{"id":95419,"date":"2026-05-22T17:13:14","date_gmt":"2026-05-22T11:43:14","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=95419"},"modified":"2026-05-22T17:13:16","modified_gmt":"2026-05-22T11:43:16","slug":"madras-fertilizers-analyst-review-2026","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/","title":{"rendered":"Madras Fertilizers Analyst Review May 2026"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p>This <strong><a href=\"https:\/\/univest.in\/user\/stocks\/madrasfert\/madras-fertilizers-ltd-share-price-today\">Madras Fertilizers<\/a> analyst review<\/strong> for May 2026 covers the key data investors need for MADRASFERT at its current price of Rs 115. Madras Fertilizers (NSE: MADRASFERT) is a government-promoted fertiliser company with a market capitalisation of approximately Rs 1,200 crore, manufacturing urea, NPK, and complex fertilisers in Chennai. The analyst consensus target of Rs 148 implies meaningful upside, and this <strong>Madras Fertilizers analyst review<\/strong> examines technical levels, business performance, valuation, and key risks for MADRASFERT through FY27.<\/p>\n<p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Madras_Fertilizers_Company_Snapshot_May_2026\" title=\"Madras Fertilizers Company Snapshot May 2026\">Madras Fertilizers Company Snapshot May 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Analyst_Insight_in_This_Madras_Fertilizers_Analyst_Review\" title=\"Analyst Insight in This Madras Fertilizers Analyst Review\">Analyst Insight in This Madras Fertilizers Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Technical_Analysis_in_This_Madras_Fertilizers_Analyst_Review\" title=\"Technical Analysis in This Madras Fertilizers Analyst Review\">Technical Analysis in This Madras Fertilizers Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Key_Support_and_Resistance_Levels\" title=\"Key Support and Resistance Levels\">Key Support and Resistance Levels<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Business_Segment_Analysis\" title=\"Business Segment Analysis\">Business Segment Analysis<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Urea_Manufacturing_Manali_Plant\" title=\"Urea Manufacturing (Manali Plant)\">Urea Manufacturing (Manali Plant)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#NPK_and_Complex_Fertiliser_Production\" title=\"NPK and Complex Fertiliser Production\">NPK and Complex Fertiliser Production<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Speciality_and_Soil_Health_Products\" title=\"Speciality and Soil Health Products\">Speciality and Soil Health Products<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Valuation_in_This_Madras_Fertilizers_Analyst_Review\" title=\"Valuation in This Madras Fertilizers Analyst Review\">Valuation in This Madras Fertilizers Analyst Review<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Trade_Outlook_for_Madras_Fertilizers\" title=\"Trade Outlook for Madras Fertilizers\">Trade Outlook for Madras Fertilizers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Key_Risks_for_Madras_Fertilizers_in_FY27\" title=\"Key Risks for Madras Fertilizers in FY27\">Key Risks for Madras Fertilizers in FY27<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Conclusion_Madras_Fertilizers_Analyst_Review_Verdict_for_2026\" title=\"Conclusion: Madras Fertilizers Analyst Review Verdict for 2026\">Conclusion: Madras Fertilizers Analyst Review Verdict for 2026<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Frequently_Asked_Questions_Madras_Fertilizers_Analyst_Review_2026\" title=\"Frequently Asked Questions: Madras Fertilizers Analyst Review 2026\">Frequently Asked Questions: Madras Fertilizers Analyst Review 2026<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#What_is_the_analyst_target_for_Madras_Fertilizers_in_2026\" title=\"What is the analyst target for Madras Fertilizers in 2026?\">What is the analyst target for Madras Fertilizers in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Is_Madras_Fertilizers_a_good_investment_at_Rs_115\" title=\"Is Madras Fertilizers a good investment at Rs 115?\">Is Madras Fertilizers a good investment at Rs 115?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#What_is_Madras_Fertilizerss_52-week_high_and_low\" title=\"What is Madras Fertilizers&#8217;s 52-week high and low?\">What is Madras Fertilizers&#8217;s 52-week high and low?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#What_are_the_key_risks_for_Madras_Fertilizers\" title=\"What are the key risks for Madras Fertilizers?\">What are the key risks for Madras Fertilizers?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/madras-fertilizers-analyst-review-2026\/#Where_can_I_track_live_data_for_Madras_Fertilizers\" title=\"Where can I track live data for Madras Fertilizers?\">Where can I track live data for Madras Fertilizers?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Madras_Fertilizers_Company_Snapshot_May_2026\"><\/span><strong>Madras Fertilizers Company Snapshot May 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Madras Fertilizers&#8217; Manali plant in Chennai produces urea and complex fertilisers. The IFFCO\/CPCL joint venture provides raw material security and technology backing for the fertiliser operations. The table below summarises the key data referenced in this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<table>\n<tbody>\n<tr>\n<th>Parameter<\/th>\n<th>Value<\/th>\n<\/tr>\n<tr>\n<td>NSE Ticker<\/td>\n<td>MADRASFERT<\/td>\n<\/tr>\n<tr>\n<td>Sector<\/td>\n<td>Fertilisers &#8211; Complex and Urea (PSU)<\/td>\n<\/tr>\n<tr>\n<td>CMP (May 2026)<\/td>\n<td>Rs 115<\/td>\n<\/tr>\n<tr>\n<td>52 Week High<\/td>\n<td>Rs 188<\/td>\n<\/tr>\n<tr>\n<td>52 Week Low<\/td>\n<td>Rs 88<\/td>\n<\/tr>\n<tr>\n<td>Market Cap<\/td>\n<td>Rs 1,200 Crore<\/td>\n<\/tr>\n<tr>\n<td>Trailing P\/E<\/td>\n<td>NAx<\/td>\n<\/tr>\n<tr>\n<td>Analyst Consensus Target<\/td>\n<td>Rs 148<\/td>\n<\/tr>\n<tr>\n<td>Bull Case Target<\/td>\n<td>Rs 185<\/td>\n<\/tr>\n<tr>\n<td>Bear Case Target<\/td>\n<td>Rs 98<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Analyst_Insight_in_This_Madras_Fertilizers_Analyst_Review\"><\/span><strong>Analyst Insight in This Madras Fertilizers Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Associate Director <strong>Kunal Singla<\/strong> suggests watching Madras Fertilizers closely in May 2026. At Rs 115, Kunal Singla flags Fertilisers &#8211; Complex and Urea (PSU) sector dynamics as the primary driver for MADRASFERT&#8217;s near-term price action. He notes support in the Rs 89.76 to Rs 109.25 zone and flags a sustained close above Rs 121.90 as a positive signal. Kunal Singla&#8217;s perspective adds professional analysis to this <strong>Madras Fertilizers analyst review<\/strong> and is not a buy recommendation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Technical_Analysis_in_This_Madras_Fertilizers_Analyst_Review\"><\/span><strong>Technical Analysis in This Madras Fertilizers Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At Rs 115, MADRASFERT is trading within its 52-week band of Rs 88 to Rs 188. The current position relative to the 52-week high and low is the first layer of technical context for any entry or exit decision. Momentum indicators including the 14-day RSI, MACD crossover, and volume trends are useful secondary signals to monitor alongside the Nifty 50 direction.<\/p>\n<p>Near-term support is identified in the Rs 89.76 to Rs 109.25 band while resistance is seen in the Rs 121.90 to Rs 131.50 zone. A sustained move above Rs 121.90 could open the path toward the analyst consensus target of Rs 148 as identified in this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<p><a href=\"https:\/\/univest.in\/screeners\"><strong>Screen the best stocks on the Univest Screener.<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Support_and_Resistance_Levels\"><\/span><strong>Key Support and Resistance Levels<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Support Zone:<\/strong> Rs 89.76 to Rs 109.25 &#8211; investors tracking this <strong>Madras Fertilizers analyst review<\/strong> should watch for stabilisation or a bounce in this range as a potential accumulation signal for MADRASFERT.<\/li>\n<li><strong>Resistance Zone:<\/strong> Rs 121.90 to Rs 131.50 &#8211; a sustained close above Rs 121.90 would be a positive breakout signal worth flagging in this <strong>Madras Fertilizers analyst review<\/strong>.<\/li>\n<li><strong>Medium-Term Target:<\/strong> The analyst consensus of Rs 148 represents the base-case upside scenario in this <strong>Madras Fertilizers analyst review<\/strong>.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Business_Segment_Analysis\"><\/span><strong>Business Segment Analysis<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Urea_Manufacturing_Manali_Plant\"><\/span><strong>Urea Manufacturing (Manali Plant)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This is the primary revenue and margin driver for Madras Fertilizers, directly supporting the earnings trajectory toward the consensus target of Rs 148.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"NPK_and_Complex_Fertiliser_Production\"><\/span><strong>NPK and Complex Fertiliser Production<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This segment adds scale and diversification to Madras Fertilizers&#8217;s business model and is a meaningful EPS contributor through FY27 and FY28.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Speciality_and_Soil_Health_Products\"><\/span><strong>Speciality and Soil Health Products<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This represents the medium-term growth frontier for Madras Fertilizers and a key re-rating catalyst for the stock over the next 12 to 24 months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_in_This_Madras_Fertilizers_Analyst_Review\"><\/span><strong>Valuation in This Madras Fertilizers Analyst Review<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>At Rs 115, Madras Fertilizers trades at a trailing P\/E of NAx. This <strong>Madras Fertilizers analyst review<\/strong> presents three scenarios: a bull case of Rs 185 on strong earnings delivery, a base case of Rs 148 at analyst consensus, and a bear case of Rs 98 if macro headwinds persist. Q1 FY27 results will be the first key checkpoint for this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<table>\n<tbody>\n<tr>\n<th>Scenario<\/th>\n<th>Target Price<\/th>\n<th>Key Condition<\/th>\n<\/tr>\n<tr>\n<td>Bull Case<\/td>\n<td>Rs 185<\/td>\n<td>Strong earnings delivery and sector re-rating<\/td>\n<\/tr>\n<tr>\n<td>Base Case (Consensus)<\/td>\n<td>Rs 148<\/td>\n<td>Moderate growth, analyst consensus estimate<\/td>\n<\/tr>\n<tr>\n<td>Bear Case<\/td>\n<td>Rs 98<\/td>\n<td>Earnings miss or macro headwinds<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Trade_Outlook_for_Madras_Fertilizers\"><\/span><strong>Trade Outlook for Madras Fertilizers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Based on the technical and fundamental analysis in this <strong>Madras Fertilizers analyst review<\/strong>, investors might watch MADRASFERT near the support zone of Rs 89.76 to Rs 109.25 for potential opportunities. A flag above Rs 121.90 could suggest improving momentum toward Rs 148. This article uses watch-and-flag language only and does not constitute a trade recommendation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_for_Madras_Fertilizers_in_FY27\"><\/span><strong>Key Risks for Madras Fertilizers in FY27<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A well-rounded <strong>Madras Fertilizers analyst review<\/strong> must assess downside risks. Key risks for Madras Fertilizers include a macro slowdown affecting Fertilisers &#8211; Complex and Urea (PSU) sector demand, input cost or regulatory headwinds compressing margins, continued FII selling from Indian equities, and earnings estimate downgrades if Q1 FY27 guidance disappoints. Market conditions may change rapidly. This analysis is not financial advice; investors should perform their own due diligence before investing in MADRASFERT.<\/p>\n<p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or the <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get daily stock recommendations and expert research.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Madras_Fertilizers_Analyst_Review_Verdict_for_2026\"><\/span><strong>Conclusion: Madras Fertilizers Analyst Review Verdict for 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This <strong>Madras Fertilizers analyst review<\/strong> concludes that at Rs 115, MADRASFERT offers a defined risk-reward with a consensus target of Rs 148. The 52-week range of Rs 88 to Rs 188 provides context on the current entry point. Use this <strong>Madras Fertilizers analyst review<\/strong> as a research starting point and consult a SEBI-registered financial advisor before making any investment decisions on MADRASFERT.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_Madras_Fertilizers_Analyst_Review_2026\"><\/span><strong>Frequently Asked Questions: Madras Fertilizers Analyst Review 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_analyst_target_for_Madras_Fertilizers_in_2026\"><\/span><strong>What is the analyst target for Madras Fertilizers in 2026?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The analyst consensus target is Rs 148, with a bull case of Rs 185 and a bear case of Rs 98. This <strong>Madras Fertilizers analyst review<\/strong> recommends monitoring Q1 FY27 earnings for confirmation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Madras_Fertilizers_a_good_investment_at_Rs_115\"><\/span><strong>Is Madras Fertilizers a good investment at Rs 115?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At Rs 115 with a P\/E of NAx and a consensus target of Rs 148, this <strong>Madras Fertilizers analyst review<\/strong> is constructive for medium to long-term investors in the Fertilisers &#8211; Complex and Urea (PSU) sector. Always consult a SEBI-registered advisor before investing.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Madras_Fertilizerss_52-week_high_and_low\"><\/span><strong>What is Madras Fertilizers&#8217;s 52-week high and low?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The 52-week high is Rs 188 and the 52-week low is Rs 88. At Rs 115, MADRASFERT is positioned within this range as noted in this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_key_risks_for_Madras_Fertilizers\"><\/span><strong>What are the key risks for Madras Fertilizers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Key risks include macro slowdown, input cost pressures, FII selling, and regulatory changes in the Fertilisers &#8211; Complex and Urea (PSU) sector as assessed in this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Where_can_I_track_live_data_for_Madras_Fertilizers\"><\/span><strong>Where can I track live data for Madras Fertilizers?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Track Madras Fertilizers&#8217;s live price and analyst targets on the Univest Screener alongside professional financial advice to complement this <strong>Madras Fertilizers analyst review<\/strong>.<\/p>\n<p><em>Investments in securities are subject to market risk. This content is for educational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Madras Fertilizers analyst review 2026: CMP Rs 115, MCap Rs 1,200 Cr, PE NAx. Fertilisers &#8211; Complex and Urea (PSU) outlook. 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