MUMBAI — Rashtriya Chemicals and Fertilizers Limited (RCF) has received a significant boost to its credit profile, with both ICRA and India Ratings reaffirming the stable outlook on its Non-Convertible Debentures (NCDs). The agencies pointed to RCF’s dominant market position and its strategic importance to the Indian government as primary drivers for the AA/Stable rating.
The formal notification was submitted to the BSE and National Stock Exchange on April 25, 2026, confirming the company’s robust financial standing.
Rating Breakdown
Both major agencies aligned on the company’s creditworthiness, citing consistent operational performance.
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ICRA Limited: Reaffirmed the ICRA AA (Stable) rating for RCF’s ₹1,200 crore NCDs.
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India Ratings (Ind-Ra): Confirmed the IND AA/Stable rating for the ₹12,000 million (₹1,200 crore) NCDs.
Core Pillars of Credit Strength
The ratings reflect RCF’s pivotal role in India’s agricultural infrastructure.
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Sovereign Support: The Government of India’s 75% equity stake provides a strong safety net, ensuring the company remains a central player in national fertilizer security.
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Production Powerhouse: RCF accounts for 7–8% of India’s urea production. Its revenue remains well-diversified, with fertilizers contributing 62% and industrial chemicals making up 10% for the first nine months of FY26.
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Efficiency Gains: Recent upgrades at the Thal and Trombay facilities have allowed the company to operate at energy levels better than normative standards, protecting margins against cost volatility.
Future Growth & Liquidity
RCF has embarked on an ambitious ₹23 billion capex plan (FY27–FY29) focused on multi-grade NPK expansion and backward integration into phosphoric acid production.
“The reaffirmation reflects RCF’s resilient financial profile and its ability to maintain adequate liquidity through low-cost bank financing and timely subsidy receivables,” noted the rating disclosure.
Quick Profile: RCF FY26 Performance
| Revenue Stream | Contribution (%) |
| Fertilizers | 62% |
| Fertilizer Trading | 27% |
| Industrial Chemicals | 10% |
| Strategic Project | Talcher Fertilizers (Expected June 2027) |
Despite risks associated with natural gas price volatility and subsidy dependence, the agencies expect RCF’s credit profile to remain stable, backed by strong policy support and internal operational efficiencies.
