Gujarat Narmada Valley Fertilizers & Chemicals Limited conducted its Q3 FY26 earnings conference call on February 11, 2026, providing detailed insights into the company's financial performance and strategic initiatives. The conference call was hosted by Anurag Services LLP and featured key management personnel including Executive Director and CFO D.V. Parikh, Executive Directors Nitin Patel and P.K. Purohit, and other senior executives.

Financial Performance Overview

The company demonstrated stable performance across its business segments during Q3 FY26. The fertilizer segment showed improvement with better NBS rates benefiting complex fertilizers and strong urea volumes. The chemical segment performed well on the volume front, though pricing pressure affected most products except TDI.

Production and Volume Updates

During the conference call, management shared detailed production figures for Q3 FY26 across key product lines. Ammonia production reached 175,000 tonnes with 60% from gas route and remaining from oil-based production.

Strategic CAPEX Initiatives

The Board of Directors approved significant capacity-building CAPEX projects during their recent meeting. A new fifth boiler project at Bharuch facility received approval with an estimated investment of ₹480-500 crores. This coal-fired CFBC boiler will offer improved efficiency of around 83% compared to current boilers operating at 71-75% efficiency.

Additionally, the company is investing in power infrastructure with an extra line from DGVCL, GETCO to enable green power utilization and provide operational stability. Out of the total ₹2,800 crores CAPEX program, approximately ₹1,000 crores has been spent with contracts committed up to ₹2,600 crores.

Market Position and Pricing Dynamics

Management highlighted the company's strong market position in TDI with approximately 60% market share in India's 1 lakh tonne flexible foam market. The company follows import parity pricing methodology for transparency and competitiveness. Recent developments include extension of anti-dumping duty on TDI for another five years and positive price movements in both TDI and acetic acid from January 2026.

Operational Excellence and Cost Optimization

The company continues its engagement with A.T. Kearney for operational cost savings, targeting total savings of ₹260-300 crores. Some initiatives have been locked in, including renewable power purchase agreements worth ₹5-7 crores annually. The majority of other savings are under contracting phase and will reflect in financial results once agreements are finalized.

Project Timeline and Future Outlook

All four major projects under the ₹2,800 crores CAPEX program are progressing well. The CCPP project is expected to commission by end March or early April 2026, generating gross contribution of ₹110 crores and net contribution of ₹82 crores. The weak nitric acid project shows slight delay but remains on track as critical path activities are unaffected. Management expects to complete examination of two additional projects under consideration within the next quarter.

Gujarat narmada valley fert & chem has announced a significant addition to its board of directors with the appointment of Dr. Rajender Kumar, IAS as an Additional Director. The appointment was approved by the Board of Directors on February 10, 2026, following the recommendation of the company's Nomination & Remuneration Committee.

Board Appointment Details

The company has formally notified stock exchanges about the directorate change under Regulation 30 of the SEBI Listing Regulations. Dr. Kumar's appointment brings extensive administrative and policy experience to the fertilizer and chemicals manufacturer.

Professional Background

Dr. Rajender Kumar is a 2004-batch Indian Administrative Service officer belonging to the Gujarat Cadre. He holds a B.A.M.S. degree in Ayurvedic and brings over two decades of experience in public administration, public policy, and development economics.

Key Career Highlights

Dr. Kumar's distinguished career includes several significant roles:

• District Leadership: Served as District Development Officer for Bharuch and Ahmedabad districts, and as Collector & District Magistrate of Rajkot and Surat
• Central Government Service: Worked at policy formulation levels in the Government of India from 2016 to 2021
• Prime Minister's Office: Served as Director to the Prime Minister, contributing to flagship schemes including Swachh Bharat Mission, AMRUT Mission, Smart Cities Mission, and Ayushman Bharat
• International Experience: Served on the World Bank Board from 2021 to 2024 as Advisor to the Executive Director for India, Bangladesh, Bhutan, and Sri Lanka

Current Responsibilities

Since July 2024, Dr. Kumar has been serving as Secretary to the Government of Gujarat, heading the Departments of Tourism, Civil Aviation, and the Pavitra Yatradham Vikas Board. From January 2026, he has been posted as Commissioner of Transport, Government of Gujarat, while holding charge of MD, GSFC.

Regulatory Compliance

The company has confirmed that Dr. Rajender Kumar is not debarred from holding the office of Director by virtue of any order from SEBI or other regulatory authorities. The appointment follows all regulatory requirements under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The addition of Dr. Kumar to the board brings valuable expertise in public administration and policy implementation to Gujarat Narmada Valley Fertilizers & Chemicals Limited, particularly given his extensive experience in government operations and strategic leadership roles.