National Fertilizers Ltd
National Fertilizers Ltd operates in the chemicals and materials sector, generating revenue through the production and sale of fertilizer products.
Business. National Fertilizers Ltd operates in the chemicals and materials sector, generating revenue through the production and sale of fertilizer products.
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
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Synthesis
National Fertilizers Ltd operates in the chemicals and materials sector, generating revenue through the production and sale of fertilizer products.
National Fertilizers Ltd maintains a capital structure characterized by significant leverage, with a debt-to-equity ratio of 1.4 and long-term debt totaling INR 39.6 billion against total equity of INR 28.4 billion. The company’s liquidity position is tight, evidenced by a current ratio of 1.01, which suggests limited short-term buffer against obligations. Despite negative operating cash flow of INR -13.4 billion, the company generated positive free cash flow of INR 3.1 billion, driven by capital expenditures of INR -2.3 billion. The balance sheet shows total assets of INR 117.2 billion and total liabilities of INR 88.8 billion, indicating a net debt position that contributes to medium liquidity risk.
Profitability metrics indicate modest returns on capital, with a return on equity (ROE) of 6.48% and a return on assets (ROA) of 1.57%. The company reported net income of INR 2.1 billion on revenue of INR 215.1 billion, resulting in a net margin of approximately 1%. Gross profit stood at INR 29.2 billion, while operating income was INR 4.3 billion. Without cohort median data for direct comparison, these returns appear low relative to typical industrial peers, suggesting margin compression or high fixed cost structures inherent to the fertilizer manufacturing business.
- High leverage with a debt-to-equity ratio of 1.4 and negative net cash position.
- Tight liquidity with a current ratio of 1.01, indicating minimal short-term buffer.
- Modest profitability with ROE of 6.48% and ROA of 1.57%, suggesting low margin efficiency.
- Positive free cash flow of INR 3.1 billion despite negative operating cash flow of INR -13.4 billion.
- Low dilution risk but medium liquidity risk due to debt levels and cash flow dynamics.
- Weak ESG profile with a D+ grade, particularly low environmental and governance scores.
Bull / Bear case
Generated · model-assistedCash conversion of 3.63 ranks best-in-class, significantly outperforming the cohort median of 1.2.
Free cash flow grew 8.7% year-over-year, reaching INR 3.4 billion in the latest period.
Revenue demonstrated a 5.7% compound annual growth rate over the four-year period ending FY-1.
Capex intensity of -1.48% is above the cohort median, indicating lower capital expenditure relative to revenue.
Debt-to-equity ratio of 1.4 places the company in the bottom quartile, indicating excessive leverage.
Net margin of 0.93% falls in the bottom quartile, far below the cohort median of 5.28%.
The company faces high credit risk, posing significant potential for financial distress or default.
In focus — financials by report
Revenue INR 235.60B, −20,4% YoY; Operating income −62,5% YoY.
- ▍Revenue INR 235.60B, −20,4% YoY
- ▍Operating income −62,5% YoY
- ▍Net income −67,3% YoY
- ▍Free cash flow −86,3% YoY
- ▍Net margin 0.6%
Revenue INR 295.84B, +86,6% YoY; Operating income +170,2% YoY.
- ▍Revenue INR 295.84B, +86,6% YoY
- ▍Operating income +170,2% YoY
- ▍Net income +582,4% YoY
- ▍Free cash flow +1 143,6% YoY
- ▍Net margin 1.5%
Revenue INR 158.57B; Operating income INR 2.73B.
- ▍Revenue INR 158.57B
- ▍Operating income INR 2.73B
- ▍Net margin -0.6%
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- Net cash is negative after subtracting total debt.
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- National Fertilizers Ltd Market data — financials · 2026-07-09
- National Fertilizers Ltd Market data — ESG · 2026-07-09