Gujarat Narmada Valley Fertilizers & Chemicals Ltd
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), is a joint sector enterprise promoted by the Gujarat State Investments Limited (GSIL), a Government of Gujarat undertaking, and the Gujarat State Fertilizers & Chemicals Ltd.(GSFC). The company was set up in Bharuch in 1976 while its manufacturing and marketing operations were started in 1982. The company operates businesses mainly in the Industrial Chemicals, Fertilizers apart from the small presence of IT services. In the chemical segment, it has a product portfolio of various bulk chemicals that are used in industries for manufacturing various specialty chemicals as well as end products.
- Market Cap ₹ 8,040 Cr.
- Current Price ₹ 547
- High / Low ₹ 777 / 449
- Stock P/E 13.7
- Book Value ₹ 575
- Dividend Yield 3.02 %
- ROCE 9.70 %
- ROE 7.03 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Stock is trading at 0.95 times its book value
Cons
- The company has delivered a poor sales growth of 8.86% over past five years.
- Company has a low return on equity of 9.98% over last 3 years.
- Earnings include an other income of Rs.501 Cr.
- Working capital days have increased from 65.5 days to 92.7 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Chemicals Industry: Chemicals
Part of BSE 500 Nifty 500 BSE SmallCap BSE Allcap BSE Commodities
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,847 | 4,642 | 4,552 | 4,589 | 5,837 | 5,896 | 5,162 | 5,129 | 8,642 | 10,227 | 7,930 | 7,892 | |
4,231 | 4,662 | 3,989 | 3,936 | 4,445 | 5,022 | 4,621 | 4,125 | 6,259 | 8,348 | 7,428 | 7,277 | |
Operating Profit | 616 | -21 | 563 | 653 | 1,392 | 874 | 542 | 1,003 | 2,384 | 1,879 | 502 | 615 |
OPM % | 13% | -0% | 12% | 14% | 24% | 15% | 10% | 20% | 28% | 18% | 6% | 8% |
45 | 52 | 252 | 517 | 140 | 215 | 153 | 237 | 209 | 361 | 469 | 501 | |
Interest | 92 | 274 | 297 | 203 | 100 | 6 | 5 | 20 | 3 | 5 | 13 | 23 |
Depreciation | 145 | 209 | 251 | 251 | 270 | 263 | 264 | 272 | 292 | 303 | 308 | 303 |
Profit before tax | 424 | -452 | 268 | 715 | 1,162 | 819 | 425 | 948 | 2,298 | 1,932 | 651 | 790 |
Tax % | 31% | 0% | 35% | 27% | 32% | 10% | -17% | 27% | 26% | 24% | 26% | 26% |
292 | -452 | 173 | 521 | 790 | 741 | 499 | 689 | 1,704 | 1,464 | 485 | 585 | |
EPS in Rs | 18.81 | -29.09 | 11.11 | 33.54 | 50.80 | 47.69 | 32.10 | 44.35 | 109.62 | 94.20 | 32.99 | 39.81 |
Dividend Payout % | 19% | 0% | 18% | 15% | 15% | 15% | 16% | 18% | 9% | 32% | 50% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 5% |
5 Years: | 9% |
3 Years: | -3% |
TTM: | 0% |
Compounded Profit Growth | |
---|---|
10 Years: | 13% |
5 Years: | 3% |
3 Years: | -30% |
TTM: | 21% |
Stock Price CAGR | |
---|---|
10 Years: | 24% |
5 Years: | 33% |
3 Years: | -6% |
1 Year: | -18% |
Return on Equity | |
---|---|
10 Years: | 13% |
5 Years: | 13% |
3 Years: | 10% |
Last Year: | 7% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 155 | 147 | 147 |
Reserves | 2,790 | 2,325 | 3,122 | 3,646 | 4,303 | 4,842 | 5,067 | 5,828 | 7,743 | 8,851 | 8,051 | 8,305 |
3,904 | 3,844 | 3,101 | 1,959 | 303 | 208 | 860 | 4 | 2 | 2 | 3 | 106 | |
2,420 | 2,164 | 2,130 | 2,142 | 2,411 | 2,337 | 2,261 | 2,321 | 2,764 | 2,613 | 2,405 | 2,322 | |
Total Liabilities | 9,270 | 8,488 | 8,509 | 7,903 | 7,172 | 7,542 | 8,344 | 8,309 | 10,664 | 11,621 | 10,606 | 10,880 |
4,873 | 4,468 | 4,367 | 4,442 | 4,161 | 3,959 | 3,810 | 3,720 | 3,578 | 3,381 | 3,238 | 3,093 | |
CWIP | 23 | 13 | 9 | 14 | 14 | 25 | 82 | 161 | 138 | 187 | 289 | 382 |
Investments | 132 | 145 | 729 | 762 | 726 | 732 | 596 | 853 | 1,222 | 3,106 | 2,919 | 2,181 |
4,241 | 3,861 | 3,404 | 2,683 | 2,271 | 2,826 | 3,856 | 3,575 | 5,727 | 4,946 | 4,160 | 5,224 | |
Total Assets | 9,270 | 8,488 | 8,509 | 7,903 | 7,172 | 7,542 | 8,344 | 8,309 | 10,664 | 11,621 | 10,606 | 10,880 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
11 | 490 | 996 | 1,445 | 1,819 | 701 | 286 | 1,884 | 1,967 | 1,373 | 31 | 606 | |
-394 | -284 | 36 | -53 | 49 | -310 | -901 | -856 | -1,899 | -1,229 | 1,235 | -466 | |
334 | -363 | -1,037 | -1,073 | -1,400 | -185 | 546 | -934 | -130 | -160 | -1,281 | -262 | |
Net Cash Flow | -48 | -156 | -5 | 320 | 468 | 206 | -69 | 95 | -62 | -16 | -14 | -122 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 110 | 107 | 119 | 88 | 70 | 77 | 100 | 36 | 26 | 13 | 29 | 20 |
Inventory Days | 99 | 98 | 107 | 110 | 98 | 106 | 125 | 129 | 91 | 84 | 94 | 101 |
Days Payable | 35 | 39 | 40 | 57 | 61 | 50 | 68 | 63 | 59 | 42 | 42 | 40 |
Cash Conversion Cycle | 173 | 166 | 186 | 142 | 107 | 132 | 156 | 103 | 58 | 55 | 81 | 81 |
Working Capital Days | 119 | 139 | 122 | 112 | 71 | 89 | 178 | 68 | 97 | 46 | 58 | 93 |
ROCE % | 8% | -3% | 9% | 10% | 24% | 17% | 8% | 16% | 33% | 23% | 8% | 10% |
Documents
Announcements
-
Compliances-Reg.24(A)-Annual Secretarial Compliance
10h - Annual Secretarial Compliance Report FY25 filed; minor delay in Q1 limited review report submission fined.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
2d - Audio recording of May 26, 2025 investors/analysts conference call uploaded on company website.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
24 May - Publication of Audited Financial Results for the Fourth Quarter and Financial Year Ended March 31, 2025
-
Intimation Under Regulation 30(5) Of The SEBI (LODR) Regulations, 2015-Change In Authorization For Determining Materiality Of An Event Or Information And Its Disclosure
23 May - Change in authorized KMP for materiality determination and disclosures at GNFC.
- Announcement under Regulation 30 (LODR)-Investor Presentation 23 May
Annual reports
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from nse
-
Financial Year 2011
from bse
Concalls
-
May 2025TranscriptNotesPPT
-
Feb 2025Transcript PPT REC
-
Nov 2024Transcript PPT
-
Aug 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023Transcript PPT
-
Aug 2023Transcript PPT
-
May 2023Transcript PPT
-
Feb 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Aug 2022TranscriptPPT
-
May 2022TranscriptPPT
-
Feb 2022TranscriptPPT
-
Nov 2021TranscriptPPT
-
Aug 2021TranscriptPPT
-
May 2021TranscriptPPT
-
Mar 2021TranscriptPPT
-
Feb 2018TranscriptPPT
-
Nov 2017TranscriptPPT
-
Aug 2017TranscriptPPT
Business Segments
1) Chemicals (60% in H1 FY25 vs 70% in FY22): [1] [2] The company produces Methanol, Formic Acid, Acetic Acid, Toluene Di- Isocyanate (TDI), Technical Grade Urea (TGU), Weak Nitric Acid, Concentrated Nitric Acid, Ethyl Acetate, and Ammonium Nitrate. The segment revenue declined 29% between FY22 and FY24, driven by lower realizations across all the products. [3] [4]