NSE: NFL · BSE: 523630
NATIONAL FERT. LTD
Manufactures and sells fertilizers — urea, bentonite sulphur and bio-fertilizers — to the agriculture sector, with this segment contributing 60.2% of FY26 segment revenue at Rs 12,958.13 crore. Also imports and trades fertilizers under the government's Nutrient Based Subsidy (NBS) scheme (DAP and TSP), making up 29.8% of segment revenue at Rs 6,413.83 crore. A smaller manufactured chemicals line (industrial products and agro-chemicals) contributes 2.4% at Rs 523.79 crore, while domestic traded agro inputs and related sale services add another 8.4% at Rs 1,807.57 crore. The largest input cost is materials at 31.5% of revenue, with employee cost at 2.9% and other operating expenses at 29.1%. During FY26, the company recognised subsidy income of Rs 1,479.97 crore on DAP and TSP fertilisers under Department of Fertilizers guidelines. It is a Government of India Navratna PSU operating under the Ministry of Chemicals & Fertilizers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufactured Fertilizers (60%), Traded Imported Fertilizers (Under NBS) (30%), Others - Domestic Traded Products, Agro Inputs, Sale Services (8%), Manufactured Chemicals (2%). Asset-heavy, subsidy-dependent fertiliser manufacturer and importer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15,857 | 29,617 | 23,560 | 19,795 | 21,514 |
| EBITDA (ex other income) | 578 | 1,072 | 618 | 608 | 834 |
| margin % | 3.6 | 3.6 | 2.6 | 3.1 | 3.9 |
| Owners' profit | 0 | 458 | 0 | 0 | 0 |
| EPS, as reported (₹) | (1.94) | 9.34 | 3.06 | 3.75 | 4.31 |
| ROE % · ROCE % | (4.6) · 5.7 | 18.0 · 17.8 | 5.9 · 8.0 | 6.8 · 7.5 | 7.4 · 11.1 |
| Debt / equity (x) | 1.55 | 1.57 | 1.60 | 0.73 | 1.39 |
| Cash from operations | (1,029) | (333) | 668 | 2,590 | (1,342) |
| Capex | (297) | (208) | (292) | (204) | (228) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,390 | 5,856 | 4,457 | 3,534 | 6,763 | 6,870 | 4,347 | 4,500 |
| Profit before tax | (14) | 42 | 130 | (45) | (10) | 131 | 157 | 95 |
| Net profit | 12 | 46 | 135 | (39) | (36) | 135 | 152 | 113 |
| EPS (₹) | 0.25 | 0.93 | 2.75 | (0.80) | (0.73) | 2.76 | 3.09 | 2.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Manufactured Fertilizers | 6,739 | 31.3 |
| Manufactured Chemicals | 262 | 1.2 |
| Traded Imported Fertilizers (Under NBS) | 6,414 | 29.8 |
| OthersDomesticTradedProductAgroInputsSaleServices | 868 | 4.0 |
| Manufactured Fertilizers (Urea, Bentonite Sulphure,Bio fertilizers) | 6,219 | 28.9 |
| Manufactured Chemicals (Industrial Products, Agro Chemicals, etc) | 262 | 1.2 |
| Others (Domestic Traded Product, Agro Inputs, Sale Services, etc.) | 939 | 4.4 |
| Total, before eliminations | 21,703 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| COROMANDEL INTERNTL. LTD | 50,253 | 27.4 | 3.83 | 14.5 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,930 | 1578.8 | 31.95 | 135.4 | 1.8 | 1.8 | — | (0.2) |
| CHAMBAL FERTILIZERS LTD | 14,451 | 7.5 | 1.39 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| PARADEEP PHOSPHATES LTD | 14,327 | 13.4 | 2.11 | 9.2 | 14.7 | 16.5 | — | 12.5 |
| MADHYA BHARAT AGRO P. LTD | 7,399 | 11.5 | 13.46 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,708 | 8.4 | 11.96 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD | 5,459 | 7.9 | 0.44 | 5.0 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,327 | 11.9 | 1.04 | 7.8 | 8.3 | 8.2 | 17.4 | 7.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.0 | 10.7 | 8 of 20 | 63% |
| P/B | 1.0 | 0.9 | 13 of 23 | 46% |
| ROCE | 5.4 | 8.8 | 16 of 23 | 32% |
| ROE | 7.4 | 8.3 | 13 of 23 | 46% |
| Debt / Equity | 1.4 | 0.3 | 20 of 23 | 14% |
| EBITDA margin | 6.2 | 8.0 | 16 of 21 | 25% |
| Revenue growth | 27.3 | 16.3 | 6 of 21 | 75% |
| Profit growth | 387.5 | 6.4 | 2 of 23 | 96% |
| Market cap | 2904 | 805 | 9 of 23 | 64% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate for share dematerialization Q2 | compliance | minimal | — | — |
| 8 Oct 2026 · Notice on special window for physical shares dematerialisation | compliance | minimal | — | — |
| 5 Oct 2026 · NFL reports nil commercial paper issuance for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · NFL AGM 2026 minutes: dividend declared, all 14 resolutions passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · NFL Board responds to NSE notice on non-compliance of board composition norms | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · NFL 52nd AGM: All 14 resolutions passed, Rs 1.04 dividend declared | compliance | minimal | — | — |
| 22 Sept 2026 · Revised Annual Report FY26; PBT jumps 124% to Rs 232.67 cr | investor communications | medium | — | — |
| 22 Sept 2026 · NFL 52nd AGM: dividend of Rs 1.04/share declared, new directors appointed, borrowing limit hike proposed | board shareholder meetings | low | — | — |
| 10 Sept 2026 · CAG appoints joint statutory auditors for FY 2026-27 | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.