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Dossier · GUJ NAR VAL FER & CHEM L · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
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%). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Chemicals (63%), Fertilizers (36%), Others (1%). Cyclical, asset-heavy commodity chemicals and fertilizers with regulated urea pricing
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
8,642
10,227
7,930
7,892
7,773
EBITDA (ex other income)
2,384
1,879
503
615
879
margin %
27.6
18.4
6.3
7.8
11.3
Owners' profit
0
0
0
0
0
EPS, as reported (₹)
110.05
94.97
32.48
40.61
54.97
ROE % · ROCE %
21.4 · 24.6
16.2 · 18.6
6.0 · 6.9
7.0 · 8.2
8.9 · 10.4
Debt / equity (x)
0.00
0.00
0.00
0.01
0.00
Cash from operations
1,967
1,373
32
606
654
Capex
(138)
(173)
(251)
(453)
(546)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GUJ NAR VAL FER & CHEM L · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
1,917
1,899
2,055
1,601
1,968
1,996
2,208
2,238
Profit before tax
135
211
287
105
230
204
526
416
Net profit
105
163
211
83
179
150
396
312
EPS (₹)
7.14
11.09
14.35
5.65
12.18
10.20
26.94
21.22
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
Segment
Revenue, ₹ crore
Share %
Fertilizers
2,764
35.6
Chemicals
4,899
63.0
Others
110
1.4
Total, before eliminations
7,773
100.0
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
TATA CHEMICALS LTD
15,264
—
0.69
138.7
(7.7)
(5.0)
7.4
14.4
DEEPAK FERTILIZERS & PETR
14,972
15.2
2.01
11.2
9.9
8.4
14.6
26.1
GUJ NAR VAL FER & CHEM L ◆
7,504
7.2
0.82
5.4
8.9
10.3
8.7
22.1
TANFAC INDUSTRIES LTD.
6,785
55.5
18.18
—
18.8
24.3
—
16.0
GUJARAT ALKALIES & CHEM
4,019
60.5
0.77
8.5
(0.0)
0.7
12.4
18.4
GHCL LIMITED
3,630
7.9
1.02
4.8
13.3
16.6
1.1
23.9
GRAUER & WEIL IND LTD
3,537
21.6
3.27
14.4
15.2
19.2
14.5
20.4
J.G.CHEMICALS LIMITED
2,206
29.4
4.08
22.4
12.7
16.9
—
11.5
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
7.2
17.1
9 of 50
84%
P/B
0.8
1.3
17 of 60
73%
ROCE
10.3
6.0
20 of 62
69%
ROE
8.9
5.0
25 of 60
59%
Debt / Equity
0.0
0.2
2 of 60
85%
EBITDA margin
22.1
13.3
10 of 58
84%
Revenue growth
39.8
6.7
8 of 54
87%
Profit growth
275.9
21.0
10 of 64
86%
Market cap
7504
104
3 of 66
97%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GUJ NAR VAL FER & CHEM L · 28 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
17 Oct 2026 · GNFC to host conference call for Q2 FY27 results on Nov 3
board shareholder meetings
low
—
—
14 Oct 2026 · GNFC to hold shareholder service camps on Oct 16 and 17
business updates
low
—
—
9 Oct 2026 · GNFC informs shareholders about SEBI special window for physical shares
compliance
minimal
—
—
9 Oct 2026 · Special window for physical share transfer and demat
compliance
minimal
—
—
8 Oct 2026 · Board meeting on Nov 2 to approve Q2 FY26-27 results; window closed
results
low
—
—
8 Oct 2026 · Board meeting on Nov 2, 2026 to approve Q2 and H1 FY27 results
results
low
—
—
6 Oct 2026 · Postal ballot for appointment of Shri Sanjeev Kumar, IAS as Managing Director
compliance
minimal
—
—
6 Oct 2026 · Postal ballot notice for new MD appointment
compliance
minimal
—
—
5 Oct 2026 · Postal ballot for appointment of Sanjeev Kumar, IAS as Managing Director
board shareholder meetings
low
—
—
5 Oct 2026 · Reg 74(5) certificate for Q2 FY26 submitted to exchanges
compliance
minimal
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
