National Fertilizers Limited (NFL)

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National Fertilizers Limited (NFL) · mywealthgrid

About

National Fertilizers Limited operates in the fertilizers and agrochemicals industry within the Materials sector. The company has a market capitalization of ₹3,523 Cr with quarterly revenues ranging from ₹4–7 Cr, positioning it as a significant supplier to India's agricultural sector.

Face value: ₹10

Market cap

₹3,132 Cr

P/E

8.6×

P/B

1.1×

Dividend yield

4.1%

ROE

7.6%

ROCE

11%

Debt / equity

1.39

OPM

3.9%

EPS (TTM)

₹7.4

Book value

₹57.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Recent profitability decline: net profit fell from ₹118–151 Cr (Mar 2026) to ₹70–113 Cr (Jun 2026); verify if seasonal weakness or structural deterioration
Revenue collapse and volatility: quarterly revenue dropped from ₹6.8–6.9 Cr (Sep–Dec 2025) to ₹4.3–4.5 Cr (Mar–Jun 2026); verify driver and sustainability
Thin margins and past losses: trailing OPM of 3.87%, company reported net losses of ₹10–36 Cr as recently as Sep 2025; verify if current recovery sustains
High leverage: D/E ratio of 1.39 constrains financial flexibility to absorb further cyclical downturns

Generated analysis · source review pending

Growth drivers

Operating margin recovery from 1.9% (Sep 2025) to 7.38% (Mar 2026) demonstrates cost-control improvement; sustained margins on higher volumes would drive profit growth, but recent decline to Jun 2026 suggests risk—verify if structural or seasonal
Profitability turnaround from net loss of ₹10–36 Cr (Sep 2025) to positive profit in subsequent quarters shows underlying business viability; growth depends on structural improvement rather than temporary commodity relief
Quarterly revenue base of ₹4–7 Cr represents established production capacity; growth requires demand recovery via government fertilizer policy, subsidy expansion, or export channels—verify each
Low PE of 9.67 creates potential for rerating if company sustains recent profitability and margins above the trailing 3.87% OPM

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹63.9-1.5%1Y

Quick read

rule-based

Pros

+Dividend yield of 4.1%
+Dividend payout of 35% of profit
+High promoter holding of 74.7% with no pledge

Cons

−Low return on equity of 6.8% (3-yr avg)
−Thin operating margin of 3.9%
−Profit declined 2.3% a year over the last 5 years
−Weak interest coverage of 1.9×

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 14
Growth: 33

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Coromandel International LimitedCOROMANDELCOROMANDEL	₹52,026 Cr	₹52,893 Cr	₹32,602 Cr	₹3,190 Cr	10.2%	₹1,778 Cr	6%	23.3%	16.5%	76
Fertilizers And Chemicals Travancore LimitedFACTFACT	₹47,559 Cr	₹49,329 Cr	₹5,293 Cr	₹105 Cr	2.3%	₹28 Cr	1%	17.5%	3%	86
Chambal Fertilizers & Chemicals LimitedCHAMBLFERTCHAMBLFERT	₹16,000 Cr	₹17,054 Cr	₹20,123 Cr	₹2,768 Cr	12.9%	₹1,928 Cr	9.4%	22.3%	20.4%	73
Paradeep Phosphates LimitedPARADEEPPARADEEP	₹15,700 Cr	₹22,606 Cr	₹23,447 Cr	₹2,292 Cr	9.9%	₹1,072 Cr	4.6%	29.3%	18.3%	115
Rashtriya Chemicals And Fertilizers LimitedRCFRCF	₹5,892 Cr	₹10,006 Cr	₹18,695 Cr	₹1,003 Cr	5.1%	₹447 Cr	2.3%	12.5%	8.7%	94
Gujarat State Fertilizers & Chemicals LimitedGSFCGSFC	₹5,854 Cr	₹5,879 Cr	₹12,344 Cr	₹830 Cr	7.2%	₹693 Cr	6.2%	6.6%	5.5%	129
National Fertilizers LimitedNFLNFL	₹3,132 Cr	₹7,092 Cr	₹22,480 Cr	₹1,012 Cr	3.9%	₹364 Cr	1%	11%	7.6%	81
Southern Petrochemicals Industries Corporation LimitedSPICSPIC	₹1,267 Cr	₹1,965 Cr	₹3,024 Cr	₹265 Cr	10.1%	₹205 Cr	7.2%	21.3%	16.5%	-26
Madras Fertilizers LimitedMADRASFERTMADRASFERT	₹926 Cr	₹1,560 Cr	₹2,442 Cr	₹98 Cr	4.8%	₹71 Cr	3.5%	101.8%	87.4%	33
Zuari Agro Chemicals LimitedZUARIZUARI	₹896 Cr	₹1,538 Cr	₹2,569 Cr	₹228 Cr	9.7%	₹939 Cr	30.7%	8.5%	46.6%	16
Aries Agro LimitedARIESARIES	₹621 Cr	₹671 Cr	₹766 Cr	₹81 Cr	10.3%	₹48 Cr	5.7%	21.1%	13.7%	115
Khaitan Chemicals & Fertilizers LimitedKHAICHEMKHAICHEM	₹477 Cr	₹755 Cr	₹988 Cr	₹105 Cr	11.3%	₹54 Cr	6.5%	36.1%	25.2%	119

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,794	7,663	8,928	12,245	13,135	11,906	15,857	29,617	23,560	19,795	21,514
COGS	3,901	3,594	4,431	7,703	7,253	6,578	9,425	19,859	15,977	12,359	13,804
Gross profit	3,893	4,069	4,497	4,542	5,882	5,328	6,432	9,757	7,584	7,435	7,710
	3,336	3,514	3,996	3,717	5,033	4,427	6,057	8,683	6,880	6,720	6,835
	557	555	502	825	849	901	375	1,074	703	715	876
OPM %	7.2%	7.3%	5.6%	6.7%	6.5%	7.6%	2.4%	3.6%	3%	3.6%	4.1%
Depreciation	87	85	73	101	374	312	335	353	362	373	405
Interest	228	190	190	316	405	291	133	302	267	226	249
	47	45	96	56	-332	33	34	193	99	95	54
Profit before tax	287	325	335	460	-263	331	-58	612	174	212	275
Tax	90	117	122	165	-82	94	37	154	24	28	63
Tax %	31.3%	36%	36.5%	35.9%	-31.1%	28.4%	62.7%	25.1%	13.7%	13.1%	23%
	197	208	213	295	-181	237	-95	458	150	184	211
PAT margin %	2.5%	2.7%	2.4%	2.4%	-1.4%	2%	-0.6%	1.6%	0.6%	0.9%	1%
EPS (₹)	4	4.2	4.3	6	-3.7	4.8	-1.9	9.3	3.1	3.8	4.3
EPS adjusted (₹)	4	—	—	6	-3.7	4.8	-1.9	9.3	3.1	3.8	4.3
	30.1%	20%	0%	30.9%	—	0%	—	13.5%	58.8%	41.6%	24.1%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	491	491	491	491	491	491	491	491	491
Reserves	1,116	—	1,412	1,650	1,589	2,051	2,064	2,225	2,350
	5,277	—	7,931	1,888	3,170	3,991	4,088	1,996	3,959
	5,241	—	4,731	4,384	5,244	6,001	4,563	4,599	4,924
Total equity & liabilities	12,124	—	14,564	8,412	10,494	12,533	11,206	9,311	11,724
	4,256	3,992	3,724	3,614	4,229	3,968	3,830	3,693	3,533
CWIP	61	—	656	862	112	147	208	172	161
Investments	—	—	324	418	258	260	346	444	496
	7,808	—	9,859	3,518	5,895	8,158	6,823	5,002	7,534
Total assets	12,124	—	14,564	8,412	10,494	12,533	11,206	9,311	11,724

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Manufactured Fertilizers	12,958.13	92.41	8,547.4	3,966.1	4,581.3	2.02
Traded Imported Fertilizers (Under NBS)	6,413.83	188.72

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.1%	44.8%	44.8%	40.6%	32.9%	32.2%	37.6%	35.8%
EBITDA margin %	6.7%	6.5%	7.7%	3.7%	3.6%	2.6%	3.1%	3.9%
EBIT margin %	5.9%	3.7%	5.1%	1.5%	2.4%	1.1%	1.2%	2%
PAT margin %	2.4%	-1.4%	2%	-0.6%	1.6%	0.6%	0.9%	1%
Working capital
Receivable days	—	215	81	65	51	63	60	92
Inventory days	—	64	24	87	56	40	27	29
Payable days	—	45	41	56	32	33	45	39
NWC days	—	234	65	96	75	70	42	81
Leverage
Current ratio	—	1.03	1.05	1.03	1.08	0.98	1.01	1.01
Debt to EBITDA	—	9.23	2.07	5.48	3.72	6.61	3.28	4.75
Debt to equity	—	4.17	0.88	1.52	1.57	1.6	0.73	1.39
Interest coverage	2.5	1.3	2.2	2.1	3	1.3	1.5	1.9
Asset turnover	—	0.9	1.42	1.51	2.36	2.1	2.13	1.84
Return ratios
Return on assets %	—	-1.2%	2.8%	-0.9%	3.7%	1.3%	2%	1.8%
Return on capital employed %	—	10.7%	12.4%	5.5%	18.2%	7.5%	7.5%	11%
Return on equity %	—	-9.5%	11.1%	-4.6%	18%	5.9%	6.8%	7.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%
	0.39%	1.1%	0.48%	0.41%	0.41%	0.42%	0.6%	0.49%	0.91%	1.07%	0.69%	0.55%
	9.92%	8.51%	8.38%	7.49%	7.27%	7.28%	6.83%	6.21%	5.99%	5.91%	5.53%	4.92%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	14.98%	15.68%	16.43%	17.39%	17.61%	17.59%	17.86%	18.59%	18.39%	18.31%	19.07%	19.82%
No. of shareholders	—	—	—	—	—	—	—	—	2,99,076	2,89,521	2,87,339	2,84,253

Promoter holding up 0 percentage points since Sep 2023.

98 deals · 15 Dec 2022 – 23 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	46,06,616	₹156.63	₹72.15 Cr
23 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	42,18,335	₹155.64	₹65.65 Cr
23 Jul 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	35,41,725	₹159.13	₹56.36 Cr
23 Jul 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	35,41,725	₹159.20	₹56.38 Cr
22 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	43,08,875	₹159.77	₹68.84 Cr
22 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	43,08,875	₹159.69	₹68.81 Cr
22 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	42,73,413	₹159.59	₹68.20 Cr
22 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	31,87,497	₹158.77	₹50.61 Cr
22 Jul 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	26,70,189	₹159.89	₹42.69 Cr
22 Jul 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	26,70,189	₹159.96	₹42.71 Cr

1–10 of 98

1 / 10

Mr. U. SaravananExecutive Director-Chairperson-MD
Mr. Mahesh Chander GuptaExecutive Director
Mr. Megh Nath GoyalExecutive Director
Mr. Arvind KumarExecutive Director
Mr. Anurag RohatgiNon-Executive - Nominee Director
Mr. Kuntal SensarmaNon-Executive - Nominee Director
Ms. Pinky PradhanNon-Executive - Independent Director
Mr. Ashok JhaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.07%

of the company's equity

All mutual funds

0.07%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 2 fund houses

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	3.23 L	2.28	0.09%	0.066%	-7,081
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	2,214	0.02	0%	0%	+11
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	364	0	0%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

17

Final dividend11 Sept 2026 · ex-date₹1.04
Final dividend22 Sept 2025 · ex-date₹1.56
Final dividend20 Sept 2024 · ex-date₹0.27
Final dividend22 Sept 2023 · ex-date₹1.26
Interim dividend9 Jun 2023 · ex-date₹1.53
Interim dividend19 Mar 2020 · ex-date₹0.95
Final dividend9 Sept 2019 · ex-date₹0.77
Interim dividend13 Feb 2019 · ex-date₹1.09
Dividend dividend19 Sept 2017 · ex-date₹0.85
Dividend dividend19 Sept 2016 · ex-date₹1.21
Dividend dividend15 Sept 2015 · ex-date₹0.17
Dividend dividend29 Aug 2012 · ex-date₹0.78
Dividend dividend29 Aug 2011 · ex-date₹0.85
Dividend dividend30 Aug 2010 · ex-date₹1.05
Dividend dividend28 Aug 2009 · ex-date₹0.6
Dividend dividend5 Sept 2008 · ex-date₹0.66
Dividend dividend11 Sept 2007 · ex-date₹1.07

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

25 announcementsExport CSV

1 Oct 2026, 3:50 pmAGM/EGM

Minutes Of 52Nd Annual General Meeting Of National Fertilizers Limited Held On 22.09.2026.

AGM PDF

22 Sept 2026, 6:32 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

22 Sept 2026, 6:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

10 Sept 2026, 3:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s

Appointment of Statutory Auditor/s PDF

8 Sept 2026, 5:51 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Sept 2026, 12:24 pmCompany Update

Addendum To 52Nd Annual Report - Comments Of Comptroller & Auditor General Of India (C&AG).

General PDF

7 Sept 2026, 12:21 pmAGM/EGM

Addendum To 52Nd Annual Report - Comments Of Comptroller & Auditor General Of India (C&AG).

AGM PDF

1 Sept 2026, 12:08 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

Date	Category	Subject	Filing
1 Oct 2026, 3:50 pm	AGM/EGM AGM	Minutes Of 52Nd Annual General Meeting Of National Fertilizers Limited Held On 22.09.2026.	PDF
22 Sept 2026, 6:32 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.1%	44.8%	44.8%	40.6%	32.9%	32.2%	37.6%	35.8%
EBITDA margin %	6.7%	6.5%	7.7%	3.7%	3.6%	2.6%	3.1%	3.9%
EBIT margin %	5.9%	3.7%	5.1%	1.5%	2.4%	1.1%	1.2%	2%
PAT margin %	2.4%	-1.4%	2%	-0.6%	1.6%	0.6%	0.9%	1%
Working capital
Receivable days	—	215	81	65	51	63	60	92
Inventory days	—	64	24	87	56	40	27	29
Payable days	—	45	41	56	32	33	45	39
NWC days	—	234	65	96	75	70	42	81
Leverage
Current ratio	—	1.03	1.05	1.03	1.08	0.98	1.01	1.01
Debt to EBITDA	—	9.23	2.07	5.48	3.72	6.61	3.28	4.75
Debt to equity	—	4.17	0.88	1.52	1.57	1.6	0.73	1.39
Interest coverage	2.5	1.3	2.2	2.1	3	1.3	1.5	1.9
Asset turnover	—	0.9	1.42	1.51	2.36	2.1	2.13	1.84
Return ratios
Return on assets %	—	-1.2%	2.8%	-0.9%	3.7%	1.3%	2%	1.8%
Return on capital employed %	—	10.7%	12.4%	5.5%	18.2%	7.5%	7.5%	11%
Return on equity %	—	-9.5%	11.1%	-4.6%	18%	5.9%	6.8%	7.4%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,848	2,453	1,661	-2,699	-319	7,021	-1,029	-333	668	2,590	-1,342
	-87	-202	-346	-314	-810	-496	-129	-206	-334	-268	-263
	-1,760	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334	1,643
Net cash flow	2	1	1	9	3	20	-14	-13	16	-12	37
Free cash flow	1,770	2,358	1,320	-2,969	-1,079	6,602	-1,326	-541	376	2,386	-1,570
CFO / Operating profit %	331.9%	441.8%	331.1%	-327.1%	-37.1%	768.4%	-178.1%	-31.1%	108.1%	426.2%	-160.9%

National Fertilizers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

17

1

Announcements

17

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Elimination · revenue

National Fertilizers Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends17

Board meetings1

Announcements

Dividends17

Board meetings1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Elimination · revenue

17

1

17

1