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Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) investor relations material
Gujarat Narmada Valley Fertilizers and Chemicals Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased quarter-over-quarter and year-over-year, mainly due to higher chemical product volumes, though profit was impacted by lower other income and realizations, partially offset by lower input costs and higher volumes.
Fertilizer segment remained stable with slight improvement in NBS rates; complex fertilizers and urea performed well in terms of volume.
Government support on fertilizer subsidy improved cash flow and kept working capital levels low.
Annual plant turnarounds at Bharuch and Dahej complexes affected nine-month comparisons.
Board approved appointments of new Managing Director and Additional Director, and a revision in the Related Party Transaction Policy.
Financial highlights
Q3 FY26 operating revenue: ₹1,996 crore (up from ₹1,899 crore YoY); PAT: ₹150 crore (down from ₹158 crore YoY); 9M FY26 operating revenue: ₹5,565 crore (down from ₹5,837 crore YoY).
Working capital remained under control due to steady subsidy flows; subsidy outstanding at quarter-end was INR 302 crore.
Standalone Q3 PBT: ₹204 crore (down from ₹211 crore YoY); 9M PBT: ₹539 crore (up from ₹503 crore YoY).
Standalone Q3 EPS: ₹10.20 (down from ₹10.75 YoY); 9M EPS: ₹27.55 (up from ₹25.51 YoY).
Standalone net profit margin for Q3: ~7.5%.
Outlook and guidance
Ongoing capex projects (coal-based power plant, ammonia expansion, nitric acid, ammonium nitrate) are on track and expected to enhance both revenue and profitability.
No major shutdowns planned for Q4; next major annual shutdown scheduled for Q2 FY27.
Volume growth expected in TDI and downstream products as reliability improves and new capacities come online.
Management expects cost advantages from capacity-building CapEx and operational transformation initiatives.
Revision in energy and fixed cost is being pursued with the government, with an announcement expected by June 2026.
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