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NFL - Natl.Fertilizer

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

📢 Recent Corporate Announcements

National Fertilizers: Cessation of Two Independent Directors Post Tenure Completion

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 05 May 2026, 11:14 AM

National Fertilizers Limited (NFL) has announced that two Non-Official Independent Directors, Shri Jyoti Bhramar Tubid and Shri Rabi Ranjan Sen, have ceased to be on the company's board effective May 5, 2026. This change follows the successful completion of their respective tenures on May 4, 2026. As a Public Sector Undertaking, such rotations are standard regulatory procedures to ensure board refreshment. The company is expected to fill these vacancies in due course as per government and SEBI guidelines.

Shri Jyoti Bhramar Tubid (DIN: 02442295) ceased to be a Director effective May 5, 2026
Shri Rabi Ranjan Sen (DIN: 09400040) ceased to be a Director effective May 5, 2026
The cessation is due to the completion of their official tenures on May 4, 2026
The filing was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 This is a routine administrative update and does not impact the company's fundamentals. Investors should monitor for future appointments to ensure the board maintains its required independent composition.

NFL Appoints Shri Kuntal Sensarma as Government Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Apr 2026, 05:36 PM

National Fertilizers Limited (NFL) has appointed Shri Kuntal Sensarma as an Additional Director (Government Nominee Director) effective April 17, 2026. He replaces Dr. Prathibha A. and will serve a term of three years or until further orders from the Department of Fertilizers. Sensarma is a 1995 batch Indian Economic Service (IES) officer currently serving as Senior Economic Adviser in the Ministry of Chemicals & Fertilizers. This appointment maintains the required government oversight on the board of this Navratna PSU.

Shri Kuntal Sensarma appointed as Government Nominee Director effective April 17, 2026
Appointment term is for 3 years or until superannuation/further orders
Sensarma is a 1995 batch IES officer and Senior Economic Adviser in the Department of Fertilizers
He holds additional charges as CMD of Fertilizer Corporation of India and Hindustan Fertilizer Corporation

💡 This is a routine administrative change for a Public Sector Undertaking and does not impact the company's fundamentals. Investors should focus on the company's quarterly earnings and government subsidy policies instead.

NFL Appoints IES Officer Kuntal Sensarma as Government Nominee Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Apr 2026, 05:36 PM

National Fertilizers Limited (NFL) has appointed Shri Kuntal Sensarma as an Additional Director (Government Nominee Director) effective April 17, 2026. He replaces Dr. Prathibha A. following an order from the Department of Fertilizers, Ministry of Chemicals & Fertilizers. Shri Sensarma is a 1995 batch Indian Economic Service (IES) officer and currently serves as a Senior Economic Adviser. His appointment is for a period of three years or until further orders, bringing extensive administrative experience to the board.

Shri Kuntal Sensarma appointed as Government Nominee Director effective April 17, 2026.
The appointment is for a term of 3 years or until superannuation/further orders.
The appointee is a 1995 batch IES officer currently serving as Senior Economic Adviser in the Department of Fertilizers.
He holds additional charges as CMD of Fertilizer Corporation of India and Hindustan Fertilizer Corporation.

💡 This is a routine administrative change in a Public Sector Undertaking (PSU) and does not impact the company's fundamentals. No immediate action is required based on this announcement.

NFL Opens 1-Year Special Window for Dematerialisation of Physical Shares

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Apr 2026, 11:58 AM

National Fertilizers Limited (NFL) has announced a special one-year window for the transfer and dematerialisation of physical securities, effective from February 5, 2026, to February 4, 2027. This initiative follows a SEBI circular and applies to shares bought or sold before April 1, 2019, including previously rejected or pending requests. All processed transfers will be subject to a mandatory one-year lock-in period from the date of registration, during which they cannot be traded or pledged.

Special window open for one year from February 5, 2026, to February 4, 2027
Applicable to physical securities purchased or sold prior to April 1, 2019
Mandatory 1-year lock-in period for all securities processed through this window
Includes transfer requests previously rejected or returned due to documentation deficiencies
Registrar for processing is MAS Services Limited, New Delhi

💡 Shareholders still holding physical certificates of NFL should utilize this window to dematerialize their holdings through MAS Services Limited. Note that these shares will be illiquid for one year after the transfer is registered due to the lock-in clause.

NFL Responds to NSE Notice Over Non-Compliance of Board Composition Regulations

🔵 WATCH ⭐ 4/10

REGULATORY 📅 16 Apr 2026, 03:13 PM

National Fertilizers Limited (NFL) has formally addressed a notice from the National Stock Exchange (NSE) regarding non-compliance with SEBI Regulation 17(1) for the quarter ended December 31, 2025. The non-compliance pertains to the inadequate number of Independent Directors on the Board. NFL has requested a waiver of fines, stating that the power to appoint directors lies solely with the Department of Fertilizers (DoF). The Board has directed the company to follow up with the DoF to ensure compliance with Listing Regulations.

Notice NSE/LIST-SOP/COMB/FINES/0215 dated Feb 27, 2026, received for Q3 FY26 non-compliance.
Board met on March 31, 2026, to deliberate on the SEBI (LODR) Regulation 17(1) violation.
Company has requested NSE and BSE to waive fines as director appointments are controlled by the Government.
Board instructed management to re-engage with the Department of Fertilizers for urgent appointments.

💡 This is a technical regulatory issue common among PSUs where the government controls board appointments. Investors should watch for the appointment of new directors to resolve the compliance gap and avoid further exchange penalties.

NFL Submits SEBI Compliance Certificate for Q4 FY26 Dematerialization

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 05:01 PM

National Fertilizers Limited (NFL) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ending March 31, 2026. The certificate confirms that physical share certificates received for dematerialization were duly mutilated, cancelled, and the name of the depository was substituted in the records. This process was completed by the Registrar and Share Transfer Agent, MAS Services Limited, within the mandated 15-day timeframe. This is a standard administrative filing ensuring the integrity of the company's shareholding records.

Compliance certificate issued for the quarter ended March 31, 2026.
Confirmation that share certificates were mutilated and cancelled by MAS Services Limited.
Depository records updated within 15 days of receipt of security certificates as per SEBI norms.
Certificates issued by VKC & Associates, Company Secretaries, dated April 06, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should continue to monitor the company's upcoming quarterly financial performance for material impact.

NFL Transfers 6,191 Equity Shares to Investor Education and Protection Fund (IEPF)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Apr 2026, 03:24 PM

National Fertilizers Limited (NFL) has transferred 6,191 equity shares to the Investor Education and Protection Fund (IEPF) Authority. This move is in compliance with Section 124(6) of the Companies Act, 2013, which mandates the transfer of shares for which dividends have remained unclaimed for seven consecutive years. The transfer was processed through the National Securities Depository Limited (NSDL). This is a standard regulatory procedure and has no impact on the company's financial performance or business operations.

A total of 6,191 equity shares were transferred to the IEPF Authority.
The transfer was executed via National Securities Depository Limited (NSDL).
Action taken pursuant to Section 124(6) of the Companies Act, 2013 and IEPF Rules, 2016.
The transfer pertains to shares where dividends remained unpaid or unclaimed for seven consecutive years.

💡 This is a routine regulatory filing with no impact on active shareholders. Investors should ensure their contact details and bank mandates are updated with their DP to avoid future transfers of unclaimed dividends/shares to the IEPF.

NFL Transfers 2,770 Equity Shares to Investor Education and Protection Fund (IEPF)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 05:15 PM

National Fertilizers Limited (NFL) has transferred 2,770 equity shares to the Investor Education and Protection Fund (IEPF) Authority. This action is a mandatory compliance requirement under Section 124(6) of the Companies Act, 2013, for shares where dividends have remained unclaimed for seven consecutive years. The transfer was facilitated through Central Depository Services (India) Limited (CDSL). This is a routine administrative procedure and has no material impact on the company's financial performance or shareholding structure of active investors.

Transfer of 2,770 equity shares to the IEPF Authority completed.
Compliance with Section 124(6) of the Companies Act, 2013 and IEPF Rules 2016.
Shares were transferred specifically through the CDSL depository.
Routine regulatory action for dividends unclaimed for seven consecutive years.

💡 No action is required for active shareholders. Investors who have not claimed dividends for several years should check the company's records to see if their shares have been moved to the IEPF.

India Ratings Affirms NFL's Credit Rating at IND AA/Stable for Rs 18,600 Cr Bank Facilities

🟡 NEUTRAL ⭐ 6/10

ROUTINE 📅 27 Mar 2026, 03:43 PM

India Ratings & Research (Ind-Ra) has reaffirmed the credit ratings for National Fertilizers Limited's (NFL) debt instruments, reflecting a stable financial outlook. The agency affirmed the 'IND AA' rating with a stable outlook for fund-based bank facilities worth ₹9,000 crore. Short-term ratings for non-fund based facilities of ₹9,600 crore and commercial paper worth ₹4,000 crore were also maintained at 'IND A1+'. This affirmation underscores the company's continued creditworthiness and its strategic importance as a Navratna PSU.

Affirmed 'IND AA/Stable' rating for ₹90,000 million (₹9,000 Cr) in fund-based bank loan facilities.
Maintained 'IND A1+' rating for ₹96,000 million (₹9,600 Cr) in non-fund based bank facilities.
Commercial Paper program of ₹40,000 million (₹4,000 Cr) reaffirmed at 'IND A1+'.
Total bank loan facilities covered under this rating action amount to ₹186,000 million (₹18,600 Cr).
Ratings were assigned by India Ratings & Research (Ind-Ra) as of March 26, 2026.

💡 The affirmation of high-grade ratings indicates that NFL maintains strong access to credit markets and a stable financial profile. Investors should consider this a confirmation of the company's low default risk, though it is not a new growth trigger for the stock.

NFL Announces Trading Window Closure from April 1, 2026, Ahead of Annual Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 02:41 PM

National Fertilizers Limited (NFL) has informed the exchanges that its trading window for dealing in company shares will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the purpose of declaring audited standalone and consolidated financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are made public. The specific date for the board meeting to approve these results will be notified separately.

Trading window closure effective from April 1, 2026.
Closure pertains to the audited financial results for the quarter and year ending March 31, 2026.
Restriction applies to Designated Persons, Employees, and their Immediate Relatives.
Window to reopen 48 hours after the official declaration of financial results.
Compliance with Clause 4 of Schedule B of SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to review the company's full-year performance.

NFL Assigns Additional Charge of Director (Finance) to Mahesh Chander Gupta for 3 Months

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Mar 2026, 05:09 PM

National Fertilizers Limited (NFL) has announced that Shri Mahesh Chander Gupta, the current Director (Marketing), will take on the additional charge of Director (Finance) effective March 3, 2026. This appointment, directed by the Ministry of Chemicals and Fertilizers, is for a temporary period of three months or until a permanent replacement is appointed. Shri Gupta is a seasoned professional with over 30 years of experience and is a Gold Medallist Cost & Management Accountant. This move ensures administrative continuity in the company's financial leadership while the search for a permanent incumbent continues.

Shri Mahesh Chander Gupta assumes additional charge as Director (Finance) effective March 3, 2026.
The temporary appointment is for a duration of 3 months or until a regular incumbent joins.
Shri Gupta has over 30 years of experience and was previously Chief General Manager at Indian Oil Corporation Limited (IOCL).
He holds a Cost & Management Accountant (Gold Medallist) qualification and an MBA from FMS Udaipur.

💡 This is a routine administrative update for a PSU. Investors should monitor for the appointment of a permanent Director (Finance) to ensure long-term financial leadership stability.

NFL Fined ₹5.43 Lakh by NSE for Non-Compliance with SEBI Board Composition Norms

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 02 Mar 2026, 04:07 PM

National Fertilizers Limited (NFL) has received a notice from the National Stock Exchange (NSE) for non-compliance with Regulation 17(1) regarding the composition of its Board of Directors. The Exchange has imposed a total fine of ₹5,42,800 (including GST) for a 92-day period of non-compliance during the quarter ended September 30, 2025. The company has requested a waiver of the fine, stating that as a PSU, the appointment of Independent Directors is handled by the Department of Fertilizers (DoF). The Board is currently following up with the DoF to ensure the required appointments are made to meet regulatory standards.

NSE imposed a fine of ₹4,60,000 plus 18% GST (total ₹5,42,800) for non-compliance with Regulation 17(1).
The penalty is based on 92 days of non-compliance at a rate of ₹5,000 per day.
NFL has formally requested NSE and BSE to waive the fine, citing lack of control over director appointments.
The company is coordinating with the Department of Fertilizers (DoF) to appoint the necessary number of Independent Directors.
Failure to comply could lead to freezing of promoter shareholding or shifting the stock to the 'Trade for Trade' (Z Category) segment.

💡 Investors should monitor the timeline for the appointment of Independent Directors by the Government to ensure the company avoids further penalties or a shift to the 'Z Category'. While the financial impact is minimal, persistent governance non-compliance is a risk factor for PSU stocks.

National Fertilizers Limited CFO Shri Hira Nand Retires Effective March 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Mar 2026, 11:33 AM

National Fertilizers Limited (NFL) has announced that Shri Hira Nand, the Director (Finance) and Chief Financial Officer, retired on February 28, 2026. His retirement comes after reaching the age of superannuation, leading to his cessation as a Director and CFO effective March 1, 2026. This is a routine leadership transition for the Navratna PSU. The company has not yet named a permanent successor in the filing, which is a standard procedure for government-owned entities.

Shri Hira Nand retired as Director (Finance) and CFO on February 28, 2026
Cessation of office is effective from March 1, 2026, due to superannuation
The transition follows Regulation 30 of SEBI (LODR) Regulations, 2015
NFL is a Navratna Government of India Undertaking

💡 Investors should treat this as a routine administrative change and monitor future filings for the appointment of a new CFO to ensure financial leadership continuity.

NFL Opens Special Window for Physical Share Transfer and Demat until Feb 2027

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Feb 2026, 12:57 PM

National Fertilizers Limited (NFL) has announced a special one-year window for the transfer and dematerialization of physical securities, effective from February 05, 2026, to February 04, 2027. This initiative follows a SEBI circular and specifically targets securities sold or purchased prior to April 01, 2019. It also allows for the re-lodgment of transfer requests that were previously rejected or returned due to documentation deficiencies. Investors should be aware that all such transfers will be processed in dematerialized form and will be subject to a mandatory one-year lock-in period from the date of registration.

Special window for physical share transfer open from February 05, 2026, to February 04, 2027.
Applies to physical securities sold or purchased prior to April 01, 2019.
Includes provision for re-lodging previously rejected or unattended transfer requests.
All processed transfers will be under a mandatory lock-in period of one year.
Registrar and Share Transfer Agent for this process is MAS Services Limited.

💡 Legacy shareholders holding physical certificates from before April 2019 should use this window to dematerialize their holdings through MAS Services Limited. Note that these shares will be illiquid for one year following the transfer due to the mandatory lock-in period.

NFL Board Approves ₹104.03 Cr Bentonite Sulphur Plant with 25,000 MTPA Capacity

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 13 Feb 2026, 06:11 PM

National Fertilizers Limited (NFL) has received in-principle board approval to establish a new Bentonite Sulphur (BS) plant at its Vijaipur unit. The project involves a capital investment of ₹104.03 crores and will add a production capacity of 25,000 MTPA. Currently, the Vijaipur unit has no capacity for this product, making this a strategic move to diversify its product portfolio. The expansion is intended to cater to the rising demand for specialized fertilizers in the Indian market.

In-principle approval for a new 25,000 MTPA Bentonite Sulphur plant at the Vijaipur unit.
Estimated project capital expenditure is ₹104.03 crores.
The project marks a new product line for the Vijaipur unit, which currently has zero BS capacity.
The investment is aimed at capturing increasing market demand for value-added fertilizers.
Financing details and execution timelines are to be finalized as the project is in its initial stages.

💡 Investors should view this as a positive step toward product diversification into higher-margin specialized fertilizers. Monitor future announcements regarding the project's funding structure and commissioning timeline.

View All NFL Announcements on Live Market Tracking →

💰 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%.