New Delhi: National Fertilizers Limited (NFL) shareholders approved a final dividend of ₹1.04 per share for FY 2025-26 at the company’s 52nd Annual General Meeting (AGM) held on September 22, 2026.
The company reported a significant improvement in profitability during FY26, with Profit Before Tax (PBT) rising 124% to ₹232.67 crore, compared with ₹104.08 crore in FY25.
All 14 resolutions placed before shareholders at the AGM were approved, with each receiving at least 99.50% votes in favour.
National Fertilizers FY26 Financial Performance
NFL recorded growth across several key financial and operational parameters during FY26.
FY26 Performance at a Glance
- Profit Before Tax: ₹232.67 crore, up from ₹104.08 crore
- Turnover: ₹21,230.67 crore, compared with ₹19,532.86 crore
- Fertilizer sales: 65.20 LMT, compared with 63.37 LMT
- Agri-input trading revenue: ₹245.23 crore, compared with ₹145.30 crore
Turnover increased by approximately 8.7% year-on-year based on the reported figures.
Management attributed the improvement in profitability to higher profits from traded goods, receipt of past-period subsidy arrears and lower marketing and miscellaneous expenses.
Read also: NFL Q4 FY26 Results: Profit Surges to ₹118 Crore as Revenue Strengthens in Strong FY26 Performance
NFL Approves ₹1.04 Final Dividend
Shareholders approved a ₹1.04 per share final dividend for FY26.
The dividend resolution received 99.92% votes in favour.
The company said the payout is approximately 30.07% of PAT. Management stated that the dividend is below the usual 4% of net worth benchmark because funds are required for capital expenditure, while also noting that the payout remains within applicable government guidelines.
The AGM minutes do not specify a record date or payment date for the dividend. Investors will need to refer to the company’s exchange filings for further updates on these dates.
All 14 AGM Resolutions Receive Strong Shareholder Support
All 14 resolutions considered at the 52nd AGM were approved by shareholders.
The resolutions covered matters including:
- Director re-appointments
- Adoption and related AGM approvals
- A new set of Articles of Association
- Dividend approval
- Borrowing limit of ₹27,000 crore
Votes against the resolutions ranged from approximately 0% to 0.50%, while every resolution received at least 99.50% votes in favour.
The approved ₹27,000 crore borrowing limit is an enabling limit and does not represent debt already taken by the company.
Fertilizer Sales and Non-Urea Business Grow
NFL’s overall fertilizer sales increased to 65.20 LMT in FY26, compared with 63.37 LMT in FY25.
The company also recorded strong growth in several non-urea product categories.
Key volume figures include:
- Agro-Chemicals: 7,413 MT/KL, compared with 4,259 MT/KL in FY25
- Potash Derived from Molasses (PDM): 60,942 MT, compared with 44,681 MT
- Seaweed Granules: 16,097 MT, compared with 6,457 MT
The Agro-Chemicals business recorded its highest-ever sales volume during FY26.
Industrial Products Business Maintains Momentum
NFL’s Industrial Products segment also maintained its momentum during FY26.
The company reported sales of:
- Nitric Acid: 91,372 MT
- Ammonium Nitrate: 46,868 MT
The segment generated revenue of ₹533.83 crore during the financial year.
NFL’s trading business also recorded strong growth, with revenue from agri-inputs increasing to ₹245.23 crore from ₹145.30 crore in FY25.
NFL Plans Major Expansion in Assam
NFL is pursuing several strategic expansion projects as part of its long-term growth plans.
One of the key projects is the Namrup-IV Ammonia-Urea Complex in Assam.
For this project:
- NFL has incorporated Assam Valley Fertilizer and Chemical Company Limited (AVFCCL) along with Oil India Limited and other partners.
- The tentative project cost is ₹10,601.40 crore.
- NFL will hold an 18% equity stake.
- NFL’s estimated investment is ₹572.45 crore.
- The project is expected to be commissioned within 48 months.
The project is aimed at expanding domestic ammonia and urea production capacity.
NFL Expands Vijaipur and Explores Russia Urea Project
NFL is also undertaking capacity expansion and diversification initiatives at its existing facilities.
At its Vijaipur Unit, the company is setting up a 25,000 MTPA Bentonite Sulphur Plant.
It has also doubled the capacity of its Bio-fertilizer Plant at Vijaipur to 1,400 MTPA.
In addition, NFL is exploring a 2 million tonnes per annum urea production facility in Russia in collaboration with RCF, IPL and Uralchem JSC.
FY26 Profit Growth Comes With Subsidy-Related Considerations
While NFL’s PBT increased sharply during FY26, the company’s financial performance also reflects the impact of subsidy-related receivables.
The company reported higher trade receivables, primarily due to increased subsidy receivables related to manufactured fertilizers.
At the same time, current borrowings increased amid lower subsidy receipts during the year.
This indicates that the improvement in reported profitability was supported partly by the recognition and receipt of past-period subsidy arrears, while delays in subsidy receipts also created short-term working-capital requirements.
Investors may therefore monitor the company’s:
- Subsidy receipts
- Trade and subsidy receivables
- Current borrowings
- Sustainability of profits from core operations
- Progress of planned capital expenditure
NFL FY26 Performance: Key Numbers
- Profit Before Tax: ₹232.67 crore in FY26 vs ₹104.08 crore in FY25
- Turnover: ₹21,230.67 crore in FY26 vs ₹19,532.86 crore in FY25
- Fertilizer Sales: 65.20 LMT in FY26 vs 63.37 LMT in FY25
- Agri-input Trading Revenue: ₹245.23 crore in FY26 vs ₹145.30 crore in FY25
- Final Dividend: ₹1.04 per share for FY26
What Investors Should Watch
NFL’s FY26 performance combines stronger profitability and business growth with ongoing subsidy-related working-capital considerations.
Key areas to watch include:
- Whether the improvement in profit is sustained without one-off subsidy arrears.
- The timing and level of future subsidy receipts.
- Changes in short-term borrowings.
- Progress of the Namrup-IV project.
- Execution of the Vijaipur expansion projects.
- Developments related to the proposed Russia urea project.
- Growth in NFL’s non-urea and agri-input businesses.
About National Fertilizers Limited
National Fertilizers Limited (NFL) is a Navratna public sector enterprise under the Ministry of Chemicals and Fertilizers, Government of India. The company is engaged primarily in the manufacturing and marketing of fertilizers, including urea, along with agro-chemicals, industrial products and other agri-inputs. NFL also undertakes trading activities and is pursuing new projects and capacity expansions to strengthen its fertilizer and agricultural-input businesses.
Read also: NBCC Signs MoU with MoHUA for FY 2026-27, Sets Key Financial and Operational Targets
