National Fertilizer Ltd

NFL

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Market Cap

₹ 4,269 Cr

P/E

40.47

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

HIGH RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

National Fertilizers Limited (NFL) is an Indian company, primarily engaged in producing and marketing Neem Coated Urea, Bio-fertilizers, and other industrial products like Ammonia and Nitric Acid.

NFL holds the second largest urea production capacity in India, strategically located in high-demand areas, enabling efficient supply to regions like Punjab and Haryana.

The company is in the process of expanding its capacity with a proposed ammonia-urea complex and has undertaken energy-saving initiatives to enhance production efficiency.

NFL has diversified its operations with the commissioning of seed processing units and bio-fertilizer plants, indicating growth into adjacent agricultural support services.

NFL's involvement in a joint venture to revive the Ramagundam Fertilizer Plant reflects its strategy to strengthen industrial ties and expand production capacity.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

4,269 Cr

Volatility

High Risk

P/E Ratio

40.5

Industry P/E

19.0

PEG Ratio

1.8

P/B Ratio

1.7

52W High

129.70

52W Low

70.94

Sales CAGR

-15.98%

7.67%

8.55%

10Y

10.91%

Profit CAGR

22.61%

-11.01%

—

10Y

-10.09%

ROE

TTM

4.11%

10.15%

7.77%

10Y

7.70%

ROCE

TTM

3.72%

12.86%

10.38%

10Y

9.85%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RCF	140.60	7,757 Cr	25.06	1.58	0.94	6.35	8.22	2.35
GSFC	172.85	6,888 Cr	10.31	0.55	2.89	5.36	7.09	5.09
NFL	86.60	4,269 Cr	40.47	1.66	1.79	4.11	3.72	0.79
MANGCHEFER	308.40	3,655 Cr	22.64	3.43	0.49	13.50	15.64	6.92
SPIC	81.80	1,676 Cr	9.01	1.29	2.43	14.30	18.82	8.31
ZUARI	315.00	1,325 Cr	4.16	0.52	0.00	12.61	20.80	26.39
MADRASFERT	74.00	1,188 Cr	14.99	50.19	0.00	320.52	26.29	3.81

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,048	5,660	7,584	5,284	5,092	4,390	5,856	4,457	3,534	6,763
Expenses	5,060	5,714	7,266	4,902	4,983	4,265	5,707	4,222	3,446	6,635
Operating Profit	-12	-55	319	382	109	125	149	234	89	128
OPM %	-0.23	-0.97	4.20	7.23	2.15	2.85	2.55	5.26	2.51	1.90
Other Income	34	58	25	52	51	37	43	62	1.58	-10
Interest	104	39	50	74	90	60	41	35	46	55
Depreciation	87	90	92	92	91	93	94	95	96	99
Profit Before Tax	-169	-127	201	268	-21	8.91	57	167	-52	-36
Tax %	28.08	31.33	24.97	22.62	59.16	-35.47	19.39	19.45	24.27	0.31
Net Profit	-121	-87	151	208	-8.69	12	46	135	-39	-36
EPS in Rs	-2.48	-1.78	3.08	4.23	-0.18	0.25	0.93	2.75	-0.80	-0.73

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	7,643	8,954	12,429	13,135	11,906	15,857	29,584	23,560	19,795	18,237
Expenses	7,045	8,407	11,416	12,277	10,992	15,270	28,513	22,942	19,187	17,640
Operating Profit	599	548	1,013	859	914	587	1,071	618	608	597
OPM %	7.83	6.12	8.15	6.54	7.67	3.70	3.62	2.62	3.07	3.27
Other Income	44	62	47	-342	21	-178	195	185	203	144
Interest	190	190	316	405	291	133	302	267	226	182
Depreciation	85	73	285	374	312	335	353	362	373	378
Profit Before Tax	325	335	459	-263	331	-59	612	174	212	181
Tax %	35.95	36.46	35.94	31.09	28.36	-62.60	25.11	13.68	13.14	15.34
Net Profit	208	213	294	-181	237	-95	458	150	184	153
EPS in Rs	—	—	6.00	-3.70	4.84	-1.94	9.34	3.05	3.75	2.15
Dividend Payout %	0.00	0.00	31.05	-25.75	0.00	0.00	29.87	8.82	41.60	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	491	491	491	491	491	491	491	491	491	491
Reserves	1,199	1,334	1,495	1,720	1,412	1,650	1,589	2,051	2,064	2,225
Borrowings	5,281	3,326	3,005	6,402	7,931	1,892	3,172	3,993	4,091	2,001
Other Liabilities	5,046	5,029	4,636	5,291	4,731	4,380	5,242	5,999	4,561	4,594
Total Liabilities	12,016	10,180	9,627	13,904	14,564	8,412	10,494	12,534	11,206	9,311
Fixed Assets	4,259	4,059	4,080	3,992	3,724	3,614	4,229	3,968	3,830	3,693
CWIP	33	51	64	133	656	862	138	178	242	172
Investments	23	152	217	266	324	418	258	260	346	444
Other Assets	7,702	5,919	5,266	9,512	9,859	3,518	5,869	8,128	6,788	5,002
Total Assets	12,016	10,180	9,627	13,904	14,564	8,412	10,494	12,534	11,206	9,311

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,848	2,453	1,661	-2,703	-319	7,021	-1,029	-333	668	2,590
Cash from Investing Activity	-87	-201	-346	-310	-810	-497	-129	-206	-334	-268
Cash from Financing Activity	-1,760	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334
Net Cash Flow	1.62	1.16	1.38	9.13	2.93	20	-14	-13	16	-12

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%	74.71%
FIIs	0.20%	0.54%	0.39%	0.39%	1.10%	0.48%	0.41%	0.41%	0.42%	0.60%	0.49%	0.91%
DIIs	12.76%	12.41%	11.91%	9.92%	8.51%	8.38%	7.49%	7.27%	7.28%	6.83%	6.21%	5.99%
Public	12.33%	12.33%	12.99%	14.98%	15.68%	16.43%	17.39%	17.61%	17.58%	17.85%	18.58%	18.39%
Total Shareholders	1,19,623	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jul 23, 2024	Hrti private limited	Bulk	Buy	155.64	65.65 Cr	42,18,335	0.85
Jul 23, 2024	Hrti private limited	Bulk	Sell	156.63	72.15 Cr	46,06,616	0.93
Jul 22, 2024	Hrti private limited	Bulk	Buy	159.59	68.20 Cr	42,73,413	0.87
Jul 22, 2024	Hrti private limited	Bulk	Sell	158.77	50.61 Cr	31,87,497	0.64
Jul 09, 2024	Hrti private limited	Bulk	Buy	154.71	54.77 Cr	35,40,368	0.72
Jul 09, 2024	Hrti private limited	Bulk	Sell	154.83	58.41 Cr	37,72,207	0.76
Jul 08, 2024	Hrti private limited	Bulk	Buy	142.04	35.03 Cr	24,66,278	0.50
Jul 08, 2024	Hrti private limited	Bulk	Sell	142.12	27.22 Cr	19,15,135	0.39
Jun 24, 2024	Hrti private limited	Bulk	Buy	132.87	40.30 Cr	30,33,390	0.61
Jun 24, 2024	Hrti private limited	Bulk	Sell	132.90	49.49 Cr	37,23,948	0.75

Projection

Actions

Action Type

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Announcements

Last 7 days

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY23

Investor Presentation

Q1 FY23

Investor Presentation

Q4 FY22

Investor Presentation

Q2 FY17

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RCF	140.60	7,757 Cr	25.06	1.58	0.94	6.35	8.22	2.35
GSFC	172.85	6,888 Cr	10.31	0.55	2.89	5.36	7.09	5.09
NFL	86.60	4,269 Cr	40.47	1.66	1.79	4.11	3.72	0.79
MANGCHEFER	308.40	3,655 Cr	22.64	3.43	0.49	13.50	15.64	6.92
SPIC	81.80	1,676 Cr	9.01	1.29	2.43	14.30	18.82	8.31
ZUARI	315.00	1,325 Cr	4.16	0.52	0.00	12.61	20.80	26.39
MADRASFERT	74.00	1,188 Cr	14.99	50.19	0.00	320.52	26.29	3.81

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

AI Mode

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	5,048	5,660	7,584	5,284	5,092	4,390	5,856	4,457	3,534	6,763
Expenses	5,060	5,714	7,266	4,902	4,983	4,265	5,707	4,222	3,446	6,635
Operating Profit	-12	-55	319	382	109	125	149	234	89	128
OPM %	-0.23	-0.97	4.20	7.23	2.15	2.85	2.55	5.26	2.51	1.90
Other Income	34	58	25	52	51	37	43	62	1.58	-10
Interest	104	39	50	74	90	60	41	35	46	55
Depreciation	87	90	92	92	91	93	94	95	96	99
Profit Before Tax	-169	-127	201	268	-21	8.91	57	167	-52	-36
Tax %	28.08	31.33	24.97	22.62	59.16	-35.47	19.39	19.45	24.27	0.31
Net Profit	-121	-87	151	208	-8.69	12	46	135	-39	-36
EPS in Rs	-2.48	-1.78	3.08	4.23	-0.18	0.25	0.93	2.75	-0.80	-0.73

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	7,643	8,954	12,429	13,135	11,906	15,857	29,584	23,560	19,795	18,237
Expenses	7,045	8,407	11,416	12,277	10,992	15,270	28,513	22,942	19,187	17,640
Operating Profit	599	548	1,013	859	914	587	1,071	618	608	597
OPM %	7.83	6.12	8.15	6.54	7.67	3.70	3.62	2.62	3.07	3.27
Other Income	44	62	47	-342	21	-178	195	185	203	144
Interest	190	190	316	405	291	133	302	267	226	182
Depreciation	85	73	285	374	312	335	353	362	373	378
Profit Before Tax	325	335	459	-263	331	-59	612	174	212	181
Tax %	35.95	36.46	35.94	31.09	28.36	-62.60	25.11	13.68	13.14	15.34
Net Profit	208	213	294	-181	237	-95	458	150	184	153
EPS in Rs	—	—	6.00	-3.70	4.84	-1.94	9.34	3.05	3.75	2.15
Dividend Payout %	0.00	0.00	31.05	-25.75	0.00	0.00	29.87	8.82	41.60	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	491	491	491	491	491	491	491	491	491	491
Reserves	1,199	1,334	1,495	1,720	1,412	1,650	1,589	2,051	2,064	2,225
Borrowings	5,281	3,326	3,005	6,402	7,931	1,892	3,172	3,993	4,091	2,001
Other Liabilities	5,046	5,029	4,636	5,291	4,731	4,380	5,242	5,999	4,561	4,594
Total Liabilities	12,016	10,180	9,627	13,904	14,564	8,412	10,494	12,534	11,206	9,311
Fixed Assets	4,259	4,059	4,080	3,992	3,724	3,614	4,229	3,968	3,830	3,693
CWIP	33	51	64	133	656	862	138	178	242	172
Investments	23	152	217	266	324	418	258	260	346	444
Other Assets	7,702	5,919	5,266	9,512	9,859	3,518	5,869	8,128	6,788	5,002
Total Assets	12,016	10,180	9,627	13,904	14,564	8,412	10,494	12,534	11,206	9,311

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1,848	2,453	1,661	-2,703	-319	7,021	-1,029	-333	668	2,590
Cash from Investing Activity	-87	-201	-346	-310	-810	-497	-129	-206	-334	-268
Cash from Financing Activity	-1,760	-2,250	-1,314	3,022	1,132	-6,505	1,145	526	-318	-2,334
Net Cash Flow	1.62	1.16	1.38	9.13	2.93	20	-14	-13	16	-12

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

National Fertilizers Limited (NFL) is an Indian company, primarily engaged in producing and marketing Neem Coated Urea, Bio-fertilizers, and other industrial products like Ammonia and Nitric Acid.

NFL holds the second largest urea production capacity in India, strategically located in high-demand areas, enabling efficient supply to regions like Punjab and Haryana.

The company is in the process of expanding its capacity with a proposed ammonia-urea complex and has undertaken energy-saving initiatives to enhance production efficiency.

NFL has diversified its operations with the commissioning of seed processing units and bio-fertilizer plants, indicating growth into adjacent agricultural support services.

NFL's involvement in a joint venture to revive the Ramagundam Fertilizer Plant reflects its strategy to strengthen industrial ties and expand production capacity.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

4,269 Cr

Volatility

High Risk

P/E Ratio

40.5

Industry P/E

19.0

PEG Ratio

1.8

P/B Ratio

1.7

52W High

129.70

52W Low

70.94

Sales CAGR

-15.98%

7.67%

8.55%

10Y

10.91%

Profit CAGR

22.61%

-11.01%

—

10Y

-10.09%

ROE

TTM

4.11%

10.15%

7.77%

10Y

7.70%

ROCE

TTM

3.72%

12.86%

10.38%

10Y

9.85%