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National Fertilizers Limited (NFL) Fair Value & Analysis

Basic Materials · IN · Market cap ₹36.9B

NF National Fertilizers Limited NFL · NSE
Price₹72.47
Fair Value₹73.29
Upside+1.1%
Quality44/100
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Mixed Growth
Thin margins · 1.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/13)
Narrow moat 27/100
Evidence: Medium Range ₹54.20 – ₹91.61 Share as image

Fair value as of: Aug 8, 2026

From 17 valuation models · updated 2 days ago

Share price −1.7% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from ₹54.20 (bear) to ₹91.61 (bull), base ₹73.29. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 44/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

₹157.07 ₹36.94 Fair Value ₹73.29 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ₹36.94 – ₹157.07 · fair‑value band ₹54.20 – ₹91.61 · the ₹72.47 price screens below the ₹73.29 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

National Fertilizers Limited (NFL) currently trades at ₹72.47, while our model-based Fair Value estimate is ₹73.29, implying the stock looks roughly 1.1% fairly valued today. The Quality Score stands at 44/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, National Fertilizers Limited generated revenue of ₹215B at a net margin of 1.0%. Revenue declined 2.5% year over year. It earns a return on equity of 7.6%. Net debt stands at ₹39.0B. Fundamentals as of Aug 8, 2026

Our scenario range runs from ₹54.20 (bear case) to ₹91.61 (bull case); at ₹72.47, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -13% fair-value upside, at 1%, NFL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹47.58 ₹50.52 ₹55.34 76
ROIC Compounder ₹83.13 ₹122.28 ₹152.48 72
Gordon GGM ₹14.32 ₹29.78 ₹47.25 70
All 17 models by family
DCF Models
Owner Earnings ₹123.78 ₹275.27 ₹588.89 31
Earnings-Based
Graham-Dodd ₹29.32 ₹199.13 ₹279.13 54
Lynch FV ₹58.45 ₹83.50 ₹108.56 50
PEG = 1.0 ₹58.45 ₹83.50 ₹108.56 46
EPV ₹72.12 ₹83.94 ₹94.28 59
Dividend Discount
Gordon GGM ₹14.32 ₹29.78 ₹47.25 70
DDM Multi-Stage ₹14.32 ₹25.11 ₹31.26 61
Multiples
P/E Multiple ₹54.97 ₹73.29 ₹91.61 63
P/S Multiple ₹54.97 ₹73.29 ₹91.61 58
P/B Multiple ₹54.97 ₹73.29 ₹91.61 55
EV/EBIT ₹92.88 ₹123.44 ₹153.99 53
EV/EBITDA ₹128.66 ₹171.14 ₹213.62 54
EV/Revenue ₹80.66 ₹114.71 ₹148.76 43
Asset-Based
NCAV (Graham) ₹28.96 ₹38.80 ₹57.91 50
Economic Profit
Residual Income ₹47.58 ₹50.52 ₹55.34 76
ROIC Compounder ₹83.13 ₹122.28 ₹152.48 72
Growth Earnings
Growth-Adj P/E ₹74.06 ₹105.81 ₹137.55 68

Widest divergence: DCF Models (₹275.27) versus Dividend Discount (₹25.11). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹215B
Revenue growth (YoY) -2.5%
Net margin 1.0%
Return on equity 7.6%
Free cash flow −₹18.0B FY2026
P/E ratio 17.5
More key figures
Operating margin 5.1%
EPS (TTM) ₹4.31
EPS growth (YoY) +12.4%
Net debt ₹39.0B FY2026

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 40 · Market factors (momentum, volatility) 40

Profitability 42
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 84
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

National Fertilizers Limited engages in the production and marketing of neem coated urea, bio-fertilizers, and other allied Industrial products in India. It operates through Manufactured Fertilizers, Manufactured Chemicals, Traded Imported Fertilizers, and Others segments.

Full company description

National Fertilizers Limited engages in the production and marketing of neem coated urea, bio-fertilizers, and other allied Industrial products in India. It operates through Manufactured Fertilizers, Manufactured Chemicals, Traded Imported Fertilizers, and Others segments. The company offers urea; bentonite sulphur; and bio fertilizers, including rhizobium, azectobactor and PSB, and zinc solubilizing bacteria. It also provides industrial products comprising ammonia, nitric acid, ammonium nitrate, and sodium nitrite and nitrate under the KISAN brand name, as well as seeds under the Kisan Beej brand name. In addition, the company trades in compost, agrochemicals, seeds, and other agro products. National Fertilizers Limited was incorporated in 1974 and is based in Noida, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

National Fertilizers Limited reported revenue of ₹215B in FY2026 versus ₹49.1B in FY2022, a compound +44.7%/yr. Reported net income was ₹2.1B in FY2026.

Growth Quality 50/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹215B
Latest YoY
+8.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+44.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+35.7%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.1%
Revenue +44.7%/yr
FY22 ₹49.1B
FY23 ₹71.2B
FY24 ₹236B
FY25 ₹198B
FY26 ₹215B
Net income
FY22 −₹951M
FY23 ₹4.6B
FY24 ₹1.5B
FY25 ₹1.8B
FY26 ₹2.1B
Character of growth · EPS growth decomposed (2015-2026) +2.6 % p.a.
Revenue per share +14.6 pp

of which total revenue +14.7 pp · buybacks/dilution +0.0 pp

EBIT margin −8.9 pp
Tax rate +2.6 pp
Residual (interest, one-offs) −5.7 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "National Fertilizers Limited Fair Value". https://www.fairvalue-calculator.com/stock/NFL

Peer Group

Agricultural Inputs · 179 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 44 · Below median
Fair Value upside +1% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 3% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 5% · Below median
Revenue growth -3% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 17.5× · Pricier than median
P/B 1.30× · Cheaper than median
P/S (TTM) 0.17× · Cheaper than 75% of peers
EV/EBITDA 4.4× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 35 · sector 21
FUTURE 0 · sector 37
PAST 30 · sector 24
HEALTH 100 · sector 97
DIVIDEND 0 · sector 33

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Agricultural Inputs stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
Corteva, Inc CTVA $86.07 $27.81 -68%
Nutrien Ltd NTR C$94.23 C$81.69 -13%
Qinghai Salt Lake Industry Co 000792 ¥24.93 ¥21.26 -15%
CF Industries Holdings CF $119.19 $161.00 +35%
SABIC Agri-Nutrients Company 2020 122.90 SAR 127.31 SAR +4%
Yara International ASA YAR kr 451.30 kr 67.25 -85%
Yunnan Yuntianhua Co 600096 ¥30.17 ¥42.12 +40%
Asia-potash International Investment (Guangzhou)Co.,Ltd., 000893 ¥42.59 ¥38.01 -11%
Coromandel International Limited COROMANDEL ₹2,034 ₹1,129 -44%
UPL Limited UPL ₹594.75 ₹387.06 -35%

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Frequently asked questions

Is National Fertilizers Limited (NFL) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ₹73.29 versus a price of ₹72.47, about +1% (fairly valued).
What is the fair value of NFL?
Our model-based fair value for National Fertilizers Limited is ₹73.29 (as of Aug 8, 2026), built from audited fundamentals. The current price is ₹72.47.
What is the quality score of NFL?
National Fertilizers Limited has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of National Fertilizers Limited (NFL)?
National Fertilizers Limited reported trailing-twelve-month revenue of about ₹215B (latest available figure, as of Aug 8, 2026).
What is the net profit margin of NFL?
The net profit margin of National Fertilizers Limited is about 1.0%, meaning it keeps roughly 1.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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