National Fertilizers Limited (NFL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-4681.3%

-₹2,751.10

vs ₹60.05 price

Levered DCF

-₹2,581.57

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.97×	22.06×	30.92×	7.76×	-27.35×	11.2×	-4.97×	5.93×
P/B	1.11×	1.5×	1.82×	1.4×	1.27×	1.24×	0.47×	0.79×
P/S	0.15×	0.21×	0.2×	0.5×	0.53×	0.57×	0.19×	0.14×
EV / EBITDA	7.61×	7.46×	10.85×	5.93×	9.33×	4.84×	17.53×	7.75×
Gross margin	8.8%	12.9%	-60.7%	-285.0%	-174.4%	-95.2%	-121.6%	13.6%
Operating margin	2.0%	1.2%	4.0%	-301.1%	5.3%	7.3%	2.9%	5.9%
Net margin	1.0%	0.9%	0.6%	6.4%	-1.9%	5.1%	-3.9%	2.4%
Current ratio	1.01×	1.01×	0.98×	1.08×	1.03×	1.05×	1.03×	1.11×
Debt / equity	1.4×	0.74×	1.6×	1.57×	1.55×	0.88×	4.26×	2.92×
Interest coverage	1.72×	1.04×	3.5×	-69.68×	1.88×	1.17×	0.34×	2.29×
Dividend yield	2.4%	0.3%	3.0%	0.0%	0.0%	0.0%	11.3%	3.7%
Payout ratio	36.2%	7.2%	91.2%	0.0%	0.0%	0.0%	-56.2%	21.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	6.8%	5.9%	18.0%	-4.6%	11.1%	-9.5%	13.3%
Return on invested capital	4.0%	3.2%	9.4%	-187.1%	3.5%	3.8%	0.7%	4.1%
Return on assets	1.8%	2.0%	1.3%	3.7%	-0.9%	2.8%	-1.2%	2.1%
Free cash flow yield	-56.9%	58.7%	8.1%	-15.2%	-51.0%	248.8%	-119.8%	-170.5%
Earnings yield	6.7%	4.5%	3.2%	12.9%	-3.7%	8.9%	-20.1%	16.9%
Enterprise value	₹70.7B	₹60.5B	₹87B	₹75.3B	₹57.5B	₹45.1B	₹89.9B	₹81.9B
Net debt / EBITDA	4.2×	2.45×	5.07×	3.13×	5.1×	1.99×	15.77×	6.1×
Cash conversion cycle (days)	85	47	70	229	250	194	653	243