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рдЧреБрдЬрд░рд╛рдд рдирд░реНрдорджрд╛ рд╡реИрд▓реА рдлрд░реНрдЯрд┐рд▓рд╛рдЗрдЬрд░реНрд╕ рдПрдВрдб рдХреЗрдорд┐рдХрд▓реНрд╕ (GNFC) рдиреЗ рдЕрдкрдиреЗ рдЕрдореЛрдирд┐рдпрдо рдирд╛рдЗрдЯреНрд░реЗрдЯ (AN) рдореЗрд▓реНрдЯ рдкреНрд░реЛрдЬреЗрдХреНрдЯ рдореЗрдВ 163,000 MTPA рдХреНрд╖рдорддрд╛ рдЬреЛрдбрд╝рдиреЗ рдХреЛ рдордВрдЬреВрд░реА рджреЗ рджреА рд╣реИред рдпрд╣ 94% рдХреА рд╡реГрджреНрдзрд┐ рдЬреБрд▓рд╛рдИ 2027 рддрдХ рдХреБрд▓ AN рдореЗрд▓реНрдЯ рдЙрдкрд▓рдмреНрдзрддрд╛ рдХреЛ 338,000 MTPA рддрдХ рд▓реЗ рдЬрд╛рдПрдЧреАред рдпрд╣ рдХрджрдо GNFC рдХреЛ рднрд╛рд░рдд рдХреЗ рдорд╣рддреНрд╡рдкреВрд░реНрдг рдорд╛рдЗрдирд┐рдВрдЧ рдФрд░ рдЗрдВрдлреНрд░рд╛рд╕реНрдЯреНрд░рдХреНрдЪрд░ рдХреНрд╖реЗрддреНрд░реЛрдВ рдХреЗ рд▓рд┐рдП рдПрдХ рдкреНрд░рдореБрдЦ рдЖрдкреВрд░реНрддрд┐рдХрд░реНрддрд╛ рдХреЗ рд░реВрдк рдореЗрдВ рдордЬрдмреВрдд рдХрд░рддрд╛ рд╣реИ, рдЬрд┐рд╕рдореЗрдВ рдорд╣рддреНрд╡рдкреВрд░реНрдг рдкреВрдВрдЬреАрдЧрдд рд╡реНрдпрдп рдХреА рдпреЛрдЬрдирд╛ рд╣реИред
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.
Business Segments1) Chemicals (60% in H1 FY25 vs 70% in FY22):[1][2]The company produces Methanol, Formic Acid, Acetic Acid, Toluene Di- Isocyanate (TDI), Technical Grade Urea (TGU), Weak Nitric Acid, Concentrated Nitric Acid, Ethyl Acetate, and Ammonium Nitrate. The segment revenue declined 29% between FY22 and FY24, driven by lower realizations across all the products.[3][4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | SRF | 2838.40 | 52.01 | 84125.42 | 0.25 | 388.18 | 92.72 | 3640.19 | 6.30 | 12.27 | 15263.46 | 20.84 | 1617.64 | 388.18 | 6.34 | 5.95 | 0.35 |
| 2. | Tata Chemicals | 810.00 | 63.33 | 20635.56 | 1.36 | 154.00 | -49.38 | 3877.00 | -3.05 | 3.96 | 14695.00 | 13.25 | 325.83 | 98.21 | 0.92 | 1.16 | 0.34 |
| 3. | Deepak Fertilis. | 1418.50 | 18.20 | 17910.55 | 0.70 | 214.02 | 1.48 | 3005.83 | 9.43 | 15.67 | 10910.95 | 17.81 | 984.32 | 213.20 | 2.75 | 7.47 | 0.68 |
| 4. | G N F C | 492.30 | 11.61 | 7230.95 | 3.66 | 177.00 | 73.53 | 1968.00 | 2.66 | 9.70 | 7523.00 | 7.82 | 623.00 | 177.00 | 0.85 | 5.44 | 0.00 |
| 5. | Blue Pearl Agri | 99.75 | 10362.99 | 6010.54 | 0.00 | 0.28 | -22.22 | 12.44 | 66.76 | 2.57 | 45.94 | 1.48 | 0.58 | 0.28 | 98.52 | 2.06 | 0.00 |
| 6. | GHCL | 595.50 | 10.04 | 5715.91 | 2.02 | 106.70 | -31.09 | 721.29 | -9.02 | 24.19 | 3077.36 | 26.08 | 569.50 | 106.70 | 1.57 | 15.10 | 0.03 |
| 7. | Chemplast Sanmar | 308.45 | тАУ | 4845.51 | 0.00 | -51.04 | -63.28 | 1033.20 | 4.07 | 1.83 | 4341.53 | 2.97 | -218.28 | -51.04 | 2.50 | -1.78 | 0.97 |
| тАУ | Median: 38 Co. | 269.23 | 20.98 | 753.87 | 0.26 | 8.3 | 0.73 | 159.19 | 3.46 | 9.57 | 610.99 | 10.66 | 29.24 | 8.3 | 1.57 | 4.85 | 0.16 |
Standalone figures in тВ╣ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,587 | 2,673 | 2,271 | 1,652 | 2,080 | 2,088 | 2,110 | 2,021 | 1,917 | 1,899 | 2,055 | 1,601 | 1,968 |
Expenses | 2,278 | 2,235 | 1,902 | 1,547 | 1,911 | 2,004 | 1,965 | 1,868 | 1,827 | 1,767 | 1,815 | 1,570 | 1,783 |
Operating Profit | 309 | 438 | 369 | 105 | 169 | 84 | 145 | 153 | 90 | 132 | 240 | 31 | 185 |
Other Income | 85 | 77 | 123 | 88 | 152 | 121 | 108 | 99 | 123 | 157 | 122 | 150 | 127 |
Profit before tax | 316 | 438 | 417 | 116 | 242 | 122 | 171 | 157 | 135 | 211 | 287 | 105 | 230 |
Tax % | 25% | 26% | 20% | 27% | 26% | 22% | 26% | 27% | 24% | 25% | 27% | 26% | 23% |
Net Profit | 237 | 324 | 334 | 85 | 178 | 95 | 127 | 115 | 102 | 158 | 210 | 78 | 177 |
EPS in Rs | 15.25 | 20.85 | 21.49 | 5.47 | 11.45 | 6.47 | 8.64 | 7.83 | 6.94 | 10.75 | 14.29 | 5.31 | 12.05 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,847 | 4,642 | 4,552 | 4,589 | 5,837 | 5,896 | 5,162 | 5,129 | 8,642 | 10,227 | 7,930 | 7,892 | 7,523 |
Expenses | 4,231 | 4,662 | 3,989 | 3,936 | 4,445 | 5,022 | 4,621 | 4,125 | 6,259 | 8,348 | 7,428 | 7,277 | 6,935 |
Operating Profit | 616 | -21 | 563 | 653 | 1,392 | 874 | 542 | 1,003 | 2,384 | 1,879 | 502 | 615 | 588 |
Other Income | 45 | 52 | 252 | 517 | 140 | 215 | 153 | 237 | 209 | 361 | 469 | 501 | 556 |
Interest | 92 | 274 | 297 | 203 | 100 | 6 | 5 | 20 | 3 | 5 | 13 | 23 | 7 |
Depreciation | 145 | 209 | 251 | 251 | 270 | 263 | 264 | 272 | 292 | 303 | 308 | 303 | 304 |
Profit before tax | 424 | -452 | 268 | 715 | 1,162 | 819 | 425 | 948 | 2,298 | 1,932 | 651 | 790 | 833 |
Net Profit | 292 | -452 | 173 | 521 | 790 | 741 | 499 | 689 | 1,704 | 1,464 | 485 | 586 | 623 |
EPS in Rs | 18.81 | -29.09 | 11.11 | 33.54 | 50.80 | 47.69 | 32.10 | 44.35 | 109.62 | 94.20 | 32.99 | 39.85 | 42.40 |
Dividend Payout % | 19% | 0% | 18% | 15% | 15% | 15% | 16% | 18% | 9% | 32% | 50% | 45% | тАУ |
Standalone figures in тВ╣ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 147 | 147 | 147 |
Reserves | 2,790 | 2,325 | 3,122 | 3,646 | 4,303 | 4,842 | 5,067 | 5,828 | 7,743 | 8,851 | 8,051 | 8,305 | 8,371 |
Borrowings | 3,904 | 3,844 | 3,101 | 1,959 | 303 | 208 | 860 | 4 | 2 | 2 | 3 | 106 | 13 |
Other Liabilities | 2,420 | 2,164 | 2,130 | 2,142 | 2,411 | 2,337 | 2,261 | 2,321 | 2,764 | 2,613 | 2,405 | 2,366 | 2,203 |
Total Liabilities | 9,270 | 8,488 | 8,509 | 7,903 | 7,172 | 7,542 | 8,344 | 8,309 | 10,664 | 11,621 | 10,606 | 10,924 | 10,734 |
Fixed Assets | 4,873 | 4,468 | 4,367 | 4,442 | 4,161 | 3,959 | 3,810 | 3,720 | 3,578 | 3,381 | 3,238 | 3,094 | 2,981 |
Gross Block | 7,359.67 | 7,569.69 | 7,698.59 | 7,736.09 | 7,675.57 | 7,724.22 | 7,827.86 | 7,979.40 | 8,112.23 | 8,166.02 | 8,288.97 | 8,426.93 | тАУ |
Accumulated Depreciation | 2,486.18 | 3,101.58 | 3,331.94 | 3,293.87 | 3,514.45 | 3,765.31 | 4,017.40 | 4,259.05 | 4,533.99 | 4,784.67 | 5,051.37 | 5,333.43 | тАУ |
CWIP | 23 | 13 | 9 | 14 | 14 | 25 | 82 | 161 | 138 | 187 | 289 | 382 | 754 |
Investments | 132 | 145 | 729 | 762 | 726 | 732 | 596 | 853 | 1,222 | 3,106 | 2,919 | 2,181 | 2,240 |
Other Assets | 4,241 | 3,861 | 3,404 | 2,683 | 2,271 | 2,826 | 3,856 | 3,575 | 5,727 | 4,946 | 4,160 | 5,268 | 4,759 |
Total Assets | 9,270 | 8,488 | 8,509 | 7,903 | 7,172 | 7,542 | 8,344 | 8,309 | 10,664 | 11,621 | 10,606 | 10,924 | 10,734 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 11 | 490 | 996 | 1,445 | 1,819 | 701 | 286 | 1,884 | 1,967 | 1,373 | 31 | 605 |
Cash from Investing Activity | -394 | -284 | 36 | -53 | 49 | -310 | -901 | -856 | -1,899 | -1,229 | 1,235 | -466 |
Cash from Financing Activity | 334 | -363 | -1,037 | -1,073 | -1,400 | -185 | 546 | -934 | -130 | -160 | -1,281 | -262 |
Net Cash Flow | -48 | -156 | -5 | 320 | 468 | 206 | -69 | 95 | -62 | -16 | -14 | -123 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 110 | 107 | 119 | 88 | 70 | 77 | 100 | 36 | 26 | 13 | 29 | 20 |
Inventory Days | 99 | 98 | 107 | 110 | 98 | 106 | 125 | 129 | 91 | 84 | 94 | 105 |
Days Payable | 35 | 39 | 40 | 57 | 61 | 50 | 68 | 63 | 59 | 42 | 42 | 40 |
Cash Conversion Cycle | 173 | 166 | 186 | 142 | 107 | 132 | 156 | 103 | 58 | 55 | 81 | 84 |
Working Capital Days | -7 | 9 | 8 | 27 | 57 | 76 | 117 | 68 | 97 | 46 | 58 | 61 |
ROCE % | 8% | -3% | 9% | 10% | 24% | 17% | 8% | 16% | 33% | 23% | 8% | 10% |
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