Interim report
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E.fij GUJARAT STATE FERTTLTZERS & CHEMTCALS LIMTTED Fertilizernagar - 391 750. Vadodara, Cujarat, lNDlA. CIN : 199999GJ1962P1C001121 NO.SEC/SE/R8G43n026 2nd November, 2026 Dear Sir / Madam, Sub.: Ref.: Outcome of Board meeting Regulation 30 (read with Part A of Schedule ITr) and Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (..Listing Regulations.). This is to inform you that the Board of Directors of the company at its meeting held today, i.e. 2"d November, 2026 have considered and approved unaudited frnancial results, both standalone and consolidated for the quarter and half year ended 30h september, 2026 ('unaudited Financial Results"). The Board meeting commenced at 16:30 hrs (IST) urd concluded at 17:25 hrs (ST). In terms of the Listing Regulations, please find enclosed herewith: 1 . Unaudited Financial Results for the quarter and half year ended 3 0u September, 2026; 2. Independent Auditor's Limited Review report on Unaudited Financial Results issued by the Statutory Auditors, lWs CNK & Associates LLP, Chartered Accountants, Vadodara. These results are also being made available on the Company's website at www.gsfclimited.com. Kindly take the above information on record Thanking you, Yours faithfully, For Gujarat State Fertilizers & Chemicals Ltd., Nidhi Pillai Company Secretary & Vice President (Legal & HRS) Membership No.: A15142 E-mail : i fcltd.com Ph. : (O) + 91 -265-2 242451, 2242651' 22427 51, 2242641 tax : +91-265-2240966 . Email : ho@gsfcltd com o Website : www gslclimited com lS0 9001,1S0 14001,1S0 45001 & tSO 50001 Geililied Gompany $ The Corporate Re lationship DeparEnent BSE Limited 1st Floor, New Trading Ring Rotunda Bldg., P.J.Towers, Dalal Street For! MUMBAI - 400 001 SCRIP CODE: 5@690 The Manager, Listing Deparhnent National Stock Exchange of India Ltd 'Exchange Plaza', C/l, Block G Bandra-Kurla Complex Bandra (East), MUMBAI - 400 051 SYMBOL: GSFC Encl.: a/a
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GUJARAT STATE FERTILIZERS & CHEMICALS LTD. P.O. FERTILIZERNAGAR, DIST. VADODARA - 391750 Statement of Unaudited Standalone and Consolidated Financial Results for Quarter and Half Year ended 30th September,2026 (Rs in crores) StandaloneConsolidated RrParticulars UnauditedUnauditedUnauditedUnauditedUnauditedAuditedUnauditedUnauditedUnauditedUnauditedUnauditedAudited NoQuarter endedHaif year endedYear endedQuarter endedHalf year endedYear ended 30-Sep-2630-Jun-2630-Sep-2530-Sep-2630-Sep-2531-Mar-2630-Sep-2630-Jun-2630-Sep-2530-Sep-2630-Sep-2531-Mar-26 1Income (a) Revenue from operations (b) Other Income 4,711.35 169.88 3,581.40 33.18 3,139.91 142.33 8,292.75 203.06 5,311.56 182.13 10,827.25 273.06 4,740.94 170.34 3,583.15 33.58 3,187.37 142.97 8,324.09 203.92 5,371.78 184.72 10,945.50 276.37 4,881.233,614.583,282.248,495.815,493.6911,100.314,911.283,616.733,330.348,528.015,556.5011,221.87 2Expenses (a) Cost of materials consumed (b) Purchase of stock-in-trade (c) Changes In Inventories of finished goods, work-in-progress and stock In trade (d) Power and Fuel (e) Employee tienefits expense (f) Finance Costs (g) Depreciation and amortisation expense (h) Other expenses Total expenses Profit before tax & share of proflt/(loss) of associates (1-2) Share in Profit of Associates Profit before tax (3+4) Tax expense/(benefit) (a) Cument tax (b) Deferred tax (c) Tax related to earlier years Tax expense/fbenefit) Net Profit aftertax & share in profit/(loss) of associates (5-6) 2,098.83 2,217.99 (322.64) 199.48 190.17 14.79 54.66 196.83 2,409.23 1,025.68 (758.07) 223.13 191.29 10.19 53.94 251.88 1,310.94 571.86 263.03 229.97 190.40 1.79 50.42 240.29 4,508.06 3,243.67 (1,080.71) 422.61 381.46 24.98 108.60 448.71 2,568.55 930.15 31.22 442.20 364.07 9.33 97.92 441.12 5,985.61 1,520.86 (124.27) 883.04 768.42 14.46 201.50 1,012.57 2,098.83 2,234.32 (326.73) 199.50 192.76 14.79 54.75 202.59 2,409.23 1,068.29 (801.32) 223.15 193.99 10.19 54.04 257.13 1,310.94 595.43 275.70 229.99 193.07 1.79 50.53 245.62 4,508.06 3,302.61 (1,128.05) 422.65 386.75 24.98 108.79 459.72 2,568.55 990.11 20.87 442.24 369.41 9.33 98.13 451.12 5,985.69 1,630.71 (155.12) 883.19 777.58 14.47 201.90 1,033.16 4,650.113,407.272,858.708,057.384,884.5610,262.194,670.813,414.702,903.078,085.514,949.7610,371.58 3 4 5 6 231.12 231.12 53.81 (6.53) 0.76 207.31 207.31 50.29 (4.09) 423.54 423.54 92.50 10.96 438.43 438.43 104.10 (10.62) 0.76 609.13 609.13 129.30 19.72 838.12 838.12 203.94 16.81 (34.15) 240.47 8.78 249.25 54.71 (6.46) 0.76 202.03 3.11 205.14 50.65 (4.05) 427.27 1.22 428.49 92.57 11.81 442.50 11.89 454.39 105.36 (10.51) 0.76 606.74 6.24 612.98 129.41 20.86 850.29 11.00 861.29 204.16 18.28 (34.15) 48.0446.20103.4694.24149.02186.6049.0146.60104.3895.61150.27188.29 7183.08161.11320.08344.19460.11651.52200.24158.54324.11358.78462.71673.00 Net Profit attributable to: (a) Owners of the company (b) Non Controlling Interest 183.08161.11320.08344.19460.11651.52200.24 -0.00 158.53 0.01 324.07 0.04 358.77 0.01 462.62 0.09 672.78 0.22 183.08161.11320.08344.19460.11651.52200.24158.54324.11358.78462.71673.00 8Other Comprehensive Income (a) Items that will not be reclasslfied to profit or loss (b) Income tax effect on above Total Comprehensive Income (7+8) Paid-up equity share capital (Face value of Rs 21- per Equity share) Other equity excluding revalutlon reserve 27.22726.65-493.88753.8773.86-394.7027.22726.65-493.87753.8773.86-394.60 (3.90)(104.29)70.72(108.19)(10.58)49.06(3.90)(104.29)70.72(108.19)(10.58)49.04 q206.40783.47-103.08989.87523.39305.88223.56780.90-99.041,004.46525.99327.44 1079.7079.7079.7079.7079.7079.7079.7079.7079.7079.7079.7079.70 1112,031.7812,186.75 12 a b Earnings per share (of Rs 2/-each) (for the period - not annuallsed): Basic (In Rs) 1 Diluted (In Rs) 4.60 4.60 4.04 4.04 8.04 8.04 8.64 8.64 11.55 11.55 16.35 16.35 5.02 5.02 3.98 3.98 8.13 8.13 9.00 9.00 11.61 11.61 16.88 16.88 m VADARA I, OA STAr
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GUJARAT STATE FERTILIZERS & CHEMICALS LTD. P.O. FERTILIZERNAGAR, DIST. VADODARA - 391750 Statement of Unaudited Standalone and Consolidated Financial Results for Quarter and Half Year ended 30th September,2026 (Rs In crores) Sr No Particulars StandaloneConsolidated Unaudited 1 Unaudited 1 UnauditedUnaudited 1 UnauditedAuditedUnaudited 1 UnauditedUnauditedUnaudited 1 UnauditedAudited Quarter endedHalf vear endedYear endedQuarter endedHalf vear endedYear ended 30-SeD-2630-Jun-2630-SeD-2530-SeD-2630-SeD-2531-Mar-2630-SeD-2630-Jun-2630-SeD-2530-SeD-2630-SeD-2531-Mar-26 1 a) b) Seament Revenue 3,907.78 803.57 2,946.76 634.64 2,521.86 618.05 6,854.54 1,438.21 4,140.62 1,170.94 8,423.04 2,404.21 3,937.37 803.57 2,948.51 634.64 2,569.32 618.05 6,885.88 1,438.21 4,200.84 1,170.94 8,541.29 2,404.21 Fertilizer Products Industrial Products Total Less : Inter Segment Revenue Revenue From Operations 4,711.353,581.403,139.918,292.755,311.5610,827.254,740.943,583.153,187.378,324.095,371,7810,945.50 4.711.353,581.403,139.918,292.755,311.5610,827.254,740.943,583.153,187.378,324.095,371.7810.945.50 2 a) b) Seament Result: (Profit (+1 / Loss (-1 before 16.62 65.64 120.57 115.93 224.43 53.92 137.20 181.57 361.87 78.64 435.61 200.06 34.75 65.64 118.41 115.93 229.38 53.92 153.16 181.57 365.72 78.64 458.79 200.06 Tax and Finance cost I Fertilizer Products Industrial Products Total Less : (i) Finance costs : (il) Other unallocable expenses : (ill) Unallocable Income 82.26 14.79 5.82 (169.47) 236.51 10.19 45.13 (26.12) 278.35 1.79 (10.17) (136.81) 318.77 24.98 50.95 (195.59) 440.51 9.33 (3.43) (174.52) 635.67 14.46 46.19 (263.10) 100.39 14.79 5.82 (169.47) 234.34 10.19 45.13 (26.12) 283.30 1.79 (10.17) (136.81) 334.73 24.98 50.95 (195.59) 444.36 9.33 (3.43) (174.52) 658.85 14.47 46.19 (263.10)^ Profit Before Tax231.12207.31423.54438.43609.13838.12249.25205.14428.49454.39612.98861.29 3 a) b) c) Segments assets 8,004.99 2,200.83 7,354.98 7,152.02 2,427.52 6,814.39 5,330.48 2,327.90 6,913.98 8,004.99 2,200.83 7,354.98 5,330.48 2,327.90 6,913.98 5,685.37 2,476.22 6,021.18 8,259.32 2,200.83 7,354.98 7,391.84 2,427.52 6,814.39 5,527.13 2,327.90 6,913.98 8,259.32 2,200.83 7,354.98 5,527.13 2,327.90 6,913.98 5,892.15 2,476.22 6,021.18 Fertilizer Products industrial Products Unallocated Total Assets17,560.8016,393.9314,572.3617,560.8014,572.3614,182.7717,815.1316,633.7514,769.0117,815.1314,769.0114,389.55 4 a) b) c) Segments liabilities 2,512.22 184.97 1,961.50 733.26 186.90 2,578.82 1,073.08 416.09 754.19 2,512.22 184.97 1,961.50 1,073.08 416,09 754.19 755.73 160.47 1,155.09 2,585.95 184.97 1,961.50 809.63 186.90 2,578.83 1,122.63 416.09 754.19 2,585.95 184.97 1,961.50 1,122.63 416.09 754.19 796.47 160.47 1,155.09 Fertilizer Products industrial Products Unallocated Total Liabilities4,658.693,498.982,243.364,658.692,243.362,071.294,732.423,575.362,292.914,732.422,292.912,112.03 Jvad^araJ' ^47 y \ LJ
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GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED Unaudited Standalone & Consolidated Balance sheet (Rs In croresl StandaloneConsolidated ParticularsAs atAs atAs atAs at 30th Sept, 202631st March 202630th Sept, 202631st March 2026 UnauditedAuditedUnauditedAudited AASSETS 1Non-current assets (a) Property, Plant and Equipments2,937.112,992.902,941.102,997.08 (b) Capital work-in-progress139.35181.84176.18191.65 (c) Right of Use Assets328.23329.67328.23329.67 (d) Other Intangible assets5.904.235.914.24 (e) Financial Assets (i) Investments - Investments in associates25.4925.49147.19135.30 - Investments in others5,265.084,511.205,228.284,474.40 (ii) Others financial assets85.4687.3885.7287.64 (f) Income tax assets (Net)18.4434.4318.4434.43 (g) Other non current assets3.1925.8318.4541.10 Sub-Total-Non Current assets8,808.258,192.978,949.508,295.51 2Current assets (a) Inventories2,812.361,769.612,968.821,878.77 (b) Financial Assets (i) Trade receivable678.79690.42672.55681.65 (ii) Government subsidies receivable3,392.961,490.953,321.531,452.88 (ill) Cash and cash equivalents718.84160.75741.88191.77 (iv) Bank balances other than (lil) above198.177.19199.228.34 (v) Loans285.08286.54285.08286.54 (vl) Others financial assets178.441,199.61179.021,200.71 (c) Other current assets487.91384.73497.53393.38 Sub-Total-Current assets8,752.555,989.808,865.636,094.04 3Asset classified as held for disposal---- TOTAL ASSETS17,560.8014.182.7717,815.1314.389.55 BEQUITY AND LIABILITIES EQUITY (a) Equity share capital79.7079.7079.7079.70 (b) Other Equity12,822.4112,031.7812,991.9212,186.75 (c) Non controlling Interest-11.0911.07 12,902.1112,111.4813,082.7112,277.52 LIABILITIES 1Non-current liabilities (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities - Non Current1.640.77 22.69 1.640.77 (iii) Others-Grants Govt--8.648.64 (b) Provisions418.14411.65419.73413.11 (c) Deferred Subsidy Income--1.581.63 (d) Deferred tax liabilities (Net)524.77427.20524.44426.77 Sub-Total-Non Current liabilities944.55839.62978.72850.92 2Current liabilities (a) Financial Liabilities (i) Borrowings609.9925.00609.9925.00 (ii) Lease Liabilities - Current1.030.891.030.89 (iii) Trade payables: - Micro and small enterprise36.7136.7143.1139.56 - Other than Micro and small enterprise2,376.16625.922,392.79649.76 (iv) Other financial Liabilities511.86348.83527.88351.99 (b) Other current liabilities66.0566.1766.4066.48 (c) Provisions76.7476.7476.8976.89 (d) Current tax liabilities (Net)35.6051.4135.6150.54 Sub-Total-Current liabilities3,714.141,231.673,753.701,261.11 TOTAL EQUITY & LIABILITIES17,560.8014,182.7717,815.1314,389.55 ^SSOC/4^ VADARA I ^^ACCO^ 514;-^
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GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED Unaudited Standalone and Consolidated Cash Flow Statement (Rs in crores) standaloneConsolidated Half Year EndedHalf Year EndedHalf Year EndedHalf Year Ended 30th Sept 202630th Sept 202530th Sept 202630th Sept 2025 UnauditedUnauditedUnauditedUnaudited A Cash Flow From Ooeratlna Activities : Profit Before Tax438.43609.13454.39612.98 Adjustments for: Depreciation and amortisation expense108.6097.92108.7998.13 Amortisation of lease hold land-1.48-1.48 Unrealised Foreign Exchange(Gain)/Loss5.02(0.38)5.02(0.38) Share of profit of Associates--(11.89)(6.24) Provision for Assets Retiring Obligation1.361.261.361.26 Finance cost21.876.5421.876.54 Interest Income(30.72)(56.75)(31.26)(57.29) Loss/ (Profit) on fixed assets sold/written off1.120.051.120.08 Dividend income(138.38)(106.24)(138.25)(106.11) Excess Provision written Back(0.18)(3.62)(0.42)(5.30) Deferred Subsidy Income--(0.05)(0.05) Provision for doubtful debts/advances0.440.380.440.38 Operating Profit before Working Capital Changes407.56549.77411.12545.48 Movements In working capital: Inventories(1,042.75)(58.25)(1,090.06)(68.56) Trade receivables, loans and advances and other assets(1,188.22)9.91(1,157.79)4.96 Trade payables, other current liabilities and provision1,802.9818.621,812.5940.34 Cash Generated from Operations(20.43)520.05(24.14)522.22 Direct taxes paid (net of refunds)(104.68)(70.40)(105.10)(71.30) Net Cash Flow from Operating Activities(125.11)449.65(129.24)450.92 B Cash Flow From Investing Activities : Purchase of property, plant & equipments(75.31)(219.08)(102.32)(227.99) (including CWIP & capital advances) Sale of investments---0.03 Investment in FD--0.10- Interest received58.68109.0559.18109.59 Dividend received138.38106.24138.38106.24 Net Cash Flow used In Investing Activities121.75(3.79)95.34(12.13) 0 Cash Flow From Financing Activities Net increase/(decrease) in short term borrowings584.99-607.68- Interest paid(21.78)(6.45)(21.78)(6.45) Dividend paid(0.24)(197.75)(0.37)(197.75) Lease Liability Payment(1.43)-(1.43)- Lease Interest Paid(0.09)(0.09)(0.09)(0.09) Net Cash Flow from/ (used In) Financing Activities561.45(204.29)584.01(204.29) Net Increase/ (Decrease) In Cash & Cash Equivalents558.09241.57550.11234.50 Cash and Cash Equivalents as at the beginning of160.75238.46191.77285.44 the year Cash and Cash Equivalents as at end of year718.84480.03741.88519.94 Notes: Components of Cash and cash equivalents Cash on hand0.050.061.090.91 Balances with banks In current accounts56.6147.9266.3753.16 Debit balance in Cash Credit Account189.2612.05189.2612.05 Deposit with original maturity of less than three months--12.2433.82 Liquid Deposits with Financial Institutions472.92420.00472.92420.00 Total Cash and cash equivalents718.84480.03741.88519.94 The Cash flow statement has been prepared under the indirect method as set out In the Indian Accounting Standard 7 on Cash Flows Statement. VADOS^RAj 4
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GUJARAT STATE FERTILIZERS & CHEMICALS LTD. P.O. FERTILIZERNAGAR, DIST. VADODARA - 391750 Notes: The above standalone and consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under section 133 of the Companies Act. 2013 read with the Companies (Indian Accounting Standards) Rules. 2015, as amended from time to time. The Consolidated Financial Results for quarter ended 30*^ September, 2026 include results of Subsidiaries- GSFC Agrotech Ltd, Vadodara Jal Sanchay Private Limited, Gujarat Port and Logistics Company Limited, Associate companies- Gujarat Green Revolution Company Limited, Vadodara Enviro Channel Ltd and Karnalyte Resources Inc. Limited Review of the unaudited financial results for the quarter ended 30^*^ September, 2026 has been carried out by the Statutory Auditors. 4. 5. Previous period figures have been re-grouped / re-classified wherever necessary. The above financial results have been reviewed by the Finance-Cum-Audit Committee and approved by the Board of Directors at their meetings held on 2nd November, 2026. By order of the Board of Directors 2"*^ November, 2026 Gandhinagar Dr. Render Kumar, IAS Managing Director (DIN-07161855) %)ACCOV^
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ICNK & Associates LLP Chartered Accountants INDEPENBENT AUDITOR'S REVIEW REPORT ON UNAUDITED STANDALONE FINANCIAL RESULTS OF THE COMPANY Pursuant to the Regulation 33 of the SEBI (Listing Obugations and Disclosure Requirements) Regulations, 2015 (as amended) To The Board of Directors of Gujarat State Fertilizers & Chemicals umited 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial results ("the statement") of Gujarat State Fertilizers & Chemicals Limited ("the Company") for the quarter and half year ended 30* September, 2026, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended (the "Listing Regulations"). 2. This statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Our responsibility is to issue a report on the statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Instimte of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited standalone financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For CNK & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 ^reen Shah Partner Membership No. 125011 Place: Gandhinagar Date: 02"'' November, 2026 UDIN: 26l'150llBxNf3lS3S66 ssoc/^; VADODARA The Nirat, 3rd Floor, 18, Winward Business Park, Behind Emerald One Complex, In the lane of Dr. Prasant Buch's Hospital, Jetalpur, Vadodara 390 007. Tel: +91 265 234 3483 Website: www.cnkindia.com VADODARA | MUMBAl | CHENNAI [ AHMEDABAD | GIFT CITY | GURGOON | KOLKATA | BENGALURU | DELHI | PUNE | DUBAI | ABU DHABI
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ICNK & Associates LLP Chartered Accountants Independent Auditor's Review Report on Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To The Board of Directors of Gujarat State Fertiuzers & Chemicals limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results ("the statement") of Gujarat State Fertilizers & Chemicals Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group")and its share of net profits after tax and total comprehensive income of its associates for the quarter and half year ended 30''' September, 2026 ("the Statement") attached herewith, being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34, ("Ind AS 34") "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statements based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, to the extent applicable. 4. The statement includes results of the following entities: Sr. No. Name of the Entity Nature of the entity i. Gujarat State Fertilizers & Chemicals Limited Parent ii. GSFC Agrotech Ltd. Subsidiary iii. Vadodara |al Sanchay Private Limited Subsidiary iv. Gujarat Port and Logistics Company Limited Subsidiary V. Gujarat Green Revolution Company Limited Associate vi. Vadodara Enviro Channel Limited Associate vii. Karnalyte Resources Inc. Associate Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in die aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. DARAVA 1/ D ACCS The Nirat, 3rd Floor, 18, Winward Business Park, Behind Emerald One Complex, In the lane of Dr. Prasant Buch's Hospital, Jetalpur, Vadodara 390 007. Tel: +91 265 234 3483 Website: www.cnkindia.com VADODARA | MUMBAI [ CHENNAI | AHMEDABAD j GIFT CITY | GURGOON | KOLKATA | BENGALURU | DELHI | PUNE | DUBAI [ ABU DHABI
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6. We did not review the financial result of the subsidiaries included in the unaudited consolidated financial results, whose unaudited financial results reflect (before consolidated adjustments) total assets of Rs. 209.33 Crores as at 30'"' September 2026, total revenue of Rs. 95.42 crores and Rs. 230.46 crores, total net profit after tax of Rs. 2.56 crores and Rs. 3.60 Crores and a total comprehensive Profit of Rs. Rs. 2.56 crores and Rs. 3.60 crores for the quarter and half year ended 30"' September 2026 and the period ended on that day respectively and net cash outflow of Rs. 7.99 crores for the period from 1« April 2026 to 30"' September 2026. The unaudited consolidated financial results also include the Group's share of net profit after tax of Rs. 8.78 crores and Rs. 11.89 crores and total comprehensive income of Rs. 8.78 crores and Rs. 11.89 crores for the quarter and half year ended 30"' September 2026 respectively, as considered in the statement, in respect of its associates companies. These unaudited interim financial results and other unaudited fmancial information have been furnished to us by the management and our conclusion, in so far, it relates to the affairs of the subsidiaries and associates, is based solely on such unaudited fmancial information compiled by the management and the procedures performed by us as stated in paragraph 3 above. According to the information and explanations given to us by the management, this interim financial information is not material to the Group and is as prepared by the management. Our conclusion on the statement is not modified in respect of the above matter. For C N K & Associates LLP Chartered Accountants Firm Registration No. 101961W/W-100036 Pareen Shah Partner Membership No.125011 Place: Gandhinagar Date: 02"" November, 2026 UDIN: 2eiaS01lP(9K6LeSSS'» c,SOC//l;. VADODAKA