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National Fertilizers Limited (NFL)

📊 NSE: NFL 🏢 Fertilizers 📅 Last Updated: 12/14/2025 10:20

📢 Recent Corporate Announcements

NFL Appoints C&AG-Selected Joint Statutory Auditors for FY 2026-27

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Sep 2026, 03:29 PM

National Fertilizers Limited (NFL) announced that the Comptroller and Auditor General of India (C&AG) has appointed M/s Dassani & Associates LLP and M/s N. K. Bhargava & Co. as Joint Statutory Auditors for FY 2026-27 under Section 139 of the Companies Act, 2013. Dassani & Associates LLP brings over 42 years of experience with 18 partners, while N. K. Bhargava & Co. was established in 1978. This is a standard statutory rotation and appointment process applicable to public sector undertakings. The announcement carries no material impact on NFL's ongoing financial performance or capital structure.

C&AG appointed M/s Dassani & Associates LLP and M/s N. K. Bhargava & Co. as Joint Statutory Auditors for FY 2026-27
Appointment made pursuant to Section 139 of the Companies Act, 2013
Appointee Dassani & Associates LLP has a 42-year legacy and 18 partners
Appointee N. K. Bhargava & Co. was established in 1978 and holds a valid Peer Review certificate

💡 Track the upcoming quarterly financial results reviewed by the newly appointed auditors; no immediate portfolio action is needed as this is a routine regulatory appointment.

NFL Submits C&AG Report for FY26; No Further Comments Raised on Financial Statements

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 12:17 PM

National Fertilizers Limited (NFL) has submitted an addendum to its 52nd Annual Report for FY 2025-26 containing comments from the Comptroller & Auditor General of India (C&AG). Following supplementary audits under Section 143(6)(a) of the Companies Act, 2013, and subsequent revisions in the statutory auditor's report dated 31 July 2026, the C&AG stated it has 'no further comments to offer' on the standalone and consolidated financial statements. This represents a standard procedural audit clearance mandatory for public sector enterprises.

C&AG offered 'no further comments' on standalone and consolidated financials for FY 2025-26.
Statutory auditor issued a Revised Audit Report on 31 July 2026, superseding the earlier report dated 27 May 2026.
Supplementary audit covered standalone financials and joint venture/subsidiary entities including RFCL and AVFCL.
Filing serves as an addendum to the 52nd Annual Report ahead of the Annual General Meeting.

💡 Track proceedings of the upcoming 52nd AGM and focus on subsequent quarterly operational earnings and subsidy realization trends.

NFL Issues Addendum to 52nd Annual Report with C&AG Comments for FY 2025-26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Sep 2026, 12:15 PM

National Fertilizers Limited has submitted an addendum to its 52nd Annual Report containing the comments of the Comptroller & Auditor General of India (C&AG) for FY 2025-26. The C&AG conducted a supplementary audit on both Standalone and Consolidated financial statements under Section 143(6)(a) of the Companies Act, 2013. Following revisions made by the statutory auditors in their revised report dated July 31, 2026 (superseding the May 27, 2026 report) to address audit observations, the C&AG issued 'nil comments'.

C&AG offered no further comments on standalone and consolidated financial statements for FY 2025-26
Statutory auditors issued a revised audit report dated July 31, 2026, superseding the May 27, 2026 report
Supplementary audit covered standalone entity and joint ventures RFCL and AVFCL, excluding UVL
Addendum forms part of the 52nd Annual Report for FY 2025-26

💡 Track the upcoming 52nd Annual General Meeting proceedings and upcoming Q2 quarterly financial results for operational performance.

NFL Announces Senior Management Changes: T.K. Batra Promoted to Executive Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 11:57 AM

National Fertilizers Limited (NFL) has announced senior management changes effective September 1, 2026. Shri J. Ramesh ceased to be Executive Director (Finance & Accounts) following his superannuation on August 31, 2026. Simultaneously, Shri Tarun Kumar Batra, who has over 38 years of industry experience and served as Chief General Manager (Bathinda Unit Head), has been promoted to Executive Director.

Shri J. Ramesh retired as Executive Director (F&A) on superannuation effective August 31, 2026
Shri Tarun Kumar Batra promoted to Executive Director effective September 1, 2026
Shri T.K. Batra brings over 38 years of fertilizer industry experience, having joined NFL in 1988
Batra previously served as Chief General Manager and Unit Head of the Bathinda Unit since February 29, 2024

💡 Track operational updates from NFL's production units and future announcements regarding appointments to key finance leadership roles.

NFL Senior Management Update: T.K. Batra Promoted to Executive Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 11:53 AM

National Fertilizers Limited (NFL) announced senior management changes effective September 1, 2026. Shri J. Ramesh has ceased to be Executive Director (Finance & Accounts) following his superannuation on August 31, 2026. Concurrently, Shri Tarun Kumar Batra, Chief General Manager and Unit Head at the Bathinda facility, has been promoted to Executive Director. Shri Batra brings over 38 years of fertilizer industry experience since joining NFL in 1988.

Shri J. Ramesh ceased to be Executive Director (F&A) w.e.f. September 1, 2026 upon superannuation on August 31, 2026.
Shri Tarun Kumar Batra promoted to Executive Director w.e.f. September 1, 2026.
Shri T.K. Batra holds over 38 years of industry experience, having joined NFL as a Management Trainee in 1988.
T.K. Batra has been serving as Chief General Manager and Unit Head of NFL Bathinda Unit since February 29, 2024.

💡 Track subsequent disclosures regarding specific portfolio allocations within the senior management and Finance & Accounts leadership.

NFL Submits FY 2025-26 Business Responsibility and Sustainability Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 04:26 PM

National Fertilizers Limited (NFL) has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI LODR regulations. The disclosure highlights revenue mix with urea manufacturing contributing 59.66% and trading of fertilizers/agrochemicals accounting for 37.04% of total turnover (reported at ₹21,230.67 crore). The company highlighted regulatory ESG risks, including ₹1,000+ crore already spent to comply with NUP-2015 energy norms and an annual cost impact of ₹4-5 crore for Renewable Energy Certificate (REC) compliance.

Urea manufacturing and trading accounted for 59.66% and 37.04% of turnover respectively for FY 2025-26
Company has invested over ₹1,000 crore in energy-saving projects under NUP-2015 norms to cut energy consumption and carbon emissions by >25%
Compliance with Renewable Energy Obligations resulted in procurement of 80,128 RECs with an annual impact of ₹4–5 crore
Plastic Waste Management compliance cost for FY 2025-26 stood at ₹1.77 crore for recycling ~15,610 MT
Total permanent workforce stood at 1,253 employees and 1,359 workers across 5 manufacturing plants and 45 offices

💡 This is a routine annual compliance filing. Investors should track updates on the NITI Aayog committee's revised Target Energy Norms under NUP-2015, which could impact urea operating margins.

NFL 52nd AGM on Sep 22: ₹1.04/Share Dividend and ₹27,000 Cr Borrowing Limit on Agenda

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 04:00 PM

National Fertilizers Limited (NFL) has issued the notice for its 52nd Annual General Meeting scheduled for September 22, 2026. Key agenda items include shareholder approval for a final dividend of ₹1.04 per equity share for FY 2025-26. The company is also seeking approval to establish borrowing limits up to ₹27,000 Crore under Section 180(1)(c) of the Companies Act. Other resolutions cover the regularisation of key managerial appointments, including Director (Technical) Megh Nath Goyal and Director (Finance) Arvind Kumar.

52nd AGM scheduled for Tuesday, September 22, 2026, via Video Conferencing
Final dividend of ₹1.04 per equity share proposed for FY 2025-26
Shareholder approval sought for borrowing powers up to an aggregate limit of ₹27,000 Crore
Appointments of Director (Technical) and Director (Finance) placed for shareholder confirmation

💡 Track the AGM voting results on September 22, 2026, and the upcoming record date for the final dividend payout.

NFL Revises 52nd AGM E-Voting Cut-Off Date to September 15, 2026 via Corrigendum

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 18 Aug 2026, 05:29 PM

National Fertilizers Limited has issued a corrigendum regarding the cut-off date for remote e-voting for its 52nd Annual General Meeting (AGM). The cut-off date to determine shareholder voting eligibility has been corrected to September 15, 2026, from the previously stated September 14, 2026. The error was identified as typographical in its earlier communication dated August 12, 2026. All other terms and AGM details remain unchanged, and there is zero financial or operational impact.

Cut-off date for remote e-voting corrected to Tuesday, September 15, 2026
Earlier intimation dated August 12, 2026 had erroneously stated September 14, 2026
Applies to eligible physical and demat shareholders for the 52nd AGM for FY 2025-26

💡 Shareholders intending to vote on AGM resolutions should ensure they hold shares as of the revised cut-off date of September 15, 2026.

NFL Appoints Shri Mahak Singh as Independent Director for a 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 05:40 PM

National Fertilizers Limited (NFL) has appointed Shri Mahak Singh as an Additional Director (Non-official Independent Director) effective August 14, 2026. The appointment follows a directive from the Department of Fertilizers, Ministry of Chemicals & Fertilizers. Shri Singh is appointed for a fixed term of three years. He brings over 30 years of experience in business and public service, including a decade-long tenure as a Municipal Councillor in Delhi.

Appointment of Shri Mahak Singh as Non-official Independent Director effective August 14, 2026
Fixed term of appointment for a period of 3 years
Appointee brings over 30 years of experience in business and public service
Served as Municipal Councillor in the Municipal Corporation of Delhi from 2007 to 2017

💡 Investors should treat this as a routine administrative update to the board composition. No immediate action is required, though monitoring the progress of the GoI's proposed 20% stake divestment remains more material for the stock.

NFL Reports Rs 113.38 Cr Q1 Net Profit; Recommends Rs 1.04 Final Dividend

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 06:22 PM

National Fertilizers Limited (NFL) reported a significant turnaround in Q1 FY27, posting a consolidated net profit of Rs 113.38 Cr compared to a loss of Rs 39.44 Cr in the same quarter last year. Total income from operations grew 27.3% YoY to Rs 4,511.82 Cr. The Board has recommended a final dividend of Rs 1.04 per share (10.40%) for FY 2025-26. Profitability was bolstered by a one-time recognition of Rs 117 Cr in subsidy income related to the previous financial year following a government notification on energy norms.

Consolidated Net Profit of Rs 113.38 Cr in Q1 FY27 vs a loss of Rs 39.44 Cr in Q1 FY26
Total Income from operations rose to Rs 4,511.82 Cr, a 27.3% increase over the previous year's Rs 3,543.08 Cr
Recommended a final dividend of Rs 1.04 per equity share for FY 2025-26
Recognized Rs 117 Cr as subsidy income for the prior period (FY26) due to New Energy Norms (NEN) notification
Set September 14, 2026, as the record date for dividend payment and AGM voting eligibility

💡 Investors should monitor the sustainability of margins under the New Energy Norms (NEN) valid until 2028 and track the progress of the government's proposed 20% stake divestment.

NFL Reports Q1 Profit of ₹113 Cr; Announces ₹1.04 Dividend, Record Date Sept 14

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 06:19 PM

National Fertilizers Limited (NFL) reported a significant turnaround in Q1 FY27, posting a consolidated net profit of ₹113.38 Cr compared to a loss of ₹39.44 Cr in the year-ago period. Total income from operations grew to ₹4,511.82 Cr, up from ₹3,543.08 Cr YoY. The Board has recommended a final dividend of ₹1.04 per share (10.40% of face value) for FY26, with the record date set for September 14, 2026. Profitability was aided by the recognition of ₹117 Cr in subsidy income related to New Energy Norms for the previous financial year.

Consolidated Net Profit of ₹113.38 Cr in Q1 FY27 vs a loss of ₹39.44 Cr in Q1 FY26
Recommended final dividend of ₹1.04 per equity share for FY 2025-26
Total income from operations increased by 27.3% YoY to ₹4,511.82 Cr
Recognition of ₹117 Cr subsidy income for FY25 following government notification on energy norms
Record date for dividend entitlement fixed as September 14, 2026

💡 Investors should monitor the impact of the New Energy Norms on future margins and the timely release of government subsidies, which significantly influence cash flow. The dividend yield at current prices is approximately 1.4%.

₹1.04 Final Dividend Recommended; Q1 Net Profit at ₹113.38 Cr vs YoY Loss

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 12 Aug 2026, 06:06 PM

National Fertilizers Limited (NFL) has recommended a final dividend of ₹1.04 per share (10.4% of face value) for FY 2025-26. The company reported a strong turnaround in Q1 FY27 with a consolidated net profit of ₹113.38 Cr, compared to a loss of ₹39.44 Cr in the same quarter last year. Revenue grew 27.3% YoY to ₹4,511.82 Cr. Profitability was significantly boosted by a ₹117 Cr subsidy recognition related to revised energy norms for the previous financial year.

Recommended a final dividend of ₹1.04 per equity share for FY 2025-26
Consolidated Net Profit reached ₹113.38 Cr in Q1 FY27 vs a loss of ₹39.44 Cr in Q1 FY26
Total Income from operations rose to ₹4,511.82 Cr from ₹3,543.08 Cr in the year-ago period
Recognized ₹117 Cr as subsidy income for FY26 during this quarter due to New Energy Norms (NEN) notification
Record date for dividend entitlement is fixed for September 14, 2026

💡 Investors should track the 52nd AGM on September 22, 2026, for dividend approval and monitor updates regarding the GoI's proposed 20% stake divestment.

Rs 113 Cr Q1 Profit: NFL Reports Turnaround from Loss; Recommends Rs 1.04 Dividend

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 05:46 PM

National Fertilizers Limited (NFL) reported a consolidated net profit of Rs 113.38 Cr for Q1 FY27, a significant turnaround from a net loss of Rs 39.44 Cr in the year-ago quarter. Total income from operations grew 27.3% YoY to Rs 4,511.82 Cr. The board has recommended a final dividend of Rs 1.04 per share (10.40%) for FY26, with a record date set for September 14, 2026. Profitability was notably supported by a one-time recognition of Rs 117 Cr in subsidy income related to New Energy Norms for the previous financial year.

Consolidated Net Profit of Rs 113.38 Cr in Q1 FY27 vs a loss of Rs 39.44 Cr in Q1 FY26.
Total Income from operations increased to Rs 4,511.82 Cr, up 27.3% from Rs 3,543.08 Cr YoY.
Recommended a final dividend of Rs 1.04 per equity share for the financial year 2025-26.
Recognized Rs 117 Cr as subsidy income for the period April 2025 to March 2026 during this quarter following a government notification.
Consolidated EPS turned positive at Rs 2.31 compared to negative Rs 0.80 in the previous year's corresponding quarter.

💡 Investors should track the sustainability of margins excluding one-time subsidy adjustments and monitor the progress of the proposed 20% government stake sale (divestment).

Aug 12 Board Meeting: NFL to Consider Q1 Results and Final Dividend for FY 2025-26

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 04 Aug 2026, 01:23 PM

National Fertilizers Limited (NFL) has scheduled a Board of Directors meeting for August 12, 2026. The primary agenda is to approve the un-audited standalone and consolidated financial results for the quarter ended June 30, 2026. Additionally, the board will consider recommending a final dividend for the financial year 2025-26. The trading window for insiders has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared.

Board meeting scheduled for August 12, 2026, to approve Q1 results.
Consideration of a final dividend for the financial year 2025-26 is on the agenda.
Trading window for designated persons has been closed since July 1, 2026.
Results to be reviewed by the Audit Committee prior to Board approval.

💡 Monitor the company's financial performance and dividend announcement on August 12, 2026, to evaluate yield and operational efficiency.

NFL Responds to NSE Notice on Board Non-Compliance; Seeks Fine Waiver

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Jul 2026, 04:10 PM

National Fertilizers Limited (NFL) is addressing a notice from NSE (dated May 27, 2026) regarding non-compliance with SEBI Regulation 17(1) for the quarter ended March 31, 2026. The non-compliance relates to the inadequate number of Independent Directors on the Board. NFL has requested the exchanges to waive the associated fines, arguing that as a PSU, director appointments are controlled by the Government of India (Department of Fertilizers) rather than the company itself. The Board met on June 29, 2026, and decided to further escalate the matter with the Ministry to ensure compliance.

Notice received from NSE on May 27, 2026, regarding board composition non-compliance for Q4 FY26.
Board meeting held on June 29, 2026, to deliberate on the notice and fine waiver request.
Company maintains it has no control over the appointment of Independent Directors, which rests with the GoI.
Promoter (Government of India) holds a 74.71% stake in the company as of March 2026.

💡 Investors should monitor future filings for the appointment of new Independent Directors by the Department of Fertilizers to resolve this regulatory lapse.

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💰 Financial Performance

Revenue Growth by Segment

Total operating income declined by 20.36% from INR 29,584.3 Cr in FY2023 to INR 23,560.3 Cr in FY2024. For 9MFY2025, operating income stood at INR 15,338.0 Cr. The urea segment, which has a 3.57 MMTPA capacity, remains the primary revenue driver, while the trading portfolio was impacted by high import prices and low subsidy rates.

Geographic Revenue Split

NFL holds a leading market position in Northern and Central India, with a marketing network of over 2,800 to 4,000 dealers across 20 states. Specific regional percentage splits are not disclosed, but operations are concentrated in Punjab (Nangal, Bhatinda), Haryana (Panipat), and Madhya Pradesh (Vijaipur).

Profitability Margins

Profitability has seen a sharp decline: PAT margin dropped from 1.5% in FY2023 to 0.3% in FY2024, and further to -0.1% in 9MFY2025. Standalone PAT fell 85.8% from INR 456.1 Cr in FY2023 to INR 64.7 Cr in FY2024, primarily due to urea segment losses from multiple shutdowns and higher energy consumption.

EBITDA Margin

OPBDIT margin moderated from 3.5% in FY2023 to 2.7% in FY2024 and 2.5% in 9MFY2025. Core profitability is constrained by the removal of the floor price of INR 2,300/MT on fixed costs and downward revisions in energy norms by the GoI.

Capital Expenditure

The company implemented energy-saving capex (Energy Saving Scheme - ESS) across its units to meet normative energy norms. While specific total INR Cr for future capex is not detailed, the 9MFY2024 performance was impacted by shutdowns specifically taken for these energy-saving upgrades.

Credit Rating & Borrowing

NFL maintains strong financial flexibility due to its 74.71% GoI ownership, allowing it to raise funds at competitive rates. However, debt protection metrics weakened as Total Debt/OPBDIT rose from 3.8x in FY2023 to 6.5x in FY2024, and interest coverage fell from 3.4x to 2.3x in the same period.

⚙️ Operational Drivers

Raw Materials

Natural Gas (via HVJ pipeline) and Naphtha (dual feedstock for Vijaipur-II) are the primary raw materials for urea production. Imported DAP and NPK fertilisers are the main components of the trading portfolio.

Import Sources

Raw materials are sourced domestically via the Hazira-Vijaipur-Jagdishpur (HVJ) gas transmission pipeline. DAP and other phosphatic fertilisers are imported, though specific countries of origin are not listed beyond references to global price volatility.

Key Suppliers

The HVJ pipeline is the primary source for gas; however, specific supplier company names like GAIL or ONGC are not explicitly confirmed in the provided text.

Capacity Expansion

Current urea production capacity is 3.57 MMTPA, representing a 16% domestic capacity share. The company also has a joint venture, Ramagundam Fertilisers and Chemicals Limited (RFCL), which has a 1.27 MMTPA urea plant that has recently stabilized operations.

Raw Material Costs

Raw material costs are heavily influenced by pooled gas prices and international import prices for DAP. In FY2024, high import prices combined with inadequate Nutrient Based Subsidy (NBS) rates led to losses in the trading segment.

Manufacturing Efficiency

Efficiency is measured by energy consumption per MT of urea. The company expects improved profitability from FY2025 as units consume energy below the GoI-mandated normative levels.

Logistics & Distribution

NFL utilizes a vast network of 2,800+ dealers and cooperative societies across 20 states to distribute its 'Kisan' brand products.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the stabilization of the 1.27 MMTPA RFCL joint venture, expansion of the agrochemical portfolio in key markets like Punjab and Haryana, and improving urea margins by reducing energy consumption below normative levels through ESS capex.

Products & Services

Urea, NPK fertilisers, Industrial Chemicals (Nitric Acid, Ammonium Nitrate), and Agrochemicals.

Brand Portfolio

Kisan (implied by industry context, though the documents focus on the corporate name NFL).

New Products/Services

Expansion of the agrochemical portfolio is underway, though specific revenue contribution percentages for new launches are not provided.

Market Expansion

Focusing on deepening penetration in Northern and Central India, specifically targeting the agrochemical markets in Punjab and Haryana.

Market Share & Ranking

NFL is the second-largest producer of urea in India with approximately 16% of domestic capacity.

Strategic Alliances

Joint venture with Ramagundam Fertilisers and Chemicals Limited (RFCL) for a 1.27 MMTPA urea plant.

🌍 External Factors

Industry Trends

The industry is shifting toward stricter energy efficiency norms and Nutrient Based Subsidy (NBS) models. The GoI allocated INR 1.68 trillion for fertiliser subsidies in FY2026 to support the sector.

Competitive Landscape

Key competitors include IFFCO (the largest producer) and other private/public sector fertiliser manufacturers.

Competitive Moat

Moat is derived from its status as a Navratna PSU, 74.71% GoI ownership providing financial flexibility, and its strategic importance as the 2nd largest urea producer ensuring food security.

Macro Economic Sensitivity

Highly sensitive to agricultural output and monsoon performance, as a significant portion of Indian arable land lacks irrigation.

Consumer Behavior

Demand is driven by mandatory urea requirements for crops, which has low demand risk but is subject to weather-related volatility.

Geopolitical Risks

The industrial chemicals segment was previously adversely affected by Russian dumping, which pressured margins.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Department of Fertilisers (DoF). Key regulations include the New Urea Policy (energy norms), Nutrient Based Subsidy (NBS) for NPK, and GoI-set retail prices for urea.

Environmental Compliance

The company is investing in energy-saving capex to comply with tightening GoI energy consumption norms for urea production.

Taxation Policy Impact

Current tax for FY2024 was INR 19.30 Cr on a consolidated basis.

⚠️ Risk Analysis

Key Uncertainties

1) Timely release of subsidies by the GoI (budgeted at INR 1.68 trillion for FY2026). 2) Volatility in international gas and fertiliser prices. 3) Changes in GoI support philosophy or a stake sale below 50%.