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Khaitan Chemicals & Fertilizers Limited (KHAICHEM) Fair Value & Analysis

Basic Materials · IN · Market cap ₹5.2B

KC Khaitan Chemicals & Fertilizers Limited KHAICHEM · NSE
Price₹59.75
Fair Value₹36.48
Upside-39.0%
Quality76/100
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Mixed Growth
Thin margins · 6.5% net margin
Low debt · generates free cash flow
Ranks above peers (10/14)
Moderate moat 60/100
Evidence: High Range ₹18.69 – ₹49.54 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 4 days ago

Fair value updated Aug 13, 2026, revised from ₹111.75 to ₹36.48 (−67.4%) since Aug 8, 2026. Share price +22.0% over the past month.

A strong business, but screening 39% overvalued on our models.

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What matters now

  • A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (₹49.54). The favourable scenario is already priced in.
  • The model range is unusually wide (₹18.69 to ₹49.54). The outcome hinges heavily on assumptions, so read the point estimate with caution.
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Price vs Fair Value (5 years)

₹150.08 ₹22.05 Fair Value ₹36.48 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹22.05 – ₹150.08 · fair‑value band ₹18.69 – ₹49.54 · the ₹59.75 price screens above the ₹36.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Khaitan Chemicals & Fertilizers Limited (KHAICHEM) currently trades at ₹59.75, while our model-based Fair Value estimate is ₹36.48, implying the stock looks roughly 39.0% overvalued today. The Quality Score stands at 76/100 (high quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Khaitan Chemicals & Fertilizers Limited generated revenue of ₹10.0B at a net margin of 6.5%. Revenue grew 33.7% year over year. It earns a return on equity of 26.8%. Net debt stands at ₹3.1B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹18.69 (bear case) to ₹49.54 (bull case); at ₹59.75, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 56% below its 52-week high and 39% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -17% fair-value upside, at -39%, KHAICHEM screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹40.60 ₹68.82 ₹113.13 80
Residual Income ₹43.99 ₹63.21 ₹384.31 76
Rev-Margin DCF ₹74.63 ₹138.03 ₹217.56 74
All 26 models by family
DCF Models
FCF DCF ₹40.78 ₹71.27 ₹120.69 38
Owner Earnings ₹77.74 ₹134.30 ₹225.99 31
5Y Revenue Exit ₹74.63 ₹140.35 ₹229.84 39
5Y EBITDA Exit ₹64.83 ₹120.62 ₹189.97 41
5Y P/E Exit ₹63.35 ₹117.64 ₹178.87 38
10Y Revenue Exit ₹59.00 ₹116.27 ₹203.92 36
10Y EBITDA Exit ₹55.79 ₹102.32 ₹172.02 37
10Y P/E Exit ₹54.84 ₹100.21 ₹163.14 35
Earnings-Based
Graham-Dodd ₹45.29 ₹193.42 ₹264.19 54
Lynch FV ₹49.42 ₹70.60 ₹91.78 50
PEG = 1.0 ₹49.42 ₹70.60 ₹91.78 46
EPV ₹84.57 ₹98.30 ₹110.15 59
Dividend Discount
Gordon GGM ₹2.62 ₹5.21 ₹7.89 70
DDM Multi-Stage ₹2.62 ₹4.50 ₹5.50 61
Multiples
P/E Multiple ₹84.92 ₹113.23 ₹141.53 63
P/S Multiple ₹84.92 ₹113.23 ₹141.53 58
P/B Multiple ₹67.43 ₹89.90 ₹112.38 55
EV/EBIT ₹109.22 ₹146.43 ₹183.64 53
EV/EBITDA ₹84.96 ₹114.08 ₹143.21 54
EV/Revenue ₹94.33 ₹135.80 ₹177.26 43
Asset-Based
NCAV (Graham) ₹14.98 ₹20.08 ₹29.97 50
Growth DCF
Growth DCF ₹40.60 ₹68.82 ₹113.13 80
Rev-Margin DCF ₹74.63 ₹138.03 ₹217.56 74
Economic Profit
Residual Income ₹43.99 ₹63.21 ₹384.31 76
ROIC Compounder ₹94.00 ₹121.60 ₹154.62 72
Growth Earnings
Growth-Adj P/E ₹74.01 ₹105.72 ₹137.44 68

Widest divergence: DCF Models (₹116.27) versus Dividend Discount (₹4.50). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹10.0B
Revenue growth (YoY) +33.7%
Net margin 6.5%
Return on equity 26.8%
Free cash flow ₹353M FY2026
P/E ratio 8.4
More key figures
Operating margin 10.6%
EPS (TTM) ₹7.09
EPS growth (YoY) +63.6%
Net debt ₹3.1B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 69 · Market factors (momentum, volatility) 34

Profitability 74
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 46
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 63
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 92
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Khaitan Chemicals and Fertilizers Limited manufactures and sells single super phosphate (SSP), sulphuric acid, and other chemicals in India. The company operates through Fertilizer, and Chemicals & Specialty Chemicals segments.

Full company description

Khaitan Chemicals and Fertilizers Limited manufactures and sells single super phosphate (SSP), sulphuric acid, and other chemicals in India. The company operates through Fertilizer, and Chemicals & Specialty Chemicals segments. It also provides plain, zincated, and boronated SSP fertilizers in powder and granulated forms under the Khaitan Single super Phosphate and Utsav Single super Phosphate brands for use in crops. In addition, the company produces sulphuric acid, which is used in manufacturing of SSP fertilizers, copper sulphate, zinc sulphate, ferrous sulphate, and health medicines; and sulphur trioxide and oleum that are used for the production of plastics, detergents, and dyestuffs. Further, it offers linier alkyl benzene sulphonic acid, which is used to produce detergent and cake for washing clothes; and refined vegetable oil under the Khaitan Vegetable Oil brand, as well as manufactures and sells crude soya oil and de-oiled cakes. Additionally, the company generates steam as a by-product; and electricity through wind energy. Khaitan Chemicals and Fertilizers Limited was incorporated in 1982 and is headquartered in Indore, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Khaitan Chemicals & Fertilizers Limited reported revenue of ₹10.0B in FY2026 versus ₹8.2B in FY2022, a compound +5.0%/yr. Reported net income was ₹646M in FY2026, compounding −5.1%/yr from FY2022.

Growth Quality 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹10.0B
Latest YoY
+39.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.8%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.3%
Revenue +5.0%/yr
FY22 ₹8.2B
FY23 ₹8.9B
FY24 ₹5.4B
FY25 ₹7.2B
FY26 ₹10.0B
Net income −5.1%/yr
FY22 ₹795M
FY23 ₹421M
FY24 −₹705M
FY25 ₹14.0M
FY26 ₹646M

KHAICHEM screens 39% overvalued. Compare with Corteva, Inc →

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Cite: Fair Value Calculator (2026). "Khaitan Chemicals & Fertilizers Limited Fair Value". https://www.fairvalue-calculator.com/stock/KHAICHEM

Peer Group

Agricultural Inputs · 177 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 76 · Top 25%
Fair Value upside −39% · Below median
Return on equity (TTM) 27% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 34% · Top 25%
Dividend yield (TTM) 0.6% · Bottom 25%
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 8.4× · Cheaper than 75% of peers
P/B 1.80× · Pricier than median
P/S (TTM) 0.52× · Cheaper than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 4.7× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 24
FUTURE 100 · sector 41
PAST 100 · sector 24
HEALTH 96 · sector 97
DIVIDEND 11 · sector 41

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Corteva, Inc CTVA $76.22 $27.81 -64%
Nutrien Ltd NTR C$93.60 C$81.69 -13%
Qinghai Salt Lake Industry Co 000792 ¥27.65 ¥21.26 -23%
CF Industries Holdings CF $120.01 $161.00 +34%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 418.10 kr 67.25 -84%
Yunnan Yuntianhua Co 600096 ¥29.82 ¥42.12 +41%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥45.86 ¥38.01 -17%
Coromandel International Limited COROMANDEL ₹2,089 ₹1,129 -46%
UPL Limited UPL ₹570.50 ₹387.06 -32%

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Frequently asked questions

Is Khaitan Chemicals & Fertilizers Limited (KHAICHEM) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹36.48 versus a price of ₹59.75, about −39% (overvalued).
What is the fair value of KHAICHEM?
Our model-based fair value for Khaitan Chemicals & Fertilizers Limited is ₹36.48 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹59.75.
What is the quality score of KHAICHEM?
Khaitan Chemicals & Fertilizers Limited has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Khaitan Chemicals & Fertilizers Limited (KHAICHEM)?
Khaitan Chemicals & Fertilizers Limited reported trailing-twelve-month revenue of about ₹10.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of KHAICHEM?
The net profit margin of Khaitan Chemicals & Fertilizers Limited is about 6.5%, meaning it keeps roughly 6.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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