (net of refunds) Net Cash Generated I (Used) from Operating Activities --- A B Cash Flow from Investing Activities Additions to Property, Plant and Equipment / Intangile Assets Sale of Property, Plant and Equipment / Intangile Assets Purchase of Current Investments Investments In Joint Ventures Sale of Current Investments Inter Corporate Advances / Repayments Interest Received Dividend Received Rental Income Derived from Investment Properties Margin Money Deposits Matured / (Placed) with Banks Government Grants Received Net Cash Generated I (Used) from Investing Activities ---- B C Cash Flow from Financing Activities Note: Net Proceeds f (Repayment) of working capital facilities and short term loans Proceeds from Term loans / Non Convertible Debentures Repayments of Term loans/ Non Convertible Debentures Interest paid Dividend paid Repayment of lease liabilities Net Cash Generated f (Used) from Financing Activities ----- C Net Increase/Decrease(·) In Cash and Cash Equivalent (A+B+C) Cash and Cash Equivalents as at 1st April (Opening Balance) Cash and Cash Equivalents as at 30th September (Closing Balance) Components of Cash and Cash Equivalents Cash on hand Balance With Scheduled Banks In Current Accounts In Term DepOSits with less than 3 months maturity Unaudited Half year ended 30.09.2025 30.09.2024 215.73 0.03 (0.43) 136.60 121.72 6.48 0.46 (15.49) (15.99) (1.35) (0.50) (22.64) (22.46) (1.35) (2.75) 110.30 146.47 2.97 0.01 0.70 (2.15) (6.33) 15.96 (2.52) 229.36 445.09 (185.81) 909.19 (850.44) 456.78 1896.00 934.60 859.75 1304.84 (11.45) 1293.39 (645.84) (317.76) 0.05 6.68 (2697.86) (1616.93) (200.00) (96.67) 2699.21 1529.67 (233.00) 15.92 13.49 1.35 0.50 22.64 22.46 (30.86) 109.10 1.34 (1067.05) (1067.05) (219.50) (781.09) 1072.36 300.00 (850.70) (52.32) (139.76) (131.45) (0.11) (0.01) (3.18) (140.89) (3.26) (140.89) 85.45 987.03 1072.48 0.02 217.46 855.00 1072.48 122.70 218.38 341.08 2300.57 2641.65 (27.00) 2614.65 (349.46) (349.46) (668.13) (668.13) 1597.06 156.49 1753.55 0.02 58.53 1695.00 1753.55 ! The Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind AS) 7 on Statement of Cash Flows and presents cash flows by operating, Investing and financing activities. 2 Figures in the bracket are outflows / deductions. 3 Figures of the previous year have been regrouped / rearranged wherever necessary to make it comparable to the current year presentation 4 The cash credit facilities availed from bank are part of financing activity which do not form part of cash and cash equivalents for Cash Flow Statement purpose. Dated: 14th November, 2025. PIO!lr .. ~ Mumh ... 1 (5. C Ikarl Chairman &. ~Irector DIN. 031118831
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K. GOPAL RAO & CO., Chartered Accountants IN D IA GSTIN: 33AAGFK3782M1ZZ To The Board of Directors RASHTRIY A CHEMICALS AND FERTILIZERS LIMITED Re: Auditors' Certificate on the Utilization of Funds raised by Rashtriya Chemicals and Fertilizers Limited through issue of 39,500 7.60% Listed, Unsecured, Redeemable, Taxable, Non Cumulative, Non-Convertible Debentures (ISIN: INE027 A08044) of Rs.l,OO,OOO/- Each (Series 11-2025). CERTIFICATE 1. This certificate is issued in accordance with request received via mail dated 10th November 2025. We have been requested by RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED ("the Company") having its registered office at Priyadarshini, Eastern Express Highway, Sion, Mumbai-400022 vide e-mail dated 10th November 2025 to issue a certificate on the Utilization of Funds raised through issue of 39,500 7.60% Listed, Unsecured, Redeemable, Taxable, Non-Cumulative, Non-Convertible Debentures (ISIN: INE027 A08044) of Rs.l,OO,OOO/ - Each (Series II-2025)("the Debentures"). Management's Responsibility for the Statement 2. The preparation and maintenance of all accounting and other relevant supporting records and documents are the responsibility of the Management of the Company. This responsibility includes desjgning, implementing, and maintaining internal controls relevant 10 1"'Pl'nr(ltiol'l and presentation. This includes collechng, collating, and validating data and fair presentation thereof for the purpose of making the relevant confirmation in the Statement. Auditors Responsibility 3. Our responsibility is to obtain reasonable assurance and form an opinion as to whether the Company has compiled in utilization of funds raised through issue of the Debentures, with the specified terms and conditions stated in the Debenture Trust Deed and GID/KID. 4. We conducted our verification in accordance with the Guidance Note on Audit Certificates and Certificate for Special Purposes and Standards on Auditing issued by the Institute of Chartered Accountants of India (the" ICAI"). The guidance note requires that we comply with the requirements ot the Code of Ethics issued by the ICAL 5. We have cOlnplied with the relevant applicable requirements of the Standard on Quality Control ("SQC") 1, on (2uality Control for Firms that Perform Audits and Reviews of B~~rical Financial In(. W~oiilJj Others Assurance a~l'A1&h~ervices ...... E,.n. gagements. Bengaluru Mumbal . # 21, Moosa Street, lNagar, Chennai -600 017. # 2, South Dhandapam St~:< , e, Coimbatore Sri City I 45522032/24343639/42128955/24342563. Gr.Floor, Off: Burkit Roa~, T:Na,~he:n , Hyderabad Tiruchirappalli 'I ... 9840063269/98401 63269/9840873269 C§) 42129770/42128955 .... ",.k9 0 ' •. 9:~, om Madurai Tiruvallur I ®;www.kgrca.in gkr@kgrca.in gkr@icai.org, gopalkr~~,n~~Qi~,,~~fcom ~~~~r;:;;:;:7'
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6. For the purpose of this Certificate, we planned & performed the following procedures to determine whether the Statement is in conformity with books of accounts and other relevant records of the Company produced before us for our examination: A) Scrutinized SAP software Bank General Ledger for verification utilization of funds raised through issue of the Debentures. B) Verification of Debenture Trust Deed and GID jKID. C) Performed such other tests, procedures, examination, and verification as deemed necessary for the purpose of performing our responsibility. D) Held discussion with authorized representatives of the Company to seek necessary information and explanation, wherever deemed necessary. Opinion 7.1 We have obtained all the necessary information and explanation from the Company, during our verification, which in our opinion are necessary for the purpose of this certificate. 7.2 We hereby confirm that the funds raised through issue of the Debentures aggregating to Rs.395.00 Crore have been utilized for Augmentation of long-term working capital of the company, capital expenditure including recoupment of capital expenditure already incurred which was purpose stated in the Debenture Trust Deed and GIDjKID. Restriction on Distribution 8 This Certificate has been issued at the specific request of the Company for onwards submission to SBICAP Trustee Company Limited. This certificate should not be used by anyone other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care or for any other purpose to any other party to whom it is shown or into whose hands it may come without our prior consent in writing. For K. GOP AL RAO & CO Chartered Accountants FRN: 000 56S A (Dr.) GOPAL KRISHNA RAJU Partner I M. No.: 205929 UDIN: 2-rf2-f\:) Ss ~ 2 M 1---1) ? V;:J S'\) 0 Place: Mumbai Date: 14th November 2025
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RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED Disclosures of Related Party Transactions during the period 1st April 2025 to 30th September 2025 on a consolidated basis as per IND AS 24 are given below: 1. Transactions with Joint Controlled Entities 1.1. Relationship JOINT CONTROLLED ENTITIES 0/0 of Name of the Company No of Shares Country of Ownership interest Incorporation as at 30.09.2025 1) URVARAK VIDESH 1,80,002 of India 33.33 LTD.(UVL) * ~ 10 each 2) TALCHER FERTILIZERS 1,10,21,46,922 India 20.25 LIMITED (TFL) # of ~ 10 each *Consequent to full provision recognized towards the investments made in UVL as per Indian GAAP, the carrying value as on the date of transition has been recognized as deemed cost of investment which is NIL as on IND AS transition date .i.e. 1 st April 2015. Further URVARAK VIDESH LTD. (UVL) has been declared as Dormant Company on 04.11.2015 by Registrar of Companies, New Delhi. # the shareholding is subject to change depending on the final value of the assets transferred by FCIL to Talcher Fertilizer Ltd. National Company Law Tribunal (NCL T) proceedings have been initiated vide order dated 11 th January, 2024 on FACT-RCF Building Products Limited (FRBL) [Joint Venture of RCF and FACT] and a Resolution Professional (RP) has been appointed in place in January 2024. However, there is no impact on Company's financial statements, as the Company has made full provision of its investments/dues from FRBL in earlier years. Consequent to appointment of RP, the Board of FRBL stands superseded and the promoter Companies have lost the powers to exercise control of the Joint Venture and related party disclosures relating to dues is given. 1.2. Transactions during the period 1st April 2025 to 30th September 2025 with the above referred related parties: Sr. No. Particulars Investlncnt in M/s Talcher Fertilizers LtJ 2 Share of Expenses receivable from TFL 3 Inter Corporate Loan given to TFL 4 Interest Received during period from TFL Rs Crore For the period 1.04.2025 to 30.09.2025 200.00 3.38 233.00 5.76
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Balance Outstanding Rs Crore Sr. Particulars As at No. 30.09.2025 1 Advances including advance against pending 37.87 equity allotment -FRBL * 2 Share of Expenses receivable from TFL 14.13 3 Outstanding Loan amount including interest 233.00 *The same has been fully provided.- 1.3 Transactions with other entities- where Directors are interested: a) Fertilisers and Chemicals Travancore Limited (FACT) - Owing to Shri S. C. Mudgerikar holding additional charge as Chairman & Managing Director as per directives of DoF in the said entity from 23rd February, 2024. (~ Crore) Sr. Nature of Transaction For the period No. 01.04.2025 to 30.09.2025 1 Loan Repayment and Interest Received during - period 2 Transactions during the period* - Sr. Nature of Transaction As at No. 30.09.2025 1 Accounts receivable/(payable) as at 30th Sept 25 - 2 Outstanding Loan amount and Interest Receivable - as at 30th Sept 25. * Procurement of raw materials, Services, reimbursement etc. b) Indian Potash Limited- Shri S. C. Mudgerikar was a Nominee Director in the said entity w.e.f. 2nd August 2025. (~ Crore) Sr. Nature of Transaction For the period No. 01.04.2025 to 30.09.2025 1 Transactions during the year* - 2 Dividend received during period 1.21 Sr. Nature of Transaction As at No. 30.09.2025 1 Accounts receivablel(payable) as at 30th Scpt 25 (0.002) * Procurement/Sale of raw materials, Services, reimbursement etc.
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2. Key Management Personnel a) Whole Time Directors & Company Secretary (i) Shri S. C. Mudgerikar, Chairman & Managing Director (ii) Ms. Nazhat J. Shaikh, Director (Finance) and CFO (iii) Ms. Ritu Goswami, Director (Technical) (iv) Shri. Niranjan Sonak, Director (Marketing) (v) Shri Jai Bhagwan Sharma, Company Secretary b) Independent Directors (i) Shri Gopinathan Nair Anilkumar (From 9th May 2025) (ii) Prof. Anjula Murmu (From 9th May 2025) (iii) Shri. Parth Sarathi Ghosh (From 9th May 2025) (iv) Ms. Sipra Bajpai (From 11 th September 2025) c) Government Nominee Directors (i) Ms. Aneeta C. Meshram (ii) Ms. Apama Sharma
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Details relating to parties referred above: Remuneration: Rs Crore Particulars For the period 01.04.2025 to 30.09.2025 Shri. S C Mudgerikar 0.45 Ms. N azhat J. Shaikh 0.29 Ms. Ritu Goswami 0.26 Shri. Niranjan Sonak 0.24 Shri. Jai Bhagwan Sharma 0.28 Total 1.52 The above amount includes salaries and allowances, contribution to Provident fund, pension etc. and actual payments towards leave encashment, if any. The remuneration to key management personnel includes retirement obligation. There have been no outstanding loans and advances from the above referred parties as at year end. Sitting Fees in case of Independent Directors Rs Crore Particulars For the period 01.04.2025 to 30.09.2025 Shri Gopinathan Nair Anilkumar 0.049 Prof. Anjula Murmu 0.049 Shri. Parth Sarathi Ghosh 0.045 Ms. Sipra Bajpai 0.004 Total 0.147 3. Transaction with other Government related Entities In the ordinary course of its business, the Company enters into transactions with other Government controlled entities. The Company has transactions with other Government-controlled entities, including but not limited to the following: • Purchase of Gas, Raw Materials/Finished Goods; • Purchase of Assets/Spare parts from Original equipment manufacturers (OEMs); • Sale of Industrial chemicals; • Rendering and receiving of services; These transactions are conducted in the ordinary course of business on terms comparable to those with other entities that are not government controlled entities
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Statement of Deviation or Variation in utilisation of funds raised A. Statement of utilization of issue of Proceeds: Name of the ISIN Mode of Type of Date of Amount Funds Any issuer fund raising instrument raising raised (Rs. utilised deviation (public funds /Crore) (Rs/Crore) (Yes/No) issues/ private placement) 1 2 3 4 5 6 7 8 Rashtriya INE027 A08044 Private Non- 25th Rs. 395 Rs. 395 No Chemicals Placement Convertible September crore crore and Debentures 2025 Fertilizers Limited B. Statement of deviation/ variation in use of Issue proceeds: Rashtriya Chemicals and Fertilizers Name of listed entity Limited Mode of Fund Raising Private Placement Type of instrument Non-Convertible Debentures Date of Raising Funds 25th Septem ber 2025 Amount Raised Rs. 395 crore Report filed for Q~aFteF/half year ended 30th September 2025 Is there a Deviation / Variation in use of funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? No Date of approval Not Applicable Explanation for the Deviation / Variation Nil Yes, then Remarks, if specify the any purpose of for which the funds were utilized 9 10 Not Not Applicable Applicable
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Comments of the audit committee after review Nil Comments of the auditors, if any Nil Objects for which funds have been Augmentation of long term working capital of the company, capital expenditure including raised and recoupment of capital expenditure already where there has been a deviation, in incurred the following table There is no deviation and thus there is no additional disclosure required as per the following table. Original Object Modified Object, if any Nil Nil ---- Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount of funds actually utilized as against what was originally disclosed. ~f.~~ NaZh~J.~ Director(Finance) & CFO Original Allocation Nil Amount of Deviation Nariation for the half year according to applicable Modified object (INR allocation, Funds Crores and Remarks, if any Utilised in o/~ if any RS.395 Nil Crore Nil Nil
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Statement of Deviation or Variation in utilisation of funds raised A. Statement of utilization of issue of Proceeds: Name of the ISIN Mode of Type of Date of Amount Funds Any issuer fund raising instrument raising raised (Rs. utilised deviation (public funds ICrore) (Rs/Crore) (Yes/No) issuesl private placement) 1 2 3 4 5 6 7 8 Rashtriya INE027A08028 Private Non- 7th August Rs.300 Rs.300 No Chemicals Placement Convertible 2024 crore crore and Debentures Fertilizers Limited ~- - ------ --,~~ B. Statement of deviation! variation in use of Issue proceeds: Rashtriya Chemicals and Fertilizers Name of listed entity Limited Mode of Fund Raising Private Placement Type of instrument Non-Convertible Debentures Date of Raising Funds 07th August 2024 Amount Raised Rs. 300 crore Report filed for QblaFteF/half year ended 30th September 2025 Is there a Deviation / Variation in use of funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? No Date of approval Not Applicable Explanation for the Deviation / Variation Nil Yes, then Remarks, if specify the any purpose of for which the funds were utilized 9 10 Not Not Applicable Applicable -----
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Comments of thE audit committee after review Nil Comments of thE auditors, if any Nil Augmentation of long term working capital of the company, capital expenditure including Objects for which funds have been recoupment of capital expenditure already raised and incurred. where there has been a deviation, in the following tabl.~ There is no deviation and thus there is no additional disclosure required as per the following table. Original Object Modified Object, if any Nil Nil ----- Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount of funds actually utilized as against what was originally disclosed. NaZhk. Shaikh Director(Finance) & CFO Original Allocation Nil Amount of Deviation IVariation for the half year according to applicable Modified object (INR allocation, Funds Crores and Remarks, if any Utilised in %1 if any RS.300 Nil Crare Nil Nil
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Statement of Deviation or Variation in utilisation of funds raised A. Statement of utilization of issue of Proceeds: Name of the ISIN Mode of Type of Date of Amount Funds Any issuer fund raising instrument raising raised (Rs. utilised deviation (public funds ICrore) (Rs/Crore) (Yes/No) issuesl private placement) 1 2 3 4 5 6 7 8 Rashtriya INE027 A08036 Private Non- 30th June Rs. 300 Rs. 300 No Chemicals Placement Convertible 2025 crore crore and Debentures Fertilizers Limited --------_ .. _----- --.----.~ B. Statement of deviation/ variation in use of Issue proceeds: Rashtriya Chemicals and Fertilizers Name of listed entity Limited Mode of Fund Raising Private Placement Type of instrument Non-Convertible Debentures Date of Raising Funds 30th June 2025 Amount Raised Rs. 300 crore Report filed for Ql;;laFteF/half year ended 30th September 2025 Is there a Deviation / Variation in use of funds raised? No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? No If yes, details of the approval so required? No Date of approval Not Applicable Explanation for the Deviation / Variation Nil Yes, then Remarks, if specify the any purpose of for which the funds were utilized 9 10 Not Not Applicable Applicable '-----------_ .... _. __ ._ ...... -
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Comments of the audit committee after review Nil Comments of the auditors, if any Nil Augmentation of long term working capital of Objects for which funds have been the company, capital expenditure including raised and recoupment of capital expenditure already where there has been a deviation, in incurred the following table There is no deviation and thus there is no additional disclosure required as per the following table. Original Object Modified Object, if any Nil Nil Deviation could mean: (a) Deviation in the objects or purposes for which the funds have been raised (b) Deviation in the amount of funds actually utilized as against what was originally disclosed. Nazhak S Director(Finance) & CFO Original Allocation Nil Amount of Deviation Nariation for the half year according to applicable Modified object (INR allocation, Funds Crores and Remarks, if any Utilised in o/~ if any RS.300 Nil Crore Nil Nil
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FORMAT FOR DISCLOSING OUTSTANDING DEFAULT ON LOANS AND DEBT SECURITIES S. NO 1. A B 2. A B 3. PARTICULARS IN INR CRORE LOANS I REVOLVING FACILITIES LIKE CASH CREDIT FROM BANKS I FINANCIAL INSTITUTIONS TOTAL AMOUNT OUTSTANDING AS ON RS 2764.53 Crore 30TH SEPTEMBER 2025 OF THE TOTAL AMOUNT OUTSTANDING, AMOUNT OF DEFAULT AS ON 30TH NIL SEPTEMBER 2025 UNLISTED DEBT SECURITIES I.E. NCDS AND NCRPS TOTAL AMOUNT OUTSTANDING AS ON NIL 30TH SEPTEMBER 2025 OF THE TOTAL AMOUNT OUTSTANDING, ,AMOUNT OF DEFAULT AS ON 30TH NOT APPLICABLE SEPTEMBER 2025 TOTAL FINANCIAL INDEBTEDNESS OF THE LISTED ENTITY INCLUDING SHORT- RS 2764.53 Crore TERM AND LONG-TERM DEBT AS ON 30TH SEPTEMBER 2025 YOURS FAITHFULLY, FOR RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED (N!t J. SHAIKH) DIRECTOR (FINANCE) AND CFO
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A. THE STATEMENT ON DEVIATION OR VARIATION FOR PROCEEDS OF PUBLIC ISSUE, RIGHT ISSUE, PREFERENTIAL ISSUE, QUALIFIED INSTITUTIONS PLACEMENT ETC - NOT APPLICABLE B. HALF YERL Y RELATED PARTY TRANSACTIONS (APPLICABLE ONLY FOR HALF YEARLY FILINGS I.E 2ND AND 4TH QUARTER)- APPLICABLE C. STATEMENT ON IMPACT OF AUDIT QUALIFICATIONS (FOR AUDIT REPORT WITH MODIFIED OPINION) SUBMITTED ALONG-WITH ANNUAL AUDITED FINANCIAL RESULTS (Standalone and Consolidated separately) (applicable only for Annual Filing i.e 4th quarter)- NOT APPLICABLE.