National Fertilizer Ltd(NFL)

NSE: NFLBSE: 523630

₹ 57.32+0.35%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,812 crWebsite: www.nationalfertilizers.comUpdated: 27 Oct 2026

About

National Fertilizers Limited (NFL) is a Government of India undertaking that manufactures urea, bentonite sulphur, bio-fertilizers and industrial chemicals at four plants in north India, and trades imported phosphatic and potassic fertilizers. In FY26 the company reported total revenue of ₹21,514.18 crore across four business segments.^[1][2][3]

Business segments

Manufactured Fertilizers (urea, bentonite sulphur, bio-fertilizers): revenue ₹12,958.13 Cr, 59.7% of total, EBIT margin 0.7% in FY26.^[3]
Traded Imported Fertilizers under NBS (DAP, MoP, APS, NPK): revenue ₹6,413.83 Cr, 29.6% of total, EBIT margin 2.9% in FY26.^[3]
Others (domestic traded products, agro-inputs, sale of services): revenue ₹1,807.57 Cr, 8.3% of total, EBIT margin 9.6% in FY26.^[3]
Manufactured Chemicals (industrial products, agro chemicals): revenue ₹523.79 Cr, 2.4% of total, EBIT margin 25.9% in FY26.^[3]

Products and brands

Manufactured fertilizers include urea, bentonite sulphur and bio-fertilizers; newly launched 'Urea Gold' (sulphur-coated urea) with first dispatch from Panipat unit in FY25.^[2]
Industrial products under Manufactured Chemicals include nitric acid and sodium nitrate; agrochemicals plant at Bathinda commissioned in FY25, adding a new revenue stream.^[2]
Traded imported fertilizers portfolio spans DAP, MoP, APS and NPK; 8.51 LMT sold worth ₹4,524.64 Cr in FY25.^[2]
Agro-inputs trading covers seeds, pesticides and compost; total agro-trading revenue ₹144.89 Cr in FY25.^[2]

Manufacturing operations

NFL operates four manufacturing units: Panipat (Haryana), Nangal (Punjab), Bathinda (Punjab) and Vijaipur (Madhya Pradesh, two lines).^[2]
Vijaipur-I unit: energy norm (TEN 5.5 Gcal/MT) extended with 35% penalty until December 2024; post-April 2025 norms under review by DoF; unit considered structurally unviable without significant investment.^[2]
Advanced Process Control (APC) installed at Vijaipur Line-I (energy saving ~0.01 Gcal/MT urea); Nangal unit planning APC installation in FY26.^[2]
Coal-fired boiler replacement with natural gas-based boiler at one unit in-principle approved; expected energy reduction of 0.10 Gcal/MT urea.^[2]
Steam turbine drives being replaced with electric motors at Bathinda and Panipat, expected by late 2025.^[2]

Key operating numbers

Traded imported non-urea fertilizers volume: 8.51 LMT worth ₹4,524.64 Cr in FY25.^[2]
Industrial products (nitric acid, sodium nitrate, etc.) sales: ₹673.48 Cr in FY25.^[2]
Manufactured Fertilizers segment revenue: ₹13,433.16 Cr in FY25 vs ₹13,680.35 Cr in FY24; segment result ₹93.30 Cr vs ₹46.38 Cr in FY24.^[2]
Traded Imported Fertilizers segment revenue: ₹4,530.70 Cr in FY25 vs ₹8,095.51 Cr in FY24; segment result ₹41.97 Cr vs ₹91.93 Cr in FY24.^[2]
Foreign exchange outgo ₹2,999.50 Cr vs inflows of ₹1.82 Cr in FY25, reflecting dependence on imported gas and fertilizers.^[2]

Customers and distribution

Signed MoU with Coromandel International Ltd. in FY25 for cross-marketing of each other's products, expanding distribution reach.^[2]
DAP special package of ₹3,500/PMT extended by DoF beyond NBS through 30 September 2025, supporting revenue on traded P&K fertilizers.^[2]

Expansion and capex

CAPEX of ₹232 Cr (excluding CWIP) achieved in FY25; contracts remaining to be executed net of advances: ₹166.35 Cr as at 31 March 2025.^[2]
Rooftop solar PV plant (~1,500 KWp) at Panipat targeted for completion by end FY26; similar plants planned at Nangal (1,735 KWp), Bathinda (600 KWp) and Vijaipur (1,220 KWp).^[2]
Agrochemicals plant at Bathinda commissioned in FY25 (~₹13 Cr capex); DEF (Adblue) plant at Panipat and sulphur coated urea pilot plants also underway.^[2]
New urea reactors with super cup tray design and an upgraded S-300 ammonia converter procured for Vijaipur unit to replace life-expired S-200 converter.^[2]
DCS/ESD systems for urea plants at Bathinda, Panipat and Nangal ordered from ABB India Ltd.; implementation expected by end of 2025.^[2]

Recent developments

JV 'Assam Valley Fertilizer And Chemical Company Limited' (AVFCCL) incorporated 25 July 2025; NFL holds 18% in a 40:18:18:13:11 JV with GoA, OIL, HURL and BVFCL.^[2]
ERP migration from Oracle to SAP completed effective 1 January 2025; all Q4 FY25 transactions processed in SAP.^[2]
NSE and BSE each imposed fines for non-compliance with board composition regulations (insufficient independent directors from November 2024); three independent directors appointed by GoI in May 2025.^[2]
JV RFCL (NFL 26% stake): NFL's share of profit ₹107.67 Cr in FY25 vs ₹85.36 Cr in FY24; RFCL total revenue ₹5,261 Cr in FY25.^[2]
Short-term borrowings fell from ₹4,088 Cr to ₹1,996 Cr in FY25 due to lower imports; debt-equity ratio improved to 0.72:1 from 1.51:1.^[2]

Market Cap

₹2,812 Cr

High / Low

₹96 / 56

Stock P/E

7.7

Price / Book

1.0

Book Value

₹58

EPS

₹4.3

No. of Shares

49.06 Cr

ROCE

9.1%

ROE

7.6%

OPM

2.2%

Debt / Equity

1.39

Sales

₹21,514 Cr

Net Profit

₹211 Cr

Promoter holding

74.7%

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National Fertilizer Ltd(NFL)

About

Business segments

Products and brands

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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