# GNFC share price today (Gujarat Narmada Valley Fertilizers & Chemicals Ltd, NSE: GNFC)

> GNFC share price today: ₹470.70 at the NSE close on 4 November 2026, down 4.1% in a year. Gujarat Narmada Valley Fertilizers & Chemicals (NSE: GNFC) is worth ₹6,911 crore, trades at a P/E of 6.7 and has closed between ₹385.50 and ₹630.30 over the past 52 weeks. > Gujarat Narmada Valley Fertilizers & Chemicals Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 32% of past readings. GNFC · Fertilisers · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/gujarat-narmada-valley-fertilizers-chemicals-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹470.70 (−4.1% in a year)
- P/E: 6.7× (lower than 68% of the last 10 years)
- Revenue (Jun 2026): ₹2,238 Cr (+39.8% on a year ago)
- Profit (Jun 2026): ₹312 Cr (+275.9% on a year ago)
- Operating margin: 18.0% (+16.1 points on a year ago)
- ROCE: 12%, FY26
- ROIC: 10.5%, against a 12.0% cost of capital: −1.5 points

The main question: yearly earnings per share moved +35.3% while the share price moved −4.1%. ## What is the GNFC share price today? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price was ₹470.70 at the close on 4 November 2026. It has been rising for 20 weeks. That is 11.4% 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. In the last 52 weeks it traded between ₹386 and ₹630, and at that close it sat 35% of the way up from that low. Over the last 11 years the share price moved +491% 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. ## What changed at GNFC this quarter? 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. ## What dividend does GNFC pay? GNFC paid ₹21 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 4.46% at the ₹470.70 close on 4 November 2026. The last was a dividend of ₹21 a share, ex-date 9 September 2026. ### GNFC dividends since 1 April 2021

| Ex-date | Dividend per share | Type |
| --- | --- | --- |
| 9 Sep 2026 | ₹21 | Dividend |
| 2 Sep 2025 | ₹18 | Dividend |
| 6 Sep 2024 | ₹16.50 | Dividend |
| 18 Sep 2023 | ₹30 | Dividend |
| 19 Sep 2022 | ₹10 | Dividend |
| 18 Aug 2021 | ₹8 | Dividend |

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. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 5 November 2026.)

## What are GNFC's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,238 crore | ₹1,601 crore | +39.8% |
| Profit | ₹312 crore | ₹83.0 crore | +275.9% |
| Earnings per share | ₹21.23 | ₹5.65 | +275.8% |
| Operating margin | 18.0% | 1.9% | +16.1 points |

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.)

## What is the GNFC share price history? GNFC closed at ₹470.70 on 4 November 2026, down 4.1% from ₹490.65 a year earlier (7 November 2025) and down 0.1% over five years. Its highest weekly close since March 2016 was ₹883.05 on 8 April 2022. ### GNFC share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹504.60 | −6.7% |
| 1 month ago · 1 Oct 2026 | ₹589.15 | −20.1% |
| 6 months ago · 8 May 2026 | ₹496.15 | −5.1% |
| 1 year ago · 7 Nov 2025 | ₹490.65 | −4.1% |
| 3 years ago · 3 Nov 2023 | ₹694.55 | −32.2% |
| 5 years ago · 4 Nov 2021 | ₹471.25 | −0.1% |
| 10 years ago · 4 Nov 2016 | ₹213.65 | +120.3% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹79.60 | +491.3% |
| Highest weekly close since March 2016 · 8 Apr 2022 | ₹883.05 | −46.7% |
| Lowest weekly close since March 2016 · 23 Mar 2016 | ₹78.90 | +496.6% |
| 52-week high (weekly close) · 25 Sep 2026 | ₹630.30 | −25.3% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹385.50 | +22.1% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (564 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on GNFC? 4 Nov 2026: GNFC closed at ₹470.70, down 6.7% on the week and down 20.1% 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.)

## What did GNFC management say on the latest results call? 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](https://files.tijorifinance.com/insight/india/363/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 6 August 2026.)

## What could change the GNFC story? What are the risks? 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.)

## What to watch in GNFC's next results? 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. - What to check (from the call)
- CCPP power to follow steam startup - check full utility commissioning and TDI-II cost improvement next quarter. - Acetic Acid, Ethyl Acetate and TDI to sustain normal rated operations - check production recovery after viability-driven shutdowns. - Kearney savings to reach P&L visibility next quarter - check sign-off, quantified impact and initiative delivery. - Weak Nitric Acid delay to be recouped - check commissioning progress against the revised schedule. ## Which stock lists is GNFC on? GNFC is on 2 of our India lists: Undervalued stocks and Dividend stocks. - [Undervalued stocks Profit growth x: 1.8451957295373667](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Dividend stocks Regular dividend yield (%): 4.46](https://www.sectoralpha.in/dividend-stocks-india)

## Is GNFC profitable? 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. 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. ## How much revenue does GNFC make, and is it growing? 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. 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. ## How much of every ₹100 of sales does GNFC keep? 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. 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. ## Is GNFC's profit turning into cash? 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. 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. ## Where does GNFC's cash go? 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. 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. ## What is GNFC's P/E ratio, and how does it compare with its own history? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's P/E is 6.7×, near the low end of its own history: it has been lower only 32% 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. Why the multiple is where it is: over the past year earnings per share moved +35.3% while the price moved −4.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +0.0% a year; about +0.1% a year came from earnings growth and about −0.1 percentage points from the multiple (roughly no change); over 10 years the price moved +8.2% a year; about +19.7% a year came from earnings growth and about −11.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the GNFC share price assume? Worked out from its price on 25 August 2026, Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price assumed profit growth of about 1.2% a year. Over the past 10 years its profit actually grew 16.2% a year. Today its P/E is 6.7×, lower than 68% of its own last 10 years. This is a one-day reading, taken on 25 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the GNFC business getting better or worse? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's business is giving mixed signals. Growth has been steadily positive, but ROCE at 13.7% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## What is the GNFC story, and has it been checked? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's story is not scored yet against the checks our research set on 13 September 2026. Where it sits in its own cycle: mixed. Checks so far: 12 not due yet. Still open: [object Object] · [object Object] · [object Object] · [object Object] · [object Object]

What is not proven yet. [object Object] · [object Object] · [object Object] · [object Object] · [object Object]

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). Measured by: 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. Measured by: 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 goal. 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. 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: our results-season review, 13 September 2026. The story check is re-scored every results season; the record below never changes. ## Did GNFC management deliver what it promised? What Gujarat Narmada Valley Fertilizers & Chemicals Ltd's management promised, against what actually happened: 4 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. ## What is GNFC management's track record? Management has built the announced projects and retained a strong balance sheet, but dates and quantified savings have repeatedly slipped through the downturn and recovery. ### Regulatory and governance record

No current SEBI/CBI/ED or fraud event surfaced; results were routine BSE pages and a historical 2020 GST ruling. Sources:

- [sovrenn.com](https://www.sovrenn.com/knowledge/gnfc-gujarat-narmada-valley-fertilizers-and-chemicals-concall-summary-key-highlights-and-fy-26-results)
- [bseindia.com](https://www.bseindia.com/stock-share-price/gujarat-narmada-valley-fertilizers-chemicals-ltd/GNFC/500670)
- [share.market](https://www.share.market/stocks/gujarat-narmada-valley-fertilizers-chemicals-ltd-share)

(Checked 30 August 2026.)

## How much does GNFC earn on its capital? Gujarat Narmada Valley Fertilizers & Chemicals Ltd earned a ROCE of 12% in FY26. That is up from a low of 8% in FY20. Its return on capital used (ROIC) is 1.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 10.4% net margin and 0.68× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.4% net margin × 0.68× asset turnover × 1.25× leverage (assets divided by equity) ≈ 8.8% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 10.5% − 12.0% = −1.5 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 10.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 7.4%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does GNFC have too much debt? Gujarat Narmada Valley Fertilizers & Chemicals Ltd has total debt of ₹6.0 Cr against shareholder equity of ₹9,115 Cr as of Jun 2026, so its debt is 0.00× its equity, which is very little. Year by year, that ratio went from 0.00 in FY22 to 0.00 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the GNFC shareholding pattern? Foreign institutions cut their stake in Gujarat Narmada Valley Fertilizers & Chemicals Ltd by 2.4 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 13.7% of the company. Domestic institutions moved −1.9 points over the same period, to 9.2%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −2.4 points over 8 quarters, to 13.7%; Domestic institutions: −1.9 points over 8 quarters, to 9.2%; Promoters: +0.0 points over 8 quarters, to 41.3%. Why the owners changed: foreign institutions drove it (−2.4 points), together with domestic institutions (−1.9 points). They reduced their stake. ## How far is GNFC from balance-sheet trouble? For Gujarat Narmada Valley Fertilizers & Chemicals Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does GNFC rank in its industry? 73.7 out of 100, rank 2 of 15 in Fertilisers, with 96% of the evidence available. Gujarat Narmada Valley Fertilizers & Chemicals Ltd scores 73.7 out of 100 against the 15 companies it is compared with in Fertilisers, ranking 2. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 25.8 + 14.7 + 15.6 + 17.6 = 73.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is GNFC compared with? GNFC ranks 2 of 15 Fertilisers companies on the 4-Factor Sector Score, with 73.7 out of 100. 1. [Krishana Phoschem Ltd](https://www.sectoralpha.in/stocks/krishana-phoschem-ltd) KRISHANA · leader · Most evidence points up · 96% evidence 77.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Revenue 73.3% · Profit 92.2% · Operating margin change 0 points · 88% evidence Capital efficiency 20.1/25 · ROCE 27.2% · Operating margin 17% · 100% evidence Valuation 10.1/20 · P/E 35.9× · PEG 0.58 · 100% evidence Relative strength 20.0/20 · Lead over its industry 83.9% · Lead over NIFTY 500 75.7% · 1 year 126.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 27.5 + 20.1 + 10.1 + 20 = 77.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. Gujarat Narmada Valley Fertilizers & Chemicals Ltd this page GNFC · leader · Most evidence points up · 96% evidence 73.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.8/35 · Revenue 12.6% · Profit 84.5% · Operating margin change 16.1 points · 88% evidence Capital efficiency 14.7/25 · ROCE 12% · Operating margin 18% · 100% evidence Valuation 15.6/20 · P/E 7.2× · PEG 0.27 · 100% evidence Relative strength 17.6/20 · Lead over its industry 9.8% · Lead over NIFTY 500 5.1% · 1 year 0.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.8 + 14.7 + 15.6 + 17.6 = 73.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Madhya Bharat Agro Products Ltd](https://www.sectoralpha.in/stocks/madhya-bharat-agro-products-ltd) MBAPL · leader · Most evidence points up · 96% evidence 67.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.1/35 · Revenue 47.6% · Profit 100% · Operating margin change 2 points · 88% evidence Capital efficiency 16.7/25 · ROCE 19.3% · Operating margin 16% · 100% evidence Valuation 7.3/20 · P/E 52.4× · PEG 0.8 · 100% evidence Relative strength 17.9/20 · Lead over its industry 66.5% · Lead over NIFTY 500 59.2% · 1 year 117.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 25.1 + 16.7 + 7.3 + 17.9 = 67 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 4. [Chambal Fertilisers & Chemicals Ltd](https://www.sectoralpha.in/stocks/chambal-fertilisers-chemicals-ltd) CHAMBLFERT · quiet · Evidence leans up · 96% evidence 59.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.3/35 · Revenue 15.6% · Profit 10.2% · Operating margin change 3 points · 88% evidence Capital efficiency 19.1/25 · ROCE 25.2% · Operating margin 16% · 100% evidence Valuation 16.6/20 · P/E 7.3× · PEG 0.52 · 100% evidence Relative strength 5.1/20 · Lead over its industry -12.1% · Lead over NIFTY 500 -15.6% · 1 year -26.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 18.3 + 19.1 + 16.6 + 5.1 = 59.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Khaitan Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/khaitan-chemicals-fertilizers-ltd) KHAICHEM · Too little evidence to rank firmly · 59% evidence 58.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.2/43.75 · Revenue 19.9% · Profit 32.5% · Operating margin change -3 points · 88% evidence Capital efficiency 18.5/31.25 · ROCE 18.5% · Operating margin 11% · 100% evidence Valuation 12.7/25 · P/E 8.3× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.2 + 18.5 + 12.7 = 58.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Zuari Agro Chemicals Ltd](https://www.sectoralpha.in/stocks/zuari-agro-chemicals-ltd) ZUARI · quiet · Evidence leans up · 96% evidence 52.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue -44% · Profit 100% · Operating margin change -1 points · 88% evidence Capital efficiency 10.0/25 · ROCE 16.4% · Operating margin 10% · 100% evidence Valuation 19.9/20 · P/E 2.5× · PEG 0.08 · 100% evidence Relative strength 1.6/20 · Lead over its industry -15.2% · Lead over NIFTY 500 -18.7% · 1 year -27.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21 + 10 + 19.9 + 1.6 = 52.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Rashtriya Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/rashtriya-chemicals-fertilizers-ltd) RCF · quiet · Evidence leans up · 81% evidence 51.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.4/35 · Revenue 17.5% · Profit 56.8% · Operating margin change 1.3 points · 88% evidence Capital efficiency 7.8/25 · ROCE 10.4% · Operating margin 6% · 100% evidence Valuation 11.4/20 · P/E 12.4× · PEG 0.9 · 100% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -22.2% · 1 year -37.3% · 25% evidence · 0 of 12 weeks ahead Exact sum: 24.4 + 7.8 + 11.4 + 7.5 = 51.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Gujarat State Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-state-fertilizers-chemicals-ltd) GSFC · quiet · Evidence leans down · 81% evidence 47.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.0/35 · Revenue 29.2% · Profit 7.8% · Operating margin change -3 points · 88% evidence Capital efficiency 4.9/25 · ROCE 7.2% · Operating margin 6% · 100% evidence Valuation 16.0/20 · P/E 7.7× · PEG 0.3 · 100% evidence Relative strength 9.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -15.2% · 1 year -30.1% · 25% evidence · 0 of 12 weeks ahead Exact sum: 18 + 4.9 + 16 + 9 = 47.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Deepak Fertilisers & Petrochemicals Corp Ltd](https://www.sectoralpha.in/stocks/deepak-fertilisers-petrochemicals-corp-ltd) DEEPAKFERT · quiet · Evidence leans down · 96% evidence 46.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 13.6% · Profit -0.5% · Operating margin change 7 points · 88% evidence Capital efficiency 13.2/25 · ROCE 11.4% · Operating margin 26% · 100% evidence Valuation 11.1/20 · P/E 14.1× · PEG 0.57 · 100% evidence Relative strength 5.9/20 · Lead over its industry -6.4% · Lead over NIFTY 500 -10.6% · 1 year -26.2% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.8 + 13.2 + 11.1 + 5.9 = 46 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [National Fertilizer Ltd](https://www.sectoralpha.in/stocks/national-fertilizer-ltd) NFL · quiet · Evidence leans down · 81% evidence 45.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 23.3% · Profit 100% · Operating margin change 3.7 points · 65% evidence Capital efficiency 6.2/25 · ROCE 9.1% · Operating margin 6% · 100% evidence Valuation 10.9/20 · P/E 7.9× · PEG 0.97 · 65% evidence Relative strength 4.5/20 · Lead over its industry -15% · Lead over NIFTY 500 -18.4% · 1 year -37.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.8 + 6.2 + 10.9 + 4.5 = 45.4 · What this means: Earnings are strong; relative strength in its sector is -15% and the one-year return is -37.2%. 11. [Paradeep Phosphates Ltd](https://www.sectoralpha.in/stocks/paradeep-phosphates-ltd) PARADEEP · quiet · Evidence leans down · 67% evidence 44.5 out of 100 Growth Capital Valuation Relative
12. [Madras Fertilizers Ltd](https://www.sectoralpha.in/stocks/madras-fertilizers-ltd) MADRASFERT · quiet · Evidence leans down · 74% evidence 43.7 out of 100 Growth Capital Valuation Relative
13. [Southern Petrochemicals Industries Corporation Ltd](https://www.sectoralpha.in/stocks/southern-petrochemicals-industries-corporation-ltd) SPIC · quiet · Evidence leans down · 89% evidence 43.4 out of 100 Growth Capital Valuation Relative
14. [Coromandel International Ltd](https://www.sectoralpha.in/stocks/coromandel-international-ltd) COROMANDEL · quiet · Evidence leans down · 81% evidence 41.8 out of 100 Growth Capital Valuation Relative
15. [Fertilizers & Chemicals Travancore Ltd](https://www.sectoralpha.in/stocks/fertilizers-chemicals-travancore-ltd) FACT · quiet · Most evidence points down · 76% evidence 26.1 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 path the industry 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 growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Fertilisers](https://www.sectoralpha.in/sectors/fertilisers), all 15 compared on one page. ## Which companies are close to GNFC in size? GNFC is the 7th largest of 15 Fertilisers companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Deepak Fertilisers & Petrochemicals Corp, Paradeep Phosphates and Madhya Bharat Agro Products. Just below it: Krishana Phoschem, Gujarat State Fertilizers & Chemicals and Rashtriya Chemicals & Fertilizers. ### Fertilisers companies close in size

1. [Deepak Fertilisers & Petrochemicals Corp Ltd](https://www.sectoralpha.in/stocks/deepak-fertilisers-petrochemicals-corp-ltd) ₹13,889 crore
2. [Paradeep Phosphates Ltd](https://www.sectoralpha.in/stocks/paradeep-phosphates-ltd) ₹13,407 crore
3. [Madhya Bharat Agro Products Ltd](https://www.sectoralpha.in/stocks/madhya-bharat-agro-products-ltd) ₹8,127 crore
4. Gujarat Narmada Valley Fertilizers & Chemicals Ltd ₹7,415 crore
5. [Krishana Phoschem Ltd](https://www.sectoralpha.in/stocks/krishana-phoschem-ltd) ₹7,065 crore
6. [Gujarat State Fertilizers & Chemicals Ltd](https://www.sectoralpha.in/stocks/gujarat-state-fertilizers-chemicals-ltd) ₹5,311 crore
7. [Rashtriya Chemicals & Fertilizers Ltd](https://www.sectoralpha.in/stocks/rashtriya-chemicals-fertilizers-ltd) ₹5,165 crore

[All 15 Fertilisers companies, largest first](https://www.sectoralpha.in/sectors/fertilisers#all-companies)

### Companies close in size in other industries

1. [GNG Electronics Ltd](https://www.sectoralpha.in/stocks/gng-electronics-ltd) ₹7,518 crore · New age - Platform - E-Retail
2. [Galaxy Surfactants Ltd](https://www.sectoralpha.in/stocks/galaxy-surfactants-ltd) ₹7,502 crore · Speciality Chemicals
3. Gujarat Narmada Valley Fertilizers & Chemicals Ltd ₹7,415 crore
4. [Reliance Power Ltd](https://www.sectoralpha.in/stocks/reliance-power-ltd) ₹7,407 crore · Power - Generation/Distribution
5. [Paisalo Digital Ltd](https://www.sectoralpha.in/stocks/paisalo-digital-ltd) ₹7,392 crore · Finance - Capital Markets - Brokers

## Quarterly scorecard? Our Gujarat Narmada Valley Fertilizers & Chemicals Ltd research of 13 September 2026 set 12 checks, and every results season scores each one. No results season has been scored against them yet. A row is permanent: a miss stays on the record after it is fixed. ## What else do people ask about GNFC? ### What is GNFC's share price today? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price is ₹470.70, −4.1% over the past year. The whole company is worth ₹6,911 Cr on the market. In the last 52 weeks it traded between ₹386 to ₹630; today it is 35% of the way up from the low, 11.4% below its 200-day average (as of 4 November 2026). ### What were GNFC'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 2026 quarter. Revenue rose 39.8% and profit rose 275.9% compared with a year earlier. Earnings per share were ₹21.23 (as of 4 November 2026). ### What is GNFC's market cap? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's market capitalisation is ₹6,911 Cr at a share price of ₹470.70. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is GNFC performing? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price has been rising for 20 weeks. In its latest quarter, revenue rose 39.8% and profit rose 275.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 1 week running (as of 4 November 2026). ### Will GNFC's share price go up? This page does not forecast Gujarat Narmada Valley Fertilizers & Chemicals Ltd's share price. What it shows instead: the share price is ₹470.70, and it has been rising for 20 weeks. Its P/E of 6.7× is higher than 32% of its own last 10 years (as of 4 November 2026). ### Who owns GNFC? Promoters own 41.3% of Gujarat Narmada Valley Fertilizers & Chemicals Ltd, foreign institutions 13.7%, domestic institutions 9.2% and the public 35.8% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 2.4 percentage points over 8 quarters (as of 4 November 2026). ### Where is GNFC in its business cycle? Gujarat Narmada Valley Fertilizers & Chemicals Ltd's FY26 operating margin was 11.0%, against a 13-year range of −0.4% to 28.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 18.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the GNFC story? The main question: yearly earnings per share moved +35.3% while the share price moved −4.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is GNFC a stock worth studying right now? What the numbers show: Gujarat Narmada Valley Fertilizers & Chemicals Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 32% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a GNFC share price forecast for 2026? What management itself guided: Chemical plants expected to run at normal rated capacity through the end of the financial year absent another global political or war disruption. What would change the story: 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. ### Where does this page get GNFC's management information? From GNFC's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

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This is research, not advice. We’re not SEBI-registered.