AHL Research has published a report on the fertilizer sector today. It features Aug’26 data, which indicates that urea offtakes were weighed down by heavy monsoon activity and a high base.
Urea offtakes decline by 14% YoY in Aug’26
Urea offtakes
• Provisional urea offtake declined 14% YoY to 701k tons in Aug’26, likely due to monsoon-related disruptions, which delayed fertilizer application across major crops, along with a higher base from the same period last year.
• Moreover, the month saw several disruptions and strikes from transporters, further contributing to the overall sales slowdown. FATIMA, FFC, and AGL also experienced plant shutdowns during the same period amid geopolitical tensions and gas curtailment due to RLNG disruptions.
• Consequently, FATIMA’s urea offtakes fell 20% YoY to 140k tons in Aug’26, while FFC’s and AGL’s offtakes declined 30% YoY and 78% YoY, respectively, to reach 226k tons and 9k tons.
• EFERT posted a positive growth of 18% YoY, with total urea offtakes recorded at 327k tons, likely due to higher available inventories carried forward from the previous month. This raised EFERT’s urea market share to ~47% in Aug’26, up from ~34% in Jul’26.
• On a cumulative basis, 8MCY26 urea offtake remained largely flat YoY at 3,793k tons. FFC’s sales grew 11% YoY to 1,899k tons, while EFERT’s sales declined 12% YoY to 1,030k tons. FATIMA also recorded a 3% YoY growth in urea sales during 8MCY26.
DAP sales down by 10% YoY in Aug’26
DAP offtakes
• DAP offtakes continued to trend downward in Aug’26, down 10.0% YoY to 123k tons. International DAP prices normalized slightly during the month, averaging USD 907/ton, down 1% MoM, but remain significantly elevated relative to SPLY.
• Due to this, farmers started adopting nitrogenous fertilizers, as seen in the previous few months. However, exogenous shocks in Aug’26 also impacted urea sales.
• CAN offtakes were also negatively affected in Aug’26, declining by 2.8% YoY and recorded at 68.5k tons, while NP offtakes also remained down, declining by 49% YoY, due to a higher base from Aug’25.
• EFERT posted the largest growth in DAP offtakes, growing by 117% YoY to 16k tons, and increasing its market share to ~13% in Aug’26, from ~5% in the previous month. FFC, meanwhile, posted a decline of 15% YoY in overall DAP offtakes, clocking in at 91k tons, while FATIMA’s offtakes declined by 32% YoY to reach 1k tons.
Market Share
• During Aug’26, EFERT took the lead with a urea market share of 47%, followed by FFC at 32%, and FATIMA at 20%. For DAP, FFC once again led with a market share of 74%, followed by EFERT at 13%.
