Gujarat Narmada Valley Fertilizers & Chemicals Limited has submitted the audio recording of its Investors Meet and Analysts ConCall held on May 19, 2026. The company had previously intimated the stock exchanges regarding the schedule of this conference call, which took place at 4:00 PM (IST). The submission was formally communicated to both BSE Limited and the National Stock Exchange of India Limited, with a direct link to the recording made available for stakeholders on the company's official website.

Concall Key Event Details

CCPP Synchronization and Savings Potential

During the concall, management provided guidance on the progress of its coal-based Captive Co-generation Power Plant (CCPP). The plant is expected to synchronize by the third week of June and become fully operational by the third week of August 2026. Once operational, the CCPP is estimated to generate savings of INR 10-12 crore per month, with these benefits expected to accrue from H2 FY27 onwards.

Capital Expenditure and Project Pipeline

Management outlined its capital allocation plans, with CapEx for FY27 projected at approximately INR 2,800 crores. Details pertaining to FY28 expenditure are expected to be shared in subsequent quarters. On the project identification front, management indicated it expects to finalize new investment decisions by the end of the current calendar year.

Plant Expansion Timeline and Fertilizer Segment Outlook

The following key expansion projects and their expected timelines were disclosed during the concall:

On the fertilizer segment, management does not foresee the urea business turning profitable until fixed cost and energy norms are revised, noting that losses in this segment are currently widening.

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.