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Gujarat Narmada Valley Fertilizers & Chemicals Results: Latest Quarterly Results & Analysis

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Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 12 Nov 2025 17:52 PM
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Q2FY26 Quarterly Result Announced for Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q2FY26 results

  • Operating Revenue: Rs 1,968 crore against Rs 1,917 crore during Q2FY25.
  • PBT: Rs 230 crore against Rs 135 crore during Q2FY25.
  • PAT: Rs 177 crore against Rs 102 crore during Q2FY25.

T. Natarajan, Managing Director said: It gives me pleasure in sharing encouraging results for Q2FY26.

While due to annual turnaround during Q1FY26, the numbers are not comparable for QoQ, the YoY Q2 performance has significantly improved mainly due to better sales volumes and reduction in input costs.

The change in other comprehensive income is attributable to change in the fair market value of both quoted and unquoted investments as well as actuarial assumptions of employee benefit obligations.

Government of India(GoI) has announced revised rates under Nutrient Based Subsidy for Rabi season which has improved the subsidy by Rs. 872 / MT which should augur well in being competitive as well as meet higher input costs.

In case of TDI, GoI has extended the ending period of anti-dumping duty from 01.12.2025 to 01.03.2026.

GoI’s outstanding support on release of fertilizer subsidy has kept the working capital levels low to that extent with resultant improved cash flow.

The revision in both energy and fixed cost is being pursued with the Government and it is expected that announcement in this regard is likely by the end of the calendar year.

The Board has approved the brown field investment of Ammonium Nitrate Melt with a capacity of 163 KTPA which is expected to coincide with WNA-III commissioning providing effective usage of planned captive capacities.

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Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q1FY26 results

  • Operating Revenue: Rs 1,601 crore compared to Rs 2,021 crore during Q1FY25.
  • PBT: Rs 105 crore compared to Rs 157 crore during Q1FY25.
  • PAT: Rs 78 crore compared to Rs 115 crore during Q1FY25.

T. Natarajan, Managing Director, said:  That in view of annual turnaround at Bharuch complex during April 25 and its consequential impact on revenue and profits the financials of Q1FY26 are not comparable.

The annual turnaround impacts financials in terms of:

  • Lower volume.
  • Unproductive costs.
  • Higher fixed cost mainly repairs & maintenance.

The change in other comprehensive income is attributable to improvement in the fair market value of both quoted and unquoted investments.

During Q1FY26, the Company has been successful in extending the Anti-Dumping Duty on Aniline which was valid till July 2025 and now extended till July - 2030. The Company is working closely with the Government bodies to ensure fertilizer availability as per priority allocated by the Government.

There is a significant cash flow improvement due to timely receipts of subsidy from GOI on YoY basis.

The revision in both energy and fixed cost is being pursued with the Government and it is expected that announcement in this regard is likely by the end of the calendar year.

Result PDF

Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Operating Revenue declined by 3% to Rs 2,055 crore from Rs 2,110 crore.
  • Total Revenue fell by 2% to Rs 2,177 crore from Rs 2,218 crore.
  • Operating EBITDA surged by 66% to Rs 240 crore from Rs 145 crore.
  • EBITDA margin expanded to 12%, from 7%.
  • PBT (Profit Before Tax) rose by 68% to Rs 287 crore from Rs 171 crore.
  • PAT (Profit After Tax) increased by 65% to Rs 210 crore from Rs 127 crore.

FY25 Financial Highlights:

  • Operating Revenue remained flat at Rs 7,892 crore vs Rs 7,930 crore.
  • Total Revenue was almost unchanged at Rs 8,393 crore vs Rs 8,399 crore.
  • Operating EBITDA grew by 22% to Rs 615 crore from Rs 503 crore.
  • EBITDA margin improved to 8% from 6%.
  • PBT rose by 21% to Rs 790 crore from Rs 651 crore.
  • PAT increased by 21% to Rs 585 crore from Rs 485 crore.

Commenting on the results, T. Natarajan, Managing Director stated that there is a better financial performance on the back of operating performance where PBT improved on QoQ basis by 36% and on Y-o-Y quarter basis by 68% whereas for the full year PBT improved by 21%.

The improved results is attributable to improved volumes apart from lower feed and fuel prices helping margin improvement. At Dahej complex, the shutdown period impacted the sales volumes.

In case of fertilizers, the positive support of GoI in announcing supportive NBS rates has helped improve the fertilizer segment results apart from reduction in input costs and fixed costs.

T. Natarajan stated that I am happy to announce that the Board of Directors at its meeting held on 23rd May 2025 has recommended dividend of 180% subject to approval of shareholders at the next AGM.

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Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q3FY25 results

  • Operating Revenue for Q3FY25 stood at Rs 1,899 crore, reflecting a 9.1% YoY decline from Rs 2,088 crore in Q3FY24.
  • Total Revenue decreased 6.9% YoY to Rs 2,056 crore in Q3FY25, compared to Rs 2,209 crore in Q3FY24.
  • Operating EBITDA increased 57.1% YoY to Rs 132 crore in Q3FY25, from Rs 84 crore in Q3FY24, with an EBITDA margin of 7% (up from 4%).
  • Profit Before Tax (PBT) grew 73% YoY to Rs 211 crore in Q3FY25, compared to Rs 122 crore in Q3FY24.
  • Profit After Tax (PAT) rose 66.3% YoY to Rs 158 crore in Q3FY25, from Rs 95 crore in Q3FY24.

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Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q2FY25 results

  • Operating Revenue: Rs 1,917 crore compared to Rs 2,080 crore during Q2FY24.
  • EBITDA: Rs 90 crore compared to Rs 169 crore during Q2FY24.
  • EBITDA Margin: 5% for Q2FY25.
  • PBT: Rs 135 crore compared to Rs 242 crore during Q2FY24.
  • PAT: Rs 102 crore compared to Rs 178 crore during Q2FY24.

Pankaj Joshi, IAS, Managing Director, GNFC, said: During the Q-2, there has been mixed sales pattern i.e. fertilizer sales improved whereas chemicals sales was to be held back mainly due to annual turn around at TDI Dahej plant. Chemicals in general has been facing realisation pressure impacting both the revenue as well as operating profit. Due to a good combination of products, the company has remained resilient to such external market conditions which should, going forward, improve the overall results by increase in volume as well as better than before price realisations.

During the quarter under review, prices of major inputs remain stable except coal.

Production at Dahej complex has resumed at full capacity effective October-24.

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Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Operating revenue: Rs 2,110 crore
  • Total revenue: Rs 2,218 crore
  • Operating EBITDA: Rs 145 crore
  • EBITDA %: 7%
  • Profit before tax (PBT): Rs 171 crore
  • Profit after tax (PAT): Rs 127 crore

FY24 Financial Highlights:

  • Operating revenue: Rs 7,930 crore
  • Total revenue: Rs 8,399 crore
  • Operating EBITDA: Rs 503 crore
  • EBITDA %: 7%
  • Profit before tax (PBT): Rs 651 crore
  • Profit after tax (PAT): Rs 485 crore

Pankaj Joshi, IAS, Managing Director, GNFC explained that: The financial performance during Q4FY24 witnessed improved revenue attributable to chemical segment which improved by ~13% driven by both increased volume as well as price realisations. This improvement is, to a large extent, offset by decrease in fertilizer segment where volumes are down and in case of complex fertilizer which is not a pass through mechanism, it affected realisations as well as margins as well due to downward revision of subsidy.

On a YoY Q4, chemical segment is strongly affected mainly driven by lower realisations which has pervasive margin shrink effect. Fertilizers segment improved in volume but witnessed erosion in margin as a result of continuously lowering of nutrient based subsidy.

On a YoY full year basis, both, the bulk chemicals as well as complex fertilizers have witnessed substantial dents in realisation and margin as the cycle has turned from sellers to buyers’ market. The results for full year is not fully comparable in view of the annual shutdown during the period which limited the availability of saleable volume.

During the current financial year, Dahej operations of TDI has been stable with increased volume which has improved the operating results. It achieved highest ever production of ~53 TMT against the plant’s rated capacity of 50 TMT.

The Concentrated Nitric Acid (CNA-IV) plant which became operational during the year achieved ~90% capacity utilisation in its first year of operation

During the FY 23-24, two important developments took place (a) Employee Wage Settlement (b) Equity Share Buyback worth ~Rs 802 crores including income tax.

The Board of Directors at its meeting held on 28th May 2024 has recommended dividend of Rs16.50 per share (i.e. 165%)

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Gujarat Narmada Valley Fertilizers & Chemicals announced Q1FY24 results:

  • Q1FY24 vs Q4FY23:
    • Operating revenue of Rs 1,652 crore in Q1FY24 compared to Rs 2,271 crore in Q4FY23  
    • Total revenue of Rs 1,740 crore in Q1FY24 compared to Rs 2,394 crore in Q4FY23 
    • Operating EBITDA at Rs 105 crore in Q1FY24 compared to Rs 369 crore in Q4FY23 
    • EBITDA margin of 6% in Q1FY24 compared to 16% in Q4FY23, 28% 
    • PBT of Rs 116 crore in Q1FY24 compared to Rs 417 crore in Q4FY23 
    • PAT of Rs 85 crore compared to Rs 334 crore in Q4FY23 
  • Q1FY24 vs Q1FY23:
    • Operating revenue of Rs 1,652 crore in Q1FY24 compared to Rs 2,696 crore in Q1FY23 
    • Total revenue of Rs 1,740 crore in Q1FY24 compared to Rs 2,772 crore in Q1FY23
    • Operating EBITDA at Rs 105 crore in Q1FY24 compared to Rs 763 crore in Q1FY23 
    • EBITDA margin of 6% in Q1FY24 compared to 28% in Q1FY23
    • PBT of Rs 116 crore in Q1FY24 compared to Rs 761 crore in Q1FY23  
    • PAT of Rs 85 crore compared to Rs 569 crore in Q1FY23 

Pankaj Joshi, IAS, Managing Director, GNFC stated, "The Q1FY24 witnessed planned annual turn around due to which, both, volume as well as financial performance is not comparable.

The annual turnaround, apart from volumes, normally also witnesses higher maintenance costs and unproductive costs which have affected net margins.

Apart from shutdown-related impacts, the output prices have softened disproportionately than input prices which have weighed on financial results.

The chemical industry, in general, has been witnessing this phenomenon, both, domestically in India as well as globally.

Many companies in the industry have announced significant operating revenue as well as margin drop even when full-blown annual turnaround is not taken in the current reporting quarter citing key reasons like lower realizations, higher input costs, low demand, etc. GNFC faced less of a demand issue given the limited volumes available due to the shutdown.

I am happy to inform you that, on the chemical side, in July 2023, the company commenced the operation of its brownfield CNA-IV with an annual production capacity of 50,000 MT. This should augur well for the company.

On the fertilizer side, the company launched Nano Urea under the Narmada brand in June 2023."

 

 

Result PDF

Gujarat Narmada Valley Fertilizers & Chemicals announced Q4FY23 & FY23 results: 

Q4FY23:

  • Operating Revenue is at Rs 2,271 crore
  • Total Revenue is at Rs 2,394 crore
  • Operating EBITDA is at Rs 369 crore
  • EBITDA % is at 16%
  • PBT is at Rs 417 crore
  • PAT is at Rs 334 crore

FY23:

  • Operating Revenue is at Rs 10,227 crore
  • Total Revenue is at Rs 10,588 crore
  • Operating EBITDA is at Rs 1,879 crore
  • EBITDA % is at 18%
  • PBT is at Rs 1,932 crore
  • PAT is at Rs 1,464 crore

Mr. Pankaj Joshi, IAS, Managing Director, GNFC stated: I am happy to inform that FY 22-23 is a landmark year where revenue from operations has crossed Rs 10,000 crores mark.

With this, the company reported highest ever revenue of Rs 10,227 crores; 18% more than previous highest reported revenue in last financial year which was a year of historic performance.

The higher revenue has come from, both, fertilizers and chemicals.

During FY 22-23, GNFC has crossed over a billion US$ worth of import substitution saving precious foreign exchange to the country and becoming active contributor to ‘Make in India’ initiative of Government of India.

In addition, the contribution to National Exchequer in the form of direct and indirect taxes has crossed Rs 1,000 crores.

On operating front, new production and sales records have been established in case of Ammonium Nitrate Melt, Ethyl Acetate and Urea.

During the year, new formic acid revamp project has been commissioned with 20 KTPA additional capacity.

TDI-II at Dahej witnessed reliable operations during Q-4 which led to significant lowering of operating costs.

The escalated tensions due to wartime resulted into very elevated price levels of all energy inputs during the year. Apart from this, the Bharuch complex underwent annual shutdown from last week of March-23, which had some volume related impacts in Q-4 apart from wage revision accruals on YoY basis. In spite of these factors, the top line has improved to historical highest, whereas on absolute basis, the full year profit before tax is the second highest ever at Rs 1,932 Crores in its history.

On the back of strong financials, the Board of Directors at its meeting held on 18th May 2023 Chaired by Shri Vipul Mittra, IAS has recommended dividend of 300% which is the highest ever dividend.

At the year end, anti-dumping duty continues to be in vogue in case of Aniline and TDI which will continue to lend good competitive support for profitable growth.

 

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Gujarat Narmada Valley Fertilizers & Chemicals announced Q2FY23 results:

  • Q2FY23:
    • The PBT stood at 316 crores. On a sequential-quarter basis, the key factors affecting the operating margins are:
      • Moderation in chemicals buoyancy across the board
      • Operating outage at Bharuch Complex leading to saleable volume losses coupled with unproductive costs
      • Long term wage settlements accruals w.e.f. 1st July-2022.
      • Input costs continue their upward run

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Gujarat Narmada Valley Fertilizers & Chemicals announced Q3FY22 results:

  • Q3 Revenue from Operations of Rs 2,380 Crores, PBT of Rs 644 Crores and PAT of Rs 538 Crores are historical highest ever quarterly performance respectively.
  • On Year to Date (YTD) ending December, FY 21-22 basis PBT of Rs 1,427 Crores and PAT of Rs 1,060 Crores surpass all yearly records in its 46 years’ history.

 

 

 

Result PDF

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