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NFL - Natl.Fertilizer

📊 NSE: NFL 🏢 Fertilizers 📅 Last Updated: 12/14/2025 10:20

📢 Recent Corporate Announcements

NFL Assigns Additional Charge of Director (Finance) to Mahesh Chander Gupta for 3 Months

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 03 Mar 2026, 05:09 PM

National Fertilizers Limited (NFL) has announced that Shri Mahesh Chander Gupta, the current Director (Marketing), will take on the additional charge of Director (Finance) effective March 3, 2026. This appointment, directed by the Ministry of Chemicals and Fertilizers, is for a temporary period of three months or until a permanent replacement is appointed. Shri Gupta is a seasoned professional with over 30 years of experience and is a Gold Medallist Cost & Management Accountant. This move ensures administrative continuity in the company's financial leadership while the search for a permanent incumbent continues.

Shri Mahesh Chander Gupta assumes additional charge as Director (Finance) effective March 3, 2026.
The temporary appointment is for a duration of 3 months or until a regular incumbent joins.
Shri Gupta has over 30 years of experience and was previously Chief General Manager at Indian Oil Corporation Limited (IOCL).
He holds a Cost & Management Accountant (Gold Medallist) qualification and an MBA from FMS Udaipur.

💡 This is a routine administrative update for a PSU. Investors should monitor for the appointment of a permanent Director (Finance) to ensure long-term financial leadership stability.

NFL Fined ₹5.43 Lakh by NSE for Non-Compliance with SEBI Board Composition Norms

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 02 Mar 2026, 04:07 PM

National Fertilizers Limited (NFL) has received a notice from the National Stock Exchange (NSE) for non-compliance with Regulation 17(1) regarding the composition of its Board of Directors. The Exchange has imposed a total fine of ₹5,42,800 (including GST) for a 92-day period of non-compliance during the quarter ended September 30, 2025. The company has requested a waiver of the fine, stating that as a PSU, the appointment of Independent Directors is handled by the Department of Fertilizers (DoF). The Board is currently following up with the DoF to ensure the required appointments are made to meet regulatory standards.

NSE imposed a fine of ₹4,60,000 plus 18% GST (total ₹5,42,800) for non-compliance with Regulation 17(1).
The penalty is based on 92 days of non-compliance at a rate of ₹5,000 per day.
NFL has formally requested NSE and BSE to waive the fine, citing lack of control over director appointments.
The company is coordinating with the Department of Fertilizers (DoF) to appoint the necessary number of Independent Directors.
Failure to comply could lead to freezing of promoter shareholding or shifting the stock to the 'Trade for Trade' (Z Category) segment.

💡 Investors should monitor the timeline for the appointment of Independent Directors by the Government to ensure the company avoids further penalties or a shift to the 'Z Category'. While the financial impact is minimal, persistent governance non-compliance is a risk factor for PSU stocks.

National Fertilizers Limited CFO Shri Hira Nand Retires Effective March 1, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 01 Mar 2026, 11:33 AM

National Fertilizers Limited (NFL) has announced that Shri Hira Nand, the Director (Finance) and Chief Financial Officer, retired on February 28, 2026. His retirement comes after reaching the age of superannuation, leading to his cessation as a Director and CFO effective March 1, 2026. This is a routine leadership transition for the Navratna PSU. The company has not yet named a permanent successor in the filing, which is a standard procedure for government-owned entities.

Shri Hira Nand retired as Director (Finance) and CFO on February 28, 2026
Cessation of office is effective from March 1, 2026, due to superannuation
The transition follows Regulation 30 of SEBI (LODR) Regulations, 2015
NFL is a Navratna Government of India Undertaking

💡 Investors should treat this as a routine administrative change and monitor future filings for the appointment of a new CFO to ensure financial leadership continuity.

NFL Opens Special Window for Physical Share Transfer and Demat until Feb 2027

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Feb 2026, 12:57 PM

National Fertilizers Limited (NFL) has announced a special one-year window for the transfer and dematerialization of physical securities, effective from February 05, 2026, to February 04, 2027. This initiative follows a SEBI circular and specifically targets securities sold or purchased prior to April 01, 2019. It also allows for the re-lodgment of transfer requests that were previously rejected or returned due to documentation deficiencies. Investors should be aware that all such transfers will be processed in dematerialized form and will be subject to a mandatory one-year lock-in period from the date of registration.

Special window for physical share transfer open from February 05, 2026, to February 04, 2027.
Applies to physical securities sold or purchased prior to April 01, 2019.
Includes provision for re-lodging previously rejected or unattended transfer requests.
All processed transfers will be under a mandatory lock-in period of one year.
Registrar and Share Transfer Agent for this process is MAS Services Limited.

💡 Legacy shareholders holding physical certificates from before April 2019 should use this window to dematerialize their holdings through MAS Services Limited. Note that these shares will be illiquid for one year following the transfer due to the mandatory lock-in period.

NFL Board Approves ₹104.03 Cr Bentonite Sulphur Plant with 25,000 MTPA Capacity

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 13 Feb 2026, 06:11 PM

National Fertilizers Limited (NFL) has received in-principle board approval to establish a new Bentonite Sulphur (BS) plant at its Vijaipur unit. The project involves a capital investment of ₹104.03 crores and will add a production capacity of 25,000 MTPA. Currently, the Vijaipur unit has no capacity for this product, making this a strategic move to diversify its product portfolio. The expansion is intended to cater to the rising demand for specialized fertilizers in the Indian market.

In-principle approval for a new 25,000 MTPA Bentonite Sulphur plant at the Vijaipur unit.
Estimated project capital expenditure is ₹104.03 crores.
The project marks a new product line for the Vijaipur unit, which currently has zero BS capacity.
The investment is aimed at capturing increasing market demand for value-added fertilizers.
Financing details and execution timelines are to be finalized as the project is in its initial stages.

💡 Investors should view this as a positive step toward product diversification into higher-margin specialized fertilizers. Monitor future announcements regarding the project's funding structure and commissioning timeline.

NFL Q3 FY26 Revenue Grows 17% YoY to ₹6,870 Crore; Board Approves AOA Amendment

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 06:04 PM

National Fertilizers Limited (NFL) reported a strong 17.3% year-on-year growth in standalone revenue from operations, totaling ₹6,869.75 crore for the quarter ended December 31, 2025. The company recognized significant subsidy income of ₹537.06 crore for the quarter under the Department of Fertilizers' operational guidelines. Additionally, the Board approved an alteration to the Articles of Association (AOA), which now awaits approval from the Ministry of Chemicals and Fertilizers and shareholders. Consolidated results were further supported by a ₹41.61 crore profit contribution from joint ventures.

Standalone Revenue from Operations increased to ₹6,869.75 crore in Q3 FY26 compared to ₹5,855.85 crore in Q3 FY25.
Subsidy income of ₹537.06 crore recognized for the quarter on DAP & TSP fertilizers based on NBS subsidy rates.
Total standalone income for the nine-month period ended December 2025 reached ₹17,208.54 crore.
Consolidated share of net profit from joint ventures stood at ₹41.61 crore for the December quarter.
Board approved alteration of Articles of Association (AOA) subject to administrative ministry and shareholder special resolution.

💡 Investors should view the steady revenue growth and positive JV contributions as signs of operational stability. Monitor the upcoming shareholder meeting for details on the AOA amendment and the continued timely realization of government subsidies.

NFL Q3 FY26 Standalone Revenue Rises 17% YoY to ₹6,870 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 05:50 PM

National Fertilizers Limited (NFL) reported a standalone revenue of ₹6,869.75 crore for the quarter ended December 31, 2025, representing a 17.3% growth compared to ₹5,855.85 crore in the previous year. The company recognized a significant subsidy income of ₹537.06 crore for the quarter on DAP and TSP fertilizers following government guidelines. For the nine-month period, total standalone income reached ₹17,208.54 crore, up from ₹15,408.13 crore year-on-year. Additionally, the Board has proposed alterations to the Articles of Association, which are subject to approval from the Ministry of Chemicals and Fertilizers and shareholders.

Standalone Revenue from Operations increased 17.3% YoY to ₹6,869.75 crore in Q3 FY26.
Recognized subsidy income of ₹537.06 crore for the quarter and ₹1,463.95 crore for the nine-month period on DAP & TSP fertilizers.
Total Standalone Income for the nine months ended December 2025 rose to ₹17,208.54 crore.
Consolidated results include a net profit share of ₹41.61 crore from two joint ventures during the quarter.
Board approved an alteration in the Articles of Association, pending administrative ministry and shareholder special resolution.

💡 Investors should view the healthy revenue growth and consistent subsidy recognition as positive signs for operational stability. Monitor the impact of the proposed Articles of Association changes and the final net profit margins once fully audited.

NFL Board Meeting on Feb 13 to Approve Q3 FY26 Results; Trading Window Closed

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 03 Feb 2026, 03:58 PM

National Fertilizers Limited (NFL) has scheduled a board meeting for February 13, 2026, to consider and approve the un-audited financial results for the quarter ended December 31, 2025. In accordance with SEBI insider trading regulations, the trading window for designated persons has been closed since January 1, 2026, and will remain closed until February 15, 2026. This is a routine regulatory filing that precedes the official earnings release. Investors should watch for the company's performance metrics and subsidy realization updates on the meeting date.

Board meeting scheduled for February 13, 2026, to approve Q3 FY26 financial results.
Trading window for insiders closed from January 1, 2026, to February 15, 2026.
Results will cover both standalone and consolidated financial performance for the period ending December 31, 2025.
The meeting will take place at the company's corporate office in Noida.

💡 No immediate action is required as this is a routine announcement; investors should wait for the February 13 results to assess the company's financial health.

NFL Submits SEBI Compliance Certificate for Quarter Ended Dec 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 03:05 PM

National Fertilizers Limited (NFL) has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The filing confirms that share certificates received for dematerialization were processed, mutilated, and cancelled as per regulatory requirements. The company's Registrar and Share Transfer Agent, MAS Services Limited, updated the depository records within the stipulated 15-day timeframe. This is a standard administrative disclosure with no impact on business operations.

Compliance certificate submitted for the quarter ended December 31, 2025.
Dematerialization requests processed and records updated within 15 days of receipt.
MAS Services Limited acted as the Registrar and Share Transfer Agent for the process.
Certificates verified and issued by VKC & Associates, Company Secretaries.

💡 This is a routine regulatory filing and requires no action from investors. Monitor the company for upcoming financial performance reports.

NFL Reports Nil Physical Share Transfer Requests Under Special SEBI Window

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 08 Jan 2026, 02:57 PM

National Fertilizers Limited (NFL) has submitted a compliance report regarding the re-lodgement of physical share transfer requests for the period between December 1, 2025, and January 6, 2026. This disclosure is in accordance with the SEBI circular dated July 2, 2025, which established a special window for such transfers. The company's Registrar and Transfer Agent, MAS Services Limited, confirmed that zero requests were received or processed during this timeframe. This is a routine administrative filing with no impact on the company's operations or financial health.

Zero (NIL) requests were received for the re-lodgement of physical share transfers during the period.
The reporting period spanned from December 1, 2025, to January 6, 2026.
The filing complies with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
No requests were processed, approved, or rejected by the Registrar and Transfer Agent during this window.

💡 No action is required from investors as this is a routine regulatory update. Shareholders still holding physical certificates should consider dematerializing them for ease of trading.

NFL Appoints Anurag Rohatgi as Government Nominee Director Effective Dec 19, 2025

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Dec 2025, 06:01 PM

National Fertilizers Limited (NFL) has appointed Shri Anurag Rohatgi as an Additional Director (Government Nominee Director) on its Board, effective December 19, 2025. He replaces Shri Bharat Bhushan following a directive from the Department of Fertilizers, Ministry of Chemicals & Fertilizers. Shri Rohatgi is a career bureaucrat currently serving as Joint Secretary in the Department of Fertilizers and brings significant expertise in fertilizer innovation and international cooperation. This appointment ensures continued government representation and oversight in the Navratna PSU.

Shri Anurag Rohatgi appointed as Government Nominee Director effective December 19, 2025.
The appointment is for a period of three years or co-terminus with his posting at the Department of Fertilizers.
He replaces Shri Bharat Bhushan on the Board of Directors.
Shri Rohatgi currently serves as Joint Secretary in the Ministry of Chemicals & Fertilizers and holds a Master's degree in Chemistry.
He also serves on the boards of Hindustan Fertilizer Corporation Limited and previously Hindustan Urvarak & Rasayan Limited.

💡 This is a routine administrative change in a Public Sector Undertaking (PSU) and is unlikely to impact the stock price. Investors should focus on the company's quarterly earnings and government subsidy policies instead.

NFL Appoints Anurag Rohatgi as Govt Nominee Director; Bharat Bhushan Steps Down

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 19 Dec 2025, 06:01 PM

National Fertilizers Limited (NFL) has announced a change in its Board of Directors effective December 19, 2025. Shri Anurag Rohatgi, currently a Joint Secretary in the Department of Fertilizers, has been appointed as an Additional Director (Government Nominee) for a three-year term. He replaces Shri Bharat Bhushan, who ceased his role as Non-Executive Director on the same date following orders from the Ministry of Chemicals & Fertilizers.

Shri Anurag Rohatgi appointed as Government Nominee Director effective December 19, 2025.
The appointment is for a period of three years or until further government orders.
Shri Bharat Bhushan has stepped down from the board as of December 19, 2025.
The new appointee brings experience from the Department of Fertilizers and boards of other fertilizer PSUs.

NFL to Close Trading Window from Jan 1, 2026 for Q3 FY26 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Dec 2025, 05:46 PM

National Fertilizers Limited (NFL) has notified the exchanges regarding the closure of its trading window starting January 1, 2026. This closure is in accordance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q3 financial results for the period ending December 31, 2025. The window will remain shut for designated persons until 48 hours after the results are officially declared. The company will announce the specific date for the board meeting to consider these results in due course.

Trading window closure effective from January 1, 2026
Relates to financial results for the quarter ended December 31, 2025
Window reopens 48 hours after the announcement of un-audited results
Applicable to designated employees and their immediate relatives

💡 This is a standard regulatory procedure with no direct impact on stock fundamentals. Investors should wait for the Q3 result date announcement to assess the company's financial performance.

NFL Board Discusses Non-Compliance Notice for Quarter Ended 30.06.2025

🟡 NEUTRAL ⭐ 5/10

REGULATORY 📅 02 Dec 2025, 03:44 PM

National Fertilizers Limited (NFL) addressed a notice from NSE regarding non-compliance with SEBI (LODR) Regulations for the quarter ended June 30, 2025. The Board reviewed the notice on November 11, 2025, noting that the company had requested NSE and BSE to withdraw the notices and waive fines due to a lack of control over Independent Director appointments. NSE accepted NFL's waiver request for Regulation 18(1) and 19(1) for specific periods. The Board decided to re-engage with the Department of Fertilizers (DoF) for the appointment of an adequate number of Independent Directors to ensure compliance.

Notice regarding non-compliance of Regulation 17(1), 18(1), 19(1)/(2), 20(2)/(2A) and 21(2) for the quarter ended 30.06.2025.
NSE accepted NFL's waiver request for Regulation 18(1) and 19(1) for the period from 31.03.2025 to 30.06.2025 and 31.12.2024 to 30.06.2025 respectively.
Board Meeting held on 11.11.2025 to discuss the notice.

💡 Investors should monitor NFL's progress in appointing Independent Directors and engaging with the DoF to ensure compliance with listing regulations. Any failure to comply could lead to further regulatory action.

NFL: Report on Physical Share Transfer Requests Re-lodged

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 02 Dec 2025, 02:50 PM

National Fertilizers Limited (NFL) has submitted a report on the transfer requests of physical shares re-lodged under the special window, as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025. The report, dated December 01, 2025, was received from the Company's Registrar and Transfer Agent, M/s. MAS Services Limited. It covers the period from November 1, 2025, to November 30, 2025. No requests were received, processed, approved or rejected during the month.

Report submitted as per SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97
Reporting period: November 1, 2025 to November 30, 2025
Zero requests received for re-lodgement of physical shares

💡 Investors should note that this is a routine update regarding the re-lodgement of physical shares. No immediate action is required.

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💰 Financial Performance

Revenue Growth by Segment

Total operating income declined by 20.36% from INR 29,584.3 Cr in FY2023 to INR 23,560.3 Cr in FY2024. For 9MFY2025, operating income stood at INR 15,338.0 Cr. The urea segment, which has a 3.57 MMTPA capacity, remains the primary revenue driver, while the trading portfolio was impacted by high import prices and low subsidy rates.

Geographic Revenue Split

NFL holds a leading market position in Northern and Central India, with a marketing network of over 2,800 to 4,000 dealers across 20 states. Specific regional percentage splits are not disclosed, but operations are concentrated in Punjab (Nangal, Bhatinda), Haryana (Panipat), and Madhya Pradesh (Vijaipur).

Profitability Margins

Profitability has seen a sharp decline: PAT margin dropped from 1.5% in FY2023 to 0.3% in FY2024, and further to -0.1% in 9MFY2025. Standalone PAT fell 85.8% from INR 456.1 Cr in FY2023 to INR 64.7 Cr in FY2024, primarily due to urea segment losses from multiple shutdowns and higher energy consumption.

EBITDA Margin

OPBDIT margin moderated from 3.5% in FY2023 to 2.7% in FY2024 and 2.5% in 9MFY2025. Core profitability is constrained by the removal of the floor price of INR 2,300/MT on fixed costs and downward revisions in energy norms by the GoI.

Capital Expenditure

The company implemented energy-saving capex (Energy Saving Scheme - ESS) across its units to meet normative energy norms. While specific total INR Cr for future capex is not detailed, the 9MFY2024 performance was impacted by shutdowns specifically taken for these energy-saving upgrades.

Credit Rating & Borrowing

NFL maintains strong financial flexibility due to its 74.71% GoI ownership, allowing it to raise funds at competitive rates. However, debt protection metrics weakened as Total Debt/OPBDIT rose from 3.8x in FY2023 to 6.5x in FY2024, and interest coverage fell from 3.4x to 2.3x in the same period.

⚙️ Operational Drivers

Raw Materials

Natural Gas (via HVJ pipeline) and Naphtha (dual feedstock for Vijaipur-II) are the primary raw materials for urea production. Imported DAP and NPK fertilisers are the main components of the trading portfolio.

Import Sources

Raw materials are sourced domestically via the Hazira-Vijaipur-Jagdishpur (HVJ) gas transmission pipeline. DAP and other phosphatic fertilisers are imported, though specific countries of origin are not listed beyond references to global price volatility.

Key Suppliers

The HVJ pipeline is the primary source for gas; however, specific supplier company names like GAIL or ONGC are not explicitly confirmed in the provided text.

Capacity Expansion

Current urea production capacity is 3.57 MMTPA, representing a 16% domestic capacity share. The company also has a joint venture, Ramagundam Fertilisers and Chemicals Limited (RFCL), which has a 1.27 MMTPA urea plant that has recently stabilized operations.

Raw Material Costs

Raw material costs are heavily influenced by pooled gas prices and international import prices for DAP. In FY2024, high import prices combined with inadequate Nutrient Based Subsidy (NBS) rates led to losses in the trading segment.

Manufacturing Efficiency

Efficiency is measured by energy consumption per MT of urea. The company expects improved profitability from FY2025 as units consume energy below the GoI-mandated normative levels.

Logistics & Distribution

NFL utilizes a vast network of 2,800+ dealers and cooperative societies across 20 states to distribute its 'Kisan' brand products.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the stabilization of the 1.27 MMTPA RFCL joint venture, expansion of the agrochemical portfolio in key markets like Punjab and Haryana, and improving urea margins by reducing energy consumption below normative levels through ESS capex.

Products & Services

Urea, NPK fertilisers, Industrial Chemicals (Nitric Acid, Ammonium Nitrate), and Agrochemicals.

Brand Portfolio

Kisan (implied by industry context, though the documents focus on the corporate name NFL).

New Products/Services

Expansion of the agrochemical portfolio is underway, though specific revenue contribution percentages for new launches are not provided.

Market Expansion

Focusing on deepening penetration in Northern and Central India, specifically targeting the agrochemical markets in Punjab and Haryana.

Market Share & Ranking

NFL is the second-largest producer of urea in India with approximately 16% of domestic capacity.

Strategic Alliances

Joint venture with Ramagundam Fertilisers and Chemicals Limited (RFCL) for a 1.27 MMTPA urea plant.

🌍 External Factors

Industry Trends

The industry is shifting toward stricter energy efficiency norms and Nutrient Based Subsidy (NBS) models. The GoI allocated INR 1.68 trillion for fertiliser subsidies in FY2026 to support the sector.

Competitive Landscape

Key competitors include IFFCO (the largest producer) and other private/public sector fertiliser manufacturers.

Competitive Moat

Moat is derived from its status as a Navratna PSU, 74.71% GoI ownership providing financial flexibility, and its strategic importance as the 2nd largest urea producer ensuring food security.

Macro Economic Sensitivity

Highly sensitive to agricultural output and monsoon performance, as a significant portion of Indian arable land lacks irrigation.

Consumer Behavior

Demand is driven by mandatory urea requirements for crops, which has low demand risk but is subject to weather-related volatility.

Geopolitical Risks

The industrial chemicals segment was previously adversely affected by Russian dumping, which pressured margins.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Department of Fertilisers (DoF). Key regulations include the New Urea Policy (energy norms), Nutrient Based Subsidy (NBS) for NPK, and GoI-set retail prices for urea.

Environmental Compliance

The company is investing in energy-saving capex to comply with tightening GoI energy consumption norms for urea production.

Taxation Policy Impact

Current tax for FY2024 was INR 19.30 Cr on a consolidated basis.

⚠️ Risk Analysis

Key Uncertainties

1) Timely release of subsidies by the GoI (budgeted at INR 1.68 trillion for FY2026). 2) Volatility in international gas and fertiliser prices. 3) Changes in GoI support philosophy or a stake sale below 50%.