Fatima Fertilizer’s DAP offtake fell 54 percent year-on-year in the third quarter of calendar 2026, slipping to 3,000 tons from 6,000 tons, National Fertilizer Development Centre data show.
The drop sat inside a softer phosphate market. Industry DAP sales were 287,000 tons, down 15.6 percent from a year earlier, though they rose 48.1 percent from the June quarter.
Urea Steady, Phosphate Soft
Urea held up better. Industry sales rose 0.9 percent year-on-year and 26.9 percent quarter-on-quarter to 1.871 million tons.
Over nine months, urea offtake increased 4 percent to 4.383 million tons. Fauji Fertilizer led, up 10 percent to 2.159 million tons. Fatima’s urea sales rose 8 percent to 769,000 tons, while Engro Fertilizers fell 4 percent to 1.230 million tons.
September carried the yearly gain. Earlier months were hit by monsoon delays, transporter strikes and other logistics snags that pushed application later. Better farm economics then helped urea recover.
DAP stayed weak on a cumulative basis. Nine-month offtake slipped 3 percent to 773,000 tons, off an already low base. High international prices kept farmers tilted toward cheaper nitrogen.
Who Sold What
Fauji’s DAP sales fell 19 percent to 206,000 tons. Engro moved the other way, up 168 percent to 37,000 tons, against Fatima’s 54 percent slide.
Urea split the same way. Fauji sold 755,000 tons, down 9 percent. Engro rose 18 percent to 693,000 tons and Fatima gained 14 percent to 367,000 tons. Agritech’s urea offtake fell 49 percent to 57,000 tons.
Earnings Still Point Up
Engro is expected to earn about Rs9.28 billion, or Rs6.95 a share, up 60 percent, with a dividend near Rs6.60 a share. Sales are seen up 44 percent year-on-year, helped by September urea sales of 693,000 tons.
Its urea share rose to 37 percent, from 17.5 percent in June, after shutdowns at Fatima, Fauji and Agritech. It withdrew its bag discount in April, after cutting it from Rs400 to Rs150 in January.
Fauji is expected to earn about Rs20.55 billion, or Rs14.28 a share, up 6 percent, on a 31 percent blended margin, with a dividend near Rs10.75. Prilled and granular urea fell 8.9 and 11.9 percent, and Sona DAP dropped 24.2 percent. Phosphoric acid margins narrowed to $125 a ton from $238. Other income includes dividends from Askari Bank and Fauji Cement.