National Fertilizer Ltd (NFL)

Chemicals · Fertilizers · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹70.37 ↓ 27.92% (1Y)

🎯 Key Takeaways

National Fertilizers Ltd (NFL) is in a consolidation and shareholder return phase, transitioning from operational volatility to stable profitability and dividend-driven investor appeal. Despite a -26.
Revenue grew 3.5% QoQ to ₹4,500 in Q1FY27.
⚠️ Input cost volatility, particularly natural gas and raw material prices, remains a key risk as highlighted in ESG disclosures, potentially squeezing m

Market Cap

₹3,452

P/E Ratio

9.5

P/B Ratio

1.27

ROE

13.4%

ROCE

15.8%

Debt/Equity

0.73

Promoter

74.7%

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📖 The Story

National Fertilizers Ltd (NFL) is in a consolidation and shareholder return phase, transitioning from operational volatility to stable profitability and dividend-driven investor appeal. Despite a -26.8% one-year return, recent quarters show margin recovery and improved cash flow, supported by disciplined cost management and a proposed dividend. The company is navigating a mature but resilient segment with modest growth, focusing on capital efficiency and shareholder distributions.

📰 What's Happening

In Q1 FY2026 (Jun 2026), NFL reported revenue of ₹4,500 crores and operating profit of ₹163 crores, up from ₹3,534 crores and ₹-7 crores in the same period last year, signaling strong YoY recovery. The board recommended a final dividend of ₹1.04 per share (10.40%) for FY2025-26, payable by 21 October 2026 following AGM approval on 14 September 2026. This follows a turnaround from losses in FY2025, with NP turning positive at ₹113 crores in Q1 FY2026 from a ₹39 crore loss in Q1 FY2025. The company also reversed provisions and capitalized certain costs, improving net financial position. The AGM on 22 September 2026 will focus on director appointments, adoption of new Articles of Association, and increasing borrowing limits to ₹15,000 crores, which may enhance financial flexibility.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	3,534	6,763	6,870	4,347	4,500
Operating Profit	-7	29	185	221	163
OPM %	-0.2%	0.4%	2.7%	5.1%	3.6%
Net Profit	-39	-36	135	152	113
EPS	₹-0.80	₹-0.73	₹2.76	₹3.09	₹2.31

NFL’s financial trajectory shows a clear inflection from loss-making levels in H2 FY2025 to robust profitability in Q1 FY2026, with operating profit margin expanding from -0.2% in Jun 2025 to 3.6% in Jun 2026. Revenue growth has been volatile, peaking at ₹6,870 crores in Dec 2025 before settling at ₹4,500 crores in Jun 2026, but profitability has improved steadily, with OPM rising from -0.2% to 3.6% YoY. Net profit surged to ₹113 crores in Jun 2026 from a ₹39 crore loss in the same quarter last year, driven by operational efficiency and cost optimization. This turnaround aligns with management’s focus on margin discipline and operational resilience, despite macroeconomic headwinds.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance beyond the dividend proposal and AGM agenda items. However, the consistent recommendation of dividends, coupled with stable debt-equity ratios and capitalization of prior expenses, suggests a focus on returning cash to shareholders while maintaining financial stability. The filing underscores compliance with regulatory norms and auditor unmodified opinions, indicating transparency and governance rigor. No new strategic initiatives or growth forecasts were disclosed in the latest filings, implying a conservative and disciplined approach to capital allocation.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	491	491	491	491
Reserves	2,055	2,225	2,074	2,350
Borrowings	1,411	1,996	4,537	3,964
Total Liabilities	9,641	9,311	13,284	11,724
Fixed Assets	3,733	3,693	3,582	3,494
Investments	400	444	410	496
Total Assets	9,641	9,311	13,284	11,724

The balance sheet shows a strategic shift toward capital efficiency and leverage management. Total assets rose to ₹11,724 crores in March 2026 from ₹9,311 crores in March 2025, driven by higher investments, while equity remains flat at ₹491 crores but reserves grew to ₹2,350 crores. Borrowings increased to ₹3,964 crores from ₹1,996 crores in March 2025, reflecting higher financing activity, though the debt-equity ratio of 0.73 remains moderate. The increase in borrowing limits to ₹15,000 crores at the upcoming AGM suggests intent to maintain liquidity for operations or strategic investments without immediate dilution. This indicates a balanced approach to growth funding and financial prudence.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+2,590
Investing	-268
Financing	-2,334
Net Cash Flow	-12

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	74.7%	74.7%	74.7%	74.7%
FII	0.9%	1.1%	0.7%	0.6%
DII	6.0%	5.9%	5.5%	4.9%
Public	17.3%	17.4%	18.1%	18.8%
# Shareholders	2,99,076	2,89,521	2,87,339	2,84,253

Promoter holding remains stable at 74.71% across filings, indicating no intent to reduce stake. Institutional interest is growing, with FII shareholding rising from 0.55% in Q1FY27 to 0.69% in Q4FY26 and DII from 5.91% to 5.53% over recent quarters, suggesting gradual accumulation. The rising number of shareholders (2,84,253 to 2,99,076) reflects broadening retail interest. No pledging or selling signals are evident, and the stable promoter holding, combined with increasing institutional participation, may support long-term price stability and investor confidence.

⚖️ Peer Comparison — Fertilizers

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
COROMANDEL	56,243	30.7	21.0%	14.2%	0.07
FACT	53,134	1909.7	9.2%	2.0%	1.29
PARADEEP	16,590	15.5	14.5%	15.8%	1.01
CHAMBLFERT	16,401	8.5	22.6%	18.5%	0.10
GSFC	6,298	9.1	7.4%	5.7%	0.00
RCF	6,270	14.1	12.6%	9.4%	0.58
NFL	3,452	9.5	15.8%	13.4%	0.73
SPIC	1,382	6.7	16.0%	17.1%	0.60
MADRASFERT	1,052	14.8	9.5%	-219.7%	-49.36
ZUARI	974	1.0	50.7%	52.5%	0.34

🔗 Peer Stock Analyses

COROMANDEL FACT PARADEEP CHAMBLFERT GSFC

⚠️ Risk Factors

1. Input cost volatility, particularly natural gas and raw material prices, remains a key risk as highlighted in ESG disclosures, potentially squeezing margins despite recent improvements. 2. Regulatory pressures around energy compliance and plastic waste management, as noted in the BRSR report, may increase compliance costs and impact profitability. 3. The company’s reliance on the fertilizer segment, which faces demand stagnation and policy-driven pricing pressures, could limit growth visibility. 4. The proposed increase in borrowing limits may raise financial risk if not matched with consistent cash flow generation.

📋 Recent Filings

🧠 Analyst's Read

NFL is transitioning into a stable, dividend-focused phase with improving operational performance, but lacks a clear growth catalyst. Investors should monitor margin trends, input cost management, and the outcome of the upcoming AGM, particularly regarding director appointments and borrowing plans, as these could influence financial flexibility and governance perception.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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