National Fertilizers Limited reported a Profit Before Tax (PBT) of ₹232.67 crore for FY26, marking a 124% increase from ₹104.08 crore in the previous year. The Navratna company’s strong performance was driven by higher profits from traded goods, receipt of past period subsidy arrears, and reduced marketing expenses.

The company registered a total turnover of ₹21,230.67 crore in FY26, compared to ₹19,532.86 crore in FY25. Total fertilizer sales volume expanded to 65.20 LMT, up from 63.37 LMT in the prior year. This growth occurred despite geopolitical tensions in the Middle East disrupting global energy and fertilizer markets, which increased freight and logistics costs.

Segment Performance and Volume Growth

The company witnessed significant traction in its non-urea segments. Sales of Agro-Chemicals reached an all-time high of 7,413 MT/KL, surpassing the previous best of 4,259 MT/KL recorded in FY25. Similarly, Potash Derived from Molasses (PDM) sales jumped to 60,942 MT from 44,681 MT, and Seaweed Granules sales more than doubled to 16,097 MT against 6,457 MT in the previous year.

The Industrial Products segment maintained momentum with sales of 91,372 MT of Nitric Acid and 46,868 MT of Ammonium Nitrate, generating revenue of ₹533.83 crore. The trading business also saw robust growth, with revenue from agri-inputs rising to ₹245.23 crore from ₹145.30 crore in FY25.

Strategic Expansions and Joint Ventures

During the AGM held on September 22, 2026, Chairman U. Saravanan outlined key capital expenditure plans. The company has incorporated a joint venture, Assam Valley Fertilizer and Chemical Company Limited (AVFCCL), along with Oil India Limited and others, to develop the Namrup-IV Ammonia-Urea Complex in Assam. The project, with a tentative CAPEX of ₹10,601.40 crore, is expected to be commissioned within 48 months. NFL holds an 18% equity stake with an estimated investment of ₹572.45 crore.

Additionally, NFL is setting up a 25,000 MTPA Bentonite Sulphur Plant at its Vijaipur Unit and has doubled its Bio-fertilizer Plant capacity there to 1,400 MTPA. The company is also exploring a 2 million MT per annum urea production facility in Russia through a collaboration with RCF, IPL, and Uralchem JSC.

What the Numbers Show

A divergence between profit drivers and operational costs highlights the impact of regulatory receivables on NFL’s bottom line. While the 124% surge in PBT was partly attributed to operational efficiencies and traded goods profits, the company disclosed that trade receivables increased primarily due to higher subsidy receivables for manufactured fertilizers. Concurrently, current borrowings rose due to lower subsidy receipts during the year. This indicates that while accounting profits improved significantly due to arrears recognition, cash flow pressures from delayed subsidy payouts necessitated higher short-term borrowing.

Shareholder Approvals

Shareholders approved all 14 resolutions passed at the meeting. Key approvals included:

• Adoption of audited financial statements for FY26.
• Declaration of a final dividend of ₹1.04 per equity share.
• Reappointment of Dr. U. Saravanan as CMD and Shri Mahesh Chander Gupta as Director (Marketing).
• Increase in borrowing limits to ₹27,000 crore (fund-based ₹12,000 crore; non-fund-based ₹15,000 crore).
• Creation of charges on company properties to secure these borrowings.

National Fertilizers Limited has filed the voting results for its 52nd Annual General Meeting (AGM) held on September 22, 2026. All 14 resolutions proposed at the meeting were passed with the requisite majority, confirming shareholder approval for key corporate actions including the final dividend and board appointments.

The filing, made in compliance with Regulation 44(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details the e-voting outcomes for each agenda item. The meeting was conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM), with remote e-voting available from September 17 to September 21, 2026.

Voting outcome summary

The scrutinizer’s report indicates overwhelming support for all resolutions. The promoter and promoter group voted in favor of every resolution, while public shareholders showed varying degrees of dissent, particularly on director re-appointments and borrowing limits. Despite this, the high promoter holding ensured passage of all items.

Key resolutions passed at 52nd AGM

During the virtual meeting chaired by Dr. U. Saravanan, Chairman & Managing Director, shareholders approved several ordinary and special business items. The statutory auditors' report remained unqualified, with zero comments from the C&AG on standalone and consolidated financial statements.

Board changes and governance updates

The meeting ratified the remuneration of cost auditors for FY27. Several government nominee directors were appointed, including Shri Kuntal Sensarma and Shri Anurag Rohatgi. Additionally, Shri Megh Nath Goyal was appointed as Director (Technical) and Shri Arvind Kumar as Director (Finance). The appointment of Shri Mahak Singh as a Non-Official Independent Director required a special resolution.

Regulatory compliance and reporting

The revised annual report consolidates the initial report and the subsequent addendum regarding C&AG observations. The Company Secretary & Compliance Officer, Ashok Jha, signed the filing digitally, confirming that the document reflects all necessary disclosures required under SEBI listing norms. This ensures that shareholders have access to the complete set of financial disclosures, including any regulatory observations that may impact the interpretation of the FY26 results.