Topline Pakistan Research has released a report on the Pakistani fertilizer industry, detailing urea sales for October 2025. According to the report, urea sales declined by 18% month-over-month (MoM), leaving an inventory of 1.42 million tons. The report estimates that urea sales in October 2025 will reach 351,000 tons, down 2% year-over-year (YoY) and 18% MoM. This decrease in MoM sales is attributed to a pre-buying trend observed in previous months.
Engro Fertilizers (EFERT) increased the discount on urea bags to around Rs 320 per bag towards the end of October 2025, while Fauji Fertilizer Company (FFC) maintained an average discount of Rs 70 per bag, according to our checks.
For the ten months ending in October 2025, urea offtake is projected at 4.55 million tons, down 8% YoY compared to 4.93 million tons in the same period of 2024, primarily due to weak farming economics.
The expected closing inventory of urea is approximately 1.42 million tons in October 2025, up from 1.15 million tons in September 2025. Company-wise, EFERT has the highest inventory at 609,000 tons, followed by FFC with 401,000 tons and FATIMA with 333,000 tons.
In terms of sales, EFERT is anticipated to report an increase of 22% YoY and 17% MoM, reaching 122,000 tons in October 2025. FFC is expected to report urea sales of 166,000 tons, down 7% YoY. However, the FATIMA group is projected to experience a decline of 27% YoY, with sales of only 43,000 tons in October 2025.
Total DAP (Diammonium Phosphate) sales for October 2025 are expected to reach 140,000 tons, down 55% YoY but up 44% MoM due to seasonal factors. For the ten months ending in October 2025, total DAP offtake is projected at 936,000 tons, reflecting a decrease of 25% YoY.
Company-wise, FFC and EFERT are expected to record DAP sales of 109,000 tons and 19,000 tons, respectively, with other companies accounting for approximately 12,000 tons in October 2025.
The closing inventory of DAP is likely to be around 408,000 tons in October 2025, an increase from 392,000 tons in September 2025 and 307,000 tons in October 2024.
Looking ahead, we anticipate that urea inventory levels will remain elevated due to challenging agronomic conditions. However, signs of improvement are emerging, supported by rising farm incomes. We expect inventory levels to close between 1.2 to 1.4 million tons by December 2025.
