National Fertilizers Limited

National Fertilizers Limited

NFL.BO
National Fertilizers LimitedIN flagBombay Stock Exchange
74.40
INR
-0.30
- -
36.49BMarket Cap
National Fertilizers Limited
NFL.BO
(Bombay Stock Exchange)

Recent

price

74.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
118.04
148.91
136.99
163.42
173.67
158.12
53.85
60.8
80.08
95.3
95.31
100.05
145.07
153.86
403.46
438.44
438.21
Revenue per Share
2.82
2.58
-3.48
-1.83
0.53
4.02
4.24
4.34
5.99
-3.69
4.83
-1.94
9.34
3.06
3.75
4.31
4.31
Basic EPS, GAAP
-19.06
-46.64
-50.39
-35.99
3.87
36.08
48.05
26.92
-60.62
-21.99
134.59
-27.04
-11.04
7.66
48.69
-31.99
- -
Free Cash Flow per Basic Share
1.22
0.99
0.91
- -
- -
0.2
1.46
1.02
1.31
2.07
- -
- -
- -
2.79
0.27
1.56
- -
Dividend per Share
27.71
28.62
25.14
23.2
24.06
27.51
30.31
33.56
38.22
31.94
36.79
34.89
44.99
45.07
48.54
10
9.99
Book Value per Share
34.07
35.74
32.07
29.76
30.21
34.04
36.96
40.35
44.98
38.73
43.81
41.81
50.98
51.15
54.38
57.09
57.06
Tangible Book Value per Share
491
491
491
491
491
491
491
491
491
491
491
491
491
491
491
491
491
Basic Weighted Avg Shares
57,910
73,053
67,202
80,170
85,197
77,572
26,419
29,827
39,286
46,750
46,755
49,081
71,168
75,481
197,945
215,142
215,142
Sales/Revenue/Turnover
1.62
2.91
-1.18
4.41
3.65
6.06
18.37
15.78
18.63
9.85
13.42
5.26
14.48
2.7
1.19
1.99
1.99
Operating Margin (%)
889
915
1,220
3,070
726
852
852
733
2,850
3,744
3,123
3,346
3,528
3,617
3,730
4,054
4,054
Depreciation Expense
1,385
1,267
-1,707
-897
262
1,970
2,079
2,128
2,940
-1,811
2,371
-951
4,583
1,500
1,840
2,115
2,115
Net Income, GAAP
32.08
31.2
- -
- -
41.32
31.31
35.95
36.46
35.94
- -
28.36
- -
25.11
13.68
13.14
22.96
22.96
Effective Tax Rate (%)
2.39
1.73
-2.54
-1.12
0.31
2.54
7.87
7.13
7.48
-3.87
5.07
-1.94
6.44
1.99
0.93
0.98
0.98
Profit Margin (%)
8,411
3,091
4,948
8,220
4,952
6,451
6,311
7,164
9,623
3,110
1,678
1,619
5,736
-1,432
324
688
688
Working Capital
1,912
16,008
30,874
26,318
17,851
9,860
1,724
1,146
2,796
6,000
6,489
6,305
5,352
14
34
22
22
LT Debt
16,722
17,544
15,837
14,940
15,086
16,892
18,248
19,856
22,104
19,022
21,728
20,797
25,326
25,453
27,158
28,410
28,410
Total Equity
2.99
4.16
- -
- -
2.11
3.8
4.52
5.45
6.85
- -
6.37
- -
13.18
2.69
3.61
5.72
5.72
Return on Invested Capital (%)
9.66
3.98
- -
- -
2.45
4.32
5
6.42
7.58
- -
6.64
- -
12.33
6.08
7.12
9.13
9.13
Return on Capital (%)
14.97
9.17
-12.95
-7.57
2.26
15.57
14.66
13.58
16.7
-10.52
14.06
-5.41
23.39
6.79
8.01
14.73
14.73
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
45,342
- -
39,615
LT Borrowings
- -
- -
- -
LT Finance Leases
29
- -
22
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
491
- -
491
Market Capitalization
45,234
44,990
31,721

Working Capital

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
89,885
- -
74,485
Cash, Cash Equivalents & STI
1,211
- -
1,604
Accounts Receivable, Net
50,414
- -
54,112
Inventories
30,103
- -
10,851
Total Current Liabilities
91,180
- -
73,797
Payables & Accruals
- -
- -
- -
ST Debt
45,342
- -
39,615
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.77%
5.86%
4.61%
Free Cash Flow
-109.02%
4.31%
-165.71%
Net Income, GAAP
-109.82%
-150.33%
14.95%
Sales/Revenue/Turnover
22.46%
45.39%
8.69%
Total Cash Common Dividend
- -
- -
477.58%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
50,364
56,554
75,843
-107,407
75,481
2025
50,918
43,904
58,558
44,565
197,945
2026
35,342
67,631
68,698
43,472
215,142

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-2.48
-1.78
3.08
- -
3.06
2025
-0.18
0.25
0.93
2.75
3.75
2026
-0.8
-0.73
2.76
3.09
4.31

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.79
2025
- -
- -
- -
- -
0.27
2026
- -
- -
- -
- -
1.56
Business
National Fertilizers Limited (NFL) is an Indian government-owned central public sector undertaking and the largest producer of urea fertilizer in India, founded in 1974 and headquartered in New Delhi. The company operates primarily in the fertilizer industry, manufacturing and marketing a range of products including urea, neem-coated urea, bio-fertilizers (solid and liquid forms), and allied industrial products such as ammonia, nitric acid, ammonium nitrate, sodium nitrite, and sodium nitrate. NFL has multiple gas-based ammonia-urea plants located in Punjab (Nangal and Bathinda), Haryana (Panipat), and Madhya Pradesh (Vijaipur). The company also trades in agro-inputs like certified quality seeds, compost, agrochemicals (insecticides, herbicides), and bentonite sulfur, and provides additional services such as soil testing, crop consultancy, and custom fertilizer blending to support farmers. In recent years, National Fertilizers Limited has undertaken significant strategic moves, including its 2025 approval of a ₹5.72 billion investment in Assam Valley Fertilizer and Chemical Company Limited (AVFCCL) to develop a new ammonia-urea complex plant (Namrup IV) in Namrup, Assam, where NFL holds an 18 percent equity stake as part of a joint venture with other stakeholders. This project aims to enhance fertilizer production capacity in Northeast India and strengthen NFL's footprint in that region. Additionally, NFL has approved the construction of a new water-soluble fertilizers plant costing approximately ₹208 crore, reflecting the company's focus on expanding its product portfolio and production capabilities. Despite facing challenging financials recently, NFL continues to invest in long-term growth and capacity expansion. The company is categorized as a Navratna enterprise under the Ministry of Chemicals and Fertilizers, operating with a major stake held by the Government of India. National Fertilizers Limited's core industries include nitrogenous fertilizers production and agrochemical trading, serving primarily the Indian agricultural market. It emphasizes value-added product offerings such as neem-coated urea, which is recognized for its efficacy and is produced at three of its manufacturing units. NFL also produces three types of bio-fertilizers: Rhizobium, Phosphate Solubilizing Bacteria, and Azotobacter, aiming to promote sustainable agriculture. The company operates across India with its manufacturing plants spread in northern and central regions and its strategic investments extending to the northeast. NFL also produces a range of industrial chemicals supporting various related industries. The company maintains a diversified product range focused on boosting agricultural productivity through high-quality fertilizers and allied inputs while expanding its manufacturing infrastructure via joint ventures and greenfield projects. This includes enhancing regional fertilizer availability and addressing environmental and efficiency aspects through product innovation. National Fertilizers Limited remains a critical player in India’s fertilizer sector with ongoing initiatives to increase production capacities, diversify products, and support agricultural growth in multiple regions of the country.