Gujarat Narmada Valley Fertilizers & Chemicals Limited has reported a chlorine gas leakage incident at its TDI-I Plant located in Bharuch. The company filed the disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015, providing detailed information about the safety incident and its resolution.

Incident Details and Timeline

The chlorine gas leakage occurred on February 14, 2026, at approximately 21:17 hours at the TDI-I Plant. The incident triggered an immediate automatic shutdown of the plant operations as per the facility's in-built safety system protocols. The company's safety measures ensured that normal plant operations were safely restored by 02:12 hours, indicating a resolution time of approximately 5 hours.

Safety Containment and Impact Assessment

The company emphasized that the incident remained completely confined within the plant premises. No chlorine gas was released beyond the plant boundary, ensuring no adverse impact on the surrounding area or local community. This containment demonstrates the effectiveness of the plant's safety infrastructure and emergency response protocols.

The incident resulted in no casualties or property damage, as confirmed by the company's assessment. The quick containment and resolution highlight the robustness of the safety systems implemented at the facility.

Regulatory Compliance and Disclosure

Gujarat Narmada Valley Fertilizers & Chemicals Limited provided comprehensive details as required under SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30, 2026. The disclosure included specific assessments regarding potential losses, insurance implications, and operational impacts.

The company secretary and compliance officer, Rajesh Pillai, signed the regulatory filing, ensuring proper corporate governance and transparency in incident reporting. The prompt disclosure demonstrates the company's commitment to regulatory compliance and stakeholder communication regarding safety matters at its manufacturing facilities.

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.