Matix Group

What Matix Group does

Matix Fertilisers and Chemicals Limited, operating as Matix Group, is a privately held Indian fertiliser manufacturer founded in 2021 and headquartered in Bardhaman, West Bengal. The company operates one of India's largest single-train gas-based urea plants at Panagarh — a 1.27 MTPA facility licensed with KBR's Ammonia Purifier™ (ammonia) and Saipem's urea stripping technology, integrated with a 0.73 MTPA ammonia unit, 54 MW captive power, and a dedicated railway siding. In FY 2023-24 the plant produced 1.5 MT of urea at 118% capacity utilisation, positioning Matix as the largest single-train urea producer in India and the second-largest private-sector urea manufacturer nationally, with approximately 20% urea market share in Eastern India.

The company's commercial model is built on direct sales through an extensive dealer-retailer network — 1,100+ dealers and 75,000+ retailers serving farmland across 905,000 sq km in 10 states — supplemented by 4,500+ Pradhan Mantri Krishi Samriddhi Kendra (PMKSK) partnerships for last-mile farmer reach. Revenue is generated across five streams: manufactured urea (the core volume driver at ~1.05 MT in FY 2022-23), traded/imported DAP/NPK/MOP, the Dr. Fasal specialty-nutrient brand spanning 13 products (PROM, City Compost, Zyme, Zinc Sulphate, Calcium Nitrate, PDM, Mycorrhizal Biofertilisers and others), Single Super Phosphate under marketing arrangement, and agrochemicals via co-marketing — with the crop protection segment crossing ₹200 crore in under three years. Reported FY 2022-23 revenue was ₹57,942.34 million and EBITDA ₹12,744.84 million. The company is pursuing a multi-pronged growth agenda including a ₹7,500 crore urea capacity doubling programme and a ₹2,600+ crore foray into Industrial and Specialty Chemicals.

Name

Matix Group

Legal name

Matix Fertilisers and Chemicals Limited

Website

https://matixgroup.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Matix Group operates India's largest single-train gas-based urea plant at Panagarh, West Bengal, holding ~20% urea market share in Eastern India and serving 75,000+ retailers across 10 states with manufactured fertilisers, traded nutrients, and the Dr. Fasal specialty brand.

Ownership category

akta.pro rank

Product category

Agricultural Fertilisers

NAICS

Nitrogenous Fertilizer Manufacturing (325311), Fertilizer and Compost Manufacturing (32531), Pesticide and Other Agricultural Chemical Manufacturing (32532)

SIC

Agricultural Chemicals (2870), Wholesale-Farm Product Raw Materials (5150)

akta.pro primary industry

NPK & Compound/Blended Fertilizers (IMAEAEAD)

akta.pro secondary industries

NPK/Compound & Blended Fertilizers (Granular Blends, Bulk Blending) (AFABABAD), Soil Health Activators & Biostimulants (Humates, Amino Acids, Seaweed Extracts) (AFABAKAJ)

Keywords

• Urea manufacturing
• Crop nutrients
• Specialty fertilisers
• Soil testing services
• Agrochemical distribution

Headquarters

HQ city

Bardhaman

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Technology or R&D, Infrastructure

Revenue model

1. Urea Manufacturing and Sales: Matix manufactures urea at its 1.27 MTPA gas-based plant in Panagarh, West Bengal and sells it through its dealer and retailer network across eastern, northeastern, and northern India. Urea is the primary revenue driver, contributing the bulk of sales volume at 1,045,239 MT in FY 2022-23.
2. Traded/Imported Fertilisers (DAP, NPK, MOP): Matix imports DAP, NPK, and MOP to widen its product range and meet diverse soil nutrient needs. These are distributed through the same dealer-retailer network. In FY 2022-23, 26,527 MT of traded products were sold.
3. Dr. Fasal Branded Products: Dr. Fasal is the company's own brand covering a range of crop nutrition and soil enhancement products including Phosphate Rich Organic Manure (PROM), Zyme, Zinc Sulphate Monohydrate and Heptahydrate, City Compost, Micronutrient Mixture, Mycorrhizal Biofertilisers, Calcium Nitrate, and Potash Derived from Molasses (PDM). 9,587.570 MT sold in FY 2022-23. These products are co-marketed or contract-manufactured.
4. Agrochemicals Co-marketing: Matix entered the agrochemicals space in May 2022 through co-marketing arrangements, offering crop protection products. The crop protection and supplement business crossed Rs. 200 crore in under three years.
5. Single Super Phosphate (Marketing Arrangement): SSP is distributed under a marketing arrangement, adding to the product basket from September 2022. 16,856 MT sold in FY 2022-23.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels9 records

Core offering

Matix Group manufactures and sells urea (1.27 MTPA capacity at Panagarh, West Bengal) and distributes a 13-product crop nutrient portfolio including traded fertilisers (DAP, NPK, MOP) and Dr. Fasal-branded specialty nutrients such as PROM, Zyme, Zinc Sulphate, City Compost, Calcium Nitrate, PDM and Mycorrhizal Biofertilisers. The company also markets Single Super Phosphate and co-markets agrochemicals, while operating a Mobile Soil Testing Van (MSTV) that provides village-level soil diagnostics and balanced fertiliser advisory to farmers.

Product overview

Matix Group operates as a fertiliser manufacturing and trading company offering 13 crop nutrient solutions. The core manufactured product is urea (1.27 MTPA capacity at Panagarh plant), while the traded portfolio includes DAP, NPK (10:26:26), and MOP. Under the Dr. Fasal brand, the company offers specialty nutrients including Micronutrient Mixture, City Compost, Zinc Sulphate Monohydrate, Zinc Sulphate Heptahydrate, Sulphur Bentonite, Potash Derived from Molasses (PDM), Phosphate Rich Organic Manure (PROM), Calcium Nitrate, and Mycorrhizal Biofertiliser. Single Super Phosphate is available through marketing arrangement, and agrochemicals are co-marketed. Services include a Mobile Soil Testing Van (MSTV) that provides soil analysis and advisory to farmers.

Differentiator

Problem solved

Functional benefit

Brands

• Dr. Fasal: Brand under which crop nutrition and protection products are marketed, including Zyme, City Compost, Calcium Nitrate, Zinc Sulphate, PROM, Mycorrhizal Biofertilisers, and other specialty nutrients

Products and services

• Urea Primary nitrogenous fertiliser with 46% nitrogen content, suitable for all crop types and soils. Manufactured at the Panagarh plant using KBR Ammonia Purifier and Saipem urea stripping technologies; the company's flagship product with 1,045,239 MT sold in FY 2022-23.
• Di-Ammonium Phosphate (DAP) Phosphorus fertiliser containing nitrogen and phosphorus. High nutrient content and excellent physical properties make it popular among farmers. Distributed through Matix's dealer-retailer network as a traded imported product.
• NPK (10:26:26) DAP-based composite fertiliser with high phosphorus and potassium content, addressing deficiencies in agricultural soils and promoting root development. Distributed through Matix's dealer-retailer network as a traded product.
• Muriate of Potash (MOP) Potassium fertiliser essential for plant growth, protein and sugar production, and improving disease resistance in plants. Distributed through Matix's dealer-retailer network as a traded imported product.
• Single Super Phosphate (SSP) Phosphorus fertiliser available through marketing arrangement to supplement Matix's product portfolio. Distributed via dealer-retailer network; 16,856 MT sold in FY 2022-23.
• Agrochemicals (Crop Protection) Crop protection products including pesticides, fungicides and insecticides co-marketed with leading multinational and national players, providing comprehensive farming solutions to farmers.
• Zyme Bio-enzyme granule product made from organic Ascophyllum Nodosum (seaweed extract), marketed under the Dr. Fasal brand for specialty crop nutrition.
• Oromate Specialty crop nutrient added to the Dr. Fasal product basket as part of the company's diversification strategy.
• Zinc Sulphate Monohydrate 33% Essential micronutrient catalyst for activating enzymes required for plant protein synthesis; plays a vital role in photosynthesis and carbohydrate metabolism. Sold under the Dr. Fasal brand.
• Zinc Sulphate Heptahydrate 21% Essential component of enzyme systems for energy production, protein synthesis and growth regulation; prevents Khaira disease in paddy. Sold under the Dr. Fasal brand.
• City Compost Bio-degradable organic fertiliser manufactured from city waste including crop residues, vegetables, leaves and fruits under controlled conditions. Sold under the Dr. Fasal brand.
• Phosphate Rich Organic Manure (PROM) Enriching manure produced by co-composting organic manure with rock phosphate minerals; improves soil physical and chemical properties and water holding capacity. Sold under the Dr. Fasal brand.
• Calcium Nitrate Secondary nutrient providing calcium for plant growth; can be used as basal application and foliar spray; enhances photosynthesis and protein synthesis. Sold under the Dr. Fasal brand.
• Potash Derived from Molasses (PDM) Natural potash (14.5% K2O) manufactured from sugarcane molasses by-product; facilitates photosynthesis and improves crop shine, flavour and size. Sold under the Dr. Fasal brand.
• Mycorrhizal Biofertiliser Microorganism-based biofertiliser that colonises the rhizosphere and increases the supply of primary nutrients to host plants, enhancing root surface area and water uptake efficiency. Sold under the Dr. Fasal brand.
• Micronutrient Mixture Balanced crop nutrition formulation containing essential micronutrients that help major elements perform their functions, improving chlorophyll formation and yield quality. Sold under the Dr. Fasal brand.
• Sulphur Bentonite Secondary nutrient fertiliser used to address sulphur deficiencies and solve alkaline soil problems. Distributed through Matix's dealer-retailer network.
• Mobile Soil Testing Van (MSTV) Fully-equipped mobile laboratory with state-of-the-art soil testing instruments (pH meter, conductivity meter, UV-VIS spectrophotometer, weighing balance, shaker, flame photometer) that visits villages to collect soil samples, generate comprehensive soil health report cards and provide on-the-spot advisory on balanced fertiliser usage. Analysed 13,970 soil samples to date across Assam, Bihar, Uttar Pradesh, West Bengal, Odisha, Jharkhand and Haryana.

Quantifiable outcome

• 118% capacity utilisation producing 1.5 MT urea in FY 2023-24, making Matix the largest single-train urea producer in India
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Seven partnerships are on record, tiered supporting, core and flagship.

• Asthitya NGOsupportingStrategic or Co-development Partner · 1 February 2023Asthitya NGO was engaged as the implementing agency for Project Saksham, providing 3-month training to women from SHGs in poultry, goat rearing, and duck farming in villages near the Panagarh plant. Training covered vaccination, nutrition, and timely treatment to reduce mortality and increase income.
• Dolon Boutiques & Handicrafts TrustsupportingStrategic or Co-development Partner · 1 December 2022Dolon Boutiques & Handicrafts Trust partnered with Matix for Phase 1 of Project Shakti (launched December 2022), helping train women from Self-Help Groups in four villages in trades including applique, kantha stitch, batik printing, and advanced stitching. Nearly 150 women benefited from training in sourcing raw materials, marketing, and product quality standardisation.
• GAIL (India) LimitedcoreStrategic or Co-development PartnerGAIL provides secured long-term gas supply agreement for supply of natural gas through the national gas grid as feedstock for Matix's ammonia and urea manufacturing plant at Panagarh. This is a foundational supply agreement critical to the plant's operations and competitiveness.
• KBR, USAcoreTechnology or IntegrationKBR licensed its proprietary Ammonia Purifier™ process technology to Matix for ammonia production at the Panagarh plant. KBR's proven process delivers cost and energy efficiencies, safety in downstream synthesis, and minimised environmental impact.
• Saipem, ItalycoreTechnology or IntegrationSaipem licensed its urea stripping technology to Matix for the urea production section at Panagarh. The robust urea technology optimises operational efficiency by utilizing ammonia to strip CO2 from the urea solution.
• Krishi Vigyan Kendra (KVK)supportingStrategic or Co-development PartnerMatix conducts Farmers Training Programmes at KVK centres alongside agriculture experts and KVK scientists. Sessions cover latest farming techniques, tools for enhancing farm productivity, and practical demonstrations for adoption.
• Mumbai City FCflagshipGTM or Marketing PartnerMatix announced a strategic partnership with Mumbai City FC as associate partner to champion India's footballing future, representing a broad marketing and brand visibility initiative linking the Matix brand with Indian football.

Scale indicators21 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Coromandel International Limited: India's largest private-sector phosphatic fertiliser company with a growing presence in specialty nutrients, biofertilisers, and crop protection. Comparable to Matix's Dr. Fasal specialty portfolio and traded DAP/NPK business, with an established pan-India distribution network.
• Paradeep Phosphates Limited: Manufactures DAP, NPK, and traded fertilisers with strong presence in eastern India. Directly comparable to Matix in the phosphatic and complex fertiliser categories and a key competitor in the same Eastern Indian agricultural belt.
• Zuari Agro Chemicals Limited: Manufactures and trades NPK, DAP, urea, and specialty fertilisers with pan-India distribution. Comparable to Matix in the traded and complex fertiliser categories and in expanding into specialty crop nutrition solutions.
• Chambal Fertilizers & Chemicals Limited: India's largest private-sector urea manufacturer and a direct competitor to Matix in nitrogenous fertilizers. Both operate gas-based urea plants with integrated dealer-distributor networks across northern and eastern India, and both trade DAP/NPK/MOP alongside manufactured urea.
• Deepak Fertilisers and Petrochemicals Corporation Limited: Manufactures nitrogenous fertilisers (including technical ammonium nitrate and urea derivatives) and bulk/specialty chemicals. Highly comparable to Matix's emerging dual-thrust strategy of crop nutrients plus industrial and specialty chemicals; Matix's strategy head Karthik Menon previously led strategy there.

Broad incumbents

• Indian Farmers Fertiliser Cooperative (IFFCO): India's largest fertiliser cooperative with a broad portfolio spanning urea, DAP, NPK, biofertilisers, and specialty nutrients. Matix's COO Giridhar Mishra is ex-IFFCO, and IFFCO sets the competitive benchmark for capacity utilisation, distribution scale, and farmer-facing services in the same market.
• Krishak Bharati Cooperative (KRIBHCO): Large fertiliser cooperative producing urea and complex fertilisers with deep farmer relationships. Comparable to Matix as a major urea manufacturer targeting Indian farmers through cooperative/distributor-led GTM models.
• National Fertilizers Limited (NFL): Public-sector urea manufacturer where Matix's MD was formerly CMD and CMO Sohan Lal spent 36 years. NFL operates multiple gas-based urea plants and trades other fertilisers, making it a comparable incumbent peer across product mix and farmer distribution.
• Rashtriya Chemicals & Fertilizers Limited (RCF): Public-sector urea and NPK manufacturer where Matix's MD previously held additional charge as C&MD. RCF competes in the same urea and complex fertiliser categories and is one of the largest players in Western India, providing a comparable regulated-fertiliser benchmark.
• Gujarat State Fertilizers & Chemicals Limited (GSFC): Diversified fertiliser and chemicals PSU manufacturing urea, DAP, and a wide range of industrial chemicals. Comparable as a legacy player combining fertiliser manufacturing with industrial chemical diversification, similar to Matix's planned specialty chemicals foray.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/i/flow/login?redirect_after_login=%2Fmatixfertiliser
• YouTubeyoutube.com/@MatixFertilisers
• LinkedInlinkedin.com/company/matix-fertilisers-&-chemicals-limited/?originalSubdomain=in

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matix Group