Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) Q4 25/26 earnings summary

Executive summary

• Celebrated 50 years of operations, maintaining profitability except for one year since inception.

• Q4 and FY 2025-26 saw improved revenue and profitability, mainly from better sales realization and lower input costs, despite annual maintenance shutdowns at key plants.

• Audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, were approved, with auditors issuing unmodified opinions.

• Dividend of ₹21 per share (210%) recommended for FY 2025-26, subject to shareholder approval.

• Board continues to pursue revisions in energy and fixed costs with the government.

Financial highlights

• Q4 FY 2025-26 revenue from operations was ₹2,208 crore, with PAT of ₹392 crore; full-year PAT rose to ₹797 crore, and consolidated PAT reached ₹808 crore.

• Q4 revenue grew 11% sequentially and 7% year-over-year; full-year PAT rose 35% to INR 797 crore.

• Q4 and FY26 included one-time gains: INR 30 crore in Q4 and INR 80 crore for the year, mainly from insurance, government settlements, and project penalties.

• Earnings per share (consolidated, FY): ₹54.97 (up from ₹40.61 YoY).

• Dividend payout ratio at 39%, with a 210% dividend (₹21/share), the second highest in company history.

Outlook and guidance

• Ongoing capex projects (coal-based steam & power plant, ammonia expansion, WNA-III, ammonium nitrate-II, new CFBC steam boiler) expected to enhance margins and market share.

• CapEx pipeline is robust, with new project decisions expected by year-end.

• No formal guidance or forecasts provided as per company policy.

• Market study and DPR for new projects (Bis Phenol-A, Polyols, Acetic Acid) to be completed in the current year.

• Projects under execution are largely on schedule and expected to contribute to both top and bottom line.