Projected volumes: Fertiliser sales volumes are expected to moderate in FY2027 owing to constrained production and fertilizer availability. 

Revenue growth: Revenues likely to moderate in FY2027 driven by lower sales volumes partially tempered by higher realisations owing to raw material price inflation. 

Profitability: Given the curtailed gas availability for urea plants, the operating rates for urea plants are expected to remain below 80% while the P&K fertilizer segment will face raw material pricing headwinds as prices of key raw material like ammonia, phosphoric acid, sulphur/sulphuric acid are expected to increase. The industry’s profitability trajectory will remain dependent on the upcoming NBS rate revision.