BSE: 523630 | NSE: NFL | Fertilizers | Small Cap
Past 10 year’s financial track record analysis by Moneyworks4me indicates that National Fertilizers Ltd is a below average quality company.
The key valuation ratios of National Fertilizers Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of National Fertilizers Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 7.3% | 8.5% | 9.4% | 10.4% | 11.4% | 1.7% | 9.1% | 5.9% | 15% | 5.4% | - |
| Value Creation Index ⓘ | -0.5 | -0.4 | -0.3 | -0.3 | -0.2 | -0.9 | -0.4 | -0.6 | 0.1 | -0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 8,520 | 7,757 | 7,600 | 8,943 | 12,429 | 13,135 | 11,906 | 15,857 | 29,584 | 23,560 | 22,347 |
| Sales YoY Gr. | - | -9% | -2% | 17.7% | 39% | 5.7% | -9.4% | 33.2% | 86.6% | -20.4% | - |
| Adj EPS ⓘ | 0.4 | 4 | 4.2 | 3.8 | 6 | 2.1 | 5.3 | 2.3 | 8.8 | 1.5 | 5.5 |
| YoY Gr. | - | 870.7% | 6% | -9.7% | 57.2% | -65.4% | 158% | -56.9% | 284.4% | -82.9% | - |
| BVPS (₹) ⓘ | 30.2 | 34.5 | 37.2 | 40.5 | 45.2 | 39.2 | 44.3 | 47.2 | 56.5 | 55.1 | 53.8 |
| Adj Net Profit ⓘ | 20.2 | 195 | 207 | 187 | 294 | 102 | 262 | 113 | 433 | 74 | 270 |
| Cash Flow from Ops. ⓘ | 304 | 1,850 | 2,453 | 1,661 | -2,699 | -309 | 7,034 | -826 | -335 | 583 | - |
| Debt/CF from Ops. ⓘ | 25.2 | 3.3 | 1.7 | 1.8 | -2.4 | -26.2 | 0.3 | -3.8 | -11.9 | 7 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 12% | 13.6% | 25.6% | -20.4% | ||||
| Adj EPS ⓘ | 15.6% | -24.1% | -34.4% | -82.9% | ||||
| BVPSⓘ | 6.9% | 4% | 7.6% | -2.6% | ||||
| Share Price | 11% | 31.6% | 27.2% | 51.3% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.4 | 12.3 | 11.8 | 9.8 | 14 | 4.9 | 12.8 | 5 | 17 | 2.7 | 10.1 |
| Op. Profit Mgn % ⓘ | 4.5 | 7.2 | 7.3 | 6 | 8.1 | 6.6 | 7.9 | 3.7 | 3.5 | 2.8 | 4.2 |
| Net Profit Mgn % ⓘ | 0.2 | 2.5 | 2.7 | 2.1 | 2.4 | 0.8 | 2.2 | 0.7 | 1.5 | 0.3 | 1.2 |
| Debt to Equity ⓘ | 5.2 | 3.6 | 2.3 | 1.5 | 2.9 | 4.2 | 0.9 | 1.4 | 1.4 | 1.5 | 0 |
| Working Cap Days ⓘ | 382 | 388 | 324 | 228 | 216 | 268 | 204 | 108 | 87 | 116 | 55 |
| Cash Conv. Cycle ⓘ | 209 | 236 | 223 | 170 | 178 | 224 | 157 | 71 | 56 | 74 | -2 |
Return on Equity has increased versus last 3 years average to 10.10%
Sales growth is growing at healthy rate in last 3 years 25.55%
Net Profit has been subdued in last 3 years -34.36%
Debt to equity has increased versus last 3 years average to 1.51
Sales growth is not so good in last 4 quarters at -15.51%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 5.5 | 7.4 |
| TTM Sales (₹ Cr.) | 22,347 | 22,347 |
| BVPS (₹.) ⓘ | 53.8 | 51.9 |
| Reserves (₹ Cr.) ⓘ | 2,147 | 2,055 |
| P/BV ⓘ | 2.01 | 2.08 |
| PE ⓘ | 19.65 | 14.64 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 68.10 / 169.95 |
| All Time Low / High (₹) | 2.75 / 169.95 |
| Market Cap (₹ Cr.) | 5,301 |
| Equity (₹ Cr.) | 490.6 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 17.6 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,520 | 7,757 | 7,600 | 8,943 | 12,429 | 13,135 | 11,906 | 15,857 | 29,584 | 23,560 |
| Operating Expenses ⓘ | 8,140 | 7,202 | 7,043 | 8,407 | 11,418 | 12,275 | 10,989 | 15,278 | 28,541 | 22,933 |
| Manufacturing Costs | 3,252 | 3,130 | 3,046 | 3,275 | 4,228 | 4,473 | 3,819 | 5,265 | 6,851 | 5,133 |
| Material Costs | 4,270 | 3,482 | 3,354 | 4,252 | 6,464 | 7,014 | 6,350 | 9,171 | 19,568 | 15,722 |
| Employee Cost | 475 | 457 | 488 | 725 | 556 | 599 | 626 | 649 | 659 | 635 |
| Other Costs ⓘ | 142 | 132 | 154 | 155 | 170 | 189 | 193 | 193 | 1,463 | 1,443 |
| Operating Profit ⓘ | 380 | 556 | 557 | 536 | 1,011 | 861 | 917 | 579 | 1,043 | 628 |
| Operating Profit Margin (%) | 4.5% | 7.2% | 7.3% | 6.0% | 8.1% | 6.6% | 7.7% | 3.7% | 3.5% | 2.7% |
| Other Income ⓘ | 355 | 253 | 176 | 109 | 57 | 59 | 33 | 37 | 227 | 99 |
| Interest ⓘ | 618 | 433 | 323 | 237 | 320 | 409 | 294 | 137 | 308 | 277 |
| Depreciation ⓘ | 73 | 87 | 85 | 73 | 285 | 374 | 312 | 335 | 353 | 362 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | -389 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 45 | 288 | 325 | 335 | 463 | -253 | 343 | 145 | 610 | 89 |
| Tax ⓘ | 18 | 90 | 117 | 122 | 165 | -82 | 94 | 37 | 154 | 24 |
| Profit After Tax | 26 | 199 | 208 | 213 | 298 | -171 | 250 | 108 | 456 | 65 |
| PAT Margin (%) | 0.3% | 2.6% | 2.7% | 2.4% | 2.4% | -1.3% | 2.1% | 0.7% | 1.5% | 0.3% |
| Adjusted EPS (₹) | 0.5 | 4.1 | 4.2 | 4.3 | 6.1 | -3.5 | 5.1 | 2.2 | 9.3 | 1.3 |
| Dividend Payout Ratio (%) | 32% | 30% | 0% | 0% | 31% | -27% | 0% | 0% | 30% | 20% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 1,481 | 1,691 | 1,827 | 1,987 | 2,219 | 1,921 | 2,171 | 2,314 | 2,774 | 2,701 |
| Share Capital ⓘ | 491 | 491 | 491 | 491 | 491 | 491 | 491 | 491 | 491 | 491 |
| Reserves ⓘ | 990 | 1,200 | 1,336 | 1,497 | 1,728 | 1,430 | 1,681 | 1,824 | 2,283 | 2,211 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 6,787 | 5,281 | 3,326 | 3,005 | 6,402 | 7,931 | 1,783 | 3,065 | 3,887 | 4,088 |
| Long Term Debt | 1,785 | 986 | 172 | 115 | 280 | 597 | 648 | 630 | 535 | 0 |
| Short Term Debt | 5,002 | 4,295 | 3,154 | 2,890 | 6,122 | 7,334 | 1,135 | 2,435 | 3,353 | 4,088 |
| Trade Payables | 174 | 307 | 405 | 491 | 621 | 897 | 730 | 1,448 | 1,756 | 1,435 |
| Others Liabilities ⓘ | 4,945 | 4,708 | 4,624 | 4,145 | 4,670 | 3,807 | 3,777 | 3,915 | 4,443 | 3,143 |
| Total Liabilities ⓘ | 13,387 | 11,987 | 10,182 | 9,628 | 13,912 | 14,555 | 8,462 | 10,743 | 12,860 | 11,367 |
Fixed Assets | ||||||||||
| Gross Block | 7,227 | 4,531 | 4,603 | 4,926 | 5,114 | 5,218 | 5,420 | 6,362 | 6,444 | 6,659 |
| Accumulated Depreciation | 2,784 | 272 | 544 | 847 | 1,122 | 1,494 | 1,806 | 2,133 | 2,476 | 2,829 |
| Net Fixed Assetsⓘ | 4,443 | 4,259 | 4,059 | 4,080 | 3,992 | 3,724 | 3,614 | 4,229 | 3,968 | 3,830 |
| CWIP ⓘ | 39 | 33 | 51 | 64 | 133 | 656 | 862 | 138 | 178 | 242 |
| Investmentsⓘ | 2 | 15 | 125 | 219 | 274 | 342 | 448 | 491 | 491 | 491 |
| Inventories | 285 | 486 | 575 | 526 | 1,586 | 1,276 | 438 | 2,255 | 3,070 | 1,750 |
| Trade Receivables | 5,029 | 4,803 | 4,267 | 3,924 | 7,156 | 7,735 | 2,634 | 2,808 | 4,119 | 4,037 |
| Cash Equivalents | 5 | 7 | 8 | 10 | 19 | 22 | 42 | 29 | 16 | 38 |
| Others Assetsⓘ | 3,583 | 2,385 | 1,097 | 806 | 752 | 798 | 423 | 792 | 1,018 | 979 |
| Total Assets ⓘ | 13,387 | 11,987 | 10,182 | 9,628 | 13,912 | 14,555 | 8,462 | 10,743 | 12,860 | 11,367 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 304 | 1,850 | 2,453 | 1,661 | -2,699 | -309 | 7,034 | -826 | -335 | 583 |
| PBT ⓘ | 45 | 288 | 325 | 335 | 463 | -253 | 343 | 145 | 610 | 89 |
| Adjustment ⓘ | 374 | 304 | 264 | 215 | 408 | 500 | 433 | 277 | 517 | 436 |
| Changes in Working Capital ⓘ | -114 | 1313 | 1938 | 1203 | -3483 | -513 | 6275 | -1194 | -1324 | 60 |
| Tax Paid ⓘ | -1 | -55 | -74 | -91 | -88 | -43 | -18 | -54 | -138 | -2 |
| Cash Flow From Investing Activity ⓘ | -89 | -88 | -202 | -346 | -314 | -820 | -509 | -333 | -203 | -249 |
| Capex | -91 | -77 | -89 | -298 | -266 | -756 | -414 | -293 | -207 | -282 |
| Net Investments | -2 | -22 | -129 | -65 | -55 | -68 | -106 | -44 | 0 | 0 |
| Others ⓘ | 5 | 11 | 16 | 17 | 6 | 4 | 11 | 4 | 4 | 33 |
| Cash Flow From Financing Activityⓘ | -214 | -1,760 | -2,250 | -1,314 | 3,022 | 1,132 | -6,505 | 1,145 | 526 | -318 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -876 | -814 | -847 | -811 | 171 | 427 | -16 | -18 | -95 | -639 |
| Interest Paid ⓘ | -301 | -228 | -190 | -190 | -316 | -404 | -288 | -135 | -294 | -276 |
| Dividend Paid ⓘ | 0 | -10 | -71 | -50 | -64 | -102 | 0 | 0 | 0 | -137 |
| Others ⓘ | 963 | -707 | -1,142 | -263 | 3,232 | 1,210 | -6,201 | 1,298 | 915 | 735 |
| Net Cash Flow ⓘ | 1 | 2 | 1 | 1 | 9 | 3 | 20 | -14 | -13 | 16 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 1.76 | 12.52 | 11.84 | 11.16 | 14.19 | -8.26 | 12.2 | 4.82 | 17.93 | 2.37 |
| ROCE (%) | 7.29 | 8.52 | 9.4 | 10.38 | 11.41 | 1.67 | 9.06 | 5.91 | 14.98 | 5.39 |
| Asset Turnover Ratio | 0.63 | 0.61 | 0.69 | 0.9 | 1.06 | 0.92 | 1.03 | 1.65 | 2.51 | 1.94 |
| PAT to CFO Conversion(x) | 11.69 | 9.3 | 11.79 | 7.8 | -9.06 | N/A | 28.14 | -7.65 | -0.73 | 8.97 | Working Capital Days |
| Receivable Days | 206 | 230 | 217 | 167 | 163 | 207 | 159 | 63 | 43 | 63 |
| Inventory Days | 15 | 18 | 25 | 22 | 31 | 40 | 26 | 31 | 33 | 37 |
| Payable Days | 23 | 25 | 39 | 38 | 31 | 39 | 47 | 43 | 30 | 37 |
National Fertilizers (NFL) incorporated in 1974 is second largest producer of Nitrogenous Fertilizers in the India commanding 16.5% of market share. Company started its operation by setting up two manufacturing Units at Bathinda and Panipat. NFL is public sector undertaking which is controlled by Department of Fertilizers in the Ministry of Chemicals & Fertilizers.
In 1978 the Nangal Unit of Fertilizer Corporation of India was shifted to NFL. A decade later company expanded its capacity by installing gas based plant located at Vijaipur in Madhya Pradesh. Later in 1997 company doubled its capacity by setting up another unit- Vijaipur-II and increased it to 14.52 lakh MTs.
The company was given responsibility by Government of India to revive the closed Urea plants of HFCL and FCI located at Baruani and Ramagundam. Company received ISO-9001 (2000), ISO-14001 and OSHAS-18001 certification for quality management. Company also undertakes R&D activities and has developed value added products such as Zincated, Sulphur Coated Urea and Neem coated Urea.
Company’s Kisan Urea is highly concentrated, solid, nitrogenous fertilizer, containing 46.0% and very popular brand with a pan-India presence.
Company manufactures Bio-Fertiliser such as Nitrogen Bio-Fertilizer, Azetobactor and Phosphorous Bio-fertilizer. The product has market presence in Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttrakhand, Chattisgarh, Bihar, Jharkhand, Himachal Pradesh, Jammu & Kashmir, Punjab, Haryana and Rajasthan.
Company also manufactures spectrum of industrial products which include Methanol, Sodium Nitrate, Sodium Nitrite, Nitric Acid, Sulphur, Liquid Oxygen, Liquid CO2, Liquid Nitrogen etc.
AwardsNCL’s Vijaipur unit was awarded at National Productivity Award for Bio-Fertilizers in 2002-03 for it productivity.
NCL’s Vijaipur unit received FAI Award for Best Overall Performance of an Operating Nitrogenous Fertilizer unit.
Company has received Green Tech Environment Excellence Silver Award 2007 for its outstanding achievement in environment management from Green Tech Foundation.
New DevelopmentNational Fertilizers has formed a joint venture RCF and KRIBHCO to promote Urvarak Videsh. The company was formed to explored investment opportunities in India and abroad in segments like nitrogenous, phosphatic and potassic sectors.
In 2010 National Fertilizers entered into business of power generation.
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
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Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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