GUJ NAR VAL FER & CHEM L

Integrated chemicals and fertilizers producer with plants at Bharuch and Dahej in Gujarat, in operation for 50 years and profitable in 49 of those. FY26 revenue of ₹7,773 crore split between chemicals at 63% of segment revenue (₹4,899 crore, ₹913 crore segment EBIT), fertilizers at 35.6% (₹2,764 crore, -₹186 crore segment EBIT) and others at 1.4% (₹110 crore). The chemicals segment makes TDI for polyurethanes, ammonium nitrate for mining and civil explosives, plus ammonia, methanol, acetic acid, ethyl acetate, formic acid and aniline, sold to industrial customers; the fertilizers segment makes neem-coated urea for agriculture but lost money because government-set urea prices don't yet cover revised energy norms; the 'others' segment houses an IT services unit whose FY26 profit doubled to ₹35 crore from ₹17 crore. Materials and feedstock purchases are the largest cost at 50.4% of revenue, with FY27 capex guided at ₹2,800 crore for an ammonia expansion, ammonium nitrate melt, weak nitric acid project and a coal-based captive power plant at Dahej (delayed to August 2026, expected to save ₹10-12 crore per month once running). FY26 PAT of ₹797 crore was up 36% year-on-year on better TDI, AN and technical-grade urea realizations plus lower toluene, benzene and ammonia costs; AN demand is supported by India's coal-mining push, with the market growing at 6-7% CAGR against a current import gap of 4-4.5 lakh MT, while methanol production is uneconomic at current gas prices and the board has declared a ₹21/share dividend (210%).