Financial Performance Highlights
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) reported strong financial results for FY 2025-26 with standalone revenue of ₹7,773 crores and profit after tax (PAT) of ₹797 crores, representing a 36% year-on-year increase from ₹585 crores in FY25. The company's EBITDA (excluding other income) grew 43% to ₹879 crores, while earnings per share reached ₹54.27 compared to ₹39.85 in the previous year.
Dividend and Corporate Actions
The Board recommended a final dividend of ₹21 per equity share (210%) for FY26, subject to shareholder approval at the 50th Annual General Meeting scheduled for September 16, 2026. The total dividend payout amounts to ₹308.58 crores. The company maintained negative net debt of ₹1,109.19 crores, indicating strong liquidity position.
Operational Performance and Projects
GNFC established 30 new production records during FY26 (20 in production, 10 in sales/dispatch) with notable achievements including Ammonia production at 659,169 MT (147.96% capacity utilization) and Urea production at 833,679 MT (130.90% capacity utilization). The company is progressing on several expansion projects including the Coal Based Captive Co-Generation Power Plant (CCPP) at Dahej (expected completion November 2026), Ammonia Expansion at Bharuch (Q2 FY27-28), and Weak Nitric Acid-III project (June 2027).
Board and Management Changes
The company underwent significant leadership changes with Shri Rajkumar Beniwal, IAS appointed as Managing Director effective December 29, 2025, replacing Dr. T. Natarajan. Shri Manoj Kumar Das, IAS was appointed as Chairman effective November 1, 2025, following the cessation of Shri Pankaj Joshi. The Board also proposed appointment of M/s B S R and Co as new statutory auditors and Prof. Mamata Biswal as independent director.
Segment Performance and Subsidiaries
The Fertilizers segment reported revenue of ₹2,764 crores (36% of total) with a loss of ₹186 crores, while the Chemicals segment generated ₹4,899 crores (63% of total) with profit of ₹913 crores. The company's associate, Gujarat Green Revolution Company Limited (46.87% ownership), contributed ₹11.14 crores to profits.
Contingent Liabilities and Regulatory Matters
GNFC faces a significant contingent liability of ₹21,370 crores from the Department of Telecommunications (DoT) regarding VSAT and ISP license fees relating to earlier years. Based on legal assessment, the company believes no provision is required at this time. Other contingent liabilities total ₹359.29 crores in claims, tax assessments, and duty demands.
Corporate Governance and Compliance
The company maintained robust corporate governance across all board committees including Audit, Nomination and Remuneration, Stakeholders Relationship, CSR, and Risk Management committees. GNFC complied with all applicable SEBI Listing Regulations and Secretarial Standards, with 83 investor grievances received during FY26 and 82 resolved.
Vision and Future Outlook
The company has outlined Vision 2047 with revenue aspiration of ₹70,000+ crores, capex pipeline of ₹15,000+ crores over 10 years, and annual import substitution of US$2.5+ billion, positioning for long-term growth in fertilizers and chemicals sectors.