NFL manufactured fertiliser revenue rises 34% in Q2 2026

National Fertilizers Limited reported Rs 4,385.60 crore of manufactured fertiliser revenue in the quarter ended 30 September 2026, a 34% increase from Rs 3,278.89 crore a year earlier, while traded imported fertiliser revenue fell 75% to Rs 744.95 crore. The mix change contributed to a 14% decline in total segment revenue to Rs 5,813.94 crore.

How did NFL’s manufactured fertiliser revenue change in Q2?

NFL’s manufactured fertiliser revenue increased by Rs 1,106.71 crore year on year to Rs 4,385.60 crore in the quarter ended 30 September 2026. The segment includes urea, bentonite sulphur and bio fertilisers under the company’s Indian Accounting Standard 108, or Ind AS 108, segment classification.

NFL’s manufactured fertiliser revenue also rose from Rs 3,883.67 crore in the quarter ended 30 June 2026. The sequential increase was Rs 501.93 crore, and the segment represented about three-quarters of the Rs 5,813.94 crore total segment revenue reported for the September 2026 quarter.

NFL reported a Rs 6.17 crore segment loss in manufactured fertilisers for the September 2026 quarter, compared with a Rs 22.99 crore loss a year earlier. The segment had recorded a Rs 109.92 crore profit in the June 2026 quarter, showing that the higher September-quarter revenue did not result in a positive quarterly segment outcome.

Why did NFL’s traded imported fertiliser revenue fall?

NFL’s traded imported fertiliser revenue fell by Rs 2,288.79 crore, or 75% year on year, to Rs 744.95 crore in the quarter ended 30 September 2026. The filing classifies the business as traded imported fertilisers under the Nutrient Based Subsidy, or NBS, framework, but does not state a reason for the year-on-year revenue decline.

NFL’s imported-fertiliser revenue was nevertheless higher than Rs 232.85 crore in the June 2026 quarter. The Rs 512.10 crore sequential increase left September-quarter revenue substantially below the Rs 3,033.74 crore recorded in the corresponding quarter of 2025.

NFL reported a Rs 46.35 crore segment result from traded imported fertilisers in the September 2026 quarter, versus Rs 22.55 crore a year earlier. The result was marginally below the Rs 47.88 crore recorded in the June 2026 quarter, despite the substantial sequential increase in segment revenue.

What happened to NFL’s other business segments?

NFL’s others segment generated Rs 641.98 crore of revenue in the September 2026 quarter, up from Rs 369.59 crore a year earlier. This segment includes domestic traded products, agro inputs and sale services, and its segment result rose to Rs 53.96 crore from Rs 51.11 crore.

NFL’s manufactured chemicals revenue declined to Rs 86.57 crore in the September 2026 quarter from Rs 107.74 crore a year earlier. Its segment result fell to Rs 1.02 crore from Rs 17.51 crore, while the June 2026 quarter had produced Rs 74.15 crore of revenue and a Rs 18.97 crore segment result.

NFL reported eliminations of Rs 45.16 crore in the September 2026 quarter, compared with Rs 39.66 crore a year earlier and Rs 2.81 crore in the June 2026 quarter. After eliminations, total segment revenue was Rs 5,813.94 crore, below Rs 6,750.30 crore a year earlier but above Rs 4,500.39 crore in the preceding quarter.

How did NFL’s first-half segment revenue compare?

NFL’s manufactured fertiliser revenue for the half year ended 30 September 2026 rose 34% to Rs 8,269.27 crore from Rs 6,163.46 crore in the prior-year half. The Rs 2,105.81 crore increase was the largest absolute movement among the operating segments disclosed for the six-month period.

NFL’s traded imported fertiliser revenue for the half year fell 71% to Rs 977.80 crore from Rs 3,355.04 crore. Total segment revenue was therefore broadly unchanged at Rs 10,314.33 crore, compared with Rs 10,284.47 crore a year earlier, an increase of Rs 29.86 crore.

NFL’s manufactured fertiliser segment result for the half year was Rs 103.75 crore, compared with a Rs 32.45 crore loss in the prior-year period. Traded imported fertilisers reported a Rs 94.23 crore result, up from Rs 9.52 crore, while manufactured chemicals declined to Rs 19.99 crore from Rs 62.86 crore.

What do NFL’s segment assets and liabilities show?

NFL reported manufactured fertiliser segment assets of Rs 10,453.25 crore as at 30 September 2026, compared with Rs 7,304.94 crore a year earlier. Segment liabilities were Rs 5,081.47 crore, up from Rs 4,861.52 crore at 30 September 2025.

NFL’s traded imported fertiliser assets were Rs 3,084.66 crore as at 30 September 2026, below Rs 4,388.50 crore a year earlier but above Rs 1,180.66 crore at 30 June 2026. Its liabilities stood at Rs 2,735.87 crore, compared with Rs 968.69 crore a year earlier and Rs 150.63 crore at the end of June 2026.

NFL’s total segment assets increased to Rs 15,547.04 crore at 30 September 2026 from Rs 13,365.83 crore a year earlier. Total segment liabilities rose to Rs 12,693.29 crore from Rs 10,720.23 crore, while unallocable assets were Rs 1,537.48 crore and unallocable liabilities were Rs 4,831.78 crore.

Conclusion

NFL’s September-quarter figures show that a Rs 1,106.71 crore year-on-year increase in manufactured fertiliser revenue did not fully offset a Rs 2,288.79 crore reduction in traded imported fertiliser revenue. The resulting 14% decline in quarterly segment revenue contrasts with the first-half outcome, where total segment revenue rose by Rs 29.86 crore as manufactured fertilisers offset much of the imported-fertiliser reduction.

The next results will show whether manufactured fertiliser revenue remains near the Rs 4,385.60 crore recorded in the September quarter and whether traded imported fertilisers recover from Rs 744.95 crore. The Department of Fertilizers’ New Energy Norms, notified on 30 July 2026 and valid from 1 April 2025 to 31 March 2028, led NFL to recognise Rs 117 crore of subsidy income for the 2025-26 period during the half year ended 30 September 2026.