National Fertilizers Limited (NFL), established on August 23, 1974, is a prominent public-sector enterprise headquartered in Noida, Uttar Pradesh, India. Operating under the Government of India’s majority ownership (74.71%), NFL has emerged as a key player in the production and marketing of fertilizers and chemicals, achieving a revenue of ₹29,809.14 crore (US$3.4 billion) in the fiscal year 2022-23. The company’s extensive portfolio includes urea, bio-fertilizers, bentonite sulphur, organic fertilizers, industrial chemicals like nitric acid and ammonium nitrate, as well as high-quality seeds. NFL operates five state-of-the-art gas-based ammonia-urea plants located in Punjab, Haryana, and Madhya Pradesh, making it the second-largest urea producer in India. The company is renowned for its energy-efficient technologies and sustainable practices, playing a pivotal role in promoting balanced fertilizer use to enhance agricultural productivity. Additionally, NFL engages in the trading of imported and domestic fertilizers, compost, and agro-products while offering advisory services to farmers. Its CSR initiatives focus on education, healthcare, and environmental sustainability, with significant contributions in afforestation, water conservation, and renewable energy projects. By aligning its operations with national priorities, NFL continues to support India’s food security and agricultural advancement.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | |
| Promoters + | 74.71% | 74.71% | 74.71% | 74.71% | 74.71% |
| FIIs + | 1.10% | 0.48% | 0.41% | 0.41% | 0.42% |
| DIIs + | 8.51% | 8.38% | 7.47% | 7.27% | 7.28% |
| Public + | 15.68% | 16.43% | 17.39% | 17.60% | 17.58% |
| No. of Shareholders | 1,57,919 | 2,34,201 | 2,59,888 | 3,15,448 | 3,07,998 |
The shareholding pattern of National Fertilizers Limited (NFL) reflects a strong majority stake held by the promoters, ensuring significant control and stability in the company’s ownership. As of December 2023, the promoters held a consistent 74.71% share, a percentage that remained unchanged throughout 2024, highlighting the government’s unwavering ownership stake in the company.
Foreign Institutional Investors (FIIs) exhibited minor fluctuations, with their stake declining from 1.10% in December 2023 to 0.41% by June 2024 before slightly increasing to 0.42% in December 2024. Domestic Institutional Investors (DIIs) also saw a gradual decrease in their holdings, dropping from 8.51% in December 2023 to 7.28% by December 2024. Conversely, the public’s shareholding increased consistently over the year, rising from 15.68% in December 2023 to 17.58% in December 2024, reflecting growing retail interest in NFL’s stock. The number of shareholders surged from 1,57,919 in December 2023 to a peak of 3,15,448 in September 2024 before slightly declining to 3,07,998 in December 2024.
This shift indicates heightened market participation and interest among public investors in National Fertilizers Limited, emphasizing its growing appeal in the equity market.
Below are the trading platforms that you can use to purchase National Fertilizer shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| February 2025 | 115.49 | 88.84 |
| March 2025 | 117.91 | 90.70 |
| April 2025 | 116.75 | 89.81 |
| May 2025 | 113.35 | 87.19 |
| June 2025 | 118.45 | 91.11 |
| July 2025 | 116.12 | 89.33 |
| August 2025 | 119.72 | 92.09 |
| September 2025 | 121.15 | 93.19 |
| October 2025 | 124.30 | 95.62 |
| November 2025 | 127.41 | 98.01 |
| December 2025 | 133.14 | 102.42 |
In 2025, the shares of National Fertilizers Limited are projected to show consistent growth. By February, the maximum price is expected to reach ₹115.49, with a minimum of ₹88.84. As we move towards June, the maximum may rise to ₹118.45, while the minimum could be ₹91.11. By October, the shares might peak at ₹124.30 and settle at a minimum of ₹95.62. Finally, as we step into December 2025, the share prices are anticipated to reach a maximum of ₹133.14 and a minimum of ₹102.42.
| When | Maximum Price | Minimum Price |
| January 2026 | 137.14 | 105.49 |
| February 2026 | 133.71 | 102.85 |
| March 2026 | 136.38 | 104.91 |
| April 2026 | 139.17 | 107.05 |
| May 2026 | 137.79 | 105.99 |
| June 2026 | 141.23 | 108.64 |
| July 2026 | 138.46 | 106.51 |
| August 2026 | 142.75 | 109.81 |
| September 2026 | 145.60 | 112.00 |
| October 2026 | 149.39 | 114.91 |
| November 2026 | 153.12 | 117.79 |
| December 2026 | 156.95 | 120.73 |
The shares of National Fertilizers Limited are expected to show an upward trend throughout the year. As we move into January, the maximum price could reach ₹137.14, with a minimum of ₹105.49. By June, the maximum price is projected to touch ₹141.23, while the minimum might be ₹108.64. As we move toward September, the shares are anticipated to peak at ₹145.60 and dip to ₹112.00. Finally, as we approach December 2026, the share prices are expected to rise further, with a maximum of ₹156.95 and a minimum of ₹120.73.
| When | Maximum Price | Minimum Price |
| January 2027 | 158.52 | 121.94 |
| February 2027 | 162.58 | 125.06 |
| March 2027 | 168.93 | 129.94 |
| April 2027 | 165.61 | 127.39 |
| May 2027 | 160.79 | 123.68 |
| June 2027 | 168.02 | 129.25 |
| July 2027 | 164.73 | 126.72 |
| August 2027 | 169.82 | 130.63 |
| September 2027 | 175.77 | 135.21 |
| October 2027 | 180.34 | 138.72 |
| November 2027 | 184.85 | 142.19 |
| December 2027 | 189.47 | 145.74 |
| When | Maximum Price | Minimum Price |
| January 2028 | 193.26 | 148.66 |
| February 2028 | 198.21 | 152.47 |
| March 2028 | 205.94 | 158.42 |
| April 2028 | 201.91 | 155.31 |
| May 2028 | 196.02 | 150.79 |
| June 2028 | 204.85 | 157.57 |
| July 2028 | 200.83 | 154.48 |
| August 2028 | 207.04 | 159.26 |
| September 2028 | 214.29 | 164.84 |
| October 2028 | 219.86 | 169.12 |
| November 2028 | 225.35 | 173.35 |
| December 2028 | 230.99 | 177.68 |
| When | Maximum Price | Minimum Price |
| January 2029 | 235.61 | 181.24 |
| February 2029 | 241.65 | 185.88 |
| March 2029 | 251.07 | 193.13 |
| April 2029 | 246.15 | 189.35 |
| May 2029 | 238.98 | 183.83 |
| June 2029 | 249.74 | 192.10 |
| July 2029 | 244.84 | 188.34 |
| August 2029 | 252.41 | 194.16 |
| September 2029 | 261.25 | 200.96 |
| October 2029 | 268.04 | 206.18 |
| November 2029 | 274.74 | 211.34 |
| December 2029 | 281.61 | 216.62 |
| When | Maximum Price | Minimum Price |
| January 2030 | 287.24 | 220.95 |
| February 2030 | 294.60 | 226.62 |
| March 2030 | 306.09 | 235.46 |
| April 2030 | 300.09 | 230.84 |
| May 2030 | 291.35 | 224.12 |
| June 2030 | 304.46 | 234.20 |
| July 2030 | 298.49 | 229.61 |
| August 2030 | 307.72 | 236.71 |
| September 2030 | 318.49 | 245.00 |
| October 2030 | 326.78 | 251.37 |
| November 2030 | 334.94 | 257.65 |
| December 2030 | 343.32 | 264.09 |
As we progress through 2030, the shares of National Fertilizers Limited are anticipated to exhibit significant growth. In January, the maximum price is projected to reach ₹287.24, while the minimum may hover around ₹220.95. By mid-year in June, the share prices could peak at ₹304.46 and dip to ₹234.20. Moving into September, the maximum price is expected to climb to ₹318.49, with the minimum reaching ₹245.00. Finally, as we progress toward December, the shares are likely to achieve a maximum of ₹343.32 and a minimum of ₹264.09, marking a strong upward trajectory throughout the year.
Financial Condition of National Fertilizer
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
| Sales + | 13,135 | 11,906 | 15,857 | 29,587 | 23,556 | 22,351 |
| Expenses + | 12,283 | 11,001 | 15,469 | 28,509 | 22,928 | 21,416 |
| Operating Profit | 852 | 904 | 388 | 1,077 | 628 | 934 |
| OPM % | 6% | 8% | 2% | 4% | 3% | 4% |
| Other Income + | -331 | 33 | 26 | 195 | 185 | 164 |
| Interest | 409 | 294 | 137 | 308 | 277 | 274 |
| Depreciation | 374 | 312 | 335 | 353 | 362 | 368 |
| Profit before tax | -263 | 331 | -58 | 612 | 174 | 457 |
| Tax % | -31% | 28% | 63% | 25% | 14% | |
| Net Profit + | -181 | 237 | -95 | 458 | 150 | 362 |
| EPS in Rs | -3.69 | 4.83 | -1.94 | 9.34 | 3.06 | 7.38 |
| Dividend Payout % | -26% | 0% | 0% | 30% | 9% |
The financial performance of National Fertilizers Limited over recent years reveals fluctuations in key metrics. Sales revenue showcased a notable rise, reaching ₹29,587 crore in March 2023 before moderating to ₹23,556 crore in March 2024 and further stabilizing at ₹22,351 crore in the trailing twelve months (TTM). Expenses followed a similar trajectory, peaking at ₹28,509 crore in March 2023 and settling at ₹21,416 crore in the TTM period.
Operating profit remained volatile, with a high of ₹1,077 crore in March 2023 and subsequent reduction to ₹628 crore in March 2024, recovering slightly to ₹934 crore in TTM. The operating profit margin (OPM%) varied between 2% and 8% during the period, reflecting industry challenges.
Other income improved significantly from a loss of ₹331 crore in March 2020 to ₹164 crore in TTM. Interest expenses and depreciation remained steady, with interest at ₹274 crore and depreciation at ₹368 crore in TTM.
Profit before tax showed recovery from a loss of ₹263 crore in March 2020 to ₹457 crore in TTM, with the net profit following suit, rising to ₹362 crore in TTM after hitting a low of ₹-95 crore in March 2022. Earnings per share (EPS) improved from a loss of ₹3.69 in March 2020 to ₹7.38 in TTM, and dividend payout was reinstated, reaching 30% in March 2023. These figures indicate National Fertilizers Limited’s resilience and efforts toward financial stabilization.
FAQs
What is the current market capitalization of National Fertilizer?
National Fertilizer current market capitalization stands at ₹4,938 crore.
As of February 10th, 2025, National Fertilizer share price is ₹101.
National Fertilizer of India expected share price targets for 2025 range from ₹87.19 to ₹133.14.
National Fertilizer of India forecasted share price targets for 2030 range from ₹220.95 to ₹343.32.
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Conclusion
In conclusion, National Fertilizers Limited (NFL) has established itself as a significant player in India’s fertilizer and chemicals industry, with a robust product portfolio, energy-efficient technologies, and a strong commitment to sustainable practices. The shareholding pattern reflects government stability with consistent promoter holdings, while public interest in the company’s stock has steadily increased. NFL’s share price projections from 2025 to 2030 indicate a positive growth trajectory, emphasizing its potential as a promising investment. Financially, while the company has faced fluctuations in sales and profitability, it continues to align its operations with national priorities, showcasing resilience and a commitment to driving India’s agricultural advancement.
What did we learn?
