Nagarjuna Fertilizers & Chemicals has strengthened its board of directors with the appointment of two experienced professionals during a board meeting held on February 14, 2026. The company announced the appointment of Ms. Lalitha Raghuram as Non-Executive Director and Ms. Shilpi Varshney as Independent Director, both effective from February 14, 2026.

Board Appointments Overview

The board meeting concluded at 12:00 Noon on February 14, 2026, with the formal approval of both appointments. The new directors bring diverse expertise spanning social work, healthcare management, and skill development to the company's governance structure.

Ms. Lalitha Raghuram - Non-Executive Director Profile

Ms. Lalitha Raghuram brings substantial expertise in social work and healthcare management to the board. She holds a first-class post-graduate degree in Social Work and a post-graduate qualification in Commerce with advanced accounting and auditing. Her educational credentials also include a post-graduate diploma in personnel management and industrial relations, along with specialized training in community eye health from L.V. Prasad Eye Institute, Hyderabad.

Currently serving as Country Director of Mohan Foundation, Hyderabad, Ms. Raghuram oversees critical functions including:

• Advocacy in organ donation
• Augmenting deceased organ donations
• Expanding the footprint of Mohan Foundation
• Resource mobilization
• Strategic planning
• Government liaison activities

Her previous experience includes serving as Country Director of Operation Eyesight Universal, India from April 2004 to April 2009, where she was responsible for all functions of the international development organization focused on eliminating avoidable blindness. Ms. Raghuram's achievements include receiving the "Womentor" Award in 2018 and the "International Eye Care Hero Award" in 2018.

Ms. Shilpi Varshney - Independent Director Profile

Ms. Shilpi Varshney contributes over 28 years of leadership experience in social impact and skill development. She holds master's degrees in Human Resource Development and English Literature and is currently associated as Director, Projects and Skill Development with the All India Society for Electronics and Computer Technology (AISECT).

Her extensive expertise encompasses:

• Designing and executing large-scale government and CSR-funded skill development programs
• Managing World Bank funded projects with agricultural and rural economy focus
• Farmer-adjacent skilling initiatives
• Rural youth and women employment programs
• Placement-linked capacity building aligned with public policy and CSR mandates

Ms. Varshney has led comprehensive program governance covering strategy, budgeting, implementation, monitoring, and impact reporting under national frameworks such as DDU-GKY and Skill Missions. Her experience also includes ESG-aligned social interventions, community engagement, and responsible growth initiatives, enabling informed board oversight on CSR effectiveness, rural sustainability, and human capital development.

Regulatory Compliance

Both appointees have provided affirmations confirming they have not been debarred from holding director positions pursuant to any SEBI order or other authority in connection with their appointments. The company has fulfilled all regulatory requirements for the board appointments as per applicable regulations.

Nagarjuna Fertilizers & Chemicals announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2025, maintaining its discontinued operations status established since June 30, 2024.

Financial Performance Overview

The company reported significant financial challenges during Q3 FY26, with operations remaining suspended following the settlement of debt and sale of core assets.

Board Approval and Audit Review

The Board of Directors approved the financial results at their meeting held on February 14, 2026, which commenced at 3:00 PM and concluded at 4:00 PM. The Audit Committee reviewed the results prior to Board approval, and statutory auditors conducted a limited review of the quarterly financials.

Discontinued Operations Status

The company continues to prepare its financial statements on a 'not a going concern' basis, reflecting discontinued business operations effective from June 30, 2024. Following the settlement of debt and receipt of sale proceeds from core and non-core assets controlled by ACRE, no revenue-generating business or fixed assets remain with the company.

Major Claims and Disputes

The company faces various claims and legal disputes across multiple forums. Major contingent liabilities include Water cess claims of Rs 566.51 crores, arbitration awards including Trammo (Rs 157.04 crores), Tecnimont (Rs 44.62 crores), and PIPL (Rs 48.57 crores).

GAIL-Related Matters

Nagarjuna Fertilizers owes Rs 562.04 crores to GAIL for gas supply dues, with the company disputing additional interest claims of Rs 562.87 crores. The company has assigned its rights to AMPL to represent it in legal proceedings against GAIL, including arbitration claims.

Government Claims and Settlements

The company is pursuing various subsidy claims with the Government, including reimbursement of energy consumed and AP State Electricity Duty. The deferred Sales Tax outstanding of Rs 13.43 crores to the Government of Andhra Pradesh has been paid and settled in full.

Subsidy and Policy Adjustments

During Q3 FY26, the company recognized an increase in gas costs of Rs 1,070.58 lakhs following GAIL's debit note dated October 14, 2025, with corresponding urea subsidy increase of Rs 845.89 lakhs for FY 2023-24. However, no revenue from operations was recognized for the current quarter due to production cessation since June 4, 2024.