NFL

National Fertilizers Limited

Government PSU urea and allied agri-inputs manufacturer and marketer

Commodities›Chemicals›Fertilizers & Agrochemicals›Fertilizers

nationalfertilizers.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹62.88
Market cap
3,086 Cr
Stock P/E
8.5
P/B
1.09
Dividend yield
2.5%
ROE (FY26)
7.4%
ROCE (FY26)
7.7%
Operating margin (FY26)
2.0%
Debt / equity (FY26)
1.39
OCF / EBITDA (FY26)
-160.9%
OCF / EBITDA (3Y)
93.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

NFL (National Fertilizers) makes and sells fertilisers in India, mainly urea, bentonite sulphur and bio-fertilisers, and also trades imported fertilisers under the government's nutrient-based subsidy (NBS) scheme.

Company snapshot

9thBy market cap

Ranked among 19 companies in Fertilizers.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 66.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Elimination—-110 Cr0 Cr—
Manufactured Chemicals
2.8%
432 Cr106 Cr—
Manufactured Fertilizers
66.7%
10,232 Cr7 Cr—
OthersDomesticTradedProductAgroInputsSaleServices
6.6%
1,018 Cr75 Cr—
Traded Imported Fertilizers (Under NBS)
24.6%
3,766 Cr27 Cr—

What we see

Positives
  • ✓93% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 1.0% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales5,660 Cr7,581 Cr5,284 Cr5,092 Cr4,390 Cr5,856 Cr4,457 Cr3,534 Cr6,763 Cr6,870 Cr4,347 Cr4,500 Cr
Operating expenses (approx.)5,714 Cr7,266 Cr4,902 Cr4,983 Cr4,265 Cr5,707 Cr4,222 Cr3,446 Cr6,635 Cr6,574 Cr4,026 Cr4,234 Cr
EBITDA-55 Cr315 Cr382 Cr109 Cr125 Cr149 Cr234 Cr89 Cr128 Cr296 Cr321 Cr267 Cr
OPM %-1.0%4.2%7.2%2.1%2.8%2.5%5.3%2.5%1.9%4.3%7.4%5.9%
Other income32 Cr17 Cr26 Cr18 Cr14 Cr28 Cr25 Cr9 Cr15 Cr17 Cr12 Cr11 Cr
Interest39 Cr50 Cr74 Cr90 Cr60 Cr41 Cr35 Cr46 Cr55 Cr72 Cr77 Cr79 Cr
Depreciation90 Cr92 Cr92 Cr91 Cr93 Cr94 Cr95 Cr96 Cr99 Cr110 Cr100 Cr104 Cr
Profit before tax-127 Cr201 Cr268 Cr-21 Cr9 Cr57 Cr167 Cr-52 Cr-36 Cr173 Cr190 Cr138 Cr
Tax %31.3%25.0%22.6%59.2%-35.5%19.4%19.5%24.3%0.3%21.6%20.2%17.7%
Net profit-87 Cr151 Cr208 Cr-9 Cr12 Cr46 Cr135 Cr-39 Cr-36 Cr135 Cr152 Cr113 Cr
EPS (₹)₹-1.78₹3.08₹4.23₹-0.18₹0.25₹0.93₹2.75₹-0.80₹-0.73₹2.76₹3.09₹2.31

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,643 Cr8,928 Cr12,245 Cr13,135 Cr11,906 Cr15,857 Cr29,617 Cr23,560 Cr19,795 Cr21,514 CrSign in free for the trailing twelve months
Operating expenses (approx.)7,088 Cr8,427 Cr11,420 Cr12,276 Cr10,992 Cr15,279 Cr28,545 Cr22,942 Cr19,187 Cr20,681 CrSign in free for the trailing twelve months
EBITDA555 Cr502 Cr825 Cr860 Cr914 Cr578 Cr1,072 Cr618 Cr608 Cr834 CrSign in free for the trailing twelve months
OPM %7.3%5.6%6.7%6.5%7.7%3.6%3.6%2.6%3.1%3.9%Sign in free for the trailing twelve months
Other income45 Cr96 Cr56 Cr57 Cr33 Cr34 Cr193 Cr99 Cr95 Cr54 CrSign in free for the trailing twelve months
Interest190 Cr190 Cr316 Cr405 Cr291 Cr133 Cr302 Cr267 Cr226 Cr249 CrSign in free for the trailing twelve months
Depreciation85 Cr73 Cr101 Cr374 Cr312 Cr335 Cr353 Cr362 Cr373 Cr405 CrSign in free for the trailing twelve months
Profit before tax325 Cr335 Cr460 Cr-263 Cr331 Cr-58 Cr612 Cr174 Cr212 Cr275 CrSign in free for the trailing twelve months
Tax %36.0%36.5%35.9%31.1%28.4%-62.7%25.1%13.7%13.1%23.0%Sign in free for the trailing twelve months
Net profit208 Cr213 Cr295 Cr-181 Cr237 Cr-95 Cr458 Cr150 Cr184 Cr211 CrSign in free for the trailing twelve months
EPS (₹)₹4.24₹4.34₹6.01₹-3.69₹4.83₹-1.94₹9.34₹3.06₹3.75₹4.31Sign in free for the trailing twelve months
Dividend payout %————0.0%—0.0%91.2%7.2%36.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital491 Cr491 Cr491 Cr491 Cr491 Cr491 Cr491 Cr491 Cr491 Cr491 Cr
Reserves1,334 Cr1,495 Cr1,723 Cr1,412 Cr1,650 Cr1,557 Cr2,051 Cr2,064 Cr2,225 Cr2,350 Cr
Borrowings3,326 Cr3,005 Cr6,402 Cr7,931 Cr1,783 Cr3,170 Cr3,991 Cr4,088 Cr1,996 Cr3,959 Cr
Other liabilities5,029 Cr4,636 Cr5,291 Cr4,731 Cr4,489 Cr5,277 Cr6,001 Cr4,563 Cr4,599 Cr4,924 Cr
Total liabilities10,180 Cr9,627 Cr13,907 Cr14,563 Cr8,412 Cr10,494 Cr12,533 Cr11,206 Cr9,311 Cr11,724 Cr
Fixed assets (net)4,047 Cr4,074 Cr3,990 Cr3,722 Cr3,613 Cr4,226 Cr3,966 Cr3,829 Cr3,645 Cr3,494 Cr
CWIP51 Cr64 Cr133 Cr656 Cr862 Cr112 Cr147 Cr208 Cr172 Cr161 Cr
Investments152 Cr217 Cr269 Cr324 Cr418 Cr258 Cr260 Cr346 Cr444 Cr496 Cr
Loans & advances——4 Cr3 Cr3 Cr3 Cr3 Cr8 Cr10 Cr7 Cr
Inventories575 Cr526 Cr1,586 Cr1,276 Cr438 Cr2,255 Cr3,070 Cr1,750 Cr911 Cr1,085 Cr
Trade receivables4,267 Cr3,924 Cr7,156 Cr7,735 Cr2,634 Cr2,800 Cr4,119 Cr4,037 Cr3,273 Cr5,411 Cr
Cash & bank6 Cr7 Cr17 Cr20 Cr39 Cr26 Cr12 Cr29 Cr18 Cr55 Cr
Other assets1,083 Cr814 Cr753 Cr827 Cr405 Cr813 Cr956 Cr999 Cr838 Cr1,015 Cr
Total assets10,180 Cr9,627 Cr13,907 Cr14,563 Cr8,412 Cr10,494 Cr12,533 Cr11,206 Cr9,311 Cr11,724 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2,453 Cr1,661 Cr-2,710 Cr-487 Cr7,021 Cr-1,029 Cr-333 Cr668 Cr2,590 Cr-1,342 Cr
Cash from investing-201 Cr-346 Cr-303 Cr-640 Cr-496 Cr-129 Cr-206 Cr-334 Cr-268 Cr-263 Cr
Cash from financing-2,250 Cr-1,314 Cr3,022 Cr1,130 Cr-6,505 Cr1,145 Cr526 Cr-318 Cr-2,334 Cr1,643 Cr
Net cash flow1 Cr1 Cr9 Cr3 Cr20 Cr-14 Cr-13 Cr16 Cr-12 Cr37 Cr
Free cash flow (OCF − Capex)2,357 Cr1,320 Cr-2,956 Cr-1,078 Cr6,602 Cr-1,326 Cr-541 Cr376 Cr2,386 Cr-1,570 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %10.0%10.5%9.0%1.5%15.9%1.4%14.0%6.6%9.3%7.7%
ROE %11.4%10.7%13.3%-9.5%11.1%-4.6%18.0%5.9%6.8%7.4%
Debtor days203160213215816451636092
Inventory days695612210243132105844658
Days payable49534872728560697779
Cash conversion cycle2241642862455211295782970
OCF / EBITDA %441.7%331.1%-328.5%-56.7%768.4%-178.1%-31.1%n.m.426.2%-160.9%
OCF / EBITDA % (3 years)——74.6%-70.3%147.2%234.1%220.8%-30.6%127.3%93.0%
Debt / equity1.821.512.894.170.831.551.571.600.731.39
Current ratio——1.111.031.071.031.080.981.011.01
Net debt / EBITDA5.98—7.749.201.915.443.716.573.254.68