Gujarat Narmada Valley Fertilizers and Chemicals financials and balance sheet

NSE: GNFCBSE: 500670Chemicals & PetrochemicalsSmall Cap

Formerly Gujarat Narmada Valley Fertilizer Company

₹497.55₹15.55 (3.03%)BSE ₹497.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹513.10.

52-week range of traded prices to 23 Oct 2026

₹365.00Low, 30 Mar 2026₹636.00High, 25 Sep 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹7,311 Cr677th largest listed
P/E: 7.1
P/B: 0.8
Dividend yield: 4.22%
ROE: 11.7%
ROCE: 10.2%
Debt to equity: 0.00
Volume, NSE: 4,14,11344.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gujarat Narmada Valley Fertilizers and Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹10,227 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,773
Materials and goods−4,061
Employee costs−540
Other expenses−2,293
Operating profit879
Depreciation−307
Other income+499
One-off items0.0
Finance costs−6.0
Profit before tax1,065
Tax−268
Joint ventures+11
Net profit808

What the company owns

Plant, investments and other assets₹7,896 Cr
Cash and bank₹1,109 Cr
Inventory₹1,018 Cr
Current investments₹695 Cr
Receivables₹641 Cr

What pays for it: net worth and liabilities

Net worth₹9,115 Cr
Other liabilities₹1,790 Cr
Owed to suppliers₹454 Cr

Gujarat Narmada Valley Fertilizers and Chemicals business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Gujarat Narmada Valley Fertilizers and Chemicals segment results by quarter

Revenue by segment

₹7,773 CrTotal

Chemicals₹4,899 Cr63.0% of total
Fertilizers₹2,764 Cr35.6% of total
Others₹110 Cr1.4% of total

Profit by segment

Chemicals₹913 Cr95.2% of total
Others₹46 Cr4.8% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

Chemicals
Revenue, ₹ crore
3,781
2,836
3,305
6,045
6,484
4,726
4,900
4,899
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
903
166
874
2,157
1,849
402
665
913
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Fertilizers
Revenue, ₹ crore
1,986
2,244
1,751
2,509
3,655
3,054
2,900
2,764
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−170
216
−24
15
−161
−104
−180
−186
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
129
82
73
88
88
150
92
110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
23
12
10
25
28
45
23
46
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	5,896	5,162	5,129	8,642	10,227	7,930	7,892	7,773
Company revenue, as in its results	5,896	5,162	5,129	8,642	10,227	7,930	7,892	7,773
Revenue	3,781	2,836	3,305	6,045	6,484	4,726	4,900	4,899
Revenue growth	–	–	16.5%	82.9%	7.3%	−27.1%	3.7%	0.0%
Profit	903	166	874	2,157	1,849	402	665	913
Profit growth	–	–	425.4%	146.7%	−14.3%	−78.3%	65.4%	37.3%
Margin	23.9%	5.9%	26.5%	35.7%	28.5%	8.5%	13.6%	18.6%
Return on capital	38.8%	7.5%	38.5%	105.7%	94.0%	19.0%	30.8%	41.6%
Assets	2,695	2,646	2,699	2,631	2,687	2,626	2,824	2,791
Liabilities	368	428	426	591	720	510	666	598
Capital employed	2,327	2,218	2,273	2,040	1,967	2,116	2,158	2,193
Revenue	1,986	2,244	1,751	2,509	3,655	3,054	2,900	2,764
Revenue growth	–	–	−22.0%	43.3%	45.7%	−16.4%	−5.0%	−4.7%
Profit	−170	216	−24	15	−161	−104	−180	−186
Margin	−8.6%	9.6%	−1.4%	0.6%	−4.4%	−3.4%	−6.2%	−6.7%
Return on capital	−12.0%	13.2%	−4.0%	1.9%	−34.0%	−17.1%	−24.1%	−18.1%
Assets	2,639	2,929	1,777	2,027	1,748	1,897	1,892	2,147
Liabilities	1,217	1,294	1,177	1,252	1,274	1,289	1,146	1,119
Capital employed	1,422	1,635	599	776	474	608	746	1,028
Revenue	129	82	73	88	88	150	92	110
Revenue growth	–	–	−11.3%	20.7%	−0.3%	–	−38.7%	19.6%
Profit	23	12	10	25	28	45	23	46
Profit growth	–	–	−23.1%	157.1%	13.5%	–	−48.9%	100.0%
Margin	18.0%	15.1%	13.1%	27.9%	31.8%	30.0%	25.0%	41.8%
Return on capital	25.6%	22.4%	20.4%	53.7%	87.5%	132.4%	50.0%	131.4%
Assets	215	189	184	292	141	203	152	150
Liabilities	124	133	137	246	109	169	106	115
Capital employed	91	56	47	46	32	34	46	35

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Gujarat Narmada Valley Fertilizers and Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 11 Jul	Mar 2021Filed 18 May	Mar 2022Filed 10 May	Mar 2023Filed 19 May	Mar 2024Filed 30 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue from operations	4,945	5,917	5,896	5,162	5,129	8,642	10,227	7,930	7,892	7,773
	4,292	4,526	5,028	4,621	4,125	6,259	8,348	7,427	7,277	6,894
Materials and goods bought	2,155	2,431	2,816	2,711	2,307	3,957	4,969	4,504	4,530	4,061
Employee costs	–	–	–	513	451	468	606	625	566	540
Other expenses	–	–	–	1,397	1,367	1,834	2,773	2,298	2,181	2,293
Operating profit before depreciation	653	1,391	868	542	1,003	2,384	1,879	503	615	879
Operating margin	13.2%	23.5%	14.7%	10.5%	19.6%	27.6%	18.4%	6.3%	7.8%	11.3%
Materials, % of revenue	–	–	–	52.5%	45.0%	45.8%	48.6%	56.8%	57.4%	52.2%
Employee costs, % of revenue	–	–	–	9.9%	8.8%	5.4%	5.9%	7.9%	7.2%	6.9%
Other expenses, % of revenue	–	–	–	27.1%	26.7%	21.2%	27.1%	29.0%	27.6%	29.5%
Depreciation and amortisation	251	270	263	264	272	292	303	308	303	307
Operating profit after depreciation	401	1,120	605	277	731	2,092	1,576	195	312	572
Other income	225	142	221	153	237	209	361	469	501	499
Finance costs	203	100	6	5	20	3	5	13	23	6
Profit before one-off items and tax	423	1,162	819	425	948	2,298	1,932	651	790	1,065
One-off items	292	0	0	0	0	0	0	0	0	0
Profit before tax	715	1,162	819	425	948	2,298	1,932	651	790	1,065
	194	372	78	−74	259	594	468	166	205	268
Current tax	–	384	110	76	278	618	542	205	224	312
Deferred tax	–	−11	−32	−150	−19	−24	−74	−39	−19	−44
Share of profit of joint ventures and associates	7	–	9	9	8	7	8	12	12	11
Net profit	529	795	750	508	697	1,710	1,472	497	597	808
Other comprehensive income	–	–	–	−142	150	336	−201	−19	−88	−4
Total comprehensive income	–	–	–	366	847	2,046	1,271	478	509	804
Net margin	10.7%	13.4%	12.7%	9.8%	13.6%	19.8%	14.4%	6.3%	7.6%	10.4%
Net margin without joint ventures and associates	10.5%	–	12.6%	9.7%	13.4%	19.7%	14.3%	6.1%	7.4%	10.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017, Mar 2018 and Mar 2019 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 11 Jul	Mar 2021Filed 18 May	Mar 2022Filed 10 May	Mar 2023Filed 19 May	Mar 2024Filed 30 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	5,299	6,068	7,990	9,105	8,309	8,575	9,115
Share capital	155	155	155	155	147	147	147
Reserves	5,144	5,913	7,835	8,950	8,162	8,428	8,968
Borrowings	859	2	0	0	1	99	0
	1,800	961	1,351	1,292	1,081	1,148	1,041
Trade payables	513	460	631	578	522	495	454
Other financial liabilities	211	256	418	338	345	342	362
Other liabilities	68	100	162	110	92	100	118
Provisions	62	35	38	200	52	43	38
Tax owed	24	41	36	0	0	8	8
	1,319	1,356	1,376	1,299	1,282	1,280	1,203
Other financial liabilities	1	6	6	6	6	7	4
Provisions	243	260	310	372	490	570	597
Deferred tax	316	391	422	344	270	248	208
Total assets	8,419	8,385	10,718	11,696	10,672	11,003	11,359
	4,771	4,953	5,840	6,825	6,190	5,643	5,208
Plant in use, after depreciation	3,768	3,680	3,539	3,109	2,970	2,795	2,595
Plant being built	82	161	138	186	289	382	900
Intangible assets	22	21	20	19	17	44	37
Property held to earn rent	18	18	17	38	37	36	35
Investments	673	866	1,248	2,884	2,365	1,686	997
Loans given	102	108	661	115	138	161	171
Other financial assets	14	26	114	98	18	18	21
Deferred tax	11	0	0	0	0	0	0
Other assets	79	73	103	376	356	521	452
	3,648	3,432	4,878	4,871	4,482	5,360	6,151
Inventories	932	813	977	1,123	1,119	1,257	1,018
Trade receivables	1,413	510	625	368	626	423	641
Cash and cash equivalents	66	137	73	56	43	19	74
Other bank balances	123	1,314	1,109	1,938	1,486	2,290	1,035
Current investments	0	72	65	321	665	618	695
Loans given	184	418	1,867	816	370	565	2,431
Other financial assets	783	58	52	133	93	125	139
Other assets	147	110	110	116	80	63	118
Net debt	670	−1,521	−1,247	−2,315	−2,193	−2,828	−1,804

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 May	Mar 2022Filed 10 May	Mar 2023Filed 19 May	Mar 2024Filed 30 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
	1,884	1,967	1,373	32	606	654
	2,102	2,595	1,958	244	786	974
	1,029	109	−17	−404	38	−83
Receivables	886	−118	261	−255	207	−222
Inventories	92	−177	−152	−17	−137	233
Payables	−3	283	−107	−45	5	−21
Other working capital	54	121	−19	−87	−37	−73
Tax paid	−218	−628	−585	−212	−180	−320
Capital spending	216	138	173	251	453	546
Free cash flow	1,668	1,829	1,200	−219	153	108
	−856	−1,899	−1,229	1,235	−466	−231
Plant and property sold	1	0	2	2	2	0
Interest received	81	96	176	358	292	329
Dividends received	7	9	10	29	23	24
	−934	−130	−161	−1,281	−262	−269
Borrowings raised	665	0	13	0	24	0
Borrowings repaid	−1,497	0	−13	0	−24	0
Interest paid	−19	−2	−3	−10	−22	−5
Dividends paid	78	123	153	461	238	260
Shares bought back	0	0	0	653	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	95	−62	−17	−14	−122	154

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Gujarat Narmada Valley Fertilizers and Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 11 Jul	Mar 2021Filed 18 May	Mar 2022Filed 10 May	Mar 2023Filed 19 May	Mar 2024Filed 30 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Earnings per share	₹34.02	₹51.15	₹48.24	₹32.69	₹44.84	₹110.05	₹94.97	₹32.48	₹40.61	₹54.97
Diluted earnings per share	₹34.02	₹51.15	₹48.24	₹32.69	₹44.84	₹110.05	₹94.97	₹32.48	₹40.61	₹54.97
Dividend per share	₹5.00	₹7.50	₹7.00	₹5.00	₹8.00	₹10.00	₹30.00	₹16.50	₹18.00	₹21.00
Book value per share	–	–	–	₹340.97	₹390.44	₹514.09	₹587.42	₹565.24	₹583.33	₹620.07
Dividend payout	14.7%	14.7%	14.5%	15.3%	17.8%	9.1%	31.6%	48.8%	44.3%	38.2%
Shareholder yield	–	–	–	–	1.7%	0.9%	1.9%	12.1%	3.3%	4.8%
Market cap at the year end (₹ crore)	4,461	5,656	4,755	1,783	4,666	13,124	7,916	9,185	7,295	5,385

Ratios

Consolidated, years to March.Gujarat Narmada Valley Fertilizers and Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 11 Jul	Mar 2021Filed 18 May	Mar 2022Filed 10 May	Mar 2023Filed 19 May	Mar 2024Filed 30 May	Mar 2025Filed 12 Jun	Mar 2026Filed 18 May
Revenue growth	–	19.7%	−0.3%	−12.4%	−0.7%	68.5%	18.3%	−22.5%	−0.5%	−1.5%
Operating profit growth	–	113.0%	−37.6%	−37.6%	85.2%	137.6%	−21.2%	−73.2%	22.3%	42.9%
Net profit growth	–	50.3%	−5.7%	−32.2%	37.2%	145.4%	−13.9%	−66.2%	20.1%	35.3%
Earnings per share growth	–	50.4%	−5.7%	−32.2%	37.2%	145.4%	−13.7%	−65.8%	25.0%	35.4%
	–	–	–	9.6%	12.3%	24.3%	17.2%	5.7%	7.1%	9.1%
	–	–	–	–	2.7 pts	12.1 pts	−7.1 pts	−11.5 pts	1.4 pts	2.1 pts
From the net margin	–	–	–	–	3.7 pts	5.6 pts	−6.6 pts	−9.7 pts	1.2 pts	2.6 pts
From asset turnover	–	–	–	–	−0.1 pts	8.6 pts	0.2 pts	−1.7 pts	0.2 pts	−0.4 pts
From borrowing	–	–	–	–	−0.9 pts	−2.1 pts	−0.6 pts	−0.1 pts	0.0 pts	−0.1 pts
Return on capital employed	–	–	–	4.5%	12.0%	26.2%	17.3%	2.3%	3.6%	6.3%
Cash conversion	–	–	–	–	270.4%	115.0%	93.3%	6.4%	101.5%	80.9%
Interest cover	2.0	11.2	94.9	52.6	36.6	604.7	315.2	15.0	13.6	95.3
Debt to equity	–	–	–	0.16	0.00	0.00	0.00	0.00	0.01	0.00
Receivable days	–	–	–	100	36	26	13	29	20	30
Inventory days	–	–	–	126	129	90	82	91	101	91
Payable days	–	–	–	69	73	58	42	42	40	41
Cash conversion cycle, days	–	–	–	156	92	58	53	77	81	81
Working capital days	–	–	–	178	68	96	45	56	64	155
Asset turnover	–	–	–	0.61	0.61	0.90	0.91	0.71	0.73	0.70
Assets per rupee of net worth	–	–	–	1.59	1.48	1.36	1.31	1.28	1.28	1.26
Sales per rupee of plant	–	–	–	1.37	1.39	2.44	3.29	2.67	2.82	3.00
Capital spending to depreciation	–	–	–	–	0.79	0.47	0.57	0.81	1.50	1.78
Plant being built, % of plant in use	–	–	–	2.2%	4.4%	3.9%	6.0%	9.7%	13.7%	34.7%

No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.2%
Cash from operations against operating profit: 74.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	8.7%	−8.7%
Profit growth, yearly rate	–	3.0%	−18.1%
Return on equity, average	–	12.7%	7.3%
Return on capital employed, average	–	11.1%	4.1%
Operating margin, average	15.3%	14.3%	8.5%
Net margin, average	11.9%	11.7%	8.1%
Asset turnover, average	–	0.79	0.71
Cash conversion cycle, days, average	–	70	80
Interest cover, average	124.1	208.7	41.3
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	4,632	1,292	654
Cash from investing	−2,590	538	−231
Cash from financing	−2,103	−1,812	−269
Capital spending	1,561	1,250	546
Dividends paid	1,235	959	260
Shares bought back	653	653	0
Shares issued for cash	0	0	0
Borrowings raised	37	24	0
Borrowings repaid	37	24	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	7	4	4	7	6
Altman Z-scorePublished threshold 1.81	–	–	–	2.24	3.54	5.82	4.69	4.73	4.30	4.08
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.50	−1.81	−2.84	−1.23	−2.69	−1.81
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.95	17.20	11.85	−6.88	4.22	3.44
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.35	0.92	0.78	0.68
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−63.30	−45.83	−59.47	92.57	−31.95	53.04
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	2.13	−51.40	−10.64	9.00	11.76	−8.66
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	−14.85	−0.07	0.85	−0.96	0.19	0.89
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.87	0.91	–	1.71	2.98	8.41
Effective tax ratePublished threshold 17.16 per cent	27.10	32.05	9.54	−17.44	27.32	25.86	24.22	25.50	25.95	25.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.46	−6.06	−7.07	3.16	−4.88

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Aug 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE AA+Review, Re-affirm	Stable	1,263
7 Aug 2026	Acuite Ratings & Research Limited (opens in a new tab)	Bank Loan Ratings	ACUITE A1+Review, Re-affirm		625

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.