Hindustan Urvarak & Rasayan

What Hindustan Urvarak & Rasayan does

Hindustan Urvarak & Rasayan Limited (HURL) is a government-owned Indian joint venture incorporated on 15 June 2016 by Coal India Limited (CIL), NTPC Limited, and Indian Oil Corporation Limited (IOCL) as lead promoters, with Fertilizer Corporation of India Limited (FCIL) and Hindustan Fertilizer Corporation Limited (HFCL) as additional partners. The three lead promoters each hold approximately 29.67% of HURL, which operates under the administrative control of the Ministry of Chemicals and Fertilizers. HURL's core business is the manufacture of urea fertilizer at three revived plants located at Gorakhpur (Uttar Pradesh), Barauni (Bihar), and Sindri (Jharkhand), each with a capacity of 2,200 MTPD of ammonia and 3,850 MTPD of urea, giving a combined annual capacity of approximately 3.81 MMT. The company serves 50 lakh plus farmers across North and East India via government fertilizer distribution channels and its own dealer network, achieving a record-high annual urea production of 38.9 LMT in FY 2025-26.

HURL's underlying technology stack centers on ammonia-urea production using natural gas as primary feedstock, with each plant also consuming power and steam supplied by promoter-affiliated utilities. Enterprise operations are run on SAP Rise with S/4 HANA Private Cloud (recently upgraded from the 1909 to the 2025 release), and the company has deployed an AI-powered farmer chatbot called Urvarak Mitra for advisory on fertilizers, crops, and government schemes. Rail infrastructure is integral to distribution, evidenced by the first rack of PDM Sri at the Fatuha Rake Point in Patna, Bihar.

HURL's revenue model is a B2G enterprise with ureas sold under the government's New Urea Policy and urea subsidy mechanism; pricing is not publicly disclosed but is governed by central government concession rates. The company is pursuing geographic expansion through a 13% stake in the Rs 10,600 crore Assam Valley Fertilizer and Chemical Company Limited (AVFCCL) Namrup IV brownfield plant, which is targeting commissioning in 2030. HURL has an AA+ credit rating and signed a Rs 12,842 crore rupee term loan with IRFC in March 2026 to refinance existing long-term debt; lead promoters NTPC, IOCL, and CIL are planning to list HURL via an IPO in FY27, targeting a 10-11% stake sale to raise Rs 5,000-6,000 crore under the National Monetization Pipeline.

Name

Hindustan Urvarak & Rasayan

Legal name

Hindustan Urvarak & Rasayan Limited

Website

https://hurl.net.in

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Hindustan Urvarak & Rasayan Limited (HURL) is an Indian government joint venture that manufactures urea fertilizer at three plants in Gorakhpur, Barauni, and Sindri, supplying 50 lakh plus farmers across North and East India through government subsidy channels.

Ownership category

akta.pro rank

Product category

Fertilizer Manufacturing

NAICS

Nitrogenous Fertilizer Manufacturing (325311), Industrial Gas Manufacturing (32512)

akta.pro primary industry

Nitrogen Fertilizers (Ammonia/Urea/UAN) (IMAEAEAA)

akta.pro secondary industries

Nitrogen Fertilizers (Ammonia, Urea, UAN, Ammonium Nitrate/Sulfate) (AFABABAA), Ammonia & Nitrogen Feedstocks (Ammonia, Urea, Nitrates) (EUALAHAG)

Keywords

• Urea fertilizer manufacturing
• Ammonia production
• Agricultural inputs
• Fertilizer manufacturing
• Natural gas feedstock

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Urea Fertilizer Sales: HURL generates revenue from manufacturing and selling urea fertilizers through its three plants at Gorakhpur, Barauni, and Sindri. Revenue flows through government fertilizer distribution channels and dealer networks serving farmers across North and East India.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

HURL manufactures urea and ammonia fertilizers at three revived plants located at Gorakhpur (Uttar Pradesh), Barauni (Bihar), and Sindri (Jharkhand), each with 2,200 MTPD ammonia and 3,850 MTPD urea capacity. The company produces urea using natural gas as primary feedstock, supplying domestic agricultural markets through government fertilizer distribution channels and a dealer network. It also participates in joint venture projects to expand domestic urea production capacity.

Product overview

Hindustan Urvarak & Rasayan Limited (HURL) operates as a fertilizer manufacturing joint venture that produces urea as its core product offering. The company manages three urea manufacturing plants located at Gorakhpur (Uttar Pradesh), Barauni (Bihar), and Sindri (Jharkhand). Each plant has a capacity of 2,200 MTPD ammonia and 3,850 MTPD urea, contributing to India's domestic urea production capacity and food security objectives. The company achieved its highest ever annual urea production of 38.9 LMT in FY 2025-26.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Highest ever annual urea production of 38.9 LMT in FY 2025-26
• +2 more outcomes

Segments1 record

Ideal customer profiles2 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered minor.

• The Art of Living (Social Projects)minorStrategic or Co-development Partner · 6 July 2026HURL and The Art of Living Social Projects inaugurated Project SWASTHYA KIRAN at Sri Sri College of Ayurvedic Science and Research Hospital in Cuttack, Odisha, commissioning a CT scanner to expand diagnostic imaging. The partnership was formalised through an MoU signed in Bengaluru in the presence of Gurudev Sri Sri Ravi Shankar, aiming to improve affordable diagnostics for underserved communities.
• Dhanbad District Education DepartmentminorStrategic or Co-development Partner · 11 March 2026HURL signed an MoU with the Dhanbad district education department to improve infrastructure in 10 government schools in Sindri. HURL provides financial support while the district oversees the project.
• Assam Valley Fertilizer and Chemical Company Limited (AVFCCL)minorStrategic or Co-development Partner · 21 December 2025AVFCCL is a joint venture developing a Rs 10,600 crore ammonia-urea plant at Namrup, Assam. HURL holds a 13% equity stake. The plant will have annual capacity of 12.7 lakh metric tonnes, targeting the northeast region. PM Modi laid the foundation stone in December 2025, with commissioning targeted for 2030. Siba Prasad Mohanty (MD of HURL) also serves as MD of AVFCCL.
• Oil India LimitedminorStrategic or Co-development PartnerOil India Limited is a joint venture partner in AVFCCL (Namrup project) with an 18% stake. The Namrup project involves equity participation from BVFCL (11%), HURL (13%), NFL (18%), and Oil India (18%).
• National Fertilizers Limited (NFL)minorStrategic or Co-development PartnerNFL is a joint venture partner in AVFCCL (Namrup project) with an 18% equity stake. NFL's Director (Finance) Shri Arvind Kumar previously held senior leadership positions at HURL.
• Brahmaputra Valley Fertilizer Corporation Limited (BVFCL)minorStrategic or Co-development PartnerBVFCL is a joint venture partner in AVFCCL (Namrup project) with 11% equity stake. BVFCL's Namrup-1 plant was demolished in June 2026 to clear space for the new AVFCCL project.

Scale indicators8 records

Recent moves7 records

Expansion highlights12 records

Direct peers

• Chambal Fertilizers and Chemicals: Largest private-sector urea producer in India, operating Gadepan plants in Rajasthan. Chambal competes directly with HURL in the North Indian urea market and shares a similar feedstock-based production model.
• National Fertilizers Limited: Indian PSU urea manufacturer and HURL's joint venture partner in the Namrup IV project (18% stake). NFL operates multiple urea plants across India with similar policy-driven, subsidy-backed revenue model, making it the closest comparable peer.
• Deepak Fertilizers and Petrochemicals: Indian manufacturer of nitrogenous fertilizers (urea, ammonium nitrate) and industrial chemicals. Deepak Fertilisers competes in the same nitrogen chemistry space as HURL, with comparable feedstock exposure and product overlap.
• Krishak Bharati Cooperative (KRIBHCO): Major Indian cooperative urea producer with large-scale Hazira plant. KRIBHCO is directly comparable in product mix (urea-centric) and customer base (North Indian farmers), making it a high-relevance peer.
• Nagarjuna Fertilizers and Chemicals: Indian urea and complex fertilizer producer with manufacturing in Andhra Pradesh. Comparable in product concentration, technology, and Indian agricultural customer base, though serving primarily South India.
• Rashtriya Chemicals and Fertilizers: Indian government-owned urea and complex fertilizer producer with plants in Maharashtra and Gujarat. RCF is a direct comparable in terms of PSU status, urea-only concentration, and government subsidy dependence.

Broad incumbents

• Coromandel International: India's largest private phosphatic fertilizer producer with diversified product portfolio including urea trading. While primarily phosphatic, Coromandel competes in the same agricultural inputs market and farmer distribution ecosystem.
• Yara International: Global nitrogen fertilizer leader headquartered in Norway with strong presence in India. Yara is a broad incumbent comparable for its nitrogen specialization, global scale, and decarbonization roadmap (green ammonia), which aligns with HURL's strategic aspirations.
• Indian Farmers Fertiliser Cooperative (IFFCO): India's largest fertilizer cooperative, dominating urea and complex fertilizer production. IFFCO is a broader incumbent operating across multiple states with diversified product portfolio, providing scale benchmark for HURL.
• Gujarat State Fertilizers & Chemicals: Diversified Indian PSU fertilizer producer with urea, complex fertilizers, and industrial products. GSFC is a broader incumbent competing in the same agricultural inputs market but with a more diversified portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/HURL_INDIA
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Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hindustan Urvarak & Rasayan