Gujarat Narmada Valley Fertilizers And Chemicals Limited (GNFC)

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Gujarat Narmada Valley Fertilizers And Chemicals Limited (GNFC) · mywealthgrid

About

GNFC operates in commodity chemicals, primarily fertilizers and petrochemicals within the Materials sector. The company maintains quarterly revenues of ₹2,000–2,200 Cr with a strong balance sheet carrying zero debt (D/E = 0). Positioned as a mid-cap player (market cap ₹8,357.88 Cr), it is exposed to raw-material and commodity-price cycles typical of the industry.

Face value: ₹10

Market cap

₹8,655 Cr

P/E

8.3×

P/B

1.0×

Dividend yield

3.6%

ROE

9.1%

ROCE

10.6%

Debt / equity

OPM

11.3%

EPS (TTM)

₹70.5

Book value

₹620.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM swung from 21.83% (Mar 2026) to 9.07% (Dec 2025)—verify exposure to feedstock costs and cyclical lows.
Weak profitability: ROE of 9.14% suggests modest returns on capital—confirm if cyclical or structural.
Flat revenue: Quarterly revenues remain range-bound (₹1,968–₹2,238 Cr)—verify capacity utilization and organic growth plans.
Commodity dependence: Fertilizer and chemical margins are sensitive to input costs; verify hedging and price-pass mechanisms.

Generated analysis · source review pending

Growth drivers

Recent strong OPM (21.83% Mar 2026, 17.56% Jun 2026) versus 11.31% trailing average show margin recovery potential—verify sustainability through commodity cycles.
EPS surged from ₹12.04 (Sep 2025) to ₹26.94 (Mar 2026), driven by margin expansion—verify whether growth is structural or cyclical recovery.
Zero debt (D/E = 0) and quarterly cash generation (evidenced by regular dividends Sep 2025, Sep 2024, Sep 2023, Sep 2022, Aug 2021) enable capacity investment—verify capex plans.
Volume growth opportunity in underlying fertilizer demand tied to agricultural production—verify market-share position and capacity constraints.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹589.2-3.7%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 178.5×
+Dividend yield of 3.6%
+Dividend payout of 29.7% of profit

Cons

−Low return on equity of 7.3% (3-yr avg)
−Modest revenue growth of 8.7% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

66/100

Business quality: 51
Growth: 50
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,917	5,896	5,162	5,129	8,642	10,227	7,930	7,892	7,773
COGS	—	—	2,711	2,307	3,957	4,969	4,504	4,530	4,061
Gross profit	—	—	2,452	2,822	4,686	5,258	3,426	3,362	3,712
	—	—	1,901	1,811	2,295	3,371	2,911	2,735	2,822
	—	—	551	1,011	2,390	1,887	515	627	890
OPM %	—	—	10.7%	19.7%	27.7%	18.5%	6.5%	7.9%	11.5%
Depreciation	270	263	264	272	292	303	308	303	307
Interest	100	6	5	20	3	5	13	23	6
	142	221	153	237	209	361	469	501	499
Profit before tax	1,162	819	434	956	2,305	1,940	663	802	1,076
Tax	372	78	-74	259	594	468	166	205	268
Tax %	32.1%	9.5%	-17.1%	27.1%	25.8%	24.1%	25%	25.6%	24.9%
	789	741	508	697	1,710	1,472	497	597	808
PAT margin %	13.3%	12.6%	9.8%	13.6%	19.8%	14.4%	6.3%	7.6%	10.4%
EPS (₹)	—	—	32.7	44.8	110.1	95	32.5	40.6	55
EPS adjusted (₹)	50.8	47.7	32.7	44.8	110.1	95	33.8	40.6	55
	—	—	15.3%	17.8%	9.1%	31.6%	50.8%	44.3%	38.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	155	155	155	155	155	155	155	155	147	147	147
Reserves	2,999	3,700	4,362	4,909	5,144	5,913	7,835	8,950	8,162	8,428	8,968
	3,165	1,607	248	208	859	2	0	0	1	99	0
	2,790	2,494	2,468	2,337	2,261	2,314	2,744	2,591	2,362	2,329	2,244
Total equity & liabilities	9,109	7,956	7,232	7,609	8,419	8,385	10,734	11,696	10,672	11,003	11,359
	4,550	4,423	4,142	3,940	3,791	3,701	3,559	3,128	2,987	2,839	2,632
CWIP	13	14	14	25	82	161	138	186	289	382	900
Investments	751	816	785	799	745	938	1,313	3,243	3,067	2,340	1,727
	3,795	2,703	2,291	2,844	3,801	3,585	5,724	5,139	4,329	5,442	6,100
Total assets	9,109	7,956	7,232	7,609	8,419	8,385	10,734	11,696	10,672	11,003	11,359

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Chemicals	4,899	913	2,791	598	2,193	41.63
Fertilizers	2,764	-186

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	47.5%	55%	54.2%	51.4%	43.2%	42.6%	47.8%
EBITDA margin %	—	10.5%	19.6%	27.6%	18.4%	6.3%	7.8%	11.3%
EBIT margin %	—	5.4%	14.3%	24.2%	15.4%	2.5%	4%	7.4%
PAT margin %	12.6%	9.8%	13.6%	19.8%	14.4%	6.3%	7.6%	10.4%
Working capital
Receivable days	77	100	36	26	13	29	20	30
Inventory days	—	126	129	90	82	91	101	91
Payable days	—	69	63	60	42	42	40	41
NWC days	—	156	102	57	53	77	81	81
Leverage
Current ratio	2.43	2.03	3.57	3.58	3.77	4.15	4.67	5.91
Debt to EBITDA	—	1.58	0	0	0	0	0.16	0
Debt to equity	0.04	0.16	0	0	0	0	0.01	0
Interest coverage	-6.6	81.6	48.5	665.2	387.4	51.1	35.3	178.5
Asset turnover	0.77	0.61	0.61	0.81	0.87	0.74	0.72	0.68
Return ratios
Return on assets %	9.7%	6%	8.3%	15.9%	12.6%	4.7%	5.4%	7.1%
Return on capital employed %	-0.7%	6.5%	13.8%	27.4%	19.6%	6.6%	8.4%	10.6%
Return on equity %	14.6%	9.6%	11.5%	21.4%	16.2%	6%	7%	8.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.18%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%	41.3%
	18.64%	20.11%	19.4%	19.19%	16.15%	15.41%	15.03%	12.67%	12.09%	12.13%	12.05%	13.11%
	6.24%	7.58%	9.3%	6.58%	11.15%	11.11%	10.13%	10.49%	10.69%	11.12%	11.06%	11.02%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.94%	31.01%	30%	32.93%	31.4%	32.18%	33.54%	35.54%	35.92%	35.45%	35.59%	34.57%
No. of shareholders	—	—	—	—	—	—	—	—	2,75,857	2,71,480	2,65,793	2,60,335

Promoter holding up 0.12 percentage points since Sep 2023.

46 deals · 7 Feb 2022 – 28 Jun 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,67,025	₹700.87	₹67.78 Cr
28 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,18,825	₹702.45	₹57.52 Cr
20 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	20,16,203	₹744.89	₹150.18 Cr
20 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	20,16,203	₹745.41	₹150.29 Cr
20 Jun 2024	TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED	Bulk	NSE	Sell	8,93,248	₹744.45	₹66.50 Cr
20 Jun 2024	TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED	Bulk	NSE	Buy	8,89,924	₹743.81	₹66.19 Cr
26 Apr 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,43,413	₹572.41	₹48.28 Cr
26 Apr 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,20,013	₹572.33	₹46.93 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	3,26,542	₹698.05	₹22.79 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	3,26,542	₹698.05	₹22.79 Cr

1–10 of 46

1 / 5

Mr. MANOJ KUMAR DASNon-Executive - Non Independent Director-Chairperson
Mr. RAJENDER KUMARNon-Executive - Non Independent Director
Mr. ASHWINIKUMAR RAJENDRAPRASAD YADAVNon-Executive - Non Independent Director
Mr. NATARAJAN THIRUVENKADAMNon-Executive - Non Independent Director
Mrs. GAURI KUMARNon-Executive - Independent Director
Mr. RANJAN KUMAR GHOSHNon-Executive - Independent Director
Mr. BHADRESH VINAYCHANDRA MEHTANon-Executive - Independent Director
Mr. SUSANTA KUMAR ROYNon-Executive - Independent Director
Mr. AJAI BAHADUR KHARENon-Executive - Independent Director
Mr. RAJKUMAR BENIWALExecutive Director-MD
Mr. D V ParikhChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

5.89%

of the company's equity

All mutual funds

8.51%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

11 schemes · 3 fund houses

		Shares
Small Cap FundNEW	ICICI Prudential Mutual Fund	23.16 L	133.14	1.36%	1.577%	—
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	21.23 L	122.01	0.36%	1.445%	-0
Multi Cap FundNEW	ICICI Prudential Mutual Fund	15.94 L	91.62	0.47%	1.085%	—
Business Cycle Fund	ICICI Prudential Mutual Fund	10.57 L	60.75	0.38%	0.72%	-0
Manufacturing Fund	ICICI Prudential Mutual Fund	9.23 L	53.03	0.74%	0.628%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.17 L	12.47	0.5%	0.148%	-4,751
PSU EQUITY FUND	ICICI Prudential Mutual Fund	2.14 L	12.31	0.67%	0.146%	-0
Commodities Fund	ICICI Prudential Mutual Fund	2 L	11.5	0.27%	0.136%	-0

1–8 of 11

1 / 2

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

192 announcementsExport CSV

30 Sept 2026, 5:40 pmCompany Update

Announcement under Regulation 30 (LODR)-Cessation

Cessation

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	47.5%	55%	54.2%	51.4%	43.2%	42.6%	47.8%
EBITDA margin %	—	10.5%	19.6%	27.6%	18.4%	6.3%	7.8%	11.3%
EBIT margin %	—	5.4%	14.3%	24.2%	15.4%	2.5%	4%	7.4%
PAT margin %	12.6%	9.8%	13.6%	19.8%	14.4%	6.3%	7.6%	10.4%
Working capital
Receivable days	77	100	36	26	13	29	20	30
Inventory days	—	126	129	90	82	91	101	91
Payable days	—	69	63	60	42	42	40	41
NWC days	—	156	102	57	53	77	81	81
Leverage
Current ratio	2.43	2.03	3.57	3.58	3.77	4.15	4.67	5.91
Debt to EBITDA	—	1.58	0	0	0	0	0.16	0
Debt to equity	0.04	0.16	0	0	0	0	0.01	0
Interest coverage	-6.6	81.6	48.5	665.2	387.4	51.1	35.3	178.5
Asset turnover	0.77	0.61	0.61	0.81	0.87	0.74	0.72	0.68
Return ratios
Return on assets %	9.7%	6%	8.3%	15.9%	12.6%	4.7%	5.4%	7.1%
Return on capital employed %	-0.7%	6.5%	13.8%	27.4%	19.6%	6.6%	8.4%	10.6%
Return on equity %	14.6%	9.6%	11.5%	21.4%	16.2%	6%	7%	8.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

Date	Category	Subject	Filing
30 Sept 2026, 5:40 pm	Company Update Cessation	Announcement under Regulation 30 (LODR)-Cessation	PDF
30 Sept 2026, 5:36 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
22 Sept 2026, 3:33 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Ratings.	PDF
18 Sept 2026, 5:13 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
18 Sept 2026, 5:11 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
17 Sept 2026, 6:29 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
17 Sept 2026, 2:14 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Ratings	PDF
16 Sept 2026, 5:53 pm	Company Update General	Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015.	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	996	1,445	1,819	701	286	1,884	1,967	1,373	32	606	654
	36	-53	49	-310	-901	-856	-1,899	-1,229	1,235	-466	-231
	-1,037	-1,073	-1,400	-185	546	-934	-130	-161	-1,281	-262	-269
Net cash flow	-5	320	468	206	-69	95	-62	-17	-14	-122	154
Free cash flow	931	—	—	570	—	1,668	1,829	1,200	-219	153	108
CFO / Operating profit %	—	—	—	—	52.7%	187.8%	82.5%	73.1%	6.4%	98.5%	74.4%

Gujarat Narmada Valley Fertilizers And Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

19

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Chemicals · revenue

Gujarat Narmada Valley Fertilizers And Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends19

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Chemicals · revenue

19

1