Gujarat Narmada Valley Fertilizers & Chemicals Ltd
GNFCGujarat Narmada Valley Fertilizers & Chemicals Ltd's earnings have outrun its stock. EPS grew +35.3% in a year against a +11.3% price move.
The sharpest disagreement: Foreign institutions moved −6.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 44th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +275.9% year on year, and 68% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd trades at ₹562, in a confirmed uptrend and 13 weeks into that stage. That is +8.9% against its own 200-day average. It sits at 84% of a 52-week range of ₹386 to ₹597. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.
Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹562 it trades +8.9% versus its 200-day average and sits at 84% of its 52-week range (₹386–₹597).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +607% while the NIFTY 500 moved +267% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Gujarat Narmada Valley Fertilizers & Chemicals Ltd's story is not scored yet against the markers our research file set on 13 September 2026. Where it sits in its own cycle: mixed. Marker count: 12 not due yet. Still open: [object Object] · [object Object] · [object Object] · [object Object] · [object Object]
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Layer 1 read, 22 August 2026 — KEEP. Profits quadrupled off a war-hit bottom and the shares have not moved — but management misses every date it gives. GNFC earned Rs 21.23 per share in the June 2026 quarter against Rs 5.65 a year earlier, as operating margin went from 1.9% to 17.6%, and the two most recent quarters are the first in three years whose profit was NOT propped up by non-operating income. The shares are up only 10% in a year and sit 34% below their peak, so this is earnings doing the work rather than the market re-rating the stock. The cap on conviction is delivery: the combined power plant slipped across five calls and is still not generating power, the cost-savings consultancy has banked Rs 5-7 Cr of a Rs 260-300 Cr target in twelve months, and the fertiliser business lost Rs 85 Cr in the quarter against Rs 24 Cr …
What would change Layer 1’s mind. The timeline says a second consecutive quarter of TDI viability shutdowns despite live CCPP steam would break it. I sharpen that to the number this verdict actually rests on: the September 2026 quarter printing an operating margin below 12% — that is, giving back more than a third of the recovery from 17.6% — while the TDI-II energy cost line shows no visible CCPP saving, would mean the two clean quarters were a war-price window rather than a turn, and the whole 66.4 ranking collapses.…
Layer 2 read, 22 August 2026 — ADVANCE. Advance the recovery, but keep the execution cap because shortage pricing may reverse. Q1 revenue was Rs 2,238 crore, profit Rs 312 crore and operating margin 17.56%, but the 276% profit rise was mainly recovery from a 1.94% margin base. An expert calls GNFC an import-substitution story, while another framework warns chemical prices are supply-shortage driven. With sector capital NEUTRAL, that is enough to ADVANCE for deeper work, not enough to remove the P2 execution cap.
What would change Layer 2’s mind. Drop if TDI suffers a second consecutive viability shutdown despite CCPP steam, or if the next quarter shows no visible CCPP saving and Kearney benefits remain unquantified; advance with higher conviction if operating margin stays above 15% without shortage-led pricing.
Layer 3 read, 22 August 2026 — BENCH. Supply-driven profits face three live risks: methanol costs, fertilizer policy and missed project dates. The social warning was confirmed: methanol production was curtailed because gas and crude economics did not work, so the price-led recovery can reverse. Energy-norm relief is estimated at ₹61 crore, but the fixed-cost revision remains unresolved and Timeline R1 says fertilizer losses are widening. GP1-GP3 then add a management pattern of missed CCPP, savings and policy dates, which makes a P2 DEPLOY unjustified.
What would change Layer 3’s mind. A Sep 2026 operating margin below 12% would flip BENCH to DROP because it would show the recent recovery was a temporary supply-price window.
The test written in advance. CCPP power commissioning and a visible TDI-II energy saving — power still pending at that call, or the saving estimate restated again (it has already moved Rs 14,500 to Rs 12,000-18,000 per tonne to Rs 10-12 crore per month to Rs 30,000-40,000 per tonne) — CCPP power commissioning and a visible TDI-II energy saving steam online Aug-2026; power guided about 45 days from 6-Aug-2026; saving estimate Rs 30,000-40,000 per metric ton by FY27-Q2.
The test written in advance. Kearney savings sign-off (a rupee quantum in the P&L) — still unquantified or unsigned after four consecutive timeline pushes — Kearney savings sign-off (a rupee quantum in the P&L) by FY27-Q2.
Lever 2 · Value-added mix — BUILDING. Technical-grade urea production exceeded 210,000 tonnes in FY26 against a 169,000-tonne average capacity; Q1 FY27 production 74,800 tonnes; the mandated neem-urea obligation (the government-set quantity of coated fertiliser urea GNFC must produce) closed with a deficit of about 15,000 tonnes against the 637,000-tonne target. What proves it keeps working: 'And we simply doubled our TGU production for the month of March' (machine-verified) and TGU was 'one of the significant contributor' to Q1 FY27 profit. It stops working if Management guides FY27 TGU only back to last year's level, TGU is priced at import parity so the war premium can reverse, and the surge cannibalised the mandated neem-urea allocation.
Lever 13 · Mandatory norms — BUILDING. Urea energy norm (the government-paid energy allowance per tonne of urea) revised from 6.20 to 6.37 Gcal per metric ton, effective FY25-26, valid three years; fertiliser segment loss widened from about Rs 24 crore (Q1 FY26) to about Rs 85 crore (Q1 FY27), of which urea about Rs 48 crore. What proves it keeps working: 'It was 6.20 Gcal per metric ton of urea, which is revised to 6.37 Gcal now... So this is positive' (quote failed machine verification; printed in the Aug-2026 call text). It stops working if The segment loss widened about Rs 60 crore year-on-year in the very quarter the revision was announced, and the fixed-cost half of the relief has been guided as imminent and missed across at least four calls.
Sources: Y-skill two-pass review (glm-5.3:cloud), rubric Y-OL-1, question set YQ-2, 2026-09-13; Instruction bundle sha 40f1470a8b7c9ab7d3146750da6b9d5303c908b1f97b016a50d8c55fe3951af6. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd reported ₹2,238 Cr of revenue in the Jun 26 quarter, +39.8% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.5% a year. The last full year, FY26, came in at ₹7,773 Cr. The last four reported quarters add to ₹8,410 Cr.
FY26 revenue came in at ₹7,773 Cr (−1.5% on the year), capping 10 years at 5.5% compound. The latest quarter (Jun 26) printed ₹2,238 Cr, +39.8% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +13.8% growth against the decade's 5.5% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +12.6% over the last 4 quarters against +0.7%/yr over the last 8 — accelerating; TTM profit +84.5% vs +40.3%/yr — 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.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd's operating margin is 18.0% in the Jun 26 quarter, +16.1 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −0.4% to 28.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 18.0%, +16.1 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −0.4%–28.0%.
Why the margin moved: operating margin went +15.6 pp year on year while gross margin went +8.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
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.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd earned ₹312 Cr of net profit in the Jun 26 quarter, +275.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹809 Cr. The 10-year compound rate is 16.2%. That is 13.9% of the quarter's revenue. The same quarter a year earlier earned ₹83.0 Cr.
Jun 26 profit was ₹312 Cr, +275.9% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹809 Cr (+35.3%), and the 10-year compound rate is 16.2%.
Why profit moved: revenue contributed +39.8% and the margin +16.1 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +106.5% vs revenue +13.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
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.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 68% of Gujarat Narmada Valley Fertilizers & Chemicals Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹654 Cr of operating cash against ₹809 Cr of profit. After ₹613 Cr of capital spending, ₹41.0 Cr was left as free cash.
FY26: operating cash of ₹654 Cr against reported profit of ₹809 Cr, leaving free cash of ₹41.0 Cr after ₹613 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 68% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 68%: the cash cycle tightened 18 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Gujarat Narmada Valley Fertilizers & Chemicals Ltd's cash conversion cycle runs 85 days in FY26, down from 103 days in FY21. Capital spending ran ₹1,132 Cr over the last 3 years. At FY26 sales of ₹7,773 Cr each day of that cycle holds about ₹21.3 Cr, so roughly ₹1,810 Cr sits inside the business at any moment.
FY26: debtors at 30 days, inventory at 95 days — roughly 3.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 85 days, tighter than FY21's 103.
The full loop: cash goes out to suppliers and production on day 0; stock waits 95 days to sell; customers pay about 30 days after that; and suppliers themselves are paid at 41 days — netting out to the 85-day cycle.
In money terms: at FY26 sales of ₹7,773 Cr, each day of the cycle holds about ₹21.3 Cr — so the 85-day loop keeps roughly ₹1,810 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,132 Cr over the last 3 fiscal years against ₹918 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹900 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd earns a ROCE of 12% in FY26. That is up from a trough of 8% in FY20. Return on invested capital clears the cost of that capital by −2.7 percentage points, so growth here is not yet paying for the capital it uses.
FY26 ROCE is 12%, recovered from a FY20 trough of 8% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 10.4% net margin × 0.68× asset turns × 1.25× balance-sheet leverage ≈ 8.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 9.3% − 12.0% = a −2.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd carries total debt of ₹6.0 Cr against shareholder equity of ₹9,115 Cr as of Mar 26, a debt-to-equity of 0.00 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.00 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹6.0 Cr against shareholder equity of ₹9,115 Cr — a debt-to-equity of 0.00. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.00 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 6.1 points of Gujarat Narmada Valley Fertilizers & Chemicals Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 13.1% of the company. Domestic institutions moved +4.4 points over the same window, to 11.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −6.1 points over 8 quarters to 13.1%; Domestic institutions: +4.4 points over 8 quarters to 11.0%; Promoters: +0.0 points over 8 quarters to 41.3%.
Why the register moved: rotation — foreign institutions −6.1 points against domestic institutions +4.4 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd trades at 8.0× P/E, mid-range by its own standards (44th percentile). Its long-run median P/E is 9.1×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 8.0× is mid-range by its own standards (44th percentile), against a long-run median of 9.1× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +35.3% against a +11.3% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +10.9%/yr price move, ~+3.2%/yr came from earnings growth and ~+7.7 pp from the multiple (expanding); over 10y, of the +14.1%/yr price move, ~+19.8%/yr came from earnings growth and ~−5.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 25 August 2026 price, Gujarat Narmada Valley Fertilizers & Chemicals Ltd was paying for profit growth of about 1.2% a year. Profit itself has compounded 16.2% a year over the past 10 years. Today the market pays 8.0× P/E, the 44th percentile of its own 10-year range.
What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is below what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 25 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Gujarat Narmada Valley Fertilizers & Chemicals Ltd reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 10.6% is below the 15% bar this page requires to call it Consistent. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | −1.5% | −8.7% | +8.7% | +5.5% |
| Profit | +35.3% | −18.1% | +3.0% | +16.2% |
| EPS | +35.3% | −16.5% | +4.2% | +16.9% |
| Share price | +11.3% | −4.4% | +10.9% | +14.1% |
4-Factor Sector Score
71.9/100 — rank 2 of 15 in Fertilisers · 100% evidence confidence
Gujarat Narmada Valley Fertilizers & Chemicals Ltd scores 71.9 out of 100 against the 15 companies it is compared with in Fertilisers, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 25.3 + 13.4 + 15.5 + 17.7 = 71.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Quarterly scorecard
12 markers came out of our Gujarat Narmada Valley Fertilizers & Chemicals Ltd research file of 13 September 2026, and each results season scores every one of them. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed.
| Marker | The bar | Where it stands | Score |
|---|---|---|---|
| M10 | Fertiliser segment quarterly loss | Not checked yet. | PENDING |
| M11 | Operating cash flow versus profit, and working-capital days, FY27 | Not checked yet. | PENDING |
| M12 | TDI production volume, FY27 | Not checked yet. | PENDING |
| M2 | CCPP power commissioning and a visible TDI-II energy saving — power still pending at that call, or the saving estimate restated again (it has already moved Rs 14,500 to Rs 12,000-18,000 per tonne to Rs 10-12 crore per month to Rs 30,000-40,000 per tonne) (CCPP power commissioning and a visible TDI-II energy saving) | Not checked yet. | PENDING |
| M3 | Kearney savings sign-off (a rupee quantum in the P&L) — still unquantified or unsigned after four consecutive timeline pushes (Kearney savings sign-off (a rupee quantum in the P&L)) | Not checked yet. | PENDING |
| M4 | Fertiliser segment quarterly loss — loss widening above Rs 85 crore with the fixed-cost revision still pending (Fertiliser segment quarterly loss) | Not checked yet. | PENDING |
| M5 | Operating cash flow versus profit, and working-capital days, FY27 — conversion falling toward FY24's 6%, or working-capital days rising further | Not checked yet. | PENDING |
| M6 | TDI production volume, FY27 — another guidance miss or renewed viability shutdowns — the condition the packet's own thesis check names as the break (TDI production volume, FY27) | Not checked yet. | PENDING |
| M8 | CCPP power commissioning and a visible TDI-II energy saving | Not checked yet. | PENDING |
| M9 | Kearney savings sign-off (a rupee quantum in the P&L) | Not checked yet. | PENDING |
Said versus delivered
What Gujarat Narmada Valley Fertilizers & Chemicals Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
FY27 Capex Guidance Reframed Lower · 6 August 2026. May 2026 stated FY27 capex would be around INR 2,800 crores. In August 2026, management instead guided to total FY27 spending of only INR 1,500-1,800 crore after INR 300 crore in Q1, while characterizing INR 2,800 crore as the value of projects on hand; this is a roughly 36%-46% reduction in the implied annual spend, with no explanation for the change. The revision materially changes the expected pace of project execution and cash deployment.
Delaied Coal Power Plant Commissioning · 19 May 2026. During the Feb 2026 call, management stated that the coal-fired CCPP project was expected to be commissioned by late March or early April 2026 to provide a significant contribution inflow. In the latest May 2026 call, the timeline has been postponed by several months, with full availability now slated for the third week of August 2026.
Urea Fixed Cost Revision Delay · 19 May 2026. In the Nov 2025 call, management expressed confidence that a revision to urea fixed costs would likely be achieved by the end of that calendar year, stating it had gone for approval. However, in the May 2026 call, the revision was reported to still be in the discussion stage and was described as materially overdue.
Stalled Cost Saving Realization · 19 May 2026. Management guided in the Nov 2025 call that significant annualized savings of a couple hundred crores would begin flowing into the profit and loss statement by the second half of the next year. In the May 2026 call, management admitted to a delay in the realization of these savings and noted that benefits would only gradually start to appear during the 2026-27 period.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Krishana Phoschem LtdKRISHANA | 79.8/100Favorable setup100% evidence | LEADER | 29.8/35 Revenue 73.3% · PAT 92.2% · OPM change 0 pp 100% evidence | 19.0/25 ROCE 27.2% · OPM 17% 100% evidence | 12.1/20 P/E 28.2× · PEG 0.58 100% evidence | 18.9/20 RS sector 43.9% · RS bench 47% · 1Y 58.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.8 + 19 + 12.1 + 18.9 = 79.8 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Gujarat Narmada Valley Fertilizers & Chemicals Ltdthis pageGNFC | 71.9/100Favorable setup100% evidence | LEADER | 25.3/35 Revenue 12.6% · PAT 84.5% · OPM change 16.1 pp 100% evidence | 13.4/25 ROCE 12% · OPM 18% 100% evidence | 15.5/20 P/E 8× · PEG 0.27 100% evidence | 17.7/20 RS sector 12.6% · RS bench 15.2% · 1Y 11.5%9 of 12 weeks ahead 100% evidence |
| Exact sum: 25.3 + 13.4 + 15.5 + 17.7 = 71.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Madhya Bharat Agro Products LtdMBAPL | 64.1/100Mixed-positive evidence100% evidence | LEADER | 25.0/35 Revenue 47.6% · PAT 100% · OPM change 2 pp 100% evidence | 16.1/25 ROCE 19.3% · OPM 16% 100% evidence | 3.0/20 P/E 45.5× · PEG 2.04 100% evidence | 20.0/20 RS sector 50.9% · RS bench 54.6% · 1Y 93.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25 + 16.1 + 3 + 20 = 64.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Chambal Fertilisers & Chemicals LtdCHAMBLFERT | 59.7/100Mixed-positive evidence100% evidence | ASLEEP | 17.9/35 Revenue 15.6% · PAT 10.2% · OPM change 3 pp 100% evidence | 19.3/25 ROCE 25.2% · OPM 16% 100% evidence | 17.2/20 P/E 8.7× · PEG 0.52 100% evidence | 5.3/20 RS sector -9.2% · RS bench -7% · 1Y -24.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.9 + 19.3 + 17.2 + 5.3 = 59.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Rashtriya Chemicals & Fertilizers LtdRCF | 53.3/100Mixed-positive evidence94% evidence | ASLEEP | 25.0/35 Revenue 17.5% · PAT 56.8% · OPM change 1.3 pp 100% evidence | 7.8/25 ROCE 10.4% · OPM 6% 100% evidence | 12.9/20 P/E 14.8× · PEG 0.9 100% evidence | 7.6/20 RS sector -3.1% · RS bench -14.8% · 1Y -29.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 25 + 7.8 + 12.9 + 7.6 = 53.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Khaitan Chemicals & Fertilizers LtdKHAICHEM | 50.5/100Mixed-positive evidence74% evidence | BASING | 21.6/35 Revenue 19.9% · PAT 32.5% · OPM change -3 pp 95% evidence | 15.6/25 ROCE 18.5% · OPM 11% 95% evidence | 10.3/20 P/E 9× · PEG — 15% evidence | 3.0/20 RS sector -31.3% · RS bench -20.8% · 1Y -56.5%1 of 10 weeks ahead 70% evidence |
| Exact sum: 21.6 + 15.6 + 10.3 + 3 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Paradeep Phosphates LtdPARADEEP | 49.2/100Mixed-negative evidence69% evidence | BREAKING OUT | 18.0/35 Revenue 28.1% · PAT 12.6% · OPM change -1 pp 95% evidence | 13.2/25 ROCE 15.4% · OPM 12% 76% evidence | 9.4/20 P/E 14.9× · PEG — 15% evidence | 8.6/20 RS sector -12.4% · RS bench 10.4% · 1Y -22.4%9 of 10 weeks ahead 70% evidence |
| Exact sum: 18 + 13.2 + 9.4 + 8.6 = 49.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Zuari Agro Chemicals LtdZUARI | 48.3/100Mixed-negative evidence87% evidence | TURNING | 17.3/35 Revenue -44% · PAT 100% · OPM change -1 pp 95% evidence | 10.5/25 ROCE 16.4% · OPM 10% 95% evidence | 14.6/20 P/E 3× · PEG — 50% evidence | 5.9/20 RS sector -11.5% · RS bench -9.5% · 1Y -23.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 10.5 + 14.6 + 5.9 = 48.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Gujarat State Fertilizers & Chemicals LtdGSFC | 47.7/100Mixed-negative evidence94% evidence | BASING | 18.4/35 Revenue 29.2% · PAT 7.8% · OPM change -3 pp 100% evidence | 6.0/25 ROCE 7.2% · OPM 6% 100% evidence | 15.8/20 P/E 9× · PEG 0.3 100% evidence | 7.5/20 RS sector -5.5% · RS bench -8.1% · 1Y -27.1%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.4 + 6 + 15.8 + 7.5 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Southern Petrochemicals Industries Corporation LtdSPIC | 46.2/100Mixed-negative evidence80% evidence | TURNING | 11.2/35 Revenue -2.9% · PAT 28.3% · OPM change -5 pp 95% evidence | 14.4/25 ROCE 16.8% · OPM 7% 95% evidence | 11.3/20 P/E 6.9× · PEG — 15% evidence | 9.3/20 RS sector -8.1% · RS bench -6.2% · 1Y -40.4%2 of 12 weeks ahead 100% evidence |
| Exact sum: 11.2 + 14.4 + 11.3 + 9.3 = 46.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Deepak Fertilisers & Petrochemicals Corp LtdDEEPAKFERT | 45.7/100Mixed-negative evidence100% evidence | ASLEEP | 13.5/35 Revenue 13.6% · PAT -0.5% · OPM change 7 pp 100% evidence | 12.1/25 ROCE 11.4% · OPM 26% 100% evidence | 11.1/20 P/E 16.9× · PEG 0.57 100% evidence | 9.0/20 RS sector -0.5% · RS bench 1.4% · 1Y -5.9%8 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 12.1 + 11.1 + 9 = 45.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Coromandel International LtdCOROMANDEL | 45.5/100Mixed-negative evidence94% evidence | FADING | 14.0/35 Revenue 23.5% · PAT -20.9% · OPM change -2 pp 100% evidence | 17.2/25 ROCE 22% · OPM 9% 100% evidence | 1.9/20 P/E 30.5× · PEG 2.69 100% evidence | 12.4/20 RS sector 5% · RS bench -7.1% · 1Y -14.6%4 of 10 weeks ahead 70% evidence |
| Exact sum: 14 + 17.2 + 1.9 + 12.4 = 45.5 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 13National Fertilizer LtdNFL | 40.9/100Mixed-negative evidence84% evidence | ASLEEP | 24.5/35 Revenue 23.3% · PAT 100% · OPM change 3.7 pp 74% evidence | 4.1/25 ROCE 9.1% · OPM 6% 100% evidence | 10.0/20 P/E 9.2× · PEG 1.39 65% evidence | 2.3/20 RS sector -15% · RS bench -13% · 1Y -30.8%0 of 12 weeks ahead 100% evidence |
| Exact sum: 24.5 + 4.1 + 10 + 2.3 = 40.9 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15% and the one-year return is -30.8%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 14Madras Fertilizers LtdMADRASFERT | 29.8/100Adverse evidence74% evidence | ASLEEP | 4.5/35 Revenue -4.5% · PAT 4.3% · OPM change -4 pp 95% evidence | 10.9/25 ROCE 14.8% · OPM 6% 95% evidence | 9.9/20 P/E 12.8× · PEG — 15% evidence | 4.5/20 RS sector -14.4% · RS bench -12.7% · 1Y -33.2%1 of 10 weeks ahead 70% evidence |
| Exact sum: 4.5 + 10.9 + 9.9 + 4.5 = 29.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Fertilizers & Chemicals Travancore LtdFACT | 26.9/100Adverse evidence75% evidence | ASLEEP | 9.0/35 Revenue 32% · PAT -80% · OPM change -4.7 pp 100% evidence | 3.9/25 ROCE 4.9% · OPM -2.4% 80% evidence | 10.0/20 P/E — · PEG — 0% evidence | 4.0/20 RS sector -9.4% · RS bench -7.3% · 1Y -21.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 9 + 3.9 + 10 + 4 = 26.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price today?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd trades at ₹562, +11.3% over the past year. The company is valued at ₹8,264 Cr. The stock sits at 84% of its 52-week range of ₹386–₹597, +8.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 11 September 2026.
What were Gujarat Narmada Valley Fertilizers & Chemicals Ltd's latest quarterly results?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd reported revenue of ₹2,238 Cr and net profit of ₹312 Cr for the Jun 26 quarter. Revenue rose 39.8% and profit rose 275.9% year on year. Earnings per share were ₹21.23. The operating margin was 18.0%, 16.1 pp higher than a year earlier. — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's revenue?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd reported revenue of ₹2,238 Cr in the Jun 26 quarter, +39.8% year on year. For the full FY26 fiscal year, revenue was ₹7,773 Cr (−1.5%). Over the last 10 years revenue compounded at 5.5% a year. — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's profit?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd earned ₹312 Cr of net profit in the Jun 26 quarter, +275.9% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹809 Cr. The operating margin ran 18.0% in the latest quarter. — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's market cap?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd's market capitalisation is ₹8,264 Cr at a share price of ₹562. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's P/E ratio?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd trades at a P/E of 8.0×, at the 44th percentile of its own 10-year range, against a long-run median of 9.1×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Gujarat Narmada Valley Fertilizers & Chemicals Ltd pay a dividend?
Yes — Gujarat Narmada Valley Fertilizers & Chemicals Ltd's dividend payout was 38% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd overvalued?
On its own history, Gujarat Narmada Valley Fertilizers & Chemicals Ltd looks mid-range: its P/E of 8.0× sits at the 44th percentile of its 10-year range (long-run median 9.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd growing?
Yes — Gujarat Narmada Valley Fertilizers & Chemicals Ltd is growing: latest-quarter revenue +39.8% year on year, profit +275.9%, and the margin +16.1 pp at 18.0%. The 10-year compound rates are 5.5% (revenue) and 16.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Gujarat Narmada Valley Fertilizers & Chemicals Ltd performing?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 39.8% and profit rose 275.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 6 weeks. — as of 11 September 2026.
What stage is Gujarat Narmada Valley Fertilizers & Chemicals Ltd in?
Mixed — the growth curves are steadily positive, but ROCE at 10.6% is below the 15% bar this page requires to call it Consistent. The read comes from the last 12 quarters of growth (revenue growth +12.6% latest, profit growth +84.5% latest, eps growth +84.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +8.9% versus its 200-day average and at 84% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd beating the market?
On recent form, yes — Gujarat Narmada Valley Fertilizers & Chemicals Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +607% against the NIFTY 500's +267% — ahead of the index over the full window. — as of 11 September 2026.
Will Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price go up?
This page publishes no price forecast for Gujarat Narmada Valley Fertilizers & Chemicals Ltd. What it measures instead: the share price is ₹562, the price is in a confirmed uptrend 13 weeks in. Its P/E of 8.0× sits at the 44th percentile of its own 10-year range. — as of 11 September 2026.
Who owns Gujarat Narmada Valley Fertilizers & Chemicals Ltd?
Promoters hold 41.3% of Gujarat Narmada Valley Fertilizers & Chemicals Ltd, foreign institutions 13.1%, domestic institutions 11.0% and the public 34.6% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 6.1 points over 8 quarters. — as of 11 September 2026.
Does Gujarat Narmada Valley Fertilizers & Chemicals Ltd have too much debt?
No — Gujarat Narmada Valley Fertilizers & Chemicals Ltd's debt-to-equity is 0.00, and operating profit covers the interest bill north of 100×. FY26 borrowings were ₹5.0 Cr against equity of ₹9,115 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's capex?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd spent ₹1,132 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. Depreciation over the same years was ₹918 Cr. — as of 11 September 2026.
What is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's cash flow?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd generated ₹654 Cr of operating cash flow in FY26 and ₹41.0 Cr of free cash flow after ₹613 Cr of capital spending. Reported profit that year was ₹809 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 68% of Gujarat Narmada Valley Fertilizers & Chemicals Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹654 Cr against reported profit of ₹809 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Gujarat Narmada Valley Fertilizers & Chemicals Ltd in its business cycle?
Gujarat Narmada Valley Fertilizers & Chemicals Ltd's FY26 operating margin was 11.0%, against a 13-year band of −0.4%–28.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Gujarat Narmada Valley Fertilizers & Chemicals Ltd's price assume?
At its price on 25 August 2026, Gujarat Narmada Valley Fertilizers & Chemicals Ltd was priced for profit growth of about 1.2% a year. Profit itself has compounded 16.2% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Gujarat Narmada Valley Fertilizers & Chemicals Ltd story?
The sharpest disagreement: Foreign institutions moved −6.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Gujarat Narmada Valley Fertilizers & Chemicals Ltd a stock worth studying right now?
This is not investment advice. The machine read: Gujarat Narmada Valley Fertilizers & Chemicals Ltd's earnings have outrun its stock. EPS grew +35.3% in a year against a +11.3% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!