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National Fertilizers Ltd.

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nationalfertilizers.comBSE: 523630NSE: NFL
Market Cap₹ 3,362 Cr.
Current Price
High / Low₹ 101 / 63
Stock P/E9.2
Book Value₹ 59
Price to Book1.12
Dividend Yield1.52 %
ROCE9.2 %
ROE7.6 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Urea: 59.7% • Fertilizer Trading: 29.6% • Other Products: 8.3%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence
55%
View full sector analysis →

PROS

  • Latest quarter profit grew 387.5% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.52x)
  • Stock looks reasonably valued - P/E of 9.2 is below its historical median
  • Company generates healthy free cash flow
  • Company converts assets efficiently - asset turnover of 2.0x

CONS

  • Operating cash flow has been negative in recent years
  • Recent results are weak - TTM profit is down 78.0% versus prior year
  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on capital employed of 8.0%
  • Company has a low return on equity of 6.8% over last 3 years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsFertilizers
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.COROMANDEL1928.7031.0656908.400.57381.56-23.938164.7715.9423.929.26
2.FACT779.351803.6350429.550.00-67.90-948.751567.8465.1411.30-2.73
3.CHAMBLFERT419.258.7116797.352.62523.60-4.615027.02-11.7725.5016.42
4.PARADEEP155.9515.1116195.720.96392.5453.436124.2563.1415.0911.76
5.MBAPL160.8745.497048.270.06329.621068.624163.01916.1519.4115.83
6.GSFC155.958.976214.263.21158.5414.393583.1564.037.176.58
7.RCF111.4013.766145.811.2073.5335.093585.716.3810.816.11
8.KRISHANA179.6628.245553.970.0647.0954.01532.3134.5827.2616.71
9.NFL68.539.233361.931.52113.38387.474500.3927.349.166.87
10.SPIC68.946.851403.902.9060.18-9.79848.819.2216.829.27
11.MADRASFERT62.2314.131002.530.0034.59-21.49814.0121.0727.706.46
12.ZUARI220.850.99928.850.00118.70-90.68615.21-50.6350.4025.25
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
5,0365,6557,5845,2845,0924,3905,8564,4573,5346,7636,8704,3474,500
5,0605,7147,2664,9054,9854,2695,7104,2223,4466,6356,5744,0264,416
Operating Profit-23-593183791071211462348912829632184
OPM %-0.46%-1.04%4.20%7.18%2.09%2.76%2.49%5.26%2.51%1.90%4.31%7.38%1.86%
2336142920183225915171211
Interest104395074906041354655727779
Depreciation87909292919394959699110100104
Profit before Tax-191-153190242-54-1442130-45-10131157138
Tax %24.78%26.00%26.39%25.04%23.35%22.90%26.29%25.06%28.25%1.07%28.46%24.56%17.73%
Net Profit0000-8712146135-39-358135152113
-2.48-1.783.084.23-0.180.250.932.75-0.80-0.732.763.092.31

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7,6008,94312,42913,13511,90615,85729,58423,56019,79421,51422,480
7,0438,40711,41812,27510,98915,27828,54122,94419,18220,68221,651
Operating Profit5575361,0118619175791,043617612832829
OPM %7.33%5.99%8.14%6.55%7.70%3.65%3.53%2.62%3.09%3.87%3.69%
17610957-3303337227110985956
Interest323237320409294137308277233253282
Depreciation8573285374312335353362373405413
Profit before Tax325335459-263331-58612174212275415
Tax %35.95%36.46%35.94%31.09%28.36%-62.60%25.11%13.68%13.14%22.96%24.11%
Net Profit208213294-181237-95458150184211315
EPS4.244.345.99-3.694.83-1.949.343.063.754.31—
Dividend Payout %0.00%0.00%31.04%-25.74%0.00%0.00%29.86%8.83%41.60%24.12%—

COMPOUNDED SALES GROWTH

10 Years:
11%
5 Years:
13%
3 Years:
-10%

COMPOUNDED PROFIT GROWTH

10 Years:
1%
5 Years:
-2%
3 Years:
-23%

STOCK PRICE CAGR

10 Years:
7%
5 Years:
5%
3 Years:
-2%
1 Year:
-31%

RETURN ON EQUITY

10 Years:
8%
5 Years:
7%
3 Years:
7%
Last Year:
8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 11

₹ 0.10

Rs.1.0400 per share(10.4%)Final Dividend

2025

Sep 22

₹ 0.15

Rs.1.5600 per share(15.6%)Final Dividend

2024

Sep 20

₹ 0.02

Rs.0.2700 per share(2.7%)Final Dividend

2023

Sep 22

₹ 0.12

Rs.1.2600 per share(12.6%)Final Dividend

2023

Jun 9

₹ 0.15

Rs.1.5300 per share(15.3%)Interim Dividend

2017

Sep 19

Rs.0.8500 per share(8.5%)Dividend

2016

Sep 19

Rs.1.2100 per share(12.1%)Dividend

2015

Sep 15

Rs.0.1700 per share(1.7%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital491491491491491491491491491491
1,3341,4951,7201,4121,6501,5892,0512,0552,2252,350
6,1875,7939,04310,2863,9325,0235,6575,6733,3865,180
Trade Payables4054916218977301,4481,7561,3481,5381,479
1,7631,3562,0291,4521,6281,9572,6731,6451,6732,246
Total Liabilities10,1809,62713,90414,5368,43010,50812,62811,2129,31211,746
4,0594,0803,9923,7243,6144,2283,9683,8303,6933,533
Capital Work in Progress5164133656840112147208172161
152217265323416257259336443496
5755261,5861,2764382,2553,0701,7509111,085
00000004,0373,2735,411
Cash & Bank8101922422916383359
5,3364,7307,9088,5343,0803,6265,1671,0147881,001
Total Assets10,1809,62713,90414,5368,43010,50812,62811,2129,31211,746

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
2,5261,752-2,616-2767,039-976-1956682,593-1,342
Cash from Investing-201-346-310-810-497-129-206-334-270-263
Cash from Financing-2,250-1,3143,0221,132-6,5051,145526-318-2,3341,643
119320-14-1316-1237

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
74.7174.7174.7174.7174.7174.7174.7174.71
0.410.420.600.490.911.060.700.54
7.277.286.836.215.995.915.534.92
Government0.000.000.000.000.000.000.000.00
17.6117.5817.8518.5818.3918.3119.0619.82

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10
Change in Auditors

2026-09-10 - National Fertilizers Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-08
Copy of Newspaper Publication

2026-09-08 - Newspaper clippings of Addendum to 52nd Annual Report Comments of Comptroller & Auditor General of India (C&AG).

2026-09-07
Updates

2026-09-07 - Addendum to 52nd Annual Report Comments of Comptroller & Auditor General of India (C&AG).

2026-09-07
Addendum

2026-09-07 - Addendum to 52nd Annual Report Comments of Comptroller & Auditor General of India (C&AG).

2026-09-01
Appointment

2026-09-01 - Changes in the Senior Management of National Fertilizers Limited (NFL).

2026-09-01
Retirement

2026-09-01 - Changes in the Senior Management of National Fertilizers Limited (NFL).

2026-08-27
Copy of Newspaper Publication

2026-08-27 - Newspaper clippings of the Notice of 52nd Annual General Meeting.

2026-08-26
Updates

2026-08-26 - Business Responsibility and Sustainability Report for the Financial Year 2025-26.

2026-08-26
Shareholders meeting

2026-08-26 - 52nd Annual General Meeting Notice and Annual Report for Financial Year 2025-26.

News

Recent coverage and analyst commentary for NFL

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