Gujarat Narmada Valley Fertilizers & Chemicals Ltd
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), is a joint sector enterprise promoted by the Gujarat State Investments Limited (GSIL), a Government of Gujarat undertaking, and the Gujarat State Fertilizers & Chemicals Ltd.(GSFC). The company was set up in Bharuch in 1976 while its manufacturing and marketing operations were started in 1982. The company operates businesses mainly in the Industrial Chemicals, Fertilizers apart from the small presence of IT services. In the chemical segment, it has a product portfolio of various bulk chemicals that are used in industries for manufacturing various specialty chemicals as well as end products.
Strengths
- +Company is almost debt free.
- +Stock is trading at 0.91 times its book value
- +Stock is providing a good dividend yield of 3.47%.
- +Company has been maintaining a healthy dividend payout of 42.3%
Weaknesses
- −The company has delivered a poor sales growth of 8.86% over past five years.
- −Company has a low return on equity of 9.98% over last 3 years.
- −Earnings include an other income of Rs.496 Cr.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 41.3% | 41.3% | 41.3% | 41.3% | 41.3% | 41.3% | 41.3% | 41.3% |
| FIIs | 19.18% | 16.15%▼3.0 | 15.41%▼0.7 | 15.03%▼0.4 | 12.67%▼2.4 | 12.08%▼0.6 | 12.13%▲0.1 | 12.05%▼0.1 |
| DIIs | 6.58% | 11.16%▲4.6 | 11.1%▼0.1 | 10.14%▼1.0 | 10.49%▲0.3 | 10.69%▲0.2 | 11.12%▲0.4 | 11.07%▼0.0 |
| Public | 32.93% | 31.38%▼1.6 | 32.18%▲0.8 | 33.53%▲1.4 | 35.53%▲2.0 | 35.92%▲0.4 | 35.44%▼0.5 | 35.58%▲0.1 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,080 | 2,088 | 2,110 | 2,021 | 1,917 | 1,899 | 2,055 | 1,601 | 1,968 | 1,996 |
| Expenses | 1,911 | 2,004 | 1,965 | 1,868 | 1,827 | 1,767 | 1,815 | 1,570 | 1,783 | 1,815 |
| Operating Profit | 169 | 84 | 145 | 153 | 90 | 132 | 240 | 31 | 185 | 181 |
| OPM % | 8% | 4% | 7% | 8% | 5% | 7% | 12% | 2% | 9% | 9% |
| Net Profit | 178 | 95 | 127 | 115 | 102 | 158 | 210 | 78 | 177 | 150 |
| EPS ₹ | 11.45 | 6.47 | 8.64 | 7.83 | 6.94 | 10.75 | 14.29 | 5.31 | 12.05 | 10.21 |
AI Insights
TTM revenue at ₹7,620Cr, down 3.4% YoY. OPM at 8%.
Borrowings at ₹13Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.
CWIP at ₹754Cr (25% of fixed assets). Significant capex underway — growth runway building.
DIIs: 11.07% (+6.96pp change). FIIs: 12.05% (-7.62pp change). Promoters hold 41.3%.
ROCE improving from 8% (Mar 2014) to 10% (Mar 2025). Working capital days: 61.
PE 12.4x with 9.7% ROCE. Price is -11% above book value of ₹580. Dividend yield: 3.45%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 May
- Closure of Trading Window 4 May - Board meets May 18, 2026 for Q4/FY26 audited results and possible dividend; trading window closed.
- Board Meeting Intimation for Consideration Of Audited Standalone And Consolidated Financial Results For The Fourth Quarter And Financial Year Ended March 31, 2026 And Recommendation Of Dividend, If Any. 4 May - Board meets May 18, 2026 to approve FY26 audited results and consider dividend.
- Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Communication To Shareholders 14 Apr - GNFC opens one-year special window, Feb 5 2026-Feb 4 2027, for transfer/demat of pre-April 2019 physical securities.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Apr - The Newspaper notice to shareholders informing about special window for transfer and dematerialisation of physical securities.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse