GNFC
Gujarat Narmada Valley Fertilizers and Chemicals Limited
Fertiliser and commodity chemicals producer with acetic acid and methanol chain
Commodities›Chemicals›Chemicals & Petrochemicals›Commodity Chemicals
gnfc.in(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹564.20
Market cap
8,295 Cr
Stock P/E
8.0
P/B
0.91
Dividend yield
3.1%
ROE (FY26)
8.9%
ROCE (FY26)
11.9%
Operating margin (FY26)
7.4%
OCF / EBITDA (FY26)
74.4%
OCF / EBITDA (3Y)
64.7%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
GNFC (Gujarat Narmada Valley Fertilizers and Chemicals) makes urea and other fertilisers and industrial chemicals such as nitric acid, ammonium nitrate, TDI (toluene diisocyanate) and aniline at its Gujarat plants, and has a small IT business.
Company snapshot
4thBy market cap
Ranked among 24 companies in Commodity Chemicals.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 60.5% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Chemicals | 60.5% | 3,529 Cr | 415 Cr | — |
| Fertilizers | 38.4% | 2,239 Cr | -131 Cr | — |
| Others | 1.2% | 69 Cr | 18 Cr | — |
What we see
Positives
- ✓Interest coverage of 95.3x — earnings comfortably cover interest obligations.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,080 Cr | 2,088 Cr | 2,110 Cr | 2,021 Cr | 1,917 Cr | 1,899 Cr | 2,055 Cr | 1,601 Cr | 1,968 Cr | 1,996 Cr | 2,208 Cr | 2,238 Cr |
| Operating expenses (approx.) | 1,911 Cr | 2,004 Cr | 1,965 Cr | 1,868 Cr | 1,827 Cr | 1,767 Cr | 1,815 Cr | 1,570 Cr | 1,783 Cr | 1,815 Cr | 1,726 Cr | 1,845 Cr |
| EBITDA | 169 Cr | 84 Cr | 145 Cr | 153 Cr | 90 Cr | 132 Cr | 240 Cr | 31 Cr | 185 Cr | 181 Cr | 482 Cr | 393 Cr |
| OPM % | 8.1% | 4.0% | 6.9% | 7.6% | 4.7% | 7.0% | 11.7% | 1.9% | 9.4% | 9.1% | 21.8% | 17.6% |
| Other income | 152 Cr | 121 Cr | 108 Cr | 99 Cr | 123 Cr | 157 Cr | 122 Cr | 150 Cr | 127 Cr | 97 Cr | 125 Cr | 101 Cr |
| Interest | 1 Cr | 7 Cr | 4 Cr | 17 Cr | 2 Cr | 3 Cr | 1 Cr | 2 Cr | 1 Cr | 1 Cr | 2 Cr | 2 Cr |
| Depreciation | 78 Cr | 76 Cr | 78 Cr | 78 Cr | 76 Cr | 75 Cr | 74 Cr | 74 Cr | 81 Cr | 73 Cr | 79 Cr | 76 Cr |
| Profit before tax | 246 Cr | 124 Cr | 174 Cr | 160 Cr | 138 Cr | 216 Cr | 288 Cr | 110 Cr | 232 Cr | 204 Cr | 530 Cr | 418 Cr |
| Tax % | 26.0% | 21.8% | 25.3% | 26.3% | 23.9% | 24.5% | 26.7% | 24.5% | 22.8% | 26.5% | 25.3% | 25.4% |
| Net profit | 182 Cr | 97 Cr | 130 Cr | 118 Cr | 105 Cr | 163 Cr | 211 Cr | 83 Cr | 179 Cr | 150 Cr | 396 Cr | 312 Cr |
| EPS (₹) | ₹11.74 | ₹6.30 | ₹8.84 | ₹8.03 | ₹7.14 | ₹11.09 | ₹14.35 | ₹5.65 | ₹12.18 | ₹10.20 | ₹26.94 | ₹21.22 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,945 Cr | 5,917 Cr | 5,896 Cr | 5,162 Cr | 5,129 Cr | 8,642 Cr | 10,227 Cr | 7,930 Cr | 7,892 Cr | 7,773 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 4,292 Cr | 4,526 Cr | 5,028 Cr | 4,621 Cr | 4,125 Cr | 6,259 Cr | 8,348 Cr | 7,427 Cr | 7,277 Cr | 6,894 Cr | Sign in free for the trailing twelve months |
| EBITDA | 653 Cr | 1,391 Cr | 868 Cr | 542 Cr | 1,003 Cr | 2,384 Cr | 1,879 Cr | 503 Cr | 615 Cr | 879 Cr | Sign in free for the trailing twelve months |
| OPM % | 13.2% | 23.5% | 14.7% | 10.5% | 19.6% | 27.6% | 18.4% | 6.3% | 7.8% | 11.3% | Sign in free for the trailing twelve months |
| Other income | 225 Cr | 142 Cr | 221 Cr | 153 Cr | 237 Cr | 209 Cr | 361 Cr | 469 Cr | 501 Cr | 499 Cr | Sign in free for the trailing twelve months |
| Interest | 203 Cr | 100 Cr | 6 Cr | 5 Cr | 20 Cr | 3 Cr | 5 Cr | 13 Cr | 23 Cr | 6 Cr | Sign in free for the trailing twelve months |
| Depreciation | 251 Cr | 270 Cr | 263 Cr | 264 Cr | 272 Cr | 292 Cr | 303 Cr | 308 Cr | 303 Cr | 307 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 723 Cr | 1,167 Cr | 828 Cr | 434 Cr | 956 Cr | 2,305 Cr | 1,940 Cr | 663 Cr | 802 Cr | 1,076 Cr | Sign in free for the trailing twelve months |
| Tax % | 26.8% | 31.9% | 9.4% | -17.1% | 27.1% | 25.8% | 24.1% | 25.0% | 25.6% | 24.9% | Sign in free for the trailing twelve months |
| Net profit | 529 Cr | 795 Cr | 750 Cr | 508 Cr | 697 Cr | 1,710 Cr | 1,472 Cr | 497 Cr | 597 Cr | 808 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹34.02 | ₹51.15 | ₹48.24 | ₹32.69 | ₹44.84 | ₹110.05 | ₹94.97 | ₹32.48 | ₹40.61 | ₹54.97 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 11.1% | 7.2% | 10.4% | 92.8% | 39.9% | 32.2% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 155 Cr | 155 Cr | 155 Cr | 155 Cr | 155 Cr | 155 Cr | 155 Cr | 147 Cr | 147 Cr | 147 Cr |
| Reserves | 3,700 Cr | 4,362 Cr | 4,909 Cr | 5,144 Cr | 5,913 Cr | 7,835 Cr | 8,950 Cr | 8,162 Cr | 8,428 Cr | 8,968 Cr |
| Borrowings | 1,607 Cr | 230 Cr | 208 Cr | 859 Cr | 2 Cr | 0.07 Cr | — | 1 Cr | 99 Cr | — |
| Other liabilities | 2,494 Cr | 2,486 Cr | 2,337 Cr | 2,261 Cr | 2,314 Cr | 2,728 Cr | 2,591 Cr | 2,362 Cr | 2,329 Cr | 2,244 Cr |
| Total liabilities | 7,956 Cr | 7,232 Cr | 7,609 Cr | 8,419 Cr | 8,385 Cr | 10,718 Cr | 11,696 Cr | 10,672 Cr | 11,003 Cr | 11,359 Cr |
| Fixed assets (net) | 4,396 Cr | 4,115 Cr | 3,916 Cr | 3,768 Cr | 3,680 Cr | 3,539 Cr | 3,109 Cr | 2,970 Cr | 2,795 Cr | 2,595 Cr |
| CWIP | 14 Cr | 14 Cr | 25 Cr | 82 Cr | 161 Cr | 138 Cr | 186 Cr | 289 Cr | 382 Cr | 900 Cr |
| Investments | 816 Cr | 785 Cr | 799 Cr | 691 Cr | 956 Cr | 1,330 Cr | 3,243 Cr | 3,067 Cr | 2,340 Cr | 1,727 Cr |
| Loans & advances | — | — | — | 184 Cr | 418 Cr | 1,867 Cr | 816 Cr | 370 Cr | 565 Cr | 2,431 Cr |
| Inventories | 662 Cr | 681 Cr | 829 Cr | 932 Cr | 813 Cr | 977 Cr | 1,123 Cr | 1,119 Cr | 1,257 Cr | 1,018 Cr |
| Trade receivables | 1,112 Cr | 1,120 Cr | 1,240 Cr | 1,413 Cr | 510 Cr | 625 Cr | 368 Cr | 626 Cr | 423 Cr | 641 Cr |
| Cash & bank | 4 Cr | 6 Cr | 164 Cr | 66 Cr | 137 Cr | 73 Cr | 56 Cr | 43 Cr | 19 Cr | 74 Cr |
| Other assets | 952 Cr | 512 Cr | 635 Cr | 1,282 Cr | 1,710 Cr | 2,169 Cr | 2,795 Cr | 2,188 Cr | 3,222 Cr | 1,973 Cr |
| Total assets | 7,956 Cr | 7,232 Cr | 7,609 Cr | 8,419 Cr | 8,385 Cr | 10,718 Cr | 11,696 Cr | 10,672 Cr | 11,003 Cr | 11,359 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 1,445 Cr | 1,819 Cr | 701 Cr | 286 Cr | 1,884 Cr | 1,967 Cr | 1,373 Cr | 32 Cr | 606 Cr | 654 Cr |
| Cash from investing | -53 Cr | 49 Cr | -310 Cr | -901 Cr | -856 Cr | -1,899 Cr | -1,229 Cr | 1,235 Cr | -466 Cr | -231 Cr |
| Cash from financing | -1,073 Cr | -1,400 Cr | -185 Cr | 546 Cr | -934 Cr | -130 Cr | -161 Cr | -1,281 Cr | -262 Cr | -269 Cr |
| Net cash flow | 320 Cr | 468 Cr | 206 Cr | -69 Cr | 95 Cr | -62 Cr | -17 Cr | -14 Cr | -122 Cr | 154 Cr |
| Free cash flow (OCF − Capex) | 1,354 Cr | 1,795 Cr | 570 Cr | 154 Cr | 1,668 Cr | 1,829 Cr | 1,200 Cr | -219 Cr | 153 Cr | 108 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 17.0% | 26.7% | 15.8% | 7.1% | 16.1% | 28.9% | 21.4% | 8.1% | 9.5% | 11.9% |
| ROE % | 13.7% | 17.6% | 14.8% | 9.6% | 11.5% | 21.4% | 16.2% | 6.0% | 7.0% | 8.9% |
| Debtor days | 82 | 69 | 77 | 100 | 36 | 26 | 13 | 29 | 20 | 30 |
| Inventory days | 131 | 104 | 106 | 124 | 133 | 91 | 82 | 93 | 103 | 95 |
| Days payable | 67 | 66 | 50 | 69 | 75 | 59 | 42 | 43 | 40 | 42 |
| Cash conversion cycle | 146 | 107 | 132 | 156 | 94 | 59 | 53 | 79 | 82 | 82 |
| OCF / EBITDA % | 221.4% | 130.8% | 80.8% | 52.7% | 187.8% | 82.5% | 73.1% | 6.4% | 98.5% | 74.4% |
| OCF / EBITDA % (3 years) | — | — | 136.2% | 100.2% | 119.0% | 105.3% | 99.2% | 70.7% | 67.1% | 64.7% |
| Debt / equity | 0.42 | 0.05 | 0.04 | 0.16 | 0.0004 | 0.0000 | — | 0.0001 | 0.01 | — |
| Current ratio | 1.17 | 1.78 | 2.43 | 2.03 | 3.57 | 3.61 | 3.77 | 4.15 | 4.67 | 5.91 |
| Net debt / EBITDA | 2.45 | 0.16 | 0.05 | 1.46 | -0.13 | -0.03 | -0.03 | -0.08 | 0.13 | -0.08 |