Chambal Fertilisers and Chemicals Limited
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Briefing
Chambal Fertilisers and Chemicals Limited — the brief
Forensic posture: Multiple flags. Chamberlain Pharmaceuticals has clean audit disclosures (1 minor whistle-blower complaint under investigation), routine related-party dealings dominated by ₹138.90 Cr dividend income from a Morocco joint venture, and ₹1,345 Cr in contingent liabilities (15.4% of net worth) driven mainly by ₹147.34 Cr in income tax disputes across multiple assessment years.
Auditor’s report (CARO 2020)
Auditor’s assessment Minor flags. Auditor: Price Waterhouse Chartered Accountants LLP. Opinion: Unqualified. Fiscal year FY24-25. 0 critical, 0 material, 1 minor flag.
Related-party transactions
Assessment Routine. Disclosed volume of ₹172 Cr across 24 related parties. Fiscal year FY24-25.
Contingent liabilities
Assessment Notable. Total disclosed: ₹1,345 Cr (15.4% of net worth). Fiscal year FY24-25.
- Income tax estimated liability AY 2018-19 to 2024-25
Corporate governance
Board of 8 directors, 50% independent. Chair: Saroj Kumar Poddar. Chair and CEO roles are separated. Statutory auditor: Price Waterhouse Chartered Accountants LLP. Board remuneration: 0.3% of net profit. Fiscal year FY24-25.
“Dividend Income Indo Maroc Phosphore, S.A. - IMACID 138.90”
What retail misses·The material income tax dispute of ₹147.34 Cr across AY 2018–25 is buried in contingent liability footnotes and rarely surfaces in earnings headlines or news coverage; it's neither provision nor certainty, but a meaningful tail risk if tax appeals go against the company.
Strengths noted in disclosures: Auditor opinion is unqualified with only 1 minor flag (post-year-end whistle-blower complaint under investigation, no current impact). · Earnings quality composite scores 77/100 (Good) with low manipulation risk and cash flow aligned to profits. · Altman Z-score of 5.72 places the company in the safe zone for bankruptcy risk.
Forensic signal
From the company's own filingsStrong: Valuation