National Fertilizers Ltd.

•

₹ 70.30%

2026-08-21

nationalfertilizers.comBSE: 523630NSE: NFL

Market Cap₹ 3,446 Cr.

Current Price₹ 70

High / Low₹ 103 / 63

Stock P/E0.0

Book Value₹ 59

Price to Book1.43

Dividend Yield0.00 %

ROCE5.8 %

ROE2.8 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Urea: 67.3% • Fertilizer Trading: 22.7% • Others: 7.0% • Chemicals: 2.9%

PROS

Latest quarter profit grew 320.9% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 4.57x)
Company generates healthy free cash flow
Company converts assets efficiently - asset turnover of 1.9x

CONS

A large part of profit comes from other income (94.2% of PBT)
Company has a low return on capital employed of 8.7%
Company has a low return on equity of 7.7% over last 3 years
Interest coverage is weak at 1.4x - earnings barely cover interest
Company's return on assets is weak at 0.7%
Dividend payout exceeds earnings (100.4%) - may be unsustainable

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

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsFertilizers

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	COROMANDEL	2005.50	32.30	59165.55	0.55	381.56	-23.93	8164.77	15.94	23.92	9.26
2.	FACT	773.85	1790.90	50073.66	0.00	-67.90	-948.75	1567.84	65.14	11.30	-2.73
3.	CHAMBLFERT	434.00	9.02	17388.31	2.53	523.60	-4.61	5027.02	-11.77	25.50	16.42
4.	PARADEEP	148.70	14.40	15442.80	1.01	392.54	53.43	6124.25	63.14	13.95	11.76
5.	MBAPL	163.41	0.00	7159.56	0.06	329.62	1068.62	4163.01	916.15	19.41	15.83
6.	RCF	118.45	14.63	6534.75	1.98	73.53	35.09	3585.71	6.38	7.64	6.11
7.	GSFC	160.70	9.24	6403.53	3.11	158.54	14.39	3583.15	64.03	6.16	6.58
8.	KRISHANA	196.52	0.00	6075.18	0.05	47.09	54.01	532.31	34.58	27.26	16.71
9.	NFL	70.25	9.46	3446.31	0.00	113.38	387.47	4500.39	27.34	7.84	6.87
10.	SPIC	68.00	6.76	1384.75	2.94	60.18	-9.79	848.81	9.22	16.82	9.27
11.	MADRASFERT	65.01	0.00	1047.32	0.00	34.59	-21.49	814.01	21.07	27.70	6.46
12.	ZUARI	225.90	1.01	950.09	0.00	118.70	-90.68	615.21	-50.63	16.04	25.25

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	-191	-153	190	242	-54	-14	42	130	-45	-10	131	157	95
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%	25.62%
Net Profit	-144	-113	140	182	-41	-11	31	97	-32	-10	94	118	71
	-3	-2	3	4	-1	-0	1	2	-1	-0	2	2	0
Equity Capital	491	491	491	491	491	491	491	491	491	491	491	491	491
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	491	491	491	491	491	491	491	491	491	491	491	491	491
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 5,036
: 5,060
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 104
Depreciation: 87
: -191
Tax %: 24.78%
Net Profit: -144
: -3
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 5,655
: 5,714
Operating Profit: —
OPM %: —
Other Income: 36
Interest: 39
Depreciation: 90
: -153
Tax %: 26.00%
Net Profit: -113
: -2
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 7,584
: 7,266
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 50
Depreciation: 92
: 190
Tax %: 26.39%
Net Profit: 140
: 3
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 5,284
: 4,905
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 74
Depreciation: 92
: 242
Tax %: 25.04%
Net Profit: 182
: 4
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 5,092
: 4,985
Operating Profit: —
OPM %: —
Other Income: 20
Interest: 90
Depreciation: 91
: -54
Tax %: 23.35%
Net Profit: -41
: -1
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 4,390
: 4,269
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 60
Depreciation: 93
: -14
Tax %: 22.90%
Net Profit: -11
: -0
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 5,856
: 5,710
Operating Profit: —
OPM %: —
Other Income: 32
Interest: 41
Depreciation: 94
: 42
Tax %: 26.29%
Net Profit: 31
: 1
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 4,457
: 4,222
Operating Profit: —
OPM %: —
Other Income: 25
Interest: 35
Depreciation: 95
: 130
Tax %: 25.06%
Net Profit: 97
: 2
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 3,534
: 3,446
Operating Profit: —
OPM %: —
Other Income: 9
Interest: 46
Depreciation: 96
: -45
Tax %: 28.25%
Net Profit: -32
: -1
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 6,763
: 6,635
Operating Profit: —
OPM %: —
Other Income: 15
Interest: 55
Depreciation: 99
: -10
Tax %: 1.07%
Net Profit: -10
: -0
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 6,870
: 6,574
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 72
Depreciation: 110
: 131
Tax %: 28.46%
Net Profit: 94
: 2
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 4,347
: 4,026
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 77
Depreciation: 100
: 157
Tax %: 24.56%
Net Profit: 118
: 2
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 4,500
: 4,416
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 79
Depreciation: 104
: 95
Tax %: 25.62%
Net Profit: 71
: 0
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 491
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	7,757	7,600	8,943	12,429	13,135	11,906	15,857	29,584	23,560	19,794	22,480
	7,202	7,043	8,407	11,418	12,275	10,989	15,278	28,541	22,944	19,182	21,651
Operating Profit	808	733	645	1,068	920	950	617	1,270	727	710	—
OPM %	10	10	7	9	7	8	4	4	3	4	—
Other Income	253	176	109	57	59	33	37	227	110	98	56
Interest	433	323	237	320	409	294	137	308	277	233	282
Depreciation	87	85	73	285	374	312	335	353	362	373	413
	288	325	335	463	-253	343	145	610	89	104	373
Tax %	31	36	36	36	32	27	25	25	27	27	27
Net Profit	199	208	213	298	-171	250	108	456	65	76	273
EPS	4	4	4	6	-3	5	2	9	1	2	—
Dividend Payout %	30	0	0	31	-27	0	0	30	20	100	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	4	4	4	6	-3	5	2	9	1	2	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	4	4	4	6	-3	5	2	9	1	2	—

Mar 2016

: 7,757
: 7,202
Operating Profit: 808
OPM %: 10
Other Income: 253
Interest: 433
Depreciation: 87
: 288
Tax %: 31
Net Profit: 199
EPS: 4
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2017

: 7,600
: 7,043
Operating Profit: 733
OPM %: 10
Other Income: 176
Interest: 323
Depreciation: 85
: 325
Tax %: 36
Net Profit: 208
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2018

: 8,943
: 8,407
Operating Profit: 645
OPM %: 7
Other Income: 109
Interest: 237
Depreciation: 73
: 335
Tax %: 36
Net Profit: 213
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2019

: 12,429
: 11,418
Operating Profit: 1,068
OPM %: 9
Other Income: 57
Interest: 320
Depreciation: 285
: 463
Tax %: 36
Net Profit: 298
EPS: 6
Dividend Payout %: 31
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2020

: 13,135
: 12,275
Operating Profit: 920
OPM %: 7
Other Income: 59
Interest: 409
Depreciation: 374
: -253
Tax %: 32
Net Profit: -171
EPS: -3
Dividend Payout %: -27
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -3
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: -3

Mar 2021

: 11,906
: 10,989
Operating Profit: 950
OPM %: 8
Other Income: 33
Interest: 294
Depreciation: 312
: 343
Tax %: 27
Net Profit: 250
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2022

: 15,857
: 15,278
Operating Profit: 617
OPM %: 4
Other Income: 37
Interest: 137
Depreciation: 335
: 145
Tax %: 25
Net Profit: 108
EPS: 2
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2023

: 29,584
: 28,541
Operating Profit: 1,270
OPM %: 4
Other Income: 227
Interest: 308
Depreciation: 353
: 610
Tax %: 25
Net Profit: 456
EPS: 9
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 9

Mar 2024

: 23,560
: 22,944
Operating Profit: 727
OPM %: 3
Other Income: 110
Interest: 277
Depreciation: 362
: 89
Tax %: 27
Net Profit: 65
EPS: 1
Dividend Payout %: 20
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2025

: 19,794
: 19,182
Operating Profit: 710
OPM %: 4
Other Income: 98
Interest: 233
Depreciation: 373
: 104
Tax %: 27
Net Profit: 76
EPS: 2
Dividend Payout %: 100
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

TTM

: 22,480
: 21,651
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 282
Depreciation: 413
: 373
Tax %: 27
Net Profit: 273
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 9%
3 Years:: 8%

COMPOUNDED PROFIT GROWTH

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

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 6%
3 Years:: 2%
1 Year:: -28%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	491	491	491	491	491	491	491	491	491	491
	1,200	1,336	1,497	1,728	1,430	1,681	1,824	2,283	2,211	2,273
	4,295	3,154	2,890	6,122	7,334	1,135	2,435	3,353	4,088	1,996
Trade Payables	307	405	491	621	897	730	1,448	1,756	1,348	1,537
	5,694	4,796	4,260	4,950	4,403	4,425	4,545	4,978	3,230	3,063
Total Liabilities	11,987	10,182	9,628	13,912	14,555	8,462	10,743	12,860	11,367	9,360
ASSETS	-	-	-	-	-	-	-	-	-	-
	4,259	4,059	4,080	3,992	3,724	3,614	4,228	3,968	3,830	3,693
Capital Work in Progress	33	51	64	133	656	840	112	147	208	172
	15	125	219	274	342	448	491	491	491	491
	486	575	526	1,586	1,276	438	2,255	3,070	1,750	911
	0	0	0	0	0	0	0	0	4,037	3,273
Cash & Bank	7	8	10	19	22	42	29	16	38	33
	7,187	5,364	4,730	7,908	8,534	3,080	3,626	5,167	1,014	788
Total Assets	11,987	10,182	9,628	13,912	14,555	8,462	10,743	12,860	11,367	9,360
Total Debt	6,124	4,135	3,061	6,464	8,103	1,888	3,170	3,992	4,088	1,996
Net Working Capital	629	615	714	960	311	168	162	574	-143	32
Contingent Liabilities	257	179	582	148	106	118	121	154	186	454
Book Value per Share	34.46	37.23	40.51	45.23	39.16	44.26	47.17	56.54	55.06	56.34
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	6,124	4,135	3,061	6,464	8,103	1,888	3,170	3,992	4,088	1,996
Net Working Capital	629	615	714	960	311	168	162	574	-143	32
Contingent Liabilities	257	179	582	148	106	118	121	154	186	454
Book Value per Share	34.46	37.23	40.51	45.23	39.16	44.26	47.17	56.54	55.06	56.34
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2016

Equity Capital: 491
: 1,200
: 4,295
Trade Payables: 307
: 5,694
Total Liabilities: 11,987
: 4,259
Capital Work in Progress: 33
: 15
: 486
: 0
Cash & Bank: 7
: 7,187
Total Assets: 11,987
Total Debt: 6,124
Net Working Capital: 629
Contingent Liabilities: 257
Book Value per Share: 34.46
Face Value: 10.00
Total Debt: 6,124
Net Working Capital: 629
Contingent Liabilities: 257
Book Value per Share: 34.46
Face Value: 10.00

Mar 2017

Equity Capital: 491
: 1,336
: 3,154
Trade Payables: 405
: 4,796
Total Liabilities: 10,182
: 4,059
Capital Work in Progress: 51
: 125
: 575
: 0
Cash & Bank: 8
: 5,364
Total Assets: 10,182
Total Debt: 4,135
Net Working Capital: 615
Contingent Liabilities: 179
Book Value per Share: 37.23
Face Value: 10.00
Total Debt: 4,135
Net Working Capital: 615
Contingent Liabilities: 179
Book Value per Share: 37.23
Face Value: 10.00

Mar 2018

Equity Capital: 491
: 1,497
: 2,890
Trade Payables: 491
: 4,260
Total Liabilities: 9,628
: 4,080
Capital Work in Progress: 64
: 219
: 526
: 0
Cash & Bank: 10
: 4,730
Total Assets: 9,628
Total Debt: 3,061
Net Working Capital: 714
Contingent Liabilities: 582
Book Value per Share: 40.51
Face Value: 10.00
Total Debt: 3,061
Net Working Capital: 714
Contingent Liabilities: 582
Book Value per Share: 40.51
Face Value: 10.00

Mar 2019

Equity Capital: 491
: 1,728
: 6,122
Trade Payables: 621
: 4,950
Total Liabilities: 13,912
: 3,992
Capital Work in Progress: 133
: 274
: 1,586
: 0
Cash & Bank: 19
: 7,908
Total Assets: 13,912
Total Debt: 6,464
Net Working Capital: 960
Contingent Liabilities: 148
Book Value per Share: 45.23
Face Value: 10.00
Total Debt: 6,464
Net Working Capital: 960
Contingent Liabilities: 148
Book Value per Share: 45.23
Face Value: 10.00

Mar 2020

Equity Capital: 491
: 1,430
: 7,334
Trade Payables: 897
: 4,403
Total Liabilities: 14,555
: 3,724
Capital Work in Progress: 656
: 342
: 1,276
: 0
Cash & Bank: 22
: 8,534
Total Assets: 14,555
Total Debt: 8,103
Net Working Capital: 311
Contingent Liabilities: 106
Book Value per Share: 39.16
Face Value: 10.00
Total Debt: 8,103
Net Working Capital: 311
Contingent Liabilities: 106
Book Value per Share: 39.16
Face Value: 10.00

Mar 2021

Equity Capital: 491
: 1,681
: 1,135
Trade Payables: 730
: 4,425
Total Liabilities: 8,462
: 3,614
Capital Work in Progress: 840
: 448
: 438
: 0
Cash & Bank: 42
: 3,080
Total Assets: 8,462
Total Debt: 1,888
Net Working Capital: 168
Contingent Liabilities: 118
Book Value per Share: 44.26
Face Value: 10.00
Total Debt: 1,888
Net Working Capital: 168
Contingent Liabilities: 118
Book Value per Share: 44.26
Face Value: 10.00

Mar 2022

Equity Capital: 491
: 1,824
: 2,435
Trade Payables: 1,448
: 4,545
Total Liabilities: 10,743
: 4,228
Capital Work in Progress: 112
: 491
: 2,255
: 0
Cash & Bank: 29
: 3,626
Total Assets: 10,743
Total Debt: 3,170
Net Working Capital: 162
Contingent Liabilities: 121
Book Value per Share: 47.17
Face Value: 10.00
Total Debt: 3,170
Net Working Capital: 162
Contingent Liabilities: 121
Book Value per Share: 47.17
Face Value: 10.00

Mar 2023

Equity Capital: 491
: 2,283
: 3,353
Trade Payables: 1,756
: 4,978
Total Liabilities: 12,860
: 3,968
Capital Work in Progress: 147
: 491
: 3,070
: 0
Cash & Bank: 16
: 5,167
Total Assets: 12,860
Total Debt: 3,992
Net Working Capital: 574
Contingent Liabilities: 154
Book Value per Share: 56.54
Face Value: 10.00
Total Debt: 3,992
Net Working Capital: 574
Contingent Liabilities: 154
Book Value per Share: 56.54
Face Value: 10.00

Mar 2024

Equity Capital: 491
: 2,211
: 4,088
Trade Payables: 1,348
: 3,230
Total Liabilities: 11,367
: 3,830
Capital Work in Progress: 208
: 491
: 1,750
: 4,037
Cash & Bank: 38
: 1,014
Total Assets: 11,367
Total Debt: 4,088
Net Working Capital: -143
Contingent Liabilities: 186
Book Value per Share: 55.06
Face Value: 10.00
Total Debt: 4,088
Net Working Capital: -143
Contingent Liabilities: 186
Book Value per Share: 55.06
Face Value: 10.00

Mar 2025

Equity Capital: 491
: 2,273
: 1,996
Trade Payables: 1,537
: 3,063
Total Liabilities: 9,360
: 3,693
Capital Work in Progress: 172
: 491
: 911
: 3,273
Cash & Bank: 33
: 788
Total Assets: 9,360
Total Debt: 1,996
Net Working Capital: 32
Contingent Liabilities: 454
Book Value per Share: 56.34
Face Value: 10.00
Total Debt: 1,996
Net Working Capital: 32
Contingent Liabilities: 454
Book Value per Share: 56.34
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	1,850	2,453	1,661	-2,699	-309	7,034	-826	-335	583	2,482
Cash from Investing	-88	-202	-346	-314	-820	-509	-333	-203	-249	-160
Cash from Financing	-1,760	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334
	2	1	1	9	3	20	-14	-13	16	-12
Free Cash Flow	1,850	2,363	1,324	-2,955	-936	6,649	-1,040	-452	307	2,284
OCF / Net Profit	9.31	11.78	7.81	-9.04	1.81	28.18	-7.63	-0.74	9.00	32.55
Cumulative 5-Year FCF	0	0	0	0	1,645	6,444	3,041	1,264	4,527	7,747
OCF / Net Profit	9.31	11.78	7.81	-9.04	1.81	28.18	-7.63	-0.74	9.00	32.55
Cumulative 5-Year FCF	0	0	0	0	1,645	6,444	3,041	1,264	4,527	7,747

Mar 2016

: 1,850
Cash from Investing: -88
Cash from Financing: -1,760
: 2
Free Cash Flow: 1,850
OCF / Net Profit: 9.31
Cumulative 5-Year FCF: 0
OCF / Net Profit: 9.31
Cumulative 5-Year FCF: 0

Mar 2017

: 2,453
Cash from Investing: -202
Cash from Financing: -2,250
: 1
Free Cash Flow: 2,363
OCF / Net Profit: 11.78
Cumulative 5-Year FCF: 0
OCF / Net Profit: 11.78
Cumulative 5-Year FCF: 0

Mar 2018

: 1,661
Cash from Investing: -346
Cash from Financing: -1,314
: 1
Free Cash Flow: 1,324
OCF / Net Profit: 7.81
Cumulative 5-Year FCF: 0
OCF / Net Profit: 7.81
Cumulative 5-Year FCF: 0

Mar 2019

: -2,699
Cash from Investing: -314
Cash from Financing: 3,022
: 9
Free Cash Flow: -2,955
OCF / Net Profit: -9.04
Cumulative 5-Year FCF: 0
OCF / Net Profit: -9.04
Cumulative 5-Year FCF: 0

Mar 2020

: -309
Cash from Investing: -820
Cash from Financing: 1,132
: 3
Free Cash Flow: -936
OCF / Net Profit: 1.81
Cumulative 5-Year FCF: 1,645
OCF / Net Profit: 1.81
Cumulative 5-Year FCF: 1,645

Mar 2021

: 7,034
Cash from Investing: -509
Cash from Financing: -6,505
: 20
Free Cash Flow: 6,649
OCF / Net Profit: 28.18
Cumulative 5-Year FCF: 6,444
OCF / Net Profit: 28.18
Cumulative 5-Year FCF: 6,444

Mar 2022

: -826
Cash from Investing: -333
Cash from Financing: 1,145
: -14
Free Cash Flow: -1,040
OCF / Net Profit: -7.63
Cumulative 5-Year FCF: 3,041
OCF / Net Profit: -7.63
Cumulative 5-Year FCF: 3,041

Mar 2023

: -335
Cash from Investing: -203
Cash from Financing: 526
: -13
Free Cash Flow: -452
OCF / Net Profit: -0.74
Cumulative 5-Year FCF: 1,264
OCF / Net Profit: -0.74
Cumulative 5-Year FCF: 1,264

Mar 2024

: 583
Cash from Investing: -249
Cash from Financing: -318
: 16
Free Cash Flow: 307
OCF / Net Profit: 9.00
Cumulative 5-Year FCF: 4,527
OCF / Net Profit: 9.00
Cumulative 5-Year FCF: 4,527

Mar 2025

: 2,482
Cash from Investing: -160
Cash from Financing: -2,334
: -12
Free Cash Flow: 2,284
OCF / Net Profit: 32.55
Cumulative 5-Year FCF: 7,747
OCF / Net Profit: 32.55
Cumulative 5-Year FCF: 7,747

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	4.05	4.24	4.34	6.08	-3.49	5.09	2.21	9.30	1.32	1.55
Book Value (₹)	34.46	37.23	40.51	45.23	39.16	44.26	47.17	56.54	55.06	56.34
Dividend per Share (₹)	1.21	0.00	0.00	1.86	0.95	0.00	0.00	2.79	0.27	1.56
Cash EPS (₹)	5.82	5.98	5.83	11.89	4.15	11.45	9.03	16.49	8.69	9.16
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	10.37%	9.59%	7.20%	8.60%	7.00%	7.98%	3.89%	4.29%	2.62%	3.09%
Net Margin %	2.55%	2.72%	2.38%	2.40%	-1.30%	2.10%	0.68%	1.54%	0.27%	0.39%
ROE %	12.52%	11.84%	11.16%	14.19%	-8.26%	12.20%	4.82%	17.93%	2.37%	2.79%
ROCE %	8.52%	9.40%	10.38%	11.41%	1.67%	9.06%	5.91%	14.98%	5.39%	5.84%
	1.57%	1.88%	2.15%	2.54%	-1.20%	2.17%	1.13%	3.86%	0.53%	0.74%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	230	217	167	163	207	159	63	43	63	67
Inventory Days	18	25	22	31	40	26	31	33	37	25
Payable Days	25	39	38	31	39	47	43	30	36	43
	223	203	151	162	207	138	50	46	65	48
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	3.62x	2.26x	1.54x	2.91x	4.22x	0.87x	1.37x	1.44x	1.51x	0.72x
Interest Coverage (x)	1.67x	2.01x	2.42x	2.45x	0.38x	2.17x	2.06x	2.98x	1.32x	1.45x
	1.10x	1.12x	1.16x	1.11x	1.03x	1.05x	1.03x	1.08x	0.98x	1.01x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	-8.95%	-2.03%	17.66%	38.99%	5.68%	-9.36%	33.19%	86.57%	-20.36%	-15.98%
Operating Profit Growth %	9.99%	-9.36%	-12.01%	65.73%	-13.92%	3.29%	-35.11%	106.01%	-42.76%	-2.31%
Net Profit Growth %	656.94%	4.80%	2.21%	40.27%	-157.30%	245.97%	-56.66%	321.53%	-85.81%	17.79%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-85.81%	17.79%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	66.39x	51.70x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.59x	1.43x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.31%	1.94%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.48x	8.31x

Mar 2016

EPS (₹): 4.05
Book Value (₹): 34.46
Dividend per Share (₹): 1.21
Cash EPS (₹): 5.82
Operating Margin %: 10.37%
Net Margin %: 2.55%
ROE %: 12.52%
ROCE %: 8.52%
: 1.57%
Debtor Days: 230
Inventory Days: 18
Payable Days: 25
: 223
Debt to Equity (x): 3.62x
Interest Coverage (x): 1.67x
: 1.10x
Revenue Growth %: -8.95%
Operating Profit Growth %: 9.99%
Net Profit Growth %: 656.94%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 4.24
Book Value (₹): 37.23
Dividend per Share (₹): 0.00
Cash EPS (₹): 5.98
Operating Margin %: 9.59%
Net Margin %: 2.72%
ROE %: 11.84%
ROCE %: 9.40%
: 1.88%
Debtor Days: 217
Inventory Days: 25
Payable Days: 39
: 203
Debt to Equity (x): 2.26x
Interest Coverage (x): 2.01x
: 1.12x
Revenue Growth %: -2.03%
Operating Profit Growth %: -9.36%
Net Profit Growth %: 4.80%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 4.34
Book Value (₹): 40.51
Dividend per Share (₹): 0.00
Cash EPS (₹): 5.83
Operating Margin %: 7.20%
Net Margin %: 2.38%
ROE %: 11.16%
ROCE %: 10.38%
: 2.15%
Debtor Days: 167
Inventory Days: 22
Payable Days: 38
: 151
Debt to Equity (x): 1.54x
Interest Coverage (x): 2.42x
: 1.16x
Revenue Growth %: 17.66%
Operating Profit Growth %: -12.01%
Net Profit Growth %: 2.21%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 6.08
Book Value (₹): 45.23
Dividend per Share (₹): 1.86
Cash EPS (₹): 11.89
Operating Margin %: 8.60%
Net Margin %: 2.40%
ROE %: 14.19%
ROCE %: 11.41%
: 2.54%
Debtor Days: 163
Inventory Days: 31
Payable Days: 31
: 162
Debt to Equity (x): 2.91x
Interest Coverage (x): 2.45x
: 1.11x
Revenue Growth %: 38.99%
Operating Profit Growth %: 65.73%
Net Profit Growth %: 40.27%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): -3.49
Book Value (₹): 39.16
Dividend per Share (₹): 0.95
Cash EPS (₹): 4.15
Operating Margin %: 7.00%
Net Margin %: -1.30%
ROE %: -8.26%
ROCE %: 1.67%
: -1.20%
Debtor Days: 207
Inventory Days: 40
Payable Days: 39
: 207
Debt to Equity (x): 4.22x
Interest Coverage (x): 0.38x
: 1.03x
Revenue Growth %: 5.68%
Operating Profit Growth %: -13.92%
Net Profit Growth %: -157.30%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 5.09
Book Value (₹): 44.26
Dividend per Share (₹): 0.00
Cash EPS (₹): 11.45
Operating Margin %: 7.98%
Net Margin %: 2.10%
ROE %: 12.20%
ROCE %: 9.06%
: 2.17%
Debtor Days: 159
Inventory Days: 26
Payable Days: 47
: 138
Debt to Equity (x): 0.87x
Interest Coverage (x): 2.17x
: 1.05x
Revenue Growth %: -9.36%
Operating Profit Growth %: 3.29%
Net Profit Growth %: 245.97%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 2.21
Book Value (₹): 47.17
Dividend per Share (₹): 0.00
Cash EPS (₹): 9.03
Operating Margin %: 3.89%
Net Margin %: 0.68%
ROE %: 4.82%
ROCE %: 5.91%
: 1.13%
Debtor Days: 63
Inventory Days: 31
Payable Days: 43
: 50
Debt to Equity (x): 1.37x
Interest Coverage (x): 2.06x
: 1.03x
Revenue Growth %: 33.19%
Operating Profit Growth %: -35.11%
Net Profit Growth %: -56.66%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 9.30
Book Value (₹): 56.54
Dividend per Share (₹): 2.79
Cash EPS (₹): 16.49
Operating Margin %: 4.29%
Net Margin %: 1.54%
ROE %: 17.93%
ROCE %: 14.98%
: 3.86%
Debtor Days: 43
Inventory Days: 33
Payable Days: 30
: 46
Debt to Equity (x): 1.44x
Interest Coverage (x): 2.98x
: 1.08x
Revenue Growth %: 86.57%
Operating Profit Growth %: 106.01%
Net Profit Growth %: 321.53%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 1.32
Book Value (₹): 55.06
Dividend per Share (₹): 0.27
Cash EPS (₹): 8.69
Operating Margin %: 2.62%
Net Margin %: 0.27%
ROE %: 2.37%
ROCE %: 5.39%
: 0.53%
Debtor Days: 63
Inventory Days: 37
Payable Days: 36
: 65
Debt to Equity (x): 1.51x
Interest Coverage (x): 1.32x
: 0.98x
Revenue Growth %: -20.36%
Operating Profit Growth %: -42.76%
Net Profit Growth %: -85.81%
: -85.81%
P/E (x): 66.39x
P/B (x): 1.59x
Dividend Yield %: 0.31%
: 11.48x

Mar 2025

EPS (₹): 1.55
Book Value (₹): 56.34
Dividend per Share (₹): 1.56
Cash EPS (₹): 9.16
Operating Margin %: 3.09%
Net Margin %: 0.39%
ROE %: 2.79%
ROCE %: 5.84%
: 0.74%
Debtor Days: 67
Inventory Days: 25
Payable Days: 43
: 48
Debt to Equity (x): 0.72x
Interest Coverage (x): 1.45x
: 1.01x
Revenue Growth %: -15.98%
Operating Profit Growth %: -2.31%
Net Profit Growth %: 17.79%
: 17.79%
P/E (x): 51.70x
P/B (x): 1.43x
Dividend Yield %: 1.94%
: 8.31x

Shareholding Pattern

Numbers in percentages

TRADES

	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

Sep 2024

: 74.71
: 0.41
: 7.27
Government: 0.00
: 17.61

Dec 2024

: 74.71
: 0.42
: 7.28
Government: 0.00
: 17.58

Mar 2025

: 74.71
: 0.60
: 6.83
Government: 0.00
: 17.85

Jun 2025

: 74.71
: 0.49
: 6.21
Government: 0.00
: 18.58

Sep 2025

: 74.71
: 0.91
: 5.99
Government: 0.00
: 18.39

Dec 2025

: 74.71
: 1.06
: 5.91
Government: 0.00
: 18.31

Mar 2026

: 74.71
: 0.70
: 5.53
Government: 0.00
: 19.06

Jun 2026

: 74.71
: 0.54
: 4.92
Government: 0.00
: 19.82

Documents

Announcements

Copy of Newspaper Publication
2026-08-19 - Newspaper clippings of the "CUT -OFF DATE (CORRIGENDUM) FOR EVOTING - 52ND ANNUAL GENERAL MEETING".
Updates
2026-08-18 - National Fertilizers Limited has informed the Exchange regarding 'Cut-off date (Corrigendum) for e-voting 52nd Annual General Meeting.'.

Annual Reports

Credit Ratings

Credit Rating
2026-05-26 - National Fertilizers Limited has informed the Exchange about Credit Rating

Concalls

Mar 2023
TranscriptPPTREC
Sep 2022
TranscriptPPTREC
Jun 2022
TranscriptPPTREC