Rama Phosphates received a positive development in its credit profile as ICRA upgraded the company's rating outlook from negative to stable while reaffirming existing ratings across its facilities. The fertilizer manufacturer disclosed this rating action to stock exchanges on December 26, 2025, in compliance with SEBI listing obligations.

Credit Rating Details

ICRA maintained its assessment of Rama Phosphates' creditworthiness while signaling improved confidence through the outlook upgrade. The rating agency's action covers the company's entire facility portfolio worth ₹136.00 crore.

Rating Implications

The outlook upgrade from negative to stable represents a significant improvement in ICRA's assessment of Rama Phosphates' credit profile. While the core ratings remain unchanged, the stable outlook indicates that the rating agency expects the company's credit metrics to remain steady over the near term, removing the previous downward pressure.

Company Operations

Rama Phosphates operates as a diversified manufacturer in the fertilizer and chemical sectors. The company produces Single Super Phosphate (SSP) fertilizer, sulphuric acid, oleum, chlorosulphonic acid, edible soya oil, soya de-oiled cake, lecithin, and various micronutrients including magnesium sulphate and zinc sulphate.

Regulatory Compliance

The company promptly communicated this rating development to both BSE and NSE, fulfilling its obligations under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015. This transparency ensures investors remain informed about material developments affecting the company's credit standing.

Rama Phosphates Limited , a leading manufacturer of fertilizers and chemicals, has successfully obtained shareholder approval for its Employee Stock Option Plan (ESOP) 2025 through a postal ballot voting process that concluded on November 26, 2025.

Key Approvals

• Shareholders approved two special resolutions:
  1. Establishment of the Employee Stock Option Plan 2025 for eligible employees
  2. Extension of the ESOP 2025 to employees of subsidiary and associate companies

Voting Outcome

• Strong support from the promoter group with 99.99% participation
• Limited participation from public shareholders at 0.10%

Key Details of the ESOP 2025

• Total Options: The plan allows for up to 9,00,000 stock options convertible into an equivalent number of equity shares.
• Face Value: Each equity share will have a face value of Rs. 5.00.
• Vesting Period: Options will vest between 1-2 years from the grant date.
• Exercise Period: Employees will have 6 months from vesting to exercise their options.
• Exercise Price: The price will be based on the closing market price prior to the grant but not less than the face value.

Scope of the ESOP

The ESOP 2025 is designed to benefit:

1. Eligible employees of Rama Phosphates Limited
2. Employees of subsidiary and associate companies (as approved)

Objectives of the ESOP

The company aims to achieve several goals through this ESOP:

• Reward employee loyalty and contribution
• Motivate performance and enhance productivity
• Attract and retain talent
• Create a sense of ownership among staff

Implementation Details

• The scheme will be implemented directly by the company without involving any trust.
• It will be administered by the Nomination and Remuneration Committee, designated as the "Compensation Committee."
• The plan involves only the issue of fresh/primary shares by the company.

Financial Implications

Rama Phosphates Limited has stated that it will comply with the accounting standards prescribed by the government and the Institute of Chartered Accountants of India (ICAI) for the valuation and accounting of these stock options.

With the successful approval of the Employee Stock Option Plan 2025, Rama Phosphates Limited has taken a significant step in aligning employee interests with those of the company and its shareholders. The implementation of this plan is expected to enhance employee motivation and contribute to the company's long-term growth and success.