Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC)
₹564.20 -1.39% last close, 16 Oct
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)Gujarat Narmada Valley Fertilizers and Chemicals Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Gujarat Narmada's revenue was ₹2,238 Cr (+39.8% year on year, +1.4% on the previous quarter), and net profit ₹312 Cr (+275.9% year on year); the operating margin was 17.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,238 | +39.8% | +1.4% |
| Operating profit | ₹393 | — | -18.5% |
| Net profit | ₹312 | +275.9% | -21.2% |
| EPS (₹) | 21.22 | +275.6% | -21.3% |
| Operating margin | 17.6% | — | — |
GNFC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 47.58% of the GNFC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.05%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 36.8% · 46.7% · 47.0% · 53.7% · 47.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has issued a newspaper notice regarding a special window for the transfer and dematerialisation of physical securities. In line with SEBI directives, the special facility is open for one year from February 05, 2026, to February 04, 2027. This window applies to physical shares purchased or sold prior to April 01, 2019, that were previously returned or rejected due to documentation deficiencies. The filing is purely procedural and has no financial or operational impact on the company.
- Special window opened for 1 year from February 05, 2026 to February 04, 2027
- Applies to physical shares bought or sold prior to April 01, 2019 that faced documentation deficiencies
- Notice published in Business Standard (Ahmedabad) and Loksatta-Jansatta (Vadodara) on October 09, 2026
- Complies with SEBI Circular dated January 30, 2026 and earlier circular dated July 02, 2025
GNFC has issued a Postal Ballot notice seeking shareholder approval for the appointment of Shri Sanjeev Kumar, IAS as Director and Managing Director effective September 09, 2026. The appointment is based on a Government of Gujarat nomination for a tenure of up to 5 years. Remote e-voting for eligible shareholders as of the October 01, 2026 cut-off date opens on October 07, 2026 and closes on November 05, 2026. No immediate remuneration is payable by the company as his pay and allowances are drawn from the state government.
- Appointment of Shri Sanjeev Kumar, IAS effective September 09, 2026 for a tenure of up to 5 years
- Remote e-voting period runs from October 07, 2026 (9:00 AM) to November 05, 2026 (5:00 PM)
- Cut-off date to determine member voting eligibility is October 01, 2026
- Appointee holds nil shares in GNFC, with salary and allowances drawn from the Government of Gujarat
Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) has announced the cessation of Smt. Gauri Kumar, IAS (Retd.), as Non-Executive Independent Director effective September 30, 2026. Her exit is due to the completion of her second statutory term on the board. This represents a planned regulatory governance transition with no operational disruption to GNFC's Rs 8,410 Cr TTM business.
- Cessation of Smt. Gauri Kumar, IAS (Retd.) effective close of business hours September 30, 2026
- Departure is due to the completion of her second statutory term as Independent Director
- Company trades at an enterprise scale with Rs 8,410 Cr TTM revenue and Rs 8,883 Cr market capitalization
GNFC has submitted newspaper clippings regarding the press release for its 50th Annual General Meeting (AGM), which was conducted on September 16, 2026, via video conferencing. The notices were published on September 18, 2026, across editions of Business Standard, Divya Bhaskar, Gujarat Mitra, and Suryakaal pursuant to SEBI Listing Regulations. This is a standard statutory publication detailing AGM proceedings, offering no new operational or financial data beyond what was previously approved. Overall, the disclosure is routine compliance documentation.
- 50th Annual General Meeting held on Wednesday, September 16, 2026 at 03:00 P.M. (IST)
- Published across 4 newspapers including Business Standard and Divya Bhaskar on September 18, 2026
- Procedural compliance filing under Regulation 30 of SEBI LODR Regulations
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has submitted the Scrutinizer's Report for its 50th Annual General Meeting held on September 16, 2026. All ordinary and special resolutions were approved by shareholders with overwhelming majorities (>99.7% of votes cast). Key items approved include the adoption of FY26 financial statements, dividend declaration for FY26, appointment of Prof. (Dr.) Mamata Biswal as Independent Director, and ratification of cost auditor remuneration. Out of 14,69,40,683 outstanding shares, approximately 61.67% votes were polled.
- All resolutions passed with requisite majority, exceeding 99.7% in-favour votes polled across agenda items
- Shareholder participation stood at 61.67% of outstanding shares (9,06,24,132 votes polled out of 14,69,40,683 shares)
- Dividend declaration for FY ended March 31, 2026 approved with 99.99% votes in favour (9,06,23,953 votes)
- Appointment of Prof. (Dr.) Mamata Biswal as Independent Director passed with 99.99% affirmative votes
Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) has received an overall ESG rating of 47 under the 'Adequate' category from ESG Risk Assessments & Insights Limited. The company clarified that this was an unsolicited, independent rating based purely on publicly available data, without direct engagement. The rating does not alter GNFC's operational fundamentals, which delivered TTM revenues of Rs 8,410 Cr and TTM PAT of Rs 1,037 Cr.
- Overall ESG rating assigned at 47 under the 'Adequate' category
- Intimation received by GNFC on September 16, 2026
- Rating assigned independently by ESG Risk Assessments & Insights Limited based on public data without company engagement
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has updated its list of authorized Key Managerial Personnel (KMPs) to determine materiality and make stock exchange disclosures pursuant to Regulation 30(5) of SEBI LODR. The authorized personnel include Managing Director Shri Sanjeev Kumar, IAS, Chief Financial Officer Shri D V Parikh, and Company Secretary Mr. Rajesh Pillai. This is a standard statutory disclosure compliance filing. It carries no operational or financial impact on GNFC's FY26 TTM revenue of ₹8,410 Cr or net profit of ₹1,037 Cr.
- Filing submitted under Regulation 30(5) of SEBI LODR Regulations on September 16, 2026
- Managing Director Shri Sanjeev Kumar, IAS authorized for materiality determination
- CFO Shri D V Parikh and CS Mr. Rajesh Pillai included among authorized KMPs
GNFC's Board of Directors has approved the appointment of Shri Sanjeev Kumar, IAS, as Managing Director and Key Managerial Personnel for up to five years, effective September 09, 2026. This follows a nomination by the Government of Gujarat and is subject to shareholder approval via postal ballot. He succeeds Shri Rajkumar Beniwal, IAS, who resigned from the MD role on September 09, 2026. Mr. Kumar brings nearly 28 years of administrative experience across sectors including energy and petrochemicals.
- Sanjeev Kumar, IAS appointed as Managing Director for a term of up to 5 years effective September 09, 2026
- Predecessor Rajkumar Beniwal, IAS ceased to be Managing Director and Director effective September 09, 2026
- Appointee is a 1998-batch IAS officer with nearly 28 years of experience in public administration and petrochemicals
- Appointment made pursuant to Government of Gujarat Notification dated September 05, 2026
Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) announced that shareholders at its 50th AGM approved the appointment of M/s. B S R and Co., Chartered Accountants, as Statutory Auditors. The appointment is for a period of 5 consecutive years, spanning from the conclusion of the 50th AGM until the 55th AGM. This formalizes the recommendation previously made by the Audit Committee and Board of Directors on May 18, 2026.
- Shareholders approved appointment of M/s. B S R and Co. at the 50th AGM
- Appointed for a tenure of 5 consecutive years until the conclusion of the 55th AGM
- Firm Registration No. confirmed as 128510W
- Follows initial Board and Audit Committee recommendation from May 18, 2026
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) concluded its 50th Annual General Meeting on September 16, 2026. The company placed six resolutions for shareholder approval, including the declaration of a dividend of ₹21 per equity share for FY 2025-26 and the appointment of M/s. B S R and Co as Statutory Auditors. Additionally, the AGM noted that Shri Sanjeev Kumar, IAS, assumed additional charge as Managing Director effective September 9, 2026. Scrutinizer voting results are expected within two working days.
- Proposed dividend declaration of ₹21 per equity share of ₹10 each for FY 2025-26
- Shri Sanjeev Kumar, IAS, assumed additional charge as Managing Director effective September 09, 2026
- Appointment of M/s. B S R and Co, Chartered Accountants, as Statutory Auditors placed for shareholder approval
- A total of 71 members attended the meeting via video conference
Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) announced that Shri Rajkumar Beniwal, IAS ceased to hold the office of Managing Director effective September 9, 2026, following his transfer by the Government of Gujarat. Concurrently, Shri Sanjeev Kumar, IAS, Principal Secretary to the Chief Minister, has assumed additional charge as Managing Director effective September 9, 2026. The company will place the proposal for his formal appointment as Additional Director and Managing Director before the Board following NRC consideration. GNFC generated TTM revenue of ₹8,410 Cr and PAT of ₹1,037 Cr, operating under state-level bureaucratic leadership.
- Shri Sanjeev Kumar, IAS took over as Managing Director effective September 09, 2026
- Predecessor Shri Rajkumar Beniwal, IAS relinquished MD charge on September 09, 2026 following government transfer order
- Government notification No. AIS/35.2026/37/Ser(I) dated September 5, 2026 assigned additional charge until further orders
- Incoming MD is a 1998-batch IAS officer with over 27 years of public administration experience
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has announced that Shri Sanjeev Kumar, IAS has taken over additional charge as Managing Director with effect from September 09, 2026, succeeding Shri Rajkumar Beniwal, IAS. Sanjeev Kumar is a 1998-batch IAS officer and Principal Secretary to the Chief Minister of Gujarat with over 27 years of public administration experience. The appointment was directed via a Government of Gujarat notification dated September 5, 2026. The company is in the process of completing board and NRC approvals for the formal appointment.
- Shri Sanjeev Kumar, IAS appointed as Managing Director effective September 09, 2026
- Shri Rajkumar Beniwal, IAS ceased to hold the office of Managing Director on September 09, 2026
- Assignment made via Government of Gujarat Notification No. AIS/35.2026/37/Ser(I) dated September 5, 2026
- Incoming MD brings over 27 years of experience in public administration and is a 1998-batch IAS officer
Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) has announced that Managing Director Shri Rajkumar Beniwal, IAS, has relinquished his charge and ceased to hold office effective September 09, 2026, following a transfer order from the Government of Gujarat. In his place, Shri Sanjeev Kumar, IAS, Principal Secretary to the Chief Minister, has assumed additional charge as Managing Director effective September 09, 2026. The formal appointment proposals will be placed before the Board and Nomination and Remuneration Committee. GNFC reported TTM revenue of ₹8,410 Cr and TTM PAT of ₹1,037 Cr, operating under state government leadership.
- Rajkumar Beniwal, IAS relinquished the post of Managing Director effective September 09, 2026
- Sanjeev Kumar, IAS assigned additional charge as Managing Director effective September 09, 2026
- Change executed pursuant to Government of Gujarat Notification No. AIS/35.2026/37/Ser(I) dated September 5, 2026
- Sanjeev Kumar brings over 27 years of public administration experience and currently serves as Principal Secretary to the Gujarat CM
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has announced a leadership transition in its top executive office. Shri Rajkumar Beniwal, IAS, has relinquished charge as Managing Director effective September 09, 2026, following government transfer orders. Shri Sanjeev Kumar, IAS, currently Principal Secretary to the Chief Minister of Gujarat, has assumed additional charge as Managing Director on the same date. The formal appointment will be placed before the Board and Nomination and Remuneration Committee for statutory approvals.
- Shri Sanjeev Kumar, IAS appointed to the additional charge of Managing Director effective September 09, 2026
- Shri Rajkumar Beniwal, IAS ceased to hold the office of Managing Director effective September 09, 2026
- Change executed pursuant to Government of Gujarat Notification No. AIS/35.2026/37/Ser(I) dated September 5, 2026
- Incoming MD brings over 27 years of public administration experience across finance, energy, and petrochemicals
The Government of Gujarat has withdrawn the nomination of Shri Rajkumar Beniwal, IAS, as Managing Director of GNFC per notification dated September 5, 2026. Shri Sanjeev Kumar, IAS, has been nominated to hold additional charge as Managing Director. Formal appointment will be confirmed at an ensuing meeting of the Board of Directors, with handover dates to be notified separately.
- Government of Gujarat issued notification No. AIS/35.2026/37/Ser(I) dated September 05, 2026
- Nomination of Shri Rajkumar Beniwal, IAS (DIN: 07195658) as Managing Director withdrawn
- Shri Sanjeev Kumar, IAS (DIN: 03600655) nominated to hold additional charge as Managing Director
- Formal induction and date of assumption of charge to be ratified at the ensuing Board meeting
Financial Performance
Revenue Growth by Segment
In H1 FY25-26, the Fertilizer segment revenue was INR 1,358 Cr, a 12% decrease from INR 1,537 Cr in H1 FY24-25. The Chemical segment revenue was INR 2,167 Cr, an 8% decrease from INR 2,351 Cr. Overall revenue for 9MFY25 marginally increased to INR 5,837 Cr compared to INR 5,820 Cr in 9MFY24.
Geographic Revenue Split
Not disclosed in available documents; however, manufacturing facilities are concentrated in Bharuch and Dahej, Gujarat, with a strong market presence across India.
Profitability Margins
The PAT margin declined from 19.54% in FY22 to 14.17% in FY23. Operating profit margin for 9MFY25 stood at 6.42%, a slight improvement from 6.15% in 9MFY24, driven by higher sales volumes despite subdued price realizations in industrial chemicals.
EBITDA Margin
EBITDA margin was 19.23% in FY23, a significant decline from 28.22% in FY22. This 9% drop was primarily due to lower realizations in the chemical segment and increased input costs.
Capital Expenditure
The company is undertaking a large-scale capital expenditure program with an estimated cost of ~INR 2,300 Cr. This includes modernization, backward integration, and product diversification projects such as the WNA-III plant and a coal-based steam and power plant, funded entirely through internal accruals.
Credit Rating & Borrowing
The company maintains a 'Stable' credit rating with a conservative capital structure. Interest coverage ratio stood at 425.81 times in FY23 but moderated to 60.83 times in FY24. Borrowings were significantly reduced by 92% to INR 8 Cr as of September 2025 from INR 99 Cr in March 2025.
Operational Drivers
Raw Materials
Key raw materials include Natural Gas (used for Urea and industrial products), Rock Phosphate, Denatured Ethyl Alcohol, Benzene, Toluene, Coal, and petroleum feedstocks like FOHV, LSHS-P, and HSFO.
Import Sources
Rock Phosphate and Denatured Ethyl Alcohol are imported to manufacture Ammonium Nitro Phosphate and Ethyl Acetate. Specific countries are not listed, but pricing is subject to international import parity and forex fluctuations.
Key Suppliers
IOCL (Indian Oil Corporation Ltd) meets the entire requirement for petroleum feedstock under a contract valid until April 30, 2029. Natural gas is sourced via monthly spot tenders or competitive bidding.
Capacity Expansion
Current projects include the WNA-III plant and a coal conveyor belt project. The company is also replacing a urea reactor to maintain its position as one of India's largest single-stream urea manufacturers.
Raw Material Costs
Raw material costs are subject to high volatility; however, for Urea, natural gas costs are a pass-through if consumption is within permissible norms. In H1 FY25-26, chemical segment results improved to INR 294 Cr from INR 233 Cr (a 26% increase) partly due to decreased input costs.
Manufacturing Efficiency
The company is focused on digital deployment-based savings and steam power operation improvements. A.T. Kearney's assignment aims to flow these savings into the P&L by the second half of the next fiscal year.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but the company utilizes a coal conveyor belt project to streamline raw material movement.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth is targeted through a ~INR 2,300 Cr capex plan focusing on backward integration and product diversification. Cost optimization via A.T. Kearney is expected to add hundreds of crores to the bottom line. The company is also ramping up volumes in TDI, Aniline, and Formic Acid to offset subdued pricing.
Products & Services
Urea, Ammonium Nitro Phosphate (ANP), Calcium Ammonium Nitrate (CAN), Methanol, Acetic Acid, Aniline, Toluene Di-Isocyanate (TDI), Formic Acid, Nitric Acid, and Ethyl Acetate.
Brand Portfolio
GNFC (Gujarat Narmada Valley Fertilizers and Chemicals Ltd).
New Products/Services
The company is diversifying its product basket to include more industrial chemicals, though specific new product revenue contributions are not yet quantified.
Market Expansion
GNFC is leveraging its position as the sole/largest manufacturer of TDI in India to capture domestic demand and substitute imports.
Market Share & Ranking
GNFC is the sole/largest manufacturer of Toluene Di-Isocyanate (TDI) in India and one of the largest single-stream urea manufacturers.
Strategic Alliances
Promoted by the Government of Gujarat and Gujarat State Fertilizers and Chemicals Limited (GSFC), who cumulatively hold a 41.30% stake.
External Factors
Industry Trends
The Indian chemical industry is growing at 9%, outpacing GDP. GNFC is positioning itself to benefit from this by shifting its revenue mix toward chemicals, which contributed 63% of revenue and over 95% of EBIT in FY23.
Competitive Landscape
Fierce competition exists from dominant foreign suppliers as most GNFC chemical products are import substitutes.
Competitive Moat
GNFC's moat is built on being the sole/largest producer of TDI in India and its vertical integration. This cost leadership and market dominance in specific chemicals provide a durable competitive advantage.
Macro Economic Sensitivity
Highly sensitive to agro-climatic conditions (monsoon) which dictate fertilizer demand, and global commodity cycles affecting chemical realizations.
Consumer Behavior
Demand for fertilizers is driven by government subsidy policies and monsoon patterns, while industrial chemical demand follows domestic manufacturing growth.
Geopolitical Risks
Geo-political disturbances are cited as a primary reason for the difficulty in forecasting natural gas prices and supply stability.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Urea pricing formula (pass-through mechanism) and Nutrient Based Subsidy (NBS) rates for other fertilizers. Energy norms for fertilizers are prescribed by the government without capital subsidy support.
Environmental Compliance
The company received an ESG rating from ESG Risk Assessments & Insights Limited and maintains ISO certifications for its complexes.
Taxation Policy Impact
Taxes paid in H1 FY25-26 were INR 106 Cr compared to INR 110 Cr in H1 FY24-25.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of natural gas prices and the timely release of government subsidies. A delay in subsidy payments could impact liquidity, although current liquidity is strong at INR 1,054 Cr.
Geographic Concentration Risk
Manufacturing is concentrated in Gujarat (Bharuch and Dahej), making it sensitive to regional industrial policies and local environmental regulations.
Third Party Dependencies
High dependency on IOCL for petroleum feedstock and on global markets for Rock Phosphate and Gas.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in modernization capex and digital deployment for operational efficiency.
Credit & Counterparty Risk
Low risk due to efficient collection mechanisms; debtor days stood at a low of 13 days in FY23, though they increased to 29 days in FY24.
