This is with reference to your Notice sent via e-mail dated 29.08.2025 regarding non-compliance of Regulation 17(1), 18(1), 19(1)/(2), 20(2)/(2A) and 21(2) of Listing Regulations for the quarter ended 30.06.2025.The notice was placed before the Board in its Meeting held on 11.11.2025. Board noted that Company had already made a request to NSE and BSE to withdraw the notices and waive off fine explaining therein that Company did not have any control on the appointment of Independent Directors. Board also noted that NFL s waiver request had been accepted by NSE for Regulation 18(1) and 19(1) for the period from 31.03.2025 to 30.06.2025 and 31.12.2024 to 30.06.2025 respectively.Board had detailed deliberations and observed that Company should again take up with the DoF for appointment of adequate number of Independent Directors on the Board in compliance of Listing Regulations.

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NFL · price

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Price reactionminutes from the announcement price · days from the prior close

-1.1%Reaction day

₹85.50

prior close

₹85.40

announcement price

After-mkt

timing

Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.5%-0.6% vs market

Fertilizers peers, median of 19sector-1.0%-0.0% vs sector

On the reaction day the stock moved 0.6 pts less than Nifty Microcap 250 and in line with its Fertilizers peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.3

10m

-1.0

15m

-1.2

30m

-1.5

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.1-0.5-0.6-1.0-0.0

Next day

-1.9-1.0-0.9-1.4-0.4

+4.3-2.1+6.4-1.4+5.6

-0.1-4.4+4.3-3.9+3.8

+1.0-2.6+3.6-4.1+5.1

-0.8-3.2+2.3-2.4+1.6

+1.4-2.5+3.9-3.4+4.8

15d

+2.7-1.7+4.5-1.0+3.7

+5.1-0.3+5.4-0.5+5.6

-6.7-5.0-1.7-3.3-3.4

-16.7-11.6-5.1-16.5-0.2

UpDownMarket · Nifty Microcap 250Sector · Fertilizers peers, median of 19Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

National Fertilizers Limited (NFL) responded to an NSE notice dated 29 August 2025 flagging non-compliance with multiple SEBI Listing Regulations (17(1), 18(1), 19(1)/(2), 20(2)/(2A) and 21(2)) for the quarter ended 30 June 2025. These regulations relate to having adequate Independent Directors on the Board and on key committees such as Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management. The Board noted that NSE has already accepted NFL's waiver request for Regulation 18(1) (Audit Committee) and 19(1) (Nomination & Remuneration Committee) for the relevant periods. The Board has decided to approach the Department of Fertilizers (DoF) again to seek appointment of sufficient Independent Directors, as the company is a government entity and does not have direct control over director appointments.

Likely market impact

Minor governance issue with no financial penalty currently; the matter depends on government (DoF) action to appoint Independent Directors, which is outside the company's control. Unlikely to materially affect shareholders or stock price in the near term.