Gujarat Narmada Valley Fertilizers & Chemicals Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 7 Aug 2026 | Chemicals & Petrochemicals | Market Cap: ₹7.9K Cr
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.
Price
₹583
Market Cap
₹7.9K Cr
P/E Ratio
7.6
How does Gujarat Narmada Valley Fertilizers & Chemicals Ltd rank in Chemicals & Petrochemicals?
Compare Gujarat Narmada Valley Fertilizers & Chemicals Ltd against every Chemicals & Petrochemicals company this quarter on revenue, margins and earnings-call signals.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.2K Cr, net profit ₹396 Cr.
Full financials →📊 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.
- →Cost-saving initiatives with consultants like A.T. Kearney aim to improve margins, which could support revenue growth.
- →Management is cautious but expects new capex and product lines to drive future volume and revenue growth.
📈 Profitability & Margins
🏗️ 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
- → - Technology licensing challenges exist, particularly for MDI and polycarbonate products
- →Focus remains on identifying reasonable opportunities before committing investments.
💰 Fundraising & Capital Structure
- →No explicit mention of new fundraising through debt or equity as of now.
- →Capex plans involve a chest size of roughly INR15,000 crores prioritized for investment opportunities.
- →Current committed capex for ongoing projects is around INR2,800 crores, with significant amounts already committed.
- →Borrowing is not considered a problem if the project profile is attractive in terms of returns.
- →The company has regular accruals and cash available to fund investments.
- →Management is cautious and prefers slow, carefully examined capex decisions to avoid lifetime commitments.
- →There is flexibility to explore newer products and expansions if technology tie-ups are secured.
- →No immediate plans for equity issuance mentioned; focus seems to be on strategic and phased capex funded via internal accruals and borrowing if needed.
📋 Order Book & Pipeline
Key Metrics
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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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