Gujarat Narmada Valley Fertilizers & Chemicals Ltd

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Gujarat Narmada Valley Fertilizers & Chemicals Ltd

₹ 589 0.69%
18 Sep - close price
gnfc.in BSE: 500670 NSE: GNFC
About

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.

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 8,653 Cr.
  • Current Price ₹ 589
  • High / Low ₹ 619 / 365
  • Stock P/E 8.41
  • Book Value ₹ 611
  • Dividend Yield 3.57 %
  • ROCE 12.2 %
  • ROE 9.15 %
  • Face Value ₹ 10.0
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.96 times its book value
  • Stock is providing a good dividend yield of 3.57%.
  • Company has been maintaining a healthy dividend payout of 44.6%

Cons

  • The company has delivered a poor sales growth of 8.67% over past five years.
  • Company has a low return on equity of 7.28% over last 3 years.
  • Earnings include an other income of Rs.450 Cr.
  • Working capital days have increased from 92.1 days to 157 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

Commodities Chemicals Chemicals & Petrochemicals Commodity Chemicals

Part of BSE 500 BSE Commodities Nifty Total Market BSE 250 SmallCap Index BSE 400 MidSmallCap Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,652 2,080 2,088 2,110 2,021 1,917 1,899 2,055 1,601 1,968 1,996 2,208 2,238
1,547 1,911 2,004 1,965 1,868 1,827 1,767 1,815 1,570 1,783 1,815 1,726 1,845
Operating Profit 105 169 84 145 153 90 132 240 31 185 181 482 393
OPM % 6% 8% 4.0% 7% 8% 4.7% 7% 12% 1.9% 9% 9% 22% 18%
88 152 121 108 99 123 157 122 150 127 97 125 101
Interest 1 1 7 4 17 2 3 1 2 1 1 2 2
Depreciation 76 78 76 78 78 76 75 74 74 81 73 79 76
Profit before tax 116 242 122 171 157 135 211 287 105 230 204 526 416
Tax % 27% 26% 22% 26% 27% 24% 25% 27% 26% 23% 26% 25% 25%
85 178 95 127 115 102 158 210 78 177 150 392 310
EPS in Rs 5.47 11.45 6.47 8.64 7.83 6.94 10.75 14.29 5.31 12.05 10.21 26.68 21.10
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
4,642 4,552 4,589 5,837 5,896 5,162 5,129 8,642 10,227 7,930 7,892 7,773 8,410
4,662 3,989 3,936 4,445 5,022 4,621 4,125 6,259 8,348 7,428 7,277 6,895 7,169
Operating Profit -21 563 653 1,392 874 542 1,003 2,384 1,879 502 615 879 1,241
OPM % -0.4% 12% 14% 24% 15% 10% 20% 28% 18% 6% 8% 11% 15%
52 252 517 140 215 153 237 209 361 469 501 499 450
Interest 274 297 203 100 6 5 20 3 5 13 23 6 6
Depreciation 209 251 251 270 263 264 272 292 303 308 303 307 309
Profit before tax -452 268 715 1,162 819 425 948 2,298 1,932 651 790 1,065 1,376
Tax % 0% 35% 27% 32% 10% -17% 27% 26% 24% 26% 26% 25%
-452 173 521 790 741 499 689 1,704 1,464 485 586 797 1,029
EPS in Rs -29.09 11.11 33.54 50.80 47.69 32.10 44.35 109.62 94.20 32.99 39.85 54.27 70.04
Dividend Payout % 0% 18% 15% 15% 15% 16% 18% 9% 32% 50% 45% 39%
Compounded Sales Growth
10 Years: 6%
5 Years: 9%
3 Years: -9%
TTM: 13%
Compounded Profit Growth
10 Years: 17%
5 Years: 3%
3 Years: -18%
TTM: 88%
Stock Price CAGR
10 Years: 13%
5 Years: 11%
3 Years: -1%
1 Year: 15%
Return on Equity
10 Years: 13%
5 Years: 12%
3 Years: 7%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 155 155 155 155 155 155 155 155 155 147 147 147
Reserves 2,325 3,122 3,646 4,303 4,842 5,067 5,828 7,743 8,851 8,051 8,305 8,834
3,844 3,101 1,959 303 208 860 4 2 2 3 106 5
2,164 2,130 2,142 2,411 2,337 2,261 2,321 2,764 2,613 2,405 2,366 2,282
Total Liabilities 8,488 8,509 7,903 7,172 7,542 8,344 8,309 10,664 11,621 10,606 10,924 11,268
4,468 4,367 4,442 4,161 3,959 3,810 3,720 3,578 3,381 3,238 3,094 2,882
CWIP 13 9 14 14 25 82 161 138 187 289 382 900
Investments 145 729 762 726 732 596 853 1,222 3,106 2,919 2,181 1,558
3,861 3,404 2,683 2,271 2,826 3,856 3,575 5,727 4,946 4,160 5,268 5,928
Total Assets 8,488 8,509 7,903 7,172 7,542 8,344 8,309 10,664 11,621 10,606 10,924 11,268

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
490 996 1,445 1,819 701 286 1,884 1,967 1,373 31 605 654
-284 36 -53 49 -310 -901 -856 -1,899 -1,229 1,235 -466 -230
-363 -1,037 -1,073 -1,400 -185 546 -934 -130 -160 -1,281 -262 -269
Net Cash Flow -156 -5 320 468 206 -69 95 -62 -16 -14 -123 155
Free Cash Flow 207 931 1,358 1,850 603 155 1,669 1,829 1,202 -218 154 108
CFO/OP -2,423% 179% 233% 146% 93% 62% 210% 109% 104% 49% 128% 111%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 107 119 88 70 77 100 36 26 13 29 20 30
Inventory Days 98 107 110 98 106 125 129 91 84 94 105 95
Days Payable 39 40 57 61 50 68 63 59 42 42 40 41
Cash Conversion Cycle 166 186 142 107 132 156 103 58 55 81 84 85
Working Capital Days 9 8 27 57 76 117 68 97 46 58 61 157
ROCE % -3% 9% 10% 24% 17% 8% 16% 33% 23% 8% 10% 12%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Ammonia Production
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Formic Acid Production
MT
Urea Production
MT
Weak Nitric Acid (WNA) Production
MT
Acetic Acid Production
MT
TDI Total Production
MT
AN Melt / ANP Production
MT
Concentrated Nitric Acid (CNA) Production
MT

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
41.18% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30% 41.30%
18.63% 20.11% 19.40% 19.18% 16.15% 15.41% 15.03% 12.67% 12.08% 12.13% 12.05% 13.11%
6.24% 7.58% 9.30% 6.58% 11.16% 11.10% 10.14% 10.49% 10.69% 11.12% 11.07% 11.02%
33.93% 31.00% 29.99% 32.93% 31.38% 32.18% 33.53% 35.53% 35.92% 35.44% 35.58% 34.57%
No. of Shareholders 2,76,1282,57,3622,53,0032,63,1602,67,0792,73,5722,68,6292,72,5752,75,8572,71,4802,65,7932,60,335

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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