According to the latest NFDC data, total fertiliser offtake in Jan’26 stood at 326k tons, down 81% MoM and 49% YoY. The sharp decline in urea offtake is largely attributable to aggressive inventory drawdown and push sales in the preceding months, which front-loaded demand and dampened current-period volumes.

Product-Wise Performance

Urea offtake declined sharply in Jan’26, falling 83.9% MoM and 51.1% YoY to 218k tons, primarily driven by weak farm economics and seasonal agricultural slowdown following strong push sales in prior months. DAP offtake also dropped significantly to 39k tons, down 51% MoM and 36% YoY. Meanwhile, CAN sales fell 89% MoM and 66% YoY, with NP and NPK also declining 30% and 60% YoY, respectively, largely due to subdued farmer demand.

Company-Wise Performance

FFC’s urea offtake stood at 176k tons in Jan’26, broadly in line with the industry trend, reflecting a 53% MoM decline. DAP sales also weakened, falling to 20k tons, down 62% MoM and 45% YoY. Similarly, EFERT recorded a sharp contraction in urea offtake, declining 96% MoM and 78% YoY, while Fatima Fertiliser’s urea sales dropped significantly by 97% MoM and 94% YoY to just 7k tons, highlighting broad-based demand weakness across the sector.

Courtesy – AHCML Research