Gujarat Narmada Valley Fertilizers & Chemicals Ltd. · NSE:GNFC
Gujarat Narmada Valley Fertilizers & Chemicals — Q4 FY2025-26 Earnings Presentation
43 slides from Gujarat Narmada Valley Fertilizers & Chemicals's earnings presentation, May 18, 2026
Slide 1: Regulation 30 cover letter to stock exchanges
NO. SEC/BD/SE/ May 18, 2026 Dy. General Manager The Manager BSE Limited Listing Department Corporate Relationship Dept., National Stock Exchange of India Limited 1 st Floor, New Trading Ring, Exchange Plaza, Rotunda Bldg., C-1, Block - “G”, PJ Towers, Dalal Street, Fort, Bandra-Kurla Complex, Bandra
Slide 2: Investor Presentation – Conference Call – Q4 FY 25-26
Gujarat Narmada Valley Fertilizers & Chemicals Ltd INVESTOR PRESENTATION – CONFERENCE CALL – Q4 FY 25-26
Slide 3: Cautionary Note - Forward Looking Statement
Cautionary Note - Forward Looking Statement Only matters in the public domain can be subject matter of discussion in this meeting. As a matter of policy, we do not provide any forecast about the future business situation. We do not comment or give guidance on future results or business outlook
Slide 4: Corporate Overview, Financial Performance, Feedstock Spread, Capex Plan, Supplementary
01 Corporate Overview 02 Financial Performance 03 Feedstock Spread 04 Capex Plan 05 Supplementary
Slide 5: Corporate Overview
01 Corporate Overview
Slide 6: The Journey
The Journey Formic ANP, WNA 1 and Syn-Gas generation Ammonia- Concentrated CAN 1 Urea Acid 1991 1995 unit for Methanol 1998 Nitric Acid 2 1985 Aniline & Toluene 1982 Methanol - I 1989 Methanol - II 1991 Acetic 1998 1999 Di-isocyanate 1 Acid Millions of 2450+ 100 % + Farmers served ≈ $1 bn Employees
Slide 7: Applications of Major Chemical Products
Applications of Major Chemical Products No. Product Major Applications 1 Toluene Di – Isocyanate Flexible PU, Mattresses, Car Seating, Adhesives, Elastomers, Coatings 2 AN Melt Explosives, Insecticides, Pyrotechniques 3 Acetic Acid Ethyl Acetate, Acetic Anhydride, PTA, Agrochemicals, VAM 4 Ethyl Ace
Slide 8: Key Business Updates
Uniqueness Key Business Updates Fertilizers: • Nutrient Based Subsidy announced for period from 1st April-26 to Sept-26. This will have some respite from spiking feed and fuel prices • The energy norms as well as fixed costs revisions are yet to be announced by GoI. Effective date will decide about
Slide 9: Uniqueness
Uniqueness Uniqueness Never lost a single man-day on account of labour discord Absorbed state-of-the art complex technologies from leading technology providers across the globe Only company in India to produce Oil based Ammonia Largest producer of Formic Acid in India. One of the top producers of An
Slide 10: Strengths
Strengths Multi-product basket which helps to Robust manufacturing technologies; keep financial stability absorbed and adopted from technology experts worldwide Record capacity utilization in all plants Consistent profit since inception PAN India distribution network Strong technical team with deep
Slide 11: Our Facilities
Our Facilities Installed Capacity Corporate Office Segment Products (KTPA) Acetic Acid 150 AN melt 158 Aniline 40 Bharuch Chemicals Concentrated Nitric Acid (4 plants) 166 Ethyl Acetate 50 Formic Acid 20 Bharuch Complex Methanol (3 plants) 269 Technical Grade Urea 169 Since 1982 Toluene Di – Isocyan
Slide 12: Technology Partner
Technology Partner BASF Germany B P Chemicals UK Chematur A B Sweden GE Energy USA Haldor Topsoe Denmark Ammonium Nitro phosphate Acetic Acid TDI, Aniline CPSU Ammonia Kemira OY Finland Linde AG Germany Plinke Germany Saipem Italy Uhde Germany (Now Formic Acid Ammonia / Methanol Concentrated Nitric
Slide 13: Financial Performance
02 Financial Performance
Slide 14: From The Desk of Managing Director
From The Desk of Managing Director Commenting on the results, Mr. Rajkumar Beniwal, IAS, Managing Director stated that it gives me pleasure Mr. Rajkumar Beniwal, IAS Managing Director in sharing results for Q 4 FY 25-26 During Q-o-Q & Y-o-Y Q 4, Revenue is improved mainly due to better sales realiza
Slide 15: Financial Analysis of FY 25-26 Vs. FY 24-25
Financial Analysis of FY 25-26 Vs. FY 24-25 Key reasons for margin movement Positive Factors : • Softening of input costs • Lower employee benefit expenses • Lower Finance Costs Negative Factors : • Higher Repairs & Maintenance • Annual Maintenance shut-down at Bharuch complex GNFC I Investor Presen
Slide 16: Performance Q-4 FY 2025-26
Performance Q-4 FY 2025-26 (₹ Crores) During the quarter ended March 26, total FY 25-26 FY 24-25 25-26 24-25 income increased compared to quarters Particulars ended December 2025 & March 2025, FY FY driven by improved realisation across the Q4 Q3 Q4 majority of the products. FY 25-26 Total income is
Slide 17: Segment Performance
Segment Performance (₹ Crores) (₹ Crores) Segment Revenue Segment Result 39 18 3,000 27 23 600 5 400 2,000 11 463 1,497 1,235 1,371 200 156 250 1,000 672 734 661 - (24) (27) (49) - (200) Q4 Q3 Q4 Q4 Q3 Q4 25-26 25-26 24-25 25-26 25-26 24-25 Fertilizers Chemicals Others Fertilizers Chemicals Others Q
Slide 18: Segment Performance
Segment Performance (₹ Crores) (₹ Crores) Segment Revenue Segment Result 110 92 46 23 1,000 8,000 6,000 4,899 4,900 500 913 665 4,000 - (186) (180) 2,000 2,764 2,900 - (500) FY FY FY FY 25-26 24-25 25-26 24-25 Fertilizers Chemicals Others Fertilizers Chemicals Others FY Vs FY: On Y-o-Y FY, Fertilize
Slide 19: Key Financial Ratios
Key Financial Ratios Particulars Units FY 25-26 FY 24-25 A Return / Profitability Ratios Net Profit % 10.26 7.42 RoE % 9.15 7.03 RoCE % 11.65 9.24 B Turnover Base Ratio Inventory turnover Times 6.83 6.64 Trade Receivables turnover Times 14.62 15.05 Trade Payables turnover Times 12.99 12.96 C Liquidi
Slide 20: Balance Sheet Summary
Balance Sheet Summary (₹ Crores) Particulars 31-03-2026 31-03-2025 Net Fixed Assets * 2,881 3,093 CWIP 900 382 • CWIP represents mainly coal based Investments 1,558 2,181 steam & power plant, WNA-III plant, Cash & Bank balance/deposits 1,111 2,308 Coal conveyor belt project, Ammonia Other Assets 4,7
Slide 21: Cash Flow Summary
Cash Flow Summary (₹ Crores) Particulars FY 25-26 FY 24-25 A Operating Cash Flow before Working Capital changes 1,057 748 Net Change in Working Capital (83) 38 • Outflow from investing activity Taxes Paid (320) (180) represents mainly capital outlay, investment of surplus partially B Net cash flow g
Slide 22: Consolidation Entity
Consolidation Entity Results of Associate Company i.e. “Gujarat Green Revolution Company Limited (GGRC)” with shareholding of 46.87%. The reconciliation is provided herein below : (₹ Crores) FY FY P&L 25-26 24-25 Standalone PAT 797 585 - Share in profit of Associates 11 12 Consolidated PAT 808 597 A
Slide 23: Feedstock Spread
03 Feedstock Spread
Slide 24: Feedstock Spread: Toluene and TDI
Feedstock Spread Price (₹ ‘000/MT) Toluene TDI Highest Lowest 229 180 179 194 173 140 93 99 102 128 89 87 81 66 72 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 Source: Company GNFC I Investor Presentation I Q4 FY 25-26 23 of 42
Slide 25: Feedstock Spread: Methanol and Acetic Acid
Feedstock Spread Price (₹ ‘000/MT) Methanol Acetic Acid Highest 84 Lowest 47 42 38 37 45 18 16 9 7 39 29 26 29 30 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 Source: Company GNFC I Investor Presentation I Q4 FY 25-26 24 of 42
Slide 26: Feedstock Spread: Benzene and Aniline
Feedstock Spread Price (₹ ‘000/MT) Benzene Aniline Highest Lowest 159 153 139 133 106 77 53 77 54 44 76 82 79 86 62 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 Source: Company GNFC I Investor Presentation I Q4 FY 25-26 25 of 42
Slide 27: Trends In Key Inputs
Trends In Key Inputs Toluene (₹ /MT) Benzene (₹ /MT) Rock Phosphate (₹ /MT) SDS (₹ /KL) Ammonia (₹ /MT) (₹ ‘000) 89 87 82 86 80 81 79 81 76 72 (11%) 66 62 (28%) 57 59 51 50 48 48 (4%) 50 43 (14%) 23 22 21 (3%) 18 11 FY 21-22 FY 22-23 FY 23-24 FY 24-25 FY 25-26 Source: Company % Represent Y-o-Y Chang
Slide 28: Trends In Key Energy Inputs
Trends In Key Energy Inputs Oil (₹ / MT) N (Gas) ₹ / '000 SM3 Imported Coal (₹ / MT) (₹ ‘000) 76 57 52 50 45 45 (14%) 39 44 33% 33 31 16 10 11 11 (2%) 7 FY 2 1 - 2 2 FY 2 2 - 2 3 FY 2 3 - 2 4 FY 2 4 - 2 5 FY 2 5 - 2 6 Source: Company % Represent Y-o-Y Changes N (Gas) : Considered Non Urea GNFC I Inv
Slide 29: Import Trends in Feed/Fuel
Import Trends in Feed/Fuel (TMT except LNG) Ammonia MMSCM LNG 2,636 35,720 2,536 34,216 33,198 2,417 32,352 31,795 2,340 31,028 2,307 2,176 2,148 26,304 19-20 20-21 21-22 22-23 23-24 24-25 25-26 19-20 20-21 21-22 22-23 23-24 24-25 25-26 Non Coking Coal Fuel Oil 2,05,720 8,980 9,055 8,563 1,96,704 1,
Slide 30: Import Goods Volume CAGR – Feed & Fuel
Import Goods Volume CAGR – FY 2016-17 to FY 2025-26 Feed & Fuel CAGR 0.46% CAGR 3.80% CAGR 1.11% CAGR 19.34% 34,216 1,66,720 2,536 5,419 Ammonia LNG Coal - Non Coking Fuel Oil 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 Source : Public Domain LNG & Fuel Oil up to Mar-26 Ammonia &
Slide 31: Import Trends in Fertilizers
Import Trends in Fertilizers (TMT) Urea NPK 10380 3,675 9826 9121 9136 2,752 2,187 2,272 7481 7582 7042 1,741 1,170 5647 861 719 18-19 19-20 20-21 21-22 22-23 23-24 24-25 25-26 18-19 19-20 20-21 21-22 22-23 23-24 24-25 25-26 MOP DAP 4,214 6,837 6,602 3,670 3,530 6,219 2,929 2,734 5,462 5,514 2,133 4
Slide 32: Import Goods Volume CAGR – Fertilizers
Import Goods Volume CAGR – FY 2016-17 to FY 2025-26 Fertilizers CAGR 21.57% CAGR 3.56% CAGR (-) 2.40% CAGR 6.60% 6,219 3,675 3,736 2,929 521 Urea NPK DAP MOP 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 Source : Public Domain GNFC I Investor Presentation I Q4 FY 25-26 31 of 42
Slide 33: Import Trends in Chemicals
Import Trends in Chemicals (TMT) Acetic Acid Ammonium Nitrate Aniline 450 1,250 279 422 1,162 385 1,135 1,112 202 1,055 328 149 273 268 937 927 247 904 101 88 92 218 81 73 18-19 19-20 20-21 21-22 22-23 23-24 24-25 25-26 18-19 19-20 20-21 21-22 22-23 23-24 24-25 25-26 18-19 19-20 20-21 21-22 22-23 23
Slide 34: Import Goods Volume CAGR – Chemicals
Import Goods Volume CAGR – FY 2016-17 to FY 2025-26 Chemicals CAGR 3.89% CAGR 8.33% CAGR 18.08% CAGR 3.24% CAGR 5.76% CAGR 8.65% 279 1,250 385 3,304 30 68 Acetic Acid Ammonium Aniline Formic Acid Methanol TDI Nitrate 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 2016-17 2025-26 201
Slide 35: Capex Plan
04 Capex Plan
Slide 36: Expansion Plan
Expansion Plan Current Execution Schedule PROJECTS Capacity 26-27 27-28 28-29 29-30 30-31 UNDER EXECUTION : 150 MT/Hr Steam & 1. Coal Based Steam & Power Plant (CCPP) – Dahej 18 MW Power 2. Ammonia Expansion – Bharuch 50 KTPA 3. Weak Nitric Acid –III – Bharuch 200 KTPA 4. Ammonium Nitrate –II – Bhar
Slide 37: Supplementary
05 Supplementary
Slide 38: Share Holding Pattern
Share Holding Pattern Shareholding Pattern Mar,-2026 Mar,-2025 Indian Public & Non Institutional Promotors 41% 41% Investors, 36% FII/FPI (Institutions Foreign) 12% 15% DII (Institutions Domestic) 11% 10% Promotors, 41% Indian Public & Non Institutional 36% 34% Investors Share value of 14.69 Crore
Slide 39: Share Price Movement
Share Price Movement GNFC Sensex 140 132 126 123 120 100 101 100 80 74 60 59 60 43 40 20 0 MA R- 2 2 MA R- 2 3 MA R- 2 4 MA R- 2 5 MA R- 2 6 # Source: BSE # Rebased to 100 # S&P BSE SENSEX GNFC I Investor Presentation I Q4 FY 25-26 38 of 42
Slide 40: CSR Activity at a Glance
CSR Activity at a Glance Livelihood Enhancement by Vocational Price (₹ ‘000/MT) Skills up-gradation. Development activities in Narmada Motlabai Public School. Revival of 03 SHG's for entrepreneurial activities. Contribution to Seva Yagna Samiti for undertaking pre & post-surgical assistance
Slide 41: CSR Activity at a Glance
CSR Activity at a Glance Support to 24 Meritorious Students of Price (₹ ‘000/MT) Bharuch. Primary Health-care treatment through Mobile Medical Van Project. Support to 10 Rural Students through Sewa Rural, Jhagadia. To bridge the educational gap by appointing 08 Expert Teachers in Govt. Schoo
Slide 42: About Us
About Us GNFC is a joint sector enterprise promoted by the Government of Gujarat and the Gujarat State Fertilizers & Chemicals Ltd.(GSFC). It was set up in Bharuch, Gujarat in 1976. GNFC started its manufacturing and marketing operations by setting up in 1982, one of the world’s largest single-strea
Slide 43: Thank You
YD), THANK YOU —Y
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