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GNFC reported a robust Q4 FY25 with a PBT of INR 287 crores, contributing to a full-year PBT of INR 790 crores. The Board recommended a higher dividend of 180% (INR 18 per share) for FY25, an increase from 165% (INR 16.5 per share) in the previous year, reflecting confidence in the company's performance. The net worth of the company increased by INR 250 crores, driven by profit accrual despite dividend outgo, while PAT after OCI adjustment stood at INR 585 crores.

The company has total capex plans of approximately INR 2,900 crores at various stages of execution and approval. Following recommendations from Kearney, GNFC is considering significant expansion investments ranging from INR 15,000 crores to INR 22,000 crores, primarily targeting import substitute products. Key projects include a CCPP (boiler + power plant) with a capex of INR 613 crores, expected to be completed by September 2025, and a weak nitric acid project of INR 1,420 crores as part of a larger INR 2,200 crores plan.

The chemical segment demonstrated strong performance with higher volumes and improved profitability, notably from AN melt, technical grade urea, and aniline. Product-wise, FY25 saw significant volume growth in Methanol (+73%), TG Urea (+52%), Aniline (+15%), and AN Melt (+9%). Concurrently, losses in the fertilizer segment were reduced by INR 64 crores, even with lower overall volumes and revenue.

The elongated shutdown of TDI-II negatively impacted FY25 topline by INR 300 crores and profits by INR 100 crores, though the company expects to achieve installed capacity for TDI in FY26. The methanol plant, despite contributing 73% volume growth in FY25, ceased operations from December due to uncompetitive gas prices. While toluene prices have corrected, the benefit for TDI production is offset by pricing pressure on the output, indicating continued margin challenges.

Effective April 1, 2025, revised NBS subsidies are expected to impact GNFC by INR 2,560 per metric ton. Management anticipates a contribution advantage of INR 12,000 to INR 18,000 per metric ton from the CCPP plant, effective October 1, 2025, which is expected to help narrow TDI losses. The company's strategy involves valorizing ammonia into value-added products rather than direct sales, and it projects FY26 production of 336,000 tons of ammonia from oil, 369,000 tons from gas, and 443,000 tons of weak nitric acid.