Pakistan Fertilizers: Urea sales for Dec 2025 reached an all-time high of 1,356k tons; inventory at 0.31mn tons, according to a report by Topline Pakistan Research. The increase in sales positively impacted fertilizer stocks today. 

Pakistan Urea sales in Dec 2025 is anticipated to clock in at all time high of 1,356k tons, up by 65% MoM and 37% YoY amid push sales from company/dealers through higher discounts offerings. This takes 2025 urea offtakes to 6.73mn tons, up 2% YoY compared to 6.57mn tons in 2024, respectively. To note, in 11M2025, urea sales was down 4%.

As per our checks, EFERT has maintained discount around Rs400/bag during the month of Dec 2025. However, this discount was rolled back to Rs150 /bag at the start of the new year. Similarly, FFC also offered discount of Rs 150–200 per bag during the same period.

The closing inventory of urea is expected to be around 0.315mn tons in Dec 2025, down from 1.13mn tons in Nov 2025. This decline is significant for the industry, as the cost of maintaining inventory levels will decrease and subsequently discounts are also rolled back.

The company wise, Fatima Group (FATIMA) holds the highest inventory of 133k tons followed by Engro Fertilizers (EFERT) of 88k tons, and Fauji Fertilizer Company (FFC) of 56k tons. To highlight, inventory position of EFERT improved significantly where they were holding inventory of 504k tons in Nov-25.

Among the companies, EFERT is expected to record a massive increase of 140% MoM and 56% YoY in urea sales to 644k tons in Dec 2025 which is all time high sales. While FFC is expected to record a urea sales of 377k tons, down 3% MoM followed by FATIMA of 259k tons, up 107% MoM in Dec-2025.

Total DAP sales during Dec-2025 is likely to be at ~80k tons, down 67% MoM and 42% YoY. In 2025, total DAP offtake is expected to clock in at 1.3mn ton, down by 18% YoY.

The company Company wise data suggests, FFC and EFERT are estimated to record sales of 54k tons and 12k tons, respectively in Dec 2025.  Closing inventory of DAP is likely to be around 219ktons in Dec 2025

Outlook: Going forward, we expect urea sales to remain normalize in 2026 due to higher push sales. Considering the low inventory levels, this waives the possibility of exports for the time being.