National Fertilizers Ltd.

•

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 MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	COROMANDEL	1928.70	31.06	56908.40	0.57	381.56	-23.93	8164.77	15.94	23.92	9.26
2.	FACT	779.35	1803.63	50429.55	0.00	-67.90	-948.75	1567.84	65.14	11.30	-2.73
3.	CHAMBLFERT	419.25	8.71	16797.35	2.62	523.60	-4.61	5027.02	-11.77	25.50	16.42
4.	PARADEEP	155.95	15.11	16195.72	0.96	392.54	53.43	6124.25	63.14	15.09	11.76
5.	MBAPL	160.87	45.49	7048.27	0.06	329.62	1068.62	4163.01	916.15	19.41	15.83
6.	GSFC	155.95	8.97	6214.26	3.21	158.54	14.39	3583.15	64.03	7.17	6.58
7.	RCF	111.40	13.76	6145.81	1.20	73.53	35.09	3585.71	6.38	10.81	6.11
8.	KRISHANA	179.66	28.24	5553.97	0.06	47.09	54.01	532.31	34.58	27.26	16.71
9.	NFL	68.53	9.23	3361.93	1.52	113.38	387.47	4500.39	27.34	9.16	6.87
10.	SPIC	68.94	6.85	1403.90	2.90	60.18	-9.79	848.81	9.22	16.82	9.27
11.	MADRASFERT	62.23	14.13	1002.53	0.00	34.59	-21.49	814.01	21.07	27.70	6.46
12.	ZUARI	220.85	0.99	928.85	0.00	118.70	-90.68	615.21	-50.63	50.40	25.25

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	5,036	5,655	7,584	5,284	5,092	4,390	5,856	4,457	3,534	6,763	6,870	4,347	4,500
	5,060	5,714	7,266	4,905	4,985	4,269	5,710	4,222	3,446	6,635	6,574	4,026	4,416
Operating Profit	-23	-59	318	379	107	121	146	234	89	128	296	321	84
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%
	23	36	14	29	20	18	32	25	9	15	17	12	11
Interest	104	39	50	74	90	60	41	35	46	55	72	77	79
Depreciation	87	90	92	92	91	93	94	95	96	99	110	100	104
Profit before Tax	-191	-153	190	242	-54	-14	42	130	-45	-10	131	157	138
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 Profit	0	0	0	0	-87	121	46	135	-39	-358	135	152	113
	-2.48	-1.78	3.08	4.23	-0.18	0.25	0.93	2.75	-0.80	-0.73	2.76	3.09	2.31

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	7,600	8,943	12,429	13,135	11,906	15,857	29,584	23,560	19,794	21,514	22,480
	7,043	8,407	11,418	12,275	10,989	15,278	28,541	22,944	19,182	20,682	21,651
Operating Profit	557	536	1,011	861	917	579	1,043	617	612	832	829
OPM %	7.33%	5.99%	8.14%	6.55%	7.70%	3.65%	3.53%	2.62%	3.09%	3.87%	3.69%
	176	109	57	-330	33	37	227	110	98	59	56
Interest	323	237	320	409	294	137	308	277	233	253	282
Depreciation	85	73	285	374	312	335	353	362	373	405	413
Profit before Tax	325	335	459	-263	331	-58	612	174	212	275	415
Tax %	35.95%	36.46%	35.94%	31.09%	28.36%	-62.60%	25.11%	13.68%	13.14%	22.96%	24.11%
Net Profit	208	213	294	-181	237	-95	458	150	184	211	315
EPS	4.24	4.34	5.99	-3.69	4.83	-1.94	9.34	3.06	3.75	4.31	—
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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	491	491	491	491	491	491	491	491	491	491
	1,334	1,495	1,720	1,412	1,650	1,589	2,051	2,055	2,225	2,350
	6,187	5,793	9,043	10,286	3,932	5,023	5,657	5,673	3,386	5,180
Trade Payables	405	491	621	897	730	1,448	1,756	1,348	1,538	1,479
	1,763	1,356	2,029	1,452	1,628	1,957	2,673	1,645	1,673	2,246
Total Liabilities	10,180	9,627	13,904	14,536	8,430	10,508	12,628	11,212	9,312	11,746
	4,059	4,080	3,992	3,724	3,614	4,228	3,968	3,830	3,693	3,533
Capital Work in Progress	51	64	133	656	840	112	147	208	172	161
	152	217	265	323	416	257	259	336	443	496
	575	526	1,586	1,276	438	2,255	3,070	1,750	911	1,085
	0	0	0	0	0	0	0	4,037	3,273	5,411
Cash & Bank	8	10	19	22	42	29	16	38	33	59
	5,336	4,730	7,908	8,534	3,080	3,626	5,167	1,014	788	1,001
Total Assets	10,180	9,627	13,904	14,536	8,430	10,508	12,628	11,212	9,312	11,746

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,526	1,752	-2,616	-276	7,039	-976	-195	668	2,593	-1,342
Cash from Investing	-201	-346	-310	-810	-497	-129	-206	-334	-270	-263
Cash from Financing	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334	1,643
	1	1	9	3	20	-14	-13	16	-12	37

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.71	74.71	74.71	74.71	74.71	74.71	74.71	74.71
	0.41	0.42	0.60	0.49	0.91	1.06	0.70	0.54
	7.27	7.28	6.83	6.21	5.99	5.91	5.53	4.92
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	17.61	17.58	17.85	18.58	18.39	18.31	19.06	19.82

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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