National Fertilizer Ltd

₹ 69.1 0.70%

17 Mar 2:41 p.m.

nationalfertilizers.com BSE: 523630 NSE: NFL

About

National Fertilizers Limited is engaged in production and marketing of Neem Coated Urea, Bio-Fertilizers (solid & liquid) and other allied Industrial products. It is also engaged in trading of Imported and Domestic Fertilizers, Compost, Seeds and other Agro products. ^[1]

Key Points

Market Leadership
The company is the largest urea producer amongst CPSEs in India, and the 2nd largest Urea player in India with a 12% share in the country’s total production. ^[1] ^[2]

Website BSE NSE

Market Cap ₹ 3,389 Cr.
Current Price ₹ 69.1
High / Low ₹ 112 / 67.0
Stock P/E 22.8
Book Value ₹ 53.9
Dividend Yield 2.25 %
ROCE 5.57 %
ROE 2.38 %
Face Value ₹ 10.0

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Pros

Company has been maintaining a healthy dividend payout of 50.3%

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of 8.55% over past five years.
Company has a low return on equity of 7.22% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Commodities Chemicals Fertilizers & Agrochemicals Fertilizers

Part of BSE CPSE BSE Allcap BSE Commodities Nifty Microcap 250 Nifty Total Market

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	10,137	6,257	5,036	5,660	7,584	5,284	5,092	4,390	5,856	4,457	3,534	6,763	6,870
	9,200	6,590	5,060	5,714	7,266	4,905	4,985	4,265	5,710	4,222	3,446	6,635	6,574
Operating Profit	937	-333	-23	-55	318	379	107	125	146	234	89	128	296
OPM %	9%	-5%	-0%	-1%	4%	7%	2%	3%	2%	5%	3%	2%	4%
	33	146	23	32	14	29	20	14	32	25	9	15	17
Interest	94	84	104	39	50	74	90	60	41	35	46	55	72
Depreciation	90	89	87	90	92	92	91	93	94	95	96	99	110
Profit before tax	786	-359	-191	-153	190	242	-54	-14	42	130	-45	-10	131
Tax %	25%	-25%	-25%	-26%	26%	25%	-23%	-23%	26%	25%	-28%	-1%	28%
	589	-269	-144	-113	140	182	-41	-11	31	97	-32	-10	94
EPS in Rs	12.00	-5.48	-2.93	-2.31	2.85	3.70	-0.84	-0.22	0.63	1.98	-0.65	-0.21	1.91
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	8,012	8,514	7,757	7,600	8,943	12,429	13,135	11,906	15,857	29,587	23,556	19,798	21,624
	7,874	8,130	7,197	7,041	8,404	11,412	12,273	10,989	15,266	28,509	22,939	19,182	20,877
Operating Profit	137	385	560	559	539	1,017	862	917	591	1,077	617	615	747
OPM %	2%	5%	7%	7%	6%	8%	7%	8%	4%	4%	3%	3%	3%
	37	37	47	45	62	52	-331	33	26	193	110	95	67
Interest	207	304	231	193	192	320	409	294	137	308	277	233	207
Depreciation	129	73	87	85	73	285	374	312	335	353	362	373	400
Profit before tax	-161	45	288	325	335	463	-253	343	145	610	89	104	206
Tax %	-44%	41%	31%	36%	36%	36%	-32%	27%	25%	25%	27%	27%
	-90	26	199	208	213	298	-171	250	108	456	65	76	149
EPS in Rs	-1.83	0.53	4.05	4.24	4.34	6.08	-3.49	5.09	2.21	9.30	1.32	1.55	3.03
Dividend Payout %	0%	32%	30%	0%	0%	31%	-27%	0%	0%	30%	20%	100%

Compounded Sales Growth
10 Years:	9%
5 Years:	9%
3 Years:	8%
TTM:	5%

Compounded Profit Growth
10 Years:	10%
5 Years:	-22%
3 Years:	-15%
TTM:	-7%

Stock Price CAGR
10 Years:	10%
5 Years:	5%
3 Years:	-2%
1 Year:	-9%

Return on Equity
10 Years:	9%
5 Years:	8%
3 Years:	7%
Last Year:	2%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	491	491	491	491	491	491	491	491	491	491	491	491	491
Reserves	1,003	990	1,200	1,336	1,497	1,728	1,430	1,681	1,824	2,283	2,211	2,273	2,155
	7,558	7,645	6,124	4,135	3,061	6,464	8,103	1,892	3,172	3,993	4,091	2,001	4,537
	4,702	4,332	4,207	4,223	4,582	5,231	4,561	4,382	5,244	6,002	4,563	4,599	6,183
Total Liabilities	13,754	13,458	12,021	10,184	9,630	13,914	14,584	8,445	10,730	12,768	11,355	9,364	13,366
	4,682	4,443	4,259	4,059	4,080	3,993	3,726	3,615	4,230	3,969	3,831	3,694	3,626
CWIP	14	39	33	51	64	133	656	862	138	178	242	172	180
Investments	0	2	15	125	219	274	342	448	491	491	491	491	492
	9,058	8,973	7,714	5,949	5,268	9,513	9,861	3,520	5,870	8,131	6,791	5,007	9,068
Total Assets	13,754	13,458	12,021	10,184	9,630	13,914	14,584	8,445	10,730	12,768	11,355	9,364	13,366

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1,608	304	1,850	2,453	1,661	-2,699	-309	7,034	-826	-335	583	2,482
	-133	-89	-88	-202	-346	-314	-820	-509	-333	-203	-249	-160
	1,739	-214	-1,760	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334
Net Cash Flow	-2	1	2	1	1	9	3	20	-14	-13	16	-12

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	211	216	226	205	160	210	215	81	65	51	63	60
Inventory Days	34	25	48	63	45	90	67	25	90	57	41	28
Days Payable	30	15	31	44	42	35	47	42	58	33	31	46
Cash Conversion Cycle	216	225	244	224	163	265	235	64	97	75	72	42
Working Capital Days	37	30	30	29	29	28	8	4	3	7	-3	0
ROCE %	1%	4%	6%	8%	9%	11%	6%	9%	6%	15%	5%	6%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Aggregated Actual Energy Consumption (Nangal Plant)
Gcal/MT Urea

x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx
xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
				x,xxx					x,xxx	x,xxx	x,xxx

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Total Fertilizer Sales Volume
Lakh MT

Urea Capacity Utilization
%

Urea Production Volume
Lakh MT

Number of Dealers/Distributors
Count

Shareholding Pattern

Numbers in percentages

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%
	0.54%	0.39%	0.39%	1.10%	0.48%	0.41%	0.41%	0.42%	0.60%	0.49%	0.91%	1.06%
	12.40%	11.89%	9.90%	8.51%	8.38%	7.47%	7.27%	7.28%	6.83%	6.21%	5.99%	5.91%
	12.36%	13.01%	15.00%	15.68%	16.43%	17.39%	17.60%	17.58%	17.85%	18.58%	18.39%	18.31%
No. of Shareholders	1,12,985	1,18,237	1,34,946	1,57,919	2,34,201	2,59,888	3,15,448	3,07,998	3,10,563	3,10,847	2,99,076	2,89,521

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	89.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%
	0.31%	1.64%	1.02%	0.01%	0.01%	0.81%	0.54%	0.48%	0.60%	1.06%
	5.89%	16.01%	15.69%	13.79%	15.27%	13.14%	12.40%	8.38%	6.83%	5.91%
	4.09%	7.63%	8.57%	11.49%	10.01%	11.33%	12.36%	16.43%	17.85%	18.31%
No. of Shareholders	43,642	53,946	57,471	57,559	1,07,936	1,17,726	1,12,985	2,34,201	3,10,563	2,89,521

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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National Fertilizer Ltd

National Fertilizer Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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