Annual report
Reg. 34 (1) Annual Report. 22 Sep - Revised FY2025-26 annual report filed after 52nd AGM, including audited financials and C&AG comments.
Source: Bse
National Fertilizers Limited (NFL)
Micro CapChemicals stocks · Micro cap · NSE
National Fertilizers Limited operates in Fertilizers, within the Chemicals sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 06:02 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · SMA20 -7.9% / mo · MACD + · near 52W low · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NFLD candles · FIT view-18.5%Latest close ₹61.78 on 2026-10-19
Bar
-1.7%
RSI
33
MACD hist
0.04
52W pos
2%
2026-10-19O ₹62.88H ₹62.89L ₹61.60C ₹61.78Vol 2.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NFLNifty ChemicalsNifty 500
- NFL
- -14.4%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -8.8 pp
Chart stats
19 Oct 2026- From 52W high
- -37.2%
- 52W range position
- 2%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.48x
- Avg traded value
- ₹3.4 Cr
- 20D price channel
- ₹61.2 - ₹68
₹98.3
₹61.2 - ₹98.3
₹1.4
Latest completed session
20-session average
24.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +27.3% · PAT NDF YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-41.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence59
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 45/100Rev +27% YoY · margin expansion
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,500 Cr | +27.3% | +3.5% |
| EBITDA | ₹267 Cr | +229.6% | -16.8% |
| Operating margin | 6.0% | +370 bps | -100 bps |
| PAT | ₹113 Cr | NDF | -25.7% |
| PAT margin | 2.5% | +361 bps | -99 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.52
- P/B
- 1.09
- EV/EBITDA
- 5.05
- Market Cap
- 3104.00Cr
Profitability
- ROE
- 7.47%
- ROCE
- 9.10%
- ROA
- 3.10%
- Dividend Y
- 1.64%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- -10.00%
- EPS 3Y
- -23.00%
Balance Sheet
- Debt/Equity
- 1.40
- Interest Coverage
- 3.50×
- Altman Z
- 2.77
- Book Value
- 57.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- -1342.00 Cr
- EPS TTM
- 7.43
Shareholding
- Promoter Hold
- 74.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,500+3.5% vs prev
Net Profit
₹ CrLatest: 113-25.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.6% over last month) — short-term momentum negative.
- RSI(14) at 33 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
19
RS percentile
Stage 4 Downtrend
1M return
-7.5%
3M return
-14.4%
6M return
-20.7%
1Y return
-35.0%
RS 1D
-2
RS 20D
-4
Sector rank
#14
Industry rank
#63
Stage evidence
- Price is 14.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.7%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 69-0.72%
RS vs Nifty 50069
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation21/30
Growth4/25
Quality0/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
3/9 (+1)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Valuation contributes 21/30 to the score.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -41.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.5
PB
1.1
EV/EBITDA
5.0
ROE
7.5%
ROCE
9.1%
FCF Yield
—
Debt/Equity
1.4
MoS
-41.6%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.5, so peak-cycle earnings risk should be checked. Debt/equity is 1.4, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-41.6%
Previous: -41.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹98.38
+37.2% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹43.61
-41.6% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RCF
Micro
Rashtriya Chemicals and Fertilizers Limited
Fertilizers & Chemicals
match 163
40
14.0
7.8%
-41%
WATCHLIST
GNFC
Micro
Gujarat Narmada Valley Fertilizers and Chemicals Limited
Fertilizers & Chemicals
match 153
59
8.2
9.1%
+21%
FAIR VALUE
DEEPAKFERT
Small
Deepak Fertilizers and Petrochemicals Corporation Limited
Fertilizers & Chemicals
match 147
47
17.2
10.9%
+64%
FAIR VALUE
PARADEEP
Large
Paradeep Phosphates Limited
Fertilizers & Chemicals
match 145
72
13.8
16.2%
+71%
UNDERVALUED
CHAMBLFERT
Small
Chambal Fertilizers & Chemicals Limited
Fertilizers & Chemicals
match 144
81
8.1
20.0%
+44%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
National Fertilizers Limited operates in Fertilizers, within the Chemicals sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
59Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 25th percentile of the scored universe and 17th percentile within Chemicals. Main check: cash conversion is weak at 52/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
25th percentile
overall median 67 · Chemicals: 17th pctile, median 73 · Micro: 15th pctile, median 73
Evidence depth
Financial-only
6 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
52
watch · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-1342 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.40.
- ▸ROE is low at 7.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching National Fertilizers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 10 Sep - C&AG appointed Dassani & Associates LLP and N.K. Bhargava & Co. as joint statutory auditors for FY 2026-27.
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Sep - Newspaper clippings of Addendum to 52nd Annual Report- Comments of Comptroller & Auditor General of India (C&AG).
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Addendum To 52Nd Annual Report - Comments Of Comptroller & Auditor General Of India (C&AG). 7 Sep - National Fertilizers files addendum to 2025-26 annual report with C&AG comments; no further observations.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.