Date: 24.03.

2025

Listing Department
National Stock Exchange of India Limited Exchange Plaza,
Plot No. C/1, Block-G, Bandra-Kurla Complex,
Bandra (E) Mumbai - 400 051

(NSE Symbol): KRISHANA

Dear Sir/Madam,

Sub: Intimation under Regulation 30(6) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 regarding Analyst/Institutional Investor Meeting

This has reference to our earlier intimation dated March 20, 2024, under Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, with regard to Analysts/Investor meeting
to be held on March 25, 2024. We are enclosing herewith revised copy of Investor Presentation.

Time and Venue of the Meeting will remain the same be which is as follows :

Date Time Host

25th March 2025 01:00 to 2:00 pm (Virtual) Arihant Capital - Bharat Connect
Conference: Rising Stars - March
2025 (Virtual Conference)

Note: 1. The schedule of the aforesaid meetings is subject to change. The change may happen due to
exigencies on the part of Analyst / Institutional Investor / Company.

2. No unpublished price-sensitive information pertaining to the Company is/will be shared in said meet
with Analysts/Institutional Investors.

The above is for your kind information and records.

Thanking You,

For Krishana Phoschem Limited

ANIL Digitally signed by ANIL
SHARMA

SHARMA Date: 2025.03.24

19:54:46 +05'30'
(Anil Sharma)
Company Secretary

Registered off. : Wing A/2, 1st Floor, Ostwal Heights, Urban Forest, Atun Bhilwara 311802
KRISHANA PHOSCHEM LIMITED
(A phosphatic fertilizer company of Ostwal Group)
Investor Presentation – March 2025
 Safe Harbor

This presentation may contain forward-looking statements regarding future business developments and economic
performance. These statements related to Krishana Phoschem Limited (KPL) are based on current expectations
and projections that involve a number of risks and uncertainties. Factors that could cause actual results to differ
Safe Harbor
materially include market conditions, regulatory changes, competitive pressures, and technological
advancements. We undertake no obligation to revise any forward-looking statements to reflect future events or
circumstances.

The information in this presentation is provided on a best-effort basis and does not constitute an offer,
recommendation, or invitation to purchase or subscribe for any securities. No offering of securities will be made
except through a statutory offering document. We make no representation or warranty, express or implied,
regarding the accuracy, completeness, fairness, or reasonableness of the contents of this presentation. Any reliance
on this presentation is at your own risk.

We assume no obligation to update any forward-looking information contained herein. Third-party statements or
projections included in this presentation are not adopted by us and we disclaim any responsibility for them.

2
 Krishana Phoschem Ltd: Business Overview

▪ Krishana Phoschem Ltd. (KPL), a part of Ostwal Group of Industries, is led by Mr. MK Ostwal, a first-generation technocrat
entrepreneur.
▪ Mr. Ostwal is regarded as one of the pioneers of Single Super Phosphate (SSP) manufactured from BRP. He along with his sons Mr.
Pankaj Ostwal and Mr. Praveen Ostwal have mastered the art of turning around loss making fertilizer units. They have turnaround 4
such fertilizer units.
▪ KPL, acquired in 2007 as a loss-making unit, is now one of the most profitable unit for the group. It manufactures and markets fertilizers
(NPK/DAP, SSP) under the brand name ‘Annadata’ and ‘Bharat’.
▪ The company has also acquired a DAP/NPK plant from Spain and relocated it successfully to Meghnagar, Madhya Pradesh. It has a
installed capacity of 330,000 tons and commenced production in Feb 2023. It has already started giving lion share to its performance
and should further benefit the company in long run.
▪ Ostwal group is the only private group which is most fully integrated with the ability to convert low grade rock phosphate to high grade
rock phosphate and then use the beneficiated rock phosphate to manufacture complex fertilizers.
▪ We are India’s second largest Single Super Phosphate (SSP) manufacturing group with the market share of 35%+ in the state of
Chhattisgarh and 19%+ in the state of Madhya Pradesh.
▪ Robust distribution network of ~ 2,500 wholesalers /dealers and ~ 30,000 retailers.
▪ Secured supply of rock phosphate through long term agreements.

COMPLEX FERTILISER PRESENCE NSE Listed Company RATING

NPK/DAP: 330,000 MT 9 States Since 2017 ‘A’ Stable by
SSP: 120,000 MT ~ 60 marketing staff Market Cap. ~Rs.15Bn. CRISIL

3
 History

Acquired & relocated a plant

Company got listed on NSE. from Spain to Meghnagar (MP) &
Took over Company from Company setup its own started commercial production
old promoters Sulphuric acid plant of DAP/NPK Complex Fertilizer

2007 2012 2018 2023 2024

2017

Company started Company started selling Stabilised and improved

production of Single Products under self utilisation of new facility
Super Phosphate developed Brand Name
Fertilizer “Annadata”

4
 State of Art Facility at Strategic Location

Rajasthan
Dahej Seaport

Gujarat Madhya
Pradesh

Maharashtra
Hazira Seaport

JNPT Seaport

Meghnagar, Madhya Pradesh

5
 Only Manufacturing Group in India with Full Backward Integration

Beneficiated Rock Sulphuric Acid & Single Super SSP Powder & Granular form
Phosphate Water Phosphate Annual capacity : 120,000 MT

Beneficiation of Low
grade rock to High In house Sulphuric
grade rock plant with acid plant with Phosphoric Acid
Phosphoric acid Annual capacity : 99,000 MT
annual crushing annual capacity of
capacity of 200,000 264,000 MT
MT

Long term
agreements with
Domestic Supply
Egypt , Jordan &
agreements for Ammonia NPK
domestic supplier for
supply of Sulphur
supply of Rock
Phosphate

Certifications
DAP/NPK complex
All facilities are ISO 9001:2015 compliant DAP Annual capacity:
Authorization under Hazardous and other Waste for BRP, Phosphoric Acid, GSSP, SSP, Synthetic Gypsum / TSP, Complex Fertilizer, 330,000 MT
Alum, Di Calcium Phosphate, Oleum, Sulphur Bentonite and Sulphuric Acid
NABL accredited laboratories (ISO/IEC 17025:2017)

Access to adequate low grade rock phosphate and beneficiation ensures sustainable and efficient operations
6
 Growth Strategy

Business Scaling Strategy

Geographical Diversification Inorganic Expansion

• Having got strong foothold in Central to • Company is in a lookout for sick units
Northern India, company is looking to globally and at the various stages of
increase presence in newer states by discussions to acquire
applying land in industrial zones

Brownfield & Greenfield Expansion Debottlenecking

• Company is evaluating expansion at & near • Due to strong technical strength, the
existing facility at Meghnagar, MP for company continuously increases efficiencies
existing & new products by debottlenecking.

7
 Competitive Advantage
PROVEN track record

Time and again promoters

have acquired & turnaround
loss making units at low cost
of acquisition

SECURED ONLY Fully Backward

Raw Material Supplies Manufacturer
Entered into long term rock Low Opex, Ability to beneficiate a low-
phosphate agreement domestic
as well overseas High Margins grade Rock Phosphate to High
Grade Rock Phosphate

Low Capex,
High RoCE
BENEFITS of
FREEDOM ON PRICING
Economies of Scale
Complex manufacturer are not
Ostwal Group is 2nd largest SSP
governed by government to
manufacturer enabling discounts
determine market price
STRATEGICALLY on procurement
Located

Both the plants are located

close to rock phosphate mines,
sulphur sources and the
8 irrigated markets
 First to implement tech-enabled marketing with deep network

STRONG
Expansive distributors FORMIDABLE
and marketing reach in SUSTAINABLE
VISIONARY
areas of market &
EXPANDING ‘Marketing
Strategy’

60 2,500 30,000 Using Technology to directly

Marketing Wholesalers
Retailers
professionals & Dealers connect with farmers.
9
 Promoters

Mr. M.K. Ostwal Mr. Pankaj Ostwal Mr. Praveen Ostwal

Promoter, Chairman & Promoter & Director- Promoter & Director-
Director Commercials Technicals

Aged 68 years has a vast 44 Aged 47 years is a C.A by Aged 44 years he is a C.A by
years experience in the sector qualification with 24 years qualification & has 21 years
setting up various fertilizer of experience in the field of of experience in the field of
capacities. He is regarded as is fertilizer, textiles, chemical fertilizer, chemicals sector &
one of the pioneers of BRP & mineral beneficiation. He mineral beneficiation. He is
based SSP technology. A is a commercial director and engaged in managing the
commerce graduate and oversees all the Import and Company domestic as well
founder of Ostwal Group of Export Business of the overseas acquisitions &
Industries is the guiding force Ostwal Group of Industries. bringing innovations in the
of the Group group

10
 Industry Data
Ever growing Bharat’s demand of fertiliser
FERTILISER CONSUMPTION: ~2% CAGR recorded over past 10 years. Low Yield despite Fertilizer usage, a cause of concern for India

80,000 ('000 tons)

Turkey (580.0) Paddy Wheat Maize Potato
70,000 Egypt (407.4) Australia (11055) Netherlands (9393) New Zealand (11531) New Zealand (50861)
60,000 Bangladesh (303.6) Egypt (8974) New Zealand (9390) Spain (11423) USA (49089)
Korea Republic (258.6) USA (8276) UK (8590) Chile (11030) Denmark (44216)
50,000 Ukraine (210) Turkey (7883) Denmark (8376) USA (10880) Netherlands (42612)
40,000 Vietnam (195.9) Morocco (7771) Germany (7577) Canada (10069) Australia (42036)
30,000 Japan (174.2) China (Mainland) (7080) France (6997) Turkey (9325) Canada (41924)

Fertilser per hectare of Agricultural Land (Kg)

India (167.2) Japan (6921) Egypt (6782) Bangladesh (8912) Germany (40103)
20,000 Malaysia (165.6) Korea Republic (6875) Mexico (6093) Netherlands (8801) France (38113)
10,000 Belarus (135.1) Brazil (6638) Chile (5892) Germany (8403) UK (37898)
- Pakistan (121.5) Mexico (6552) China (Mainland) (5855) Australia (8175) South Africa (37803)

2023-24 (P)…
Indonesia (113.1)

Yield per hectare (kg)

1995-96

2014-15

2022-23
1990-91
1991-92
1992-93
1993-94
1994-95

1996-97
1997-98
1998-99
1999-00
2000-01
2001-02
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14

2015-16
2016-17
2017-18
2018-19
2049-20
2020-21
2021-22
Spain (6253) Poland (5239) Egypt (8065) Turkey (37391)
Netherlands (111.5) Vietnam (6020) Japan (4371) France (7470) Brazil (33020)
Denmark (107.1) France (5483) Ukraine (3925) Denmark (7225) Morocco (32819)
Poland (105.6) Russian Fedn. (5423) Korea Republic (3794) Malaysia (7013) Spain (31334)
Urea SSP DAP/MAP NPK/APS MOP New Zealand (89.9) Indonesia (5238) South Africa (3685) Poland (6977) Mexico (31223)
China (Mainland) (85.9) Bangladesh (4891) Russian Fedn. (3551) China (Mainland) (6436) Poland (30753)
Thailand (85.4) Chile (4855) India (3537) Ukraine (6349) Japan (30588)
Germany (83.8)
2023-24 - All India Import and Consumption of Major Fertilizers Brazil (83.7)
Ukraine (4414)
India (4229)
Bangladesh (3450)
Canada (3406)
Russian Fedn. (5999)
Pakistan (5922)
Egypt (28862)
Chile (28013)
Canada (81.2) Nepal (3787) Brazil (3266) Indonesia (5794) Korea Republic (25321)
40,000.0 France (76.5) Malaysia (3704) USA (3127) Korea Republic (5641) Pakistan (25267)
Sri Lanka (68.8) Pakistan (3690) Spain (2996) South Africa (5376) India (25236)
35,000.0 35%
UK (68.7) Sri Lanka (3045) Turkey (2992) Brazil (5201) Belarus (22245)
30,000.0 USA (49.6) Thailand (2988) Nepal (2991) Vietnam (4995) Bangladesh (21863)
Spain (49.5) South Africa (2888) Belarus (2956) Thailand (4570) Indonesia (19602)
25,000.0
Chile (31.8) Netherlands (9393) Belarus (4203) Thailand (18234)
20,000.0 20% Nepal (30.3) New Zealand (9390) Mexico (3928) Russian Fedn. (17384)
Russian Federation (25.1) UK (8590) India (3387) Ukraine (17354)
15,000.0
Mexico (22.6) Denmark (8376) Nepal (3152) Nepal (17204)
10,000.0 Morocco (13.4) Sri Lanka (3078) Vietnam (16736)
South Africa (12.4) Japan (2588) China (Mainland) (16698)
5,000.0
Australia (7.7) Morocco (311) Sri Lanka (13781)
0.0 0%
SSP UREA DAP/MAP/NPK/APS
Imports Consumption Imports / Consumption Ratio (%)
Per hectare usage of In almost all the crops we observe
fertiliser in India is the productivity per hectare is
Heavy import dependence of Complex Phosphatic Fertilizers including DAP right up there. lower than world.
11 Source: FAI 2024
 Government Policies and Investment Opportunities

Key Government Regulations on Complex / Phosphatic Fertilizers Investment case – Phosphatic fertiliser

01 Unregulated pricing
❑ POS based subsidy management
❑ Subsidy is determined for each nutrients provided by the
fertilizer Huge demand by
02 substituting imports
❑ Subsidy rates are adjusted every six months based on raw
material prices
Streamlined subsidy
❑ Pricing to farmers determined by manufacturer based on 03 payment by the government
reasonable pricing guidelines by government
❑ The government prime responsibility :
Nutrition based farming
04 targeted to increase yield
▪ Provide farmer with consistent supply of fertilizer at
reasonable pricing
▪ Promote ‘Atmanirbhar’ by supporting the local
manufacturers MADHYA BHARAT AGRO PRODUCTS LTD, A PHOSPHATIC FERTILISER
COMPANY IS WELL POISED TO BENEFIT FROM THE TAIL WINDS IN THE
SEGMENT
12
FINANCIAL PERFORMANCE
 Performance Trend for the Quarter

REVENUE (Rs. Crore) EBIDTA (Rs. Crore) & Margins (%) PAT (Rs. Crore) & Margins (%)

Up ~ 32.1% YoY
10.2% 13.4% 14.6% 1.6% 5.6% 6.7%
Up ~ 1.1% QoQ
up ~ 88.5% YoY
Up ~ 9.7% QoQ Up ~ 454.1% YoY
Up ~ 22.8% QoQ

300.6 304.0
230.2
40.4 44.3
23.5 16.7 20.5
3.7

Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25

Key quarterly highlights:

▪ The company has recorded highest ever quarterly sales and improved the profitability performance.
▪ Revenue was up 32.1% YoY at ₹ 304.0 cr
▪ EBITDA grew by 88.5% YoY at ₹ 44.3 cr and PAT grew exponentially by 454.1% YoY at ₹ 20.5 Cr
▪ For NPK, the company has registered highest sales volume during the quarter at 57,864 tons up 205.3% YoY
▪ Subsidy receivable is ~Rs.93.5 cr as on 31st Dec 2024 (Rs. 110.5 cr as on 30th Sep 2024).

14
Sales Volume
Sales Volume
Performance
Performance
(in ‘000 tons)

S NPK SSP

5,064 There were no DAP sold by

the company in the quarter
4,474

3,053 1,811
1,379
1,139

54 58
33 21
19 20

Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25

7.4% QoQ 205.3% YoY -36.4% QoQ 5.0% YoY

KPL Industry

15
 Production Volumes Summary
Chemical & Intermediates (in tons) Fertiliser (in tons)

Q2 FY25 Q3 FY24 Q3 FY25

60,995
51,006 49,673 19,353 35,227
22,396 24,580

63,972 67,977 1,00,197

17,275 15,614 16,722
13,082 9,263 0
6,437 44,619
64,971 0

Q3FY24 Q2FY25 Q3FY25 21,002

BRP (Crushing) Sulphuric Acid Phosphoric Acid SSP DAP NPK

Capacity Utilisation (%) Ann. capacity Capacity Utilisation (%)

(in tons) Ann. capacity
(in tons)
67%
BRP 38% 2,00,000
53%
58% 3,30,000
DAP/NPK 54%
79%
77%
Sulphuric Acid @ 75% 2,64,000
92%
82%
SSP 65%
70% 1,20,000
100%
Phosphoric Acid 37% 99,000
68%

16 Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25

@ Sulphuric Acid Capacity increased from 99,000 MTPA to 165,000 MTPA in 4QFY24
 Financial Summary
Rs. In Crore

Particulars Q3 FY25 Q2 FY25 QoQ% Q3 FY24 YoY% 9M FY25 9M FY24 YoY%

Revenue from operations 304.0 300.6 1.1 230.2 32.1 885.4 660.5 34.0
Other income 1.5 2.4 -37.5 0.3 400.0 4.7 0.4 1075.0
Total income(I+II) 305.5 303.0 0.8 230.5 32.5 890.1 660.9 34.7

Expenses
Cost of materials consumed 238.5 136.1 75.2 182.0 31.0 551.7 404.3 36.5
Purchase of stock 5.6 32.0 -82.5 44.8 86.1 -48.0
Changes in Inventories of finished goods, work in progress and stock in
trade
-40.3 40.2 -200.2 -12.4 225.0 3.2 -38.2 -108.4
Employee benefits expenses 7.8 5.6 39.3 5.0 56.0 19.3 17.3 11.6
Depreciation and amortisation expenses 7.8 7.9 -1.3 8.8 -11.4 23.6 25.7 -8.2
Finance cost 9.3 9.9 -6.1 8.7 6.9 31.3 25.6 22.3
Other expenses 48.1 46.3 3.9 32.1 49.8 140.0 87.6 59.8
Total expenses 276.8 278.0 -0.4 224.2 23.5 813.9 608.4 33.8

EBIDTA (excl. Other Income) 44.3 40.4 9.7 23.5 88.5 126.4 103.4 22.2
EBIDTA Margin 14.6 13.4 113 bps 10.2 436 bps 14.3 15.7 -138bps
EBIDTA Per Tonne (Rs.) 5,794.0 4922.0 3,955.4 5,248.8 6,059.9

Reported Profit After Tax 20.5 16.7 22.8 3.7 454.1 53.7 34.9 53.9
PAT Margin 6.7 5.6 119 bps 1.6 514 bps 6.1 5.3 78 bps
Basic EPS(Rs./share) 3.32 2.71 0.6 8.68 5.64

17
 Financial & Capacity Trend
Revenue (₹ in Cr) & Growth (%) EBITDA & PAT (₹ in Cr)
140
186.0%
1000 5002
120
900
5001.5
800 100
700
69.2% 5001
80
600
500 5000.5 130
15.8% 60
0 6.5% 1.1%
400
5000 40
300
200 57 54
4999.5 20 41 40
34 35 29
100 20 27
153 163 189 319 323 924 14 14
0 4999 0
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

Revenue Growth % EBITDA PAT

RoE & RoCE (%) Capacities (SSP & DAP/NPK) (in `000 MT)
SSP DAP/NPK
20.66%

17.16% 17.35% Commenced

production in
330 330
14.41% 14.38% the end of FY23
16.01%
11.75% 11.80%
13.14%

120 120 120 120

8.74%
2021 2022 2023 2024
2020 2021 2022 2023 2024

ROE ROCE
18
 Thank you
KRISHANA PHOSCHEM LIMITED
(A Unit of Ostwal Group of Industries )
Website: www.krishnaphoschem.com
Email: [email protected]
[email protected]