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Analyst Opinion
FFC - Fauji Fertilizer Company Ltd. Consolidated
*Pakistan Fertilizer Sector – Sharp Surge in Urea Sales*
SCS Research update    5/20/2026 12:00:00 AM
Urea offtake up 85% YoY to 463k tons in April 2026 – the highest level recorded in 15 years. Cumulative urea sales (4MCY26) up 11% YoY to 1.5 million tons. Growth was driven by early crop sowing, improved farm incomes, and pre-buying amid rising global prices. Market Leaders: Fauji Fertilizer Company (FFC) and Fatima Fertilizer led the market. Both doubled their urea sales. Market shares reached 52% (FFC) and 22% (Fatima). Engro Fertilizers underperformed, with market share declining to 23% despite higher volumes. Other Fertilizer Segments: DAP sales declined 11% YoY due to higher prices and prior stockpiling. CAN and NPK segments recorded strong growth. Inventory & Prices: Inventory levels remain elevated, particularly at Engro, but are expected to ease during the Kharif season. Urea prices increased by Rs. 100–150 per bag, with further increases likely due to strong demand and tight supply.
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FFC - Fauji Fertilizer Company Ltd. Consolidated
Fertilizer Offtake & Inventory Position for Mar 2026
Ahsan Muhammad Asi    4/3/2026 12:00:00 AM
Urea offtake rebounded sharply in March 2026, rising 85% YoY to 568k tons, driven by improved demand after a slow start to the year. This increase reverses the trend seen in January and February, which was weighed down by Rabi demand in December 2025, leading to elevated dealer inventories and suppressed sales. For 1QCY26, cumulative urea sales declined 6% YoY to 1,037k tons. However, key players saw growth: - FFC's offtake improved 12% YoY to 602k tons - EFERT's offtake posted a 7% YoY increase to 279k tons, reversing earlier declines