Madras Fertilizers reported a challenging Q3 FY26. Revenue from operations declined significantly by 47.6% YoY to ₹418.69 Cr.

Net profit saw a sharp drop of 96.6% YoY, landing at ₹2.52 Cr, with basic EPS at ₹0.16 compared to ₹4.63 last year.

The primary drivers for this decline were extensive plant shutdowns for annual maintenance, boiler inspections, safety concerns, and manpower shortages.

Additionally, a notable penalty of ₹36.81 Cr was provisioned for Urea subsidy due to pending energy norm approval, further impacting profitability.

These results reflect weak financial momentum for the company.