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Swing Capital

National Fertilizer Ltd

NSE: NFL BSE: 523630

National Fertilizers Limited is engaged in production and marketing of Neem Coated Urea, Bio-Fertilizers (solid & liquid) and other allied Industrial products. It is also engaged in trading of Imported and Domestic Fertilizers, Compost, Seeds and other Agro products. [1]

₹73.5
52W: ₹63.4 — ₹112
PE 24.2 · Book ₹53.9 · +36% vs book
Market Cap₹3,606 Cr
Stock P/E24.2Price to Earnings
ROCE5.57%Return on Capital
ROE2.38%Return on Equity
Div. Yield2.16%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 50.3%

Weaknesses

  • −Company has low interest coverage ratio.
  • −The company has delivered a poor sales growth of 8.55% over past five years.
  • −Company has a low return on equity of 7.22% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters74.71%
FIIs0.7%
DIIs5.53%
Public19.05%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.71%74.71%74.71%74.71%74.71%74.71%74.71%74.71%
FIIs0.41%0.41%0.42%▲0.00.6%▲0.20.49%▼0.10.91%▲0.41.06%▲0.20.7%▼0.4
DIIs7.47%7.27%▼0.27.28%▲0.06.83%▼0.56.21%▼0.65.99%▼0.25.91%▼0.15.53%▼0.4
Public17.39%17.6%▲0.217.58%▼0.017.85%▲0.318.58%▲0.718.39%▼0.218.31%▼0.119.05%▲0.7

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales5,6607,5845,2845,0924,3905,8564,4573,5346,7636,870
Expenses5,7147,2664,9054,9854,2655,7104,2223,4466,6356,574
Operating Profit-5531837910712514623489128296
OPM %-1%4%7%2%3%2%5%3%2%4%
Net Profit-113140182-41-113197-32-1094
EPS ₹-2.312.853.7-0.84-0.220.631.98-0.65-0.211.91

AI Insights

Revenue Trend

TTM revenue at ₹21,624Cr, up 9.2% YoY. OPM at 3%.

Debt Position

Borrowings at ₹4,537Cr. Debt-to-equity ratio: 2.11x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹180Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 5.53% (-6.36pp change). FIIs: 0.7% (+0.31pp change). Promoters hold 74.71%.

Margin & Efficiency

ROCE improving from 1% (Mar 2014) to 6% (Mar 2025). Working capital days: 0.

Valuation

PE 24.2x with 5.57% ROCE. Price is 36% above book value of ₹53.9. Dividend yield: 2.16%.

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