Gujarat Narmada Valley Fert & Chem Limited's Board of Directors approved the audited standalone and consolidated financial results for the fourth quarter and financial year ended March 31, 2026. The meeting, held on May 18, 2026, was convened pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, M/s. Suresh Surana & Associates LLP, issued an unmodified opinion on the financial results.

Standalone Financial Performance

GNFC delivered a strong performance for FY26, with standalone net profit rising significantly on both a quarterly and annual basis. Q4 standalone net profit stood at ₹3.9B versus ₹2.1B in the same period last year, while Q4 revenue came in at ₹22B compared to ₹20.6B year-on-year. Q4 EBITDA stood at ₹4.8B versus ₹2.4B in the same period last year, with the EBITDA margin expanding sharply to 21.83% from 11.68% year-on-year. The following table summarises the key standalone financial metrics:

Managing Director Mr. Rajkumar Beniwal, IAS, noted that quarter-on-quarter and year-on-year Q4 revenue improvement was driven primarily by better sales realisation across the majority of products. On a full-year basis, PBT improvement was mainly attributable to a reduction in input costs. He also noted that annual revenue figures are not directly comparable due to a planned turnaround at the Bharuch Complex in FY26 and at the Dahej Complex in FY25.

Consolidated Financial Performance

The consolidated results, which include the performance of associate company Gujarat Green Revolution Company Limited, are presented below:

Segment Performance

The Chemicals segment remained the primary driver of profitability, while the Fertilizers segment continued to report losses. The segment-wise revenue and results for the quarter and full year are detailed below:

On a quarterly basis, Fertilizer Segment revenue declined due to lower volume and realisations, while Chemical Segment revenue rose on higher volume and realisations. On a full-year basis, Fertilizer Segment losses widened due to higher energy norms and fixed costs, while the Chemical Segment improved primarily due to a decrease in input costs. As per directives from the Department of Fertilizers, P&K Fertilizers revenue for FY26 is reported at ₹719 Crores with a segment result of ₹(40) Crores.

Balance Sheet and Cash Flow Highlights

Key balance sheet items as at March 31, 2026 reflect a strengthened financial position, with total standalone assets rising to ₹11,225 Crores from ₹10,880 Crores in the previous year. The company became debt-free during the year, with borrowings reducing to nil from ₹99 Crores. Net worth stood at ₹8,981 Crores against ₹8,452 Crores previously.

On the cash flow front, net cash generated from operating activities stood at ₹654 Crores for FY26 compared to ₹606 Crores in FY25. Net cash used in investing activities was ₹(231) Crores, while net cash used in financing activities was ₹(269) Crores, primarily representing dividend payments. Closing cash and cash equivalents stood at ₹74 Crores.

Dividend and Corporate Actions

The Board of Directors has recommended a dividend of ₹21 per equity share of ₹10 each (210%) for FY26, subject to shareholder approval at the ensuing Annual General Meeting. Upon approval, the dividend will be paid within 30 days of declaration, subject to deduction of tax at source.

Additionally, the Board appointed M/s. B S R and Co., Chartered Accountants, Ahmedabad (Firm Registration No. 128510W) as the new Statutory Auditors for a term of five years, commencing from the conclusion of the 50th Annual General Meeting until the conclusion of the 55th Annual General Meeting, subject to shareholder approval. This appointment follows the recommendation of the Audit Committee.

Capex Plans and Outlook

GNFC has several projects under execution aimed at expanding capacity and improving operating margins. The key projects are detailed below:

Projects under consideration include BisPhenol-A at Dahej (150 KTPA), Polyols at Dahej (100 KTPA), and Acetic Acid at Bharuch (350 KTPA). The projects under execution at Bharuch are reported to be largely on schedule, and market studies and Detailed Project Reports for projects under consideration are expected to be completed during the current financial year.

Gujarat Narmada Valley Fert & Chem Limited announced on May 18, 2026, that its Board of Directors approved the appointment of M/s. B S R and Co., Chartered Accountants, Ahmedabad, as the Company's Statutory Auditors. The decision was taken during a Board meeting held on May 18, 2026, based on the recommendation of the Audit Committee, and is subject to approval by shareholders at the ensuing Annual General Meeting. The intimation was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The key details of the statutory auditor appointment, as disclosed under the applicable Listing Regulations and SEBI Master Circular, are summarised below:

Profile of M/s. B S R and Co.

M/s. B S R and Co. was constituted on September 01, 2007 as a partnership firm with Firm Registration No. 128510W. The registered office of the firm is located at 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Centre, Western Express Highway, Goregaon (East), Mumbai - 400063.

The firm is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India. Key highlights of the firm include:

• Registered in Mumbai, Gurgaon, Bangalore, and Hyderabad
• Presence across 14 cities in India
• Around 6,400+ staff and 400+ Partners
• Audits various companies listed on stock exchanges in India, including companies in the chemical sector

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 issued on July 11, 2023, and last updated on January 30, 2026. The intimation was signed by Rajesh Pillai, Company Secretary & Compliance Officer of Gujarat Narmada Valley Fertilizers & Chemicals Limited.