GNFC

G N F C share price & financials

Price
₹567.65
Market cap
₹8.1k Cr
Sector
Chemicals
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

G N F C Q1 FY27

What went well

  • Q1 profits significantly higher, second highest in company history after Q1 FY22.
  • Energy norms for urea revised from 6.20 Gcal/metric ton to 6.37 Gcal/metric ton for 3 years (FY25-26 onwards).
  • Most non-operational plants (ethyl acetate, acetic acid, TDI-I) resumed operations in July.

What to watch

  • War situation caused ripple effects, viability issues, and increased input costs.
  • Offtake not good, leading to inventory issues.
Read the full call →

What G N F C does

Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) manufactures nitrogenous fertilizers and industrial chemicals from two integrated manufacturing complexes at Bharuch and Dahej in Gujarat. Its fertilizer range includes urea, neem-coated urea and complex fertilizer (ANP), distributed through a pan-India dealer/retail network and supplemented by trading in DAP and other agri-inputs. The chemicals business covers products such as TDI, methanol, acetic acid, aniline, ammonium nitrate, weak nitric acid, formic acid and ethyl acetate, sold to downstream industrial users. The company also operates an IT services subsidiary, (n)Code Solutions, providing software and e-governance solutions.

Segments

  • Fertilizers
  • Chemicals
  • Others
Manufacturing complexes
2 integrated complexes — Bharuch and Dahej, Gujarat
Business segments
Fertilizers, Chemicals, and IT services (via (n)Code Solutions)
Product portfolio breadth
14+ distinct fertilizer and chemical products across the two complexes
Distribution network
PAN-India distribution network for fertilizers and chemicals
Capacity projects under execution
Coal-based Captive Power Plant (150 MT/hr steam + 18 MW power) at Dahej; Ammonia expansion (50 KTPA), Weak Nitric Acid-III (200 KTPA) and Ammonium Nitrate-II (163 KTPA), all at Bharuch
Capacity projects under consideration
BisPhenol-A (BPA) 150 KTPA and Polyols 100 KTPA, both at Dahej
Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 1 delivered 1 missed 8 open
  • Government revision of Urea fixed costs and energy norms delivered said Q1 FY26 Promised: Expected to be out by Q3 FY26 Q1 FY27: Energy norms for urea revised favorably from 6.20 to 6.37 Gcal/ton for 3 years. Fixed cost revision status not mentioned.
  • TDI Production Volume FY26 missed said Q4 FY25 Promised: Close to installed capacity (~67,000 tons) Q1 FY27: Promise pertains to FY26, which is complete. The target was missed.
  • Annualized cost savings from A.T. Kearney initiatives delayed said Q1 FY26 Promised: Benefits rolling in Q2 FY26 onwards Q1 FY27: Quantification not yet signed off. Under evaluation, with a better picture expected by the end of Q2 FY27. Initial estimate of INR 250-300 cr savings was re-confirmed.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 39.8%, net profit up 275.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,917 1,899 2,055 1,601 1,968 +3%1,996 +5%2,208 +7%2,238 +40%
EBITDA90 132 240 31 185 +106%181 +37%482 +101%393 +1168%
Net profit105 163 211 83 179 +70%150 −8%396 +88%312 +276%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +10.9% 1Y

₹350₹400₹450₹500₹550₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 19 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹507.1 on 10 Sept 2025 → ₹562.4. High ₹609.75 (18 Aug 2026), low ₹366.45 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+0.9%
6 Aug
Q4 FY26
+5.2%
19 May
Q3 FY26
−2.4%
11 Feb
Q2 FY26
−0.6%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 8.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.3%.

Year endingFY23FY24FY25FY26
Revenue₹10.2k Cr₹7.9k Cr₹7.9k Cr₹7.8k Cr
Operating profit₹1.9k Cr₹503 Cr₹615 Cr₹879 Cr
Operating margin18.4%6.3%7.8%11.3%
Interest₹5 Cr₹13 Cr₹23 Cr₹6 Cr
Depreciation₹303 Cr₹308 Cr₹303 Cr₹307 Cr
Net profit₹1.5k Cr₹497 Cr₹597 Cr₹808 Cr
Net margin14.4%6.3%7.6%10.4%
Cash from operations₹1.4k Cr₹31 Cr₹605 Cr₹654 Cr
Free cash flow₹1.2k Cr₹-218 Cr₹154 Cr₹108 Cr
ROCE23.0%8.0%10.0%12.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹155 Cr₹155 Cr₹155 Cr₹147 Cr₹147 Cr₹147 Cr
Reserves₹5.9k Cr₹7.8k Cr₹8.9k Cr₹8.2k Cr₹8.5k Cr₹9.0k Cr
Borrowings₹4 Cr₹2 Cr₹2 Cr₹3 Cr₹13 Cr₹5 Cr
Other liabilities₹2.3k Cr₹2.8k Cr₹2.6k Cr₹2.4k Cr₹2.2k Cr₹2.3k Cr
Total liabilities₹8.4k Cr₹10.8k Cr₹11.7k Cr₹10.7k Cr₹10.9k Cr₹11.4k Cr
Fixed assets₹3.7k Cr₹3.6k Cr₹3.4k Cr₹3.2k Cr₹3.0k Cr₹2.9k Cr
Capital work in progress₹161 Cr₹138 Cr₹187 Cr₹289 Cr₹754 Cr₹900 Cr
Investments₹938 Cr₹1.3k Cr₹3.2k Cr₹3.0k Cr₹2.4k Cr₹1.7k Cr
Other assets₹3.6k Cr₹5.7k Cr₹4.9k Cr₹4.2k Cr₹4.8k Cr₹5.9k Cr
Total assets₹8.4k Cr₹10.8k Cr₹11.7k Cr₹10.7k Cr₹10.9k Cr₹11.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.96 pp while DIIs added +0.53 pp. The shareholder count shrank 4% to 2,60,335.

Promoters
41.3%
FIIs
13.1%
DIIs
11.0%
Public
34.6%

Since Jun 2025

  • Public −0.96 pp
  • DIIs +0.53 pp
  • FIIs +0.44 pp

How it drifted, 12 quarters

Over this window FIIs fell from 18.6% to 13.1% — −5.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 41.2%, FIIs 18.6%, DIIs 6.2%, Public 33.9%.Dec '23: Promoters 41.3%, FIIs 20.1%, DIIs 7.6%, Public 31.0%.Mar '24: Promoters 41.3%, FIIs 19.4%, DIIs 9.3%, Public 30.0%.Jun '24: Promoters 41.3%, FIIs 19.2%, DIIs 6.6%, Public 32.9%.Sep '24: Promoters 41.3%, FIIs 16.1%, DIIs 11.2%, Public 31.4%.Dec '24: Promoters 41.3%, FIIs 15.4%, DIIs 11.1%, Public 32.2%.Mar '25: Promoters 41.3%, FIIs 15.0%, DIIs 10.1%, Public 33.5%.Jun '25: Promoters 41.3%, FIIs 12.7%, DIIs 10.5%, Public 35.5%.Sep '25: Promoters 41.3%, FIIs 12.1%, DIIs 10.7%, Public 35.9%.Dec '25: Promoters 41.3%, FIIs 12.1%, DIIs 11.1%, Public 35.4%.Mar '26: Promoters 41.3%, FIIs 12.1%, DIIs 11.1%, Public 35.6%.Jun '26: Promoters 41.3%, FIIs 13.1%, DIIs 11.0%, Public 34.6%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of G N F C above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Gujarat State Investments Limited 21.44%unchanged
Gujarat State Fertilizers & Chemicals Limited 19.86%unchanged
ICICI Prudential Multi-Asset Fund Mutual fund8.35%newly disclosed
Investor Education And Protection Fund Authority M 2.17%+0.12 pp
The New India Assurance Company Limited Insurer1.33%unchanged
ICICI Prudential Manufacturing Fund Mutual fund—off the list

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹562, this stock must grow earnings at -0% every year for 7 years. Our analysis caps realistic growth at ~-17%. At that growth it is worth ₹232 — downside of 59%.

Growth the price implies
-0.5% a year
for 7 years, fading to 4%
It has actually compounded at
-18.1% a year
net profit, FY23–FY26 · EPS -16.6%
The gap
0.2 pp
-59% downside if it only repeats history
Price today ₹562.4 Value at the reference growth ₹232.11

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse G N F C

Guides on how to read this kind of business and the numbers that matter.