National Fertilizers Limited has scheduled its 52nd Annual General Meeting for Tuesday, September 22, 2026, at 2:30 pm. The meeting will be held through video conferencing or other audio-visual means, in compliance with the Companies Act, 2013, and relevant Ministry of Corporate Affairs and SEBI circulars.

The Board of Directors, in its meeting on August 12, 2026, recommended a final dividend of ₹1.04 (10.40%) per equity share of face value ₹10 each for the financial year ending March 31, 2026. This recommendation is subject to approval by shareholders at the AGM.

Key Dates and Logistics

The record date for determining dividend eligibility is fixed as Monday, September 14, 2026. If approved, the final dividend will be paid on or before October 21, 2026.

Shareholders holding securities in physical form must ensure their folios are updated with valid PAN, nomination choices, contact details, and bank account information to receive dividends electronically, as mandated by SEBI regulations effective April 1, 2024.

Voting and Reporting

Voting rights will be determined based on the paid-up equity share capital as on the cut-off date of September 14, 2026. The company will provide facilities for remote e-voting and e-voting during the AGM. The Notice for the AGM and the Annual Report for FY26 will be dispatched electronically to members with registered email addresses. Physical copies will be sent only upon specific request.

Members without registered email IDs will receive a letter containing the web-link to access the Annual Report, in accordance with Regulation 36(1)(b) of the SEBI Listing Regulations. The documents will also be available on the company’s website and the portals of NSE, BSE, and NSDL.

National Fertilizers reported a sharp turnaround in profitability for Q1FY27, posting a consolidated net profit of ₹113.38 crore against a loss of ₹39.44 crore in the corresponding period of FY26. On a standalone basis, net profit stood at ₹709 million, compared to a loss of ₹321 million in the year-ago period.

Consolidated revenue from operations rose 27.3% YoY to ₹4,500.39 crore, driven by higher sales volumes and subsidy realizations. The company's operating margin expanded to 4.57% from a negative 0.42% in Q1FY26. EBITDA for the quarter reached ₹2.67 billion, up from ₹886 million in Q1FY26, with the EBITDA margin widening to 5.93% from 2.51%.

Financial performance

The improvement in the bottom line was primarily attributable to the recognition of substantial government subsidy income during the quarter. Key financial metrics for the quarter are outlined below:

Standalone revenue reached ₹4,500.39 crore, with manufactured fertilizers contributing ₹3,883.67 crore. The traded imported fertilizers segment generated ₹232.85 crore, while other segments added ₹312.53 crore.

What the numbers show

The profit turnaround is heavily influenced by non-operational subsidy accruals rather than core operational margin expansion alone. The company recognized ₹1,170 crore in subsidy income related to New Energy Norms (NEN) for the period April 2025 to March 2026, based on a notification dated July 30, 2026. Additionally, ₹13.41 crore in subsidy income was recognized on the sale of closing stock of DAP and TSP as at March 31, 2026. Without these specific subsidy recognitions, the underlying operational profitability would have been significantly lower, highlighting the company's continued dependency on government norm revisions for bottom-line stability.

The substantial jump in EBITDA margin from 2.51% to 5.93% aligns with the revenue growth and subsidy inflows, indicating that the top-line expansion was effectively translated into operating profits before interest and taxes.

Dividend and corporate actions

The Board of Directors recommended a final dividend of ₹1.04 (10.40%) per equity share of face value ₹10 each for FY26, subject to shareholder approval. The record date for dividend payment is fixed for September 14, 2026. The dividend is expected to be paid on or before October 21, 2026.

The company will hold its 52nd Annual General Meeting on September 22, 2026, via video conferencing. Remote e-voting will be available from September 17 to September 21, 2026.

Auditor's emphasis of matter

Statutory auditors Dassani & Associates LLP and RSPH & Associates highlighted the recognition of the aforementioned subsidy incomes in their review report. They also noted that the consolidated results include the share of profit from joint ventures Ramagundam Fertilizers & Chemicals Limited, Urvarak Videsh Limited, and Assam Valley Fertilizer and Chemical Company Limited. The auditors drew attention to restatements in the financials of Assam Valley Fertilizer and Chemical Company Limited regarding prior-period errors.