Gujarat Narmada Valley Fertilizers & Chemicals Reports Q4 FY26 Results, Highlights Capex Plans

Gujarat Narmada Valley Fertilizers & Chemicals Reports Q4 FY26 Results, Highlights Capex Plans​

Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) announced details regarding its Q4 FY26 financial performance, reporting on the company's robust manufacturing activities and strategic capital allocation plans.

The company’s Senior Executives participated in an Investor/Analysts meet to discuss the results, where they presented the Investor Presentation for Conference Call - Q4 FY 25-26.

Financial Performance Analysis​

Speaking on the results, Mr. Rajkumar Beniwal, Managing Director, stated that the revenue improvement during Q4 Quarter-over-Quarter (Q-o-Q) and Year-over-Year (Y-o-Y) was primarily attributed to better sales realization and lower input costs.

He noted that the full financial year (FY) revenue is not comparable to the previous year due to annual turnarounds conducted at the Bharuch Complex in the current fiscal year and at the Dahej Complex in the previous fiscal year. On a full year basis, the Profit Before Tax (PBT) saw improvement mainly due to the reduction in input costs.

The Board had previously recommended a dividend of 210%, amounting to ₹ 21 Per Share.

Analyzing the figures, the Financial Performance for the quarters ended March 26 saw total income increase compared to the quarters ended December 2025 and March 2025, driven by improved realization across the majority of products. However, the FY 25-26 Total income was lower compared to FY 24-25, mainly due to a maintenance shutdown at the Bharuch plants, which was partially offset by the maintenance shutdown of the TDI - Dahej plant.

PBT also improved compared to the preceding quarters, primarily due to better realization and lower input cost.

Corporate Operations and Strengths​

GNFC maintains financial stability through a multi-product basket and benefits from a PAN India distribution network. The company operates robust manufacturing technologies adopted from global technology experts.

The company’s core product portfolio includes a diverse range of chemical and fertilizer inputs:

Strategic Growth and Capital Allocation​

Regarding operational improvements, the company highlighted several key developments:

• Fertilizers: A Nutrient Based Subsidy is announced for the period from April 1, 26 to September 26. Furthermore, the company noted that feedstock availability had been an issue in March-26 due to the war situation.
• Chemicals: The company observed that a spike in chemical prices led to better realization, improving the margin profile due to the geopolitical situation. In a shift from earlier discussions regarding a Joint Venture (JV) with INEOS, the company is now pursuing a licensing route.

In terms of capital allocation, the Board announced a Dividend of 210% with a payout ratio of 39%.

The company's Capex plans include:

• Brownfield capex for Weak Nitric Acid, Ammonium Nitrate, and Ammonia expansion, totaling approximately ₹2100 crores, remains largely on track.
• Maintenance capex of approximately ₹700 crores, covering the CFBC Boiler, EHV Line, and other projects at Bharuch, is progressing through various stages.
• The Dahej power and steam plant is expected to commence operations by Q-2 FY 26-27.

Financial Snapshot​

The key financial ratios for the past two fiscal years and the current year are presented below:


The Balance Sheet Summary as of March 31, 2026, showed total assets at ₹11,225 Crores, compared to ₹10,880 Crores on March 31, 2025. The Net Worth stood at ₹8,981 Crores in 2026.

Balance Sheet Summary (₹ Crores)

GNFC Stock Price Movement​

Today, Gujarat Narmada Valley Fertilizers and Chemicals Limited shares edged higher to close at ₹519.10, marking a gain of 1.28%. The stock saw substantial investor interest today, trading on a total volume of 843,765 shares.