National Fertilizers Limited (NFL)
₹57.12 -2.94% last close, 23 Oct
Snapshot
National Fertilizers Limited closed at ₹57.12 on 23 Oct 2026, 22.6% below its 200-day average, with an RSI(14) of 22.0 and a P/E of 7.68. On the daily chart it is in a strong downtrend, with a technical score of 7/100 (strong bearish). In the quarter ended June 2026, revenue grew 27.3% and net profit grew 387.5% from a year earlier. Data as of 23 Oct 2026.
Price
- Price
- ₹57.12
- Day change
- -2.94%
- Market Cap
- ₹2,802 Cr
- 52-week range
- ₹56.05 – ₹96.40
- From 52-week high
- -40.75%
Financials23 Oct 2026
- P/E
- 7.68
- P/B
- 0.99
- ROE
- 12.8%
- ROCE
- 9.0%
- Debt to Equity
- 1.40
- OPM
- 3.3%
- YoY qtr sales growth
- 27.3%
- YoY qtr profit growth
- 387.5%
- Dividend Yield
- 2.68%
Latest quarter Jun 2026 · Consolidated
Technicals23 Oct 2026
- Trend
- Strong Downtrend
- Technical score
- 7/100 · Strong bearish
- MACD
- Bearish
- RSI (14)
- 21.96
- ADX (14)
- 30.58
- SuperTrend
- Bearish
- vs 20-day SMA
- -9.30%
- vs 50-day SMA
- -14.85%
- vs 200-day SMA
- -22.65%
- RS rating
- 17.00
- Nearest resistance
- ₹61.15
Exchange activity23 Oct 2026
- Delivery
- 39.04% vs 40.94% average
- Volume vs its average
- 2.0×
Events
- Latest results
- Q1 FY27, filed 13 Aug 2026
Exchange data. Each figure as its own page shows it; the dates are the data's. Information only, not investment advice.
📈 Share price & events
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, National Fertilizers' revenue was ₹4,512 Cr (+27.3% year on year, +3.8% on the previous quarter), and net profit ₹113 Cr (against a loss a year earlier); the operating margin was 3.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,512 | +27.3% | +3.8% |
| Operating profit | ₹138 | from loss | -57.1% |
| Net profit | ₹113 | from loss | -25.4% |
| EPS (₹) | 2.31 | from loss | -25.2% |
| Operating margin | 3.1% | — | — |
NFL delivery percentage
NSE end-of-day data for
On Fri, 23 Oct 2026, 39.04% of the NFL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.94%. That is close to its usual level.
Delivery in the last 5 sessions: 26.2% · 48.0% · 52.7% · 41.0% · 39.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
National Fertilizers Limited (NFL) disclosed the Board's comments regarding an NSE notice dated August 25, 2026, concerning non-compliance with SEBI LODR Regulations 17(1), 18(1), and 19(1) for the quarter ended June 30, 2026. The non-compliance pertains to a shortfall in Independent Directors and resultant committee compositions. The Board noted that the company has requested NSE and BSE to waive fines as appointments are controlled by the Department of Fertilizers (DoF), and decided to follow up with the DoF to appoint adequate Independent Directors.
- Received NSE notice no. NSE/L1ST-SOP/COMB/FINES/0954 dated August 25, 2026
- Pertains to non-compliance with Regulations 17(1), 18(1), and 19(1) for quarter ended June 30, 2026
- Board reviewed the matter in its meeting held on September 8, 2026
- Requested stock exchanges to waive fines as appointments are under Government of India (DoF) control
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
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.
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
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
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
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
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
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
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
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.
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.
National Fertilizers Limited (NFL) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, have been processed and cancelled as per regulations. The certificate was issued by M/s VKC & Associates, Company Secretaries, on July 6, 2026. This is a standard administrative procedure for listed companies in India.
- Compliance certificate issued for the quarter ended June 30, 2026
- Certificate issued by M/s VKC & Associates dated July 6, 2026
- Filing submitted to NSE and BSE on July 8, 2026
- Confirms cancellation of share certificates in respect of dematerialization
National Fertilizers Limited (NFL) has announced that its trading window for dealing in company shares will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q1 results for the period ending June 30, 2026. The window will remain closed until 48 hours after the declaration of the un-audited standalone and consolidated financial results. The specific date for the Board Meeting to consider these results will be notified at a later date.
- Trading window closure commences on July 1, 2026, for the quarter ending June 30, 2026.
- The restriction applies to Designated Persons, Designated Employees, and their immediate relatives.
- Window will reopen 48 hours after the official announcement of financial results.
- The announcement follows SEBI regulations and clarifications from NSE and BSE dated April 2, 2019.
National Fertilizers Limited (NFL) has announced a special one-year window for the transfer and dematerialization of physical securities purchased or sold prior to April 01, 2019. This window, effective from February 05, 2026, to February 04, 2027, follows SEBI guidelines to resolve legacy documentation issues. Shares processed through this window will be converted to demat form and will be subject to a mandatory one-year lock-in period. This initiative aims to help shareholders with previously rejected or pending transfer requests from the pre-2019 era.
- Special window for physical share transfers open from February 05, 2026, to February 04, 2027.
- Applies to securities sold or purchased prior to April 01, 2019, including previously rejected requests.
- Mandatory one-year lock-in period from the date of registration during which shares cannot be sold or pledged.
- All transfer requests will be processed strictly in dematerialized form as per SEBI regulations.
- Shareholders must submit requests to MAS Services Limited, the company's Registrar and Share Transfer Agent.
Company profilewritten 14 Dec 2025
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%.
Geographic Concentration Risk
High concentration in Northern and Central India, making it vulnerable to regional monsoon variations.
Third Party Dependencies
High dependency on the GoI for subsidy payments and regulatory approvals for fixed cost recoveries.
Technology Obsolescence Risk
Risk is mitigated by the implementation of the Energy Saving Scheme (ESS) to modernize aging plants and meet new normative standards.
Credit & Counterparty Risk
Subsidy receivables from the GoI are the primary credit exposure; while historically timely, delays can increase working capital borrowings.
