Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015. 23 Sep - CRISIL ESG Ratings assigned GNFC an ESG score of 55 in the adequate category.
Source: Bse
Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC)
Micro CapChemicals stocks · Micro cap · NSE
Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) is an Indian manufacturer of fertilizers and industrial chemicals. The company has been profitable for 49 out of its 50 years of operation, except for FY15. It also has an IT division.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:50 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 +3.4% / mo · MACD − · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 59
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GNFCD candles · FIT view+16.6%Latest close ₹546.25 on 2026-10-19
Bar
-3.3%
RSI
36
MACD hist
-7.39
52W pos
67%
2026-10-19O ₹565.05H ₹565.35L ₹542.15C ₹546.25Vol 4.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GNFCNifty ChemicalsNifty 500
- GNFC
- +7.8%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- +13.4 pp
Chart stats
19 Oct 2026- From 52W high
- -14.1%
- 52W range position
- 67%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.47x
- Avg traded value
- ₹48.9 Cr
- 20D price channel
- ₹542.2 - ₹636
₹636
₹365 - ₹636
₹20.1
Latest completed session
20-session average
38.8% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +39.8% · PAT +275.9% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model+20.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence76
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +40% YoY · PAT +276% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,238 Cr | +39.8% | +1.4% |
| EBITDA | ₹393 Cr | +1167.7% | -18.5% |
| Operating margin | 18.0% | +1610 bps | -400 bps |
| PAT | ₹312 Cr | +275.9% | -21.2% |
| PAT margin | 13.9% | +876 bps | -399 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.21
- P/B
- 0.93
- EV/EBITDA
- 5.50
- Market Cap
- 8514.00Cr
Profitability
- ROE
- 9.14%
- ROCE
- 12.00%
- ROA
- 9.09%
- Dividend Y
- 3.62%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- -9.00%
- EPS 3Y
- -18.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 206.83×
- Altman Z
- 4.72
- Book Value
- 620.00
Cash Flow
- FCF Yield
- 2.21%
- FCF Positive Y
- 8/5
- OCF
- 654.00 Cr
- EPS TTM
- 70.57
Shareholding
- Promoter Hold
- 41.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 7,773-1.5% vs prev
Net Profit
₹ CrLatest: 809+35.3% vs prev
Return on Equity
%Latest: 8.9+27.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 36. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.2% over last month) — short-term momentum positive.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 50% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
72
RS percentile
Stage 2 UptrendEstablished S2
1M return
-7.2%
3M return
+7.8%
6M return
+11.8%
1Y return
+7.3%
RS 1D
-3
RS 20D
-4
Sector rank
#14
Industry rank
#63
Stage evidence
- Price is 4.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
05 Aug 2026
S2 age
52 trading sessions
Sector
weakening
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 113.19-2.18%
RS vs Nifty 500113
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · FAIR VALUEValuation26/30
Growth6/25
Quality3/20
Balance Sheet13/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 20.9%.
- Valuation contributes 26/30 to the score.
Main drags
- Quality is weaker at 3/20; verify the latest quarterly trend.
- Growth is weaker at 6/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.2
PB
0.9
EV/EBITDA
5.5
ROE
9.1%
ROCE
12.0%
FCF Yield
2.2%
Debt/Equity
0.0
MoS
+20.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.2, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+20.9%
Previous: +20.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
59
59
59
59
59
59
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹992.2
+44.9% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹690.88
+20.9% MoS
PEG
2.74
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RCF
Micro
Rashtriya Chemicals and Fertilizers Limited
Fertilizers & Chemicals
match 167
40
14.0
7.8%
-41%
WATCHLIST
NFL
Micro
National Fertilizers Limited
Fertilizers & Chemicals
match 164
38
8.5
7.5%
-42%
WATCHLIST
CHAMBLFERT
Small
Chambal Fertilizers & Chemicals Limited
Fertilizers & Chemicals
match 160
81
8.1
20.0%
+44%
DEEP VALUE
DEEPAKFERT
Small
Deepak Fertilizers and Petrochemicals Corporation Limited
Fertilizers & Chemicals
match 159
47
17.2
10.9%
+64%
FAIR VALUE
PARADEEP
Large
Paradeep Phosphates Limited
Fertilizers & Chemicals
match 157
72
13.8
16.2%
+71%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T07:40:53.775Z
Management commentary snapshot
GNFC reported strong Q4 FY26 results with revenue up 11% QoQ and 7% YoY. Full-year PAT improved 35% to INR 797 crores, driven by better chemical realizations and benign raw material prices. The Board declared a 210% dividend, the second highest in company history.
GNFC delivered strong Q4 FY26 results, driven by robust chemical realizations and benign raw material costs, leading to record PAT and dividend. While geopolitical events introduce raw material price volatility and impact some volumes, the company is managing supply and progressing on key capacity expansion projects. The fertilizer segment remains a drag due to regulatory delays.
Growth engines
Chemical Segment Performance
The improvement is mainly driven by chemicals.
Technical Grade Urea (TGU)
The company came forward and supported the country on diesel exhaust fuel availability. We simply doubled our TGU production for March.
IT Division Growth
The IT division showed an improvement in revenue of around 20% and profit doubled from INR17 crores to INR35 crores.
Ammonium Nitrate Demand
Government of India has announced that coal-based chemicals would be a priority. For mining, explosives are required, and ammonium nitrate will be consumed.
Capacity and execution
Coal-based CCPP
Synchronization sometime in the third week of June. Performance guarantee test run to make it available on a full steam basis sometime in the third week of August '26.
Ammonia Expansion
Ammonia expansion is going on track and is going to come up by next year (FY27).
Weak Nitric Acid Plant
There is a slight minor delay in case of weak nitric acid of around 2.5 months. It is going to come up by next year (FY27).
Ammonium Nitrate Melt Plant
Ammonium nitrate melt is going on track and is going to come up by next year (FY27).
Tailwinds
Strong Chemical Realizations
Main reasons driving this profit is the better realization in case of chemicals, mainly in Q4 both sequential Q4 and Y-o-Y Q4.
Benign Raw Material Prices
On a full year basis, it is mainly the impact of benign raw material prices, which are in relative terms benign.
Government Thrust on Coal-based Chemicals
Government of India has announced that coal-based chemicals would be a priority. For mining, the explosives are required and for explosives, ammonium nitrate will be consumed.
Domestic Ammonium Nitrate Demand
Presently around 4 lakh, 4.5 lakh import is there in ammonium nitrate. Based on domestic capacity increase, there will be no import in the future and domestic production will be absorbed.
Headwinds
War Impact on Logistics
The war emerged, the country had 2 issues: availability of diesel exhaust fuel and requirement from higher ammonium nitrate. There was disruption in logistics.
High Gas Prices
In case of methanol, the cost economics did not work out given the very high gas price. Methanol production is not viable.
Competitive Headwinds in Aniline TDI
In spite of the competitive headwinds, which were particularly noticed in case of aniline TDI, the company not only survived but did better.
Aniline Dumping from China
There is huge dumping from China, although there is an antidumping duty. Chinese Aniline is very cheap, making it difficult to compete.
Risk radar
Raw Material Price Volatility
Methanol has gone through a volatility. Oil prices have been hovering high. Prices of benzene and toluene have spiked because of the war situation.
Geopolitical Instability
It all depends on war situation, how quickly it resolves and what is stored in future. It is very difficult to predict.
Regulatory Delays for Fertilizers
Energy norms are under approval and the fixed cost revision is still at discussion stage, with no particular update in terms of formal communication.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Management explicitly reported Q4 revenue growth on both a quarter-on-quarter (11%) and year-on-year (7%) basis. Full-year PAT growth was also highlighted, while production and sales were noted as not comparable year-on-year due to an annual turnaround.
Sector KPIs management disclosed
Revenue Growth (QoQ)
Revenue on a quarter-on-quarter basis improved by 11%.
Revenue Growth (YoY)
Revenue on a Y-o-Y basis improved by 7%.
PAT Growth (FY26 YoY)
PAT has improved on a full year basis by 35% to INR797 crores.
PBT (FY26)
PBT of INR 1,065 crores.
Management forward view
New Projects Identification
New projects identification will have clarity by end of this calendar year for taking it to the investment table-grade decisions.
Optimizing Acetic Acid/Ethyl Acetate Production
The company is evaluating whether it is viable to produce acetic acid or source from the market for manufacturing the further downstream called ethyl acetate.
AT Kearney Cost Savings
Some saving has already accrued, predominantly on account of oil, due to their effort. All numbers will be reconciled at the end of the assignment.
Future Urea Policy Evaluation
It depends upon what are the details of the policy. Without going to details, it is premature to comment. We will have to compare it with other investment opportunities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Coal-based CCPP Commissioning | Synchronization by third week of June, full steam by third week of August '26. | Actual commissioning and realization of stated INR10-12 crores per month in savings. |
| Ammonia, Nitric Acid, Ammonium Nitrate Projects | All three are expected to come up by next year (FY27). | On-schedule commissioning and successful ramp-up of new capacities. |
| Fertilizer Policy Revisions | Energy norms under approval, fixed cost revision at discussion stage. | Formal communication on revised fixed costs and energy norms for the fertilizer segment. |
| New Project Identification | Clarity by end of this calendar year. | Announcement of investment-grade decisions for new projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
76Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 70th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
80 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
81st percentile
overall median 67 · Chemicals: 70th pctile, median 73 · Micro: 66th pctile, median 73
Evidence depth
Financial-only
80 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
64
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.1%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸OPM spread across recent quarters is 20.1%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gujarat Narmada Valley Fertilizers and Chemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Ratings. 22 Sep - SES assigned GNFC ESG score 67, Grade B, medium risk, up 0.8 points for FY26.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Sep - Copy of Newspaper Clippings - Press Release on 50th Annual General Meeting of the Company.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015. 16 Sep - GNFC updated KMP authorization for materiality determinations and stock exchange disclosures under Regulation 30(5).
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 6 Sep - Government of Gujarat withdraws Rajkumar Beniwal as MD; Sanjeev Kumar gets additional charge, formal appointment pending.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.