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Gujarat Narmada Valley Fertilizers & Chemicals Ltd

Q2 FY26Chemicals & Petrochemicals

Gujarat Narmada Valley Fertilizers & Chemicals Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹583
Market cap₹7.9K Cr
P/E7.6
Updated23 Aug 2026
Read6 min read

Gujarat Narmada Valley Fertilizers & Chemicals Ltd Q2 FY26 key numbers

Revenue
Capex pipeline worth INR 2,800 crores includes expansions in AN melt, weak nitric acid, power and steam plant conversion, and ammonia loop expansion.

As stated in Gujarat Narmada Valley Fertilizers & Chemicals Ltd's Q2 FY26 earnings call transcript · published 7 Aug 2026. Reported figures, not investment advice.

The short version

GNFC has approved a major expansion project for Ammonium Nitrate Melt II, adding 163,000 tonnes capacity by July 2027, nearly doubling current capacity. - Capex pipeline worth INR 2,800 crores includes expansions in AN melt, weak nitric acid, power and steam plant conversion, and ammonia loop expansion. - New projects under consideration include bisphenol A (BPA) and polyol production, aimed at import substitution and leveraging captive raw materials like propylene and ethylene. - Market for key products is growing around 7% annually. - Sales contribution from TGU, TDI, and AN Melt remains significant with volume growth reported in TDI (+35% YoY) and stability/slight decline in AN Melt and TGU. - Cost-saving initiatives with consultants like A.T. GNFC has a capex pipeline of around INR 2,800 crores ongoing, with major projects including AN Melt expansion (163,000 tonnes), weak nitric acid plant (INR 1,420 crores), power and steam plant conversion (INR 613 crores), and ammonia loop expansion (INR 331 crores), expected to enhance future capacity and earnings.

From Gujarat Narmada Valley Fertilizers & Chemicals Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • GNFC has approved a major expansion project for Ammonium Nitrate Melt II, adding 163,000 tonnes capacity by July 2027, nearly doubling current capacity.
  • Capex pipeline worth INR 2,800 crores includes expansions in AN melt, weak nitric acid, power and steam plant conversion, and ammonia loop expansion.
  • New projects under consideration include bisphenol A (BPA) and polyol production, aimed at import substitution and leveraging captive raw materials like propylene and ethylene.
  • Market for key products is growing around 7% annually.
  • Sales contribution from TGU, TDI, and AN Melt remains significant with volume growth reported in TDI (+35% YoY) and stability/slight decline in AN Melt and TGU.

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Profitability & Margins

See what Gujarat Narmada Valley Fertilizers & Chemicals Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Current capex pipeline of INR 2,800 crores includes:
  • AN Melt II project (163,000 tonnes capacity, INR 450 crores)
  • Weak nitric acid project (INR 1,420 crores)
  • Power and steam plant conversion at Dahej (INR 613 crores)
  • Expansion of ammonia makeup gas loop (INR 331 crores)
  • Total committed capex spent till Q2 FY26:
  • Power project: INR 536 crores committed out of 613 crores
  • Ammonia makeup gas loop: INR 306 crores committed out of 331 crores
  • Weak nitric acid 3: INR 1,128 crores committed out of 1,420 crores
  • Future strategic investments under evaluation:
  • Bisphenol A (BPA) and polyol projects as import substitution, leveraging propylene and ethylene feedstock
  • Identified chest size of INR 15,000 crores for potential investments with phased implementation based on financial viability and technology availability
  • Management appreciates careful, phased capex decisions rather than immediate deployment

2 more points from Gujarat Narmada Valley Fertilizers & Chemicals Ltd's call on capex

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Top-ranked in Chemicals & Petrochemicals

Ranked on what management guided this quarter

Guidance-ranked
1Shiv Texchem
Rev 1Mar 2
2Yasho Industries Ltd
Rev 1Mar 3
3
Rev 1Mar 3
4
Rev 1Mar 3
5
Rev 2Mar 1
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Gujarat Narmada Valley Fertilizers & Chemicals Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Relevant points related to investments and capex plans are: - The company has an identified capex pipeline of roughly INR 15,000 crores overall, with about INR 2,800 crores currently committed to ongoing projects including AN Melt expansion, weak nitric acid plant, ammonia loop expansion, and power & steam plant conversion. - Projects have committed spending of INR 536 crores (power plant), INR 306 crores (ammonia makeup gas loop), and INR 1,128 crores (weak nitric acid 3). - The company prioritizes investment opportunities based on financial viability and technology availability.

2 more points from Gujarat Narmada Valley Fertilizers & Chemicals Ltd's call on order book

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Gujarat Narmada Valley Fertilizers & Chemicals Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.2K Cr, net profit ₹396 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Gujarat Narmada Valley Fertilizers & Chemicals Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Gujarat Narmada Valley Fertilizers & Chemicals Ltd Q2 FY26 results?

GNFC has approved a major expansion project for Ammonium Nitrate Melt II, adding 163,000 tonnes capacity by July 2027, nearly doubling current capacity. - Capex pipeline worth INR 2,800 crores includes expansions in AN melt, weak nitric acid, power and steam plant conversion, and ammonia loop expansion. - New projects under consideration include bisphenol A (BPA) and polyol production, aimed at import substitution and leveraging captive raw materials like propylene and ethylene. - Market for key products is growing around 7% annually. - Sales contribution from TGU, TDI, and AN Melt remains significant with volume growth reported in TDI (+35% YoY) and stability/slight decline in AN Melt and TGU. - Cost-saving initiatives with consultants like A.T. GNFC has a capex pipeline of around INR 2,800 crores ongoing, with major projects including AN Melt expansion (163,000 tonnes), weak nitric acid plant (INR 1,420 crores), power and steam plant conversion (INR 613 crores), and ammonia loop expansion (INR 331 crores), expected to enhance future capacity and earnings.

What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd share price analysis?

Gujarat Narmada Valley Fertilizers & Chemicals Ltd currently shows a neutral. The stock trades at a P/E of 7.6 with a market cap of ₹7,910 Cr. Investors should review the full earnings analysis for detailed insights.

Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd planning capital expenditure?

Current capex pipeline of INR 2,800 crores includes: - AN Melt II project (163,000 tonnes capacity, INR 450 crores) - Weak nitric acid project (INR 1,420 crores) - Power and steam plant conversi

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.