GNFC share price today

Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price was ₹451.80 at the close on 6 November 2026. It has been rising for 20 weeks. That is 14.9% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 1 week running.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Gujarat Narmada Valley Fertilizers & Chemicals Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹386 and ₹630, and at that close it sat 27% of the way up from that low.

Over the last 11 years the share price moved +468% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 30 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

1. Operating margin up 16.1 points on a year earlier

   18% in the June 2026 quarter, from 1.9%.

   Why: Margins jumped because chemical prices were much higher, even though the company sold less.

   Next results: check whether chemical plants keep running at normal rates.

   From the earnings call on 6 Aug 2026.

3. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row

   From 11.1% to 9.2% of the company by the September 2026 quarter.

GNFC paid ₹21 a share in regular dividends in the 12 months to 7 November 2026 (1 payment), a yield of 4.65% at the ₹451.80 close on 6 November 2026. The last was a dividend of ₹21 a share, ex-date 9 September 2026.

GNFC dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. The record date is the same day as the ex-date for every payment here.

Yes. Gujarat Narmada Valley Fertilizers & Chemicals Ltd paid out 38% of its profit as dividends in FY26, and it paid a dividend in 12 of its last 13 reported years.

From the NSE corporate-actions record, read 7 November 2026.

For April to June 2026 (the quarter ended 30 June 2026), GNFC reported revenue of ₹2,238 crore, up 39.8% from ₹1,601 crore a year earlier, and a profit of ₹312 crore, up 275.9% from ₹83.0 crore.

GNFC results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

GNFC's management discussed these results on a call held on 6 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

GNFC closed at ₹451.80 on 6 November 2026, down 7.9% from ₹490.65 a year earlier (7 November 2025) and down 4.1% over five years. Its highest weekly close since March 2016 was ₹883.05 on 8 April 2022.

GNFC share price: then and now

Weekly closing prices. Each change is the move from that price to the 6 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 11 March 2016 to 6 November 2026.

6 Nov 2026: GNFC closed at ₹451.80, down 10.5% on the week and down 23.8% on the month. 9 Sep 2026: ex-date for a dividend of ₹21 a share.

Earlier

• Our read, 22 Aug 2026: Chemical segment profit recovered sharply in FY26-27 as TDI and specialty chemical realizations rebounded from a war-driven trough, with the CCPP steam now online cutting energy costs further. The fertilizer segment continues to bleed due to unresolved government subsidy policy on urea fixed costs and energy norms.
• 6 Aug 2026: GNFC held its results call for April to June 2026. Management guided: Chemical plants expected to run at normal rated capacity through the end of the financial year absent another global political or war disruption.
• Results for April to June 2026: Revenue up 39.8% and profit up 275.9% on a year earlier.

Our read of the business

Chemical segment profit recovered sharply in FY26-27 as TDI and specialty chemical realizations rebounded from a war-driven trough, with the CCPP steam now online cutting energy costs further. The fertilizer segment continues to bleed due to unresolved government subsidy policy on urea fixed costs and energy norms.

April to June 2026: Second-highest profits in company history as chemical realizations stayed elevated despite inventory overhang and plant restarts.

Our read after the April to June 2026 results, written 22 August 2026.

On the call for April to June 2026, held on 6 August 2026, GNFC's management guided: Chemical plants expected to run at normal rated capacity through the end of the financial year absent another global political or war disruption.

“The steam portion has started coming online, which is providing substantial relief in terms of a better cost position for the TDI-II plant.”D.V. Parikh, on the call for April to June 2026

What management guided

• Dahej CCPP power expected in about one month to 45 days after steam startup.
• Weak Nitric Acid project delay of about 3 months expected to be recouped.
• FY27 capital spending ₹1,500-1,800 crore; another ₹1,500 crore planned over two years for the ₹2,800 crore project slate, mostly commercializing around mid-2027.
• Kearney savings estimated at ₹250-300 crore, with better quantification and possible P&L visibility by end of next quarter.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 6 August 2026.

A second consecutive quarter where TDI plants revert to viability shutdowns despite the CCPP steam being live, meaning the cost fix is insufficient without pricing support, would break the recovery thesis.

Each change stops working if

• : Global TDI supply continues to exceed demand and Indian TDI realizations fall below the energy-adjusted operating threshold even with coal replacing gas, meaning the CCPP saves cost but the product price makes TDI unviable regardless, as happened in April to June 2026 for acetic acid.
• : Project commissioning slips to beyond FY28 due to contractor delays or capital spending constraints, or ammonium nitrate demand growth slows below the expected 6-7% yearly growth, reducing the volume the new capacity can absorb.
• : Kearney engagement ends without binding contracts for the majority of identified savings, management disclosed in Feb 2026 that 'not all consultant initiatives materialize', or if input costs (gas, coal, methanol) spike again and offset whatever procurement savings are locked.

The main risks

• : Methanol sourcing for acetic acid economically constrained, both gas-based and oil-based captive routes unviable at current war-elevated prices, creating a structural margin kill switch for acetic acid and ethyl acetate. ⚠ estimate
• : Management execution credibility is damaged by three consecutive CCPP delays, a ₹5-7 crore delivery against ₹260-300 crore Kearney potential, and a FY27 capital spending guidance cut from ₹2,800 to ₹1,500-1,800 crore with no explanation. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026.

When GNFC reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: CCPP power to follow steam startup - check full utility commissioning and TDI-II cost improvement next quarter.

GNFC is on 2 of our India lists: Undervalued stocks and Dividend stocks.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd earned ₹312 Cr of net profit in the Jun 2026 quarter, +275.9% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹809 Cr. Over 10 years profit has grown 16.2% a year on average.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

That is 13.9% of the quarter's revenue. The same quarter a year earlier earned ₹83.0 Cr.

For the full year, FY26 profit was ₹809 Cr (+35.3% on the year before).

Why profit moved: revenue changed +39.8% on a year earlier and the margin moved +16.1 percentage points. Most of the change came from keeping more of each sale.

On average over the last four quarters, profit changed +106.5% and revenue +13.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY26-Q4. Revenue 2208 cr, PAT 396 cr, OPM 21.8%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 2238 cr, PAT 312 cr, OPM 17.6%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd reported ₹2,238 Cr of revenue in the Jun 2026 quarter, +39.8% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 5.5% a year on average. The last full year, FY26, came in at ₹7,773 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹8,410 Cr.

FY26 revenue was ₹7,773 Cr, −1.5% on the year before.

Recent pace: the last four quarters grew +13.8% on average, against 5.5% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +12.6%, against +0.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +84.5%, against +40.3% a year (accelerating).

FY26-Q4. Revenue 2208 cr, PAT 396 cr, OPM 21.8%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 2238 cr, PAT 312 cr, OPM 17.6%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd's operating margin was 18.0% in the Jun 2026 quarter, 16.1 percentage points higher than the same quarter a year ago. Across 13 years it has been between −0.4% and 28.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed +15.6 percentage points on the year while gross margin changed +8.3 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

FY26-Q4. Revenue 2208 cr, PAT 396 cr, OPM 21.8%, this review produced no quarter-level why; see the levers.

FY27-Q1. Revenue 2238 cr, PAT 312 cr, OPM 17.6%, this review produced no quarter-level why; see the levers.

Why-sources: our stock research file (13 September 2026) and the company’s own results for those quarters.

Over the last 3 years, 68% of Gujarat Narmada Valley Fertilizers & Chemicals Ltd's reported profit came in as cash from its operations, so most of the profit is real cash. In FY26 it brought in ₹654 Cr of operating cash against ₹809 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹613 Cr of spending on assets, ₹41.0 Cr was left over as free cash.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 68% of profit came in as cash: the cash cycle got 18 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 85 days in FY26, down from 103 days in FY21. It spent ₹1,132 Cr on assets over the last 3 years. Customers take 30 days to pay, and stock sits for 95 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹7,773 Cr, each day of that cycle ties up about ₹21.3 Cr, so roughly ₹1,810 Cr is tied up in the business at any time.

FY26: customers took 30 days to pay and stock sat for 95 days, about 3.1 months of sales sitting as stock, for a full cycle of 85 days, shorter than FY21's 103.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 95 days. Customers pay about 30 days after that. Suppliers are paid at 41 days. Together that makes the 85-day cycle.

Spending on assets: ₹1,132 Cr over the last 3 years, against ₹918 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹900 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd's P/E is 6.4×, near the low end of its own history: it has been lower only 29% of the time. Its usual P/E (the middle reading) is 9.1×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.