Gujarat Narmada Valley Fertilizers & Chemicals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Gujarat Narmada Valley Fertilizers & Chemicals Ltd filed with BSE on 23 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GNFC reported Q4 FY26 revenue growth of 11% quarter-on-quarter and 7% year-on-year, with full-year PAT up 35% to INR797 crores. Management attributed the improvement mainly to better chemical realizations in the quarter and benign raw material costs for the full year, while noting the fertilizer segment continued to see under-recovery due to pending fixed cost and energy norm revisions. The Board declared a dividend of 210%, described as the second highest in the company's 50-year history.
3 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue growth: 11% (Q4 FY26 vs Q3 FY26)
p. 4
“the revenue on a quarter-on-quarter basis improved by 11% on a Y-o-Y basis by 7%”
D.V. Parikh, page 4 of the filed PDF · View the filing
PAT: INR797 crores (FY26)
p. 4
“PAT has improved on a full year basis by 35% to INR797 crores, with INR 1,065 crores of PBT”
D.V. Parikh, page 4 of the filed PDF · View the filing
One-time income: INR30 crores (Q4 FY26)
p. 4
“there are one-timers of around INR30 crores in Q4 and around INR80 crores on a full year basis”
D.V. Parikh, page 4 of the filed PDF · View the filing
Dividend: 210% (INR21 per share) (FY26)
p. 4
“Board has in general declared a dividend of 210%. This is INR21 per share, which is historically the second highest dividend in its history of 50 years”
D.V. Parikh, page 4 of the filed PDF · View the filing
Other segment (IT division) revenue growth: around 20% (FY26)
p. 5
“the other segment represents mainly the IT division, where there is an improvement in revenue of around 20% and the profit has doubled from INR17 crores to INR35 crores”
D.V. Parikh, page 5 of the filed PDF · View the filing
Ammonia production (oil route): close to 3 lakh metric ton (FY26)
p. 7
“Ammonia oil route was close to 3 lakh metric ton. Gas route was 360,000.”
Nitin Patel, page 7 of the filed PDF · View the filing
CNA production: 147,000 (FY26)
p. 7
“CNA was 147,000, and WNA, 430,000 approximately and TDI around 57,000.”
Nitin Patel, page 7 of the filed PDF · View the filing
Formic acid production: close to 34,000 (FY26)
p. 7
“Formic acid was close to 34,000, and AN Melt was close to 170,000.”
Nitin Patel, page 7 of the filed PDF · View the filing
Technical grade urea production: more than 210,000 (FY26)
p. 9
“We produced more than 210,000 in FY26.”
Nitin Patel, page 9 of the filed PDF · View the filing
CCPP saving potential: INR10 crores to INR12 crores per month
p. 9
“Our last estimate was to the tune of around INR10 crores to INR12 crores per month, which was the saving potential.”
D.V. Parikh, page 9 of the filed PDF · View the filing
Chemical product price realization range: 6% to 28% (Q4 vs Q3 FY26)
p. 10
“Product to product, but if you see the range, it is from 6% to 28%.”
Tejash Shah, page 10 of the filed PDF · View the filing
Ammonium nitrate price improvement: 20% (quarter-on-quarter)
p. 11
“So on a quarter-on-quarter basis, there is a 20% improvement in the ammonium nitrate prices.”
D.V. Parikh, page 11 of the filed PDF · View the filing
Oil price reduction: INR 3,000 per metric ton (sequential quarter)
p. 6
“There is a net reduction of INR 3,000 on a sequential quarter basis on a per metric ton sequential quarter basis.”
D.V. Parikh, page 6 of the filed PDF · View the filing
Nitrobenzene for sale: close to 13%
p. 15
“Close to 13% is going for sale and rest is going for captive.”
Nitin Patel, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex for FY27 — around INR 2,800 crores · FY27
stated firmly by D.V. Parikh
p. 17
“The capex for FY27 is going to be around INR 2,800 crores.”
D.V. Parikh, page 17 of the filed PDF · View the filing
CCPP commissioning — synchronization in third week of June, full steam by third week of August · FY27
stated firmly by D.V. Parikh
p. 9
“the lump sum turnkey contractor faced certain delays and they have revised the date now for synchronization sometime in the third week of June.”
D.V. Parikh, page 9 of the filed PDF · View the filing
CCPP savings benefit — H2 FY27
stated conditionally by D.V. Parikh
p. 9
“we maintain that the PAT should really accrue once it is up and running given the stated prices of gas and coal”
D.V. Parikh, page 9 of the filed PDF · View the filing
New capex projects (ammonium nitrate, nitric acid, ammonia expansion) — commissioning next year · FY28
stated firmly by D.V. Parikh
p. 17
“Yes, next year, these are going to come up. All the three-ammonia expansion, the nitric acid, ammonium nitrate melt, all are going to come up by next year.”
D.V. Parikh, page 17 of the filed PDF · View the filing
New project investment decisions clarity — end of this calendar year
stated firmly by D.V. Parikh
p. 4
“The new projects identification will have clarity by end of this calendar year for taking it to the investment table-grade decisions.”
D.V. Parikh, page 4 of the filed PDF · View the filing
Planned plant shutdown — April '27
stated firmly by Nitin Patel
p. 14
“We have a planned shutdown in April '27.”
Nitin Patel, page 14 of the filed PDF · View the filing
Weak nitric acid project delay — delay of around 2.5 months
stated firmly by D.V. Parikh
p. 11
“There is a slight minor delay in case of weak nitric acid of around 2.5 months.”
D.V. Parikh, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained that scale and hydrogen cost disadvantages versus Chinese producers, plus dumping, make expansion unviable, so the company does job work instead.
Answered by Nitin Patel
Asked by Nirav Jimudia: Why has GNFC not expanded aniline capacity despite India's large import volumes?
p. 8
“So we are doing the job work, job work of some other companies on a fixed margin basis.”
Nitin Patel, page 8 of the filed PDF · View the filing
Management gave the FY27 capex figure but said FY28 capex would be clarified in future quarters.
Answered by D.V. Parikh
Asked by Rohit Sinha: How much capex is planned for FY27 and FY28?
p. 17
“The capex for FY27 is going to be around INR 2,800 crores.”
D.V. Parikh, page 17 of the filed PDF · View the filing
Management said there was nothing currently planned and any decision would be communicated later.
Answered by Rajesh Pillai
Asked by Aman Kothari: Is the company considering a share buyback?
p. 13
“As of now, we have nothing in the pipeline. So it will be all decided, and we will inform to the investors and the shareholders as and when the situation arises.”
Rajesh Pillai, page 13 of the filed PDF · View the filing
Management said urea economics would see almost no improvement until fixed cost and energy norms are revised.
Answered by D.V. Parikh
Asked by Rohit Sinha: Will the fertilizer segment turn positive given price revisions?
p. 11
“In fertilizer, there is an under recovery like we covered. And until the time norms are revised, both for fixed cost and energy, we see almost no chance in case of urea.”
D.V. Parikh, page 11 of the filed PDF · View the filing
Management said most plants including acetic acid were running above 100% while TDI was at close to 80%, in line with global benchmarks.
Answered by Management
Asked by AM Lodha: What capacity utilization is the company running its plants at, including TDI and acetic acid?
p. 15
“Capacity utilization in case of acetic and most of the plants is above 100%. So far as TDI is concerned, it is close to 80%.”
Management, page 15 of the filed PDF · View the filing
Risks flagged
War-related disruption to logistics and supply of diesel exhaust fuel and ammonium nitrate
p. 3
“the country had 2 issues before it. One is the availability of diesel exhaust fuel issue. And second is requirement from higher ammonium nitrate.”
D.V. Parikh, page 3 of the filed PDF · View the filing
High gas prices making methanol production economically unviable
p. 4
“in case of methanol, the cost economics did not work out given the very high gas price.”
D.V. Parikh, page 4 of the filed PDF · View the filing
Competitive headwinds in aniline and TDI
p. 4
“In spite of the competitive headwinds, which were particularly noticed in case of aniline TDI, the company not only survived but did better during the year.”
D.V. Parikh, page 4 of the filed PDF · View the filing
Pending fixed cost and energy norm revisions widening fertilizer segment losses
p. 4
“the revision both in urea of fixed cost as well as energy norms are yet to happen. And this is overdue as the losses are widening in case of Fertilizer segment.”
D.V. Parikh, page 4 of the filed PDF · View the filing
Dumping of aniline from China affecting domestic capacity expansion
p. 8
“it is right there is huge dumping from China, although there is an antidumping duty, which is minimal from Wanhua”
Tejash Shah, page 8 of the filed PDF · View the filing
Uncertainty over Strait of Hormuz and war affecting future oil price prognosis
p. 6
“what exactly is going to happen to the straight from where most of the material comes with the Strait of Hormuz is anybody's guess”
D.V. Parikh, page 6 of the filed PDF · View the filing
Delay in CCPP commissioning due to contractor delays
p. 9
“the lump sum turnkey contractor faced certain delays and they have revised the date now for synchronization sometime in the third week of June”
D.V. Parikh, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.