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Gujarat Narmada Valley Fertilizers & Chemicals Ltd INVESTOR PRESENTATION – CONFERENCE CALL – Q2 FY 26-27 November - 2026
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GNFC I Investor Presentation I Q2 FY 26-27 2 of 16 Cautionary Note - Forward Looking Statement Only matters in the public domain can be subject matter of discussion in this meeting. As a matter of policy, we do not provide any forecast about the future business situation. We do not comment or give guidance on future results or business outlook.
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GNFC I Investor Presentation I Q2 FY 26-27 3 of 16 Uniqueness Never lost a single man-day on account of labour discord Absorbed state-of-the art complex technologies from leading technology providers across the globe Only company in India to produce Oil based Ammonia Largest producer of Formic Acid in India. One of the top producers of Aniline, AN Melt, WNA & CNA India’s only manufacturer of Glacial Acetic acid through the cutting-edge Methanol Carbonylation route Only manufacturer of Toluene Di-isocyanate (TDI) in South East Asia & Indian Sub Continent
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During Q-o-Q Q 2, Revenue increased mainly due to higher volume across majority of the products, which is partially offset by lower realization. Result is decreased mainly due to lower realization and higher fixed cost partially offset by higher volume. During Y-o-Y Q 2, Revenue increased mainly due to higher realizations across majority of the products higher volume. Result is marginally increased mainly due to higher realization & higher volume partially offset by higher input cost & higher fixed cost. Y-o-Y H 1, Revenue & PBT are not comparable due to Annual turnaround in Bharuch complex during H 1 FY 25-26. The change in other comprehensive income is attributable to change in the fair market value of both quoted and unquoted investments as well as actuarial assumptions of employee benefit obligations. At Dahej captive Coal base power plant has started resulting into reduction in the operation cost. The balance activity of the project in parallel are in closer mode. Neem Urea Energy Norms are revised from 6.20 Gcal/MT to 6.37 Gcal/MT effective from 01.04.2025 which augurs well for company. The revision in fixed cost for NCU is being pursued with the Government at industry level and task has been assigned to NITI Aayog. GNFC I Investor Presentation I Q2 FY 26-27 4 of 16 From The Desk of Managing Director Mr. Sanjeev Kumar, IAS Managing Director Commenting on the results, Mr. Sanjeev Kumar , IAS, Managing Director stated that it gives me pleasure in sharing results for Q-2 & H-1 FY 26-27.
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The announcement for Nutrient based subsidy rates in respect of complex fertilizer is awaited which are going to be effective from RABI season. While the cash flow on account of subsidy receipt is regular, due to high feed and fuel prices due to geo political situation specially war, the working capital intensity has increased. While high energy prices in general due to war and its consequential effect on some of the immediate down stream products have impacted operating cost in spite of which company has been in position to maintain profitable operations. The Q 2 FY 26-27 has witnessed liquidation of substantial built up inventory at the beginning of quarter. GNFC I Investor Presentation I Q2 FY 26-27 5 of 16 From The Desk of Managing Director Mr. Sanjeev Kumar, IAS Managing Director
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GNFC I Investor Presentation I Q2 FY 26-27 6 of 16 Financial Performance (₹ Crores) During Q- 2 FY 26-27, total income increased as compared to Q -1 FY 26-27, driven by higher volume across majority of the products and dividend income, which is partially offset by lower realizations. Whereas, the PBT is lower primarily due to lower realization and higher fixed cost, which is partially offset by higher volume. During Q- 2 FY 26-27, total income increased as compared to Q -2 FY 25-26, driven by higher realization across majority of the products and higher volume in some of the products. The PBT is marginally higher primarily due to higher realizations and volume, which is partially offset by higher input cost & fixed cost. During H 1 FY 26-27, total income & PBT are not comparable to H 1 FY 25-26, mainly due to maintenance shutdown at Bharuch plants during H 1 FY 25-26. Particulars FY 26-27 FY 25-26 FY 26-27 FY 25-26 Q2 Q1 Q2 H1 Operating Revenue 2,773 2,238 1,968 5,011 3,569 Total Revenue 2,901 2,339 2,095 5,240 3,846 PBT 241 416 230 657 335 PAT 185 310 177 495 255
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GNFC I Investor Presentation I Q2 FY 26-27 7 of 16 Segment Performance Q-2 Vs Q-1: Fertilizer Segment loss decreased mainly due to lower input cost in complex fertilizer & higher energy norms in Neem Urea during Q 1 FY 26-27 partially offset by lower volume in complex fertilizer and higher fixed cost. Chemical Segment performance is lower mainly due to lower realizations & higher fixed cost partially offset by higher volume. Q-2 Vs Q-2 Fertilizer Segment loss marginally increased mainly due to higher fixed cost & higher input cost in complex fertilizers partially offset by higher realization in complex fertilizers and lower energy norms in Neem Urea. Chemical Segment performance marginally improved mainly due to higher realization & higher volume partially offset by higher input cost & fixed cost. (₹ Crores) (₹ Crores) - 1,000 2,000 3,000 Q2 26-27 Q1 26-27 Q2 25-26 1,117 649 781 1,631 1,569 1,162 25 20 25 Segment Revenue Fertilizers Chemicals Others (200) - 200 400 600 Q2 26-27 Q1 26-27 Q2 25-26 (38) (85) (35) 177 425 158 12 9 14 Segment Result Fertilizers Chemicals Others
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GNFC I Investor Presentation I Q2 FY 26-27 8 of 16 Segment Performance H-1 Vs H-1: Fertilizer Segment loss decreased mainly due to higher realization in complex fertilizers & lower energy norms in Neem Urea partially offset by higher input cost in complex fertilizers. Chemical Segment performance improved mainly due to higher realization & higher volume partially offset by higher input cost & fixed cost. (₹ Crores)(₹ Crores) - 2,000 4,000 6,000 H1 26-27 H1 25-26 1,766 1,358 3,200 2,167 45 44 Segment Revenue Fertilizers Chemicals Others (150) - 150 300 450 600 750 H1 26-27 H1 25-26 (123) (135) 602 294 21 17 Segment Result Fertilizers Chemicals Others
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GNFC I Investor Presentation I Q2 FY 26-27 9 of 16 Balance Sheet Summary Particulars 30-09-2026 31-03-2026 Net Fixed Assets * 3,314 2,881 CWIP 781 900 Investments 1,260 1,558 Cash & Bank balance/deposits 1,805 1,111 Other Assets 4,777 4,775 Total Assets 11,937 11,225 Borrowings 109 - Deferred tax liability (net) 176 208 Government grants 425 455 Other liabilities & Provisions 2,044 1,581 Net worth 9,183 8,981 Total Liabilities 11,937 11,225 (₹ Crores) • CWIP represents mainly WNA-III plant, Ammonium Nitrate II plant under construction and urea reactor under replacement. • Investment represents, both, quoted and unquoted investment in equities / G-sec. * Includes Property, plant & equipment, Intangible assets, Right of use assets and Investment property.
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GNFC I Investor Presentation I Q2 FY 26-27 10 of 16 Cash Flow Summary (₹ Crores) • Outflow from financing activity mainly represents payment of dividend. Particulars H1 FY 26-27 H1 FY 25-26 A Operating Cash Flow before Working Capital changes 675 322 Net Change in Working Capital (387) 98 Taxes Paid (147) (106) B Net cash from Operating Activities 141 314 C Net cash (used in) Investing Activities (3) 28 D Net cash (used in) Financing Activities (310) (264) E Net (Decrease) in Cash & Cash Equivalent (B+C+D) (172) 78 F Cash and cash equivalents at the beginning of the year 74 (80) G Cash and cash equivalents at the end of the year (E+F) (98) (2)
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70 71 74 88 113 162 168 220 255 268 Q2 FY 25-26 Q3 FY 25-26 Q4 FY 25-26 Q1 FY 26-27 Q2 FY 26-27 Toluene TDI Feedstock Spreads 92 97 146 167 156 Source: Company Lowest Highest Price (₹ ‘000/MT)Price (₹ ‘000/MT) GNFC I Investor Presentation I Q2 FY 26-27 11 of 16
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28 32 33 51 52 34 33 44 63 73 Q2 FY 25-26 Q3 FY 25-26 Q4 FY 25-26 Q1 FY 26-27 Q2 FY 26-27 Methanol Acetic Acid Feedstock Spreads 7 1 11 12 21 Highest Lowest Price (₹ ‘000/MT) Source: Company GNFC I Investor Presentation I Q2 FY 26-27 12 of 16
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62 60 61 97 90 103 102 111 169 162 Q2 FY 25-26 Q3 FY 25-26 Q4 FY 25-26 Q1 FY 26-27 Q2 FY 26-27 Benzene Aniline Feedstock Spreads 41 42 50 72 72 HighestLowest Price (₹ ‘000/MT) Source: Company GNFC I Investor Presentation I Q2 FY 26-27 13 of 16
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47 45 42 73 68 47 43 44 73 72 11 11 11 12 15 Q2 FY 25-26 Q3 FY 25-26 Q4 FY 25-26 Q1 FY 26-27 Q2 FY 26-27 Oil (Rs. / MT) N (Gas) Rs. / '000 SM3 Imported Coal (Rs. / MT) Trends In Key Energy Inputs ( ₹ ‘000 ) Source: Company % Represent Q-o-Q Changes N (Gas) : Considered Non Urea (7%) (0%) 28% GNFC I Investor Presentation I Q2 FY 26-27 14 of 16
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GNFC I Investor Presentation I Q1 FY 23-24 13 of 15 Expansion Plan GNFC I Investor Presentation I Q2 FY 26-27 15 of 16 Expansion Plan PROJECTS Capacity UNDER EXECUTION : 1. Ammonia Expansion – Bharuch 50 KTPA 2. Weak Nitric Acid –III – Bharuch 200 KTPA 3. Ammonium Nitrate –II – Bharuch 163 KTPA 4. New CFBC Steam Boiler – Bharuch 180 ~ 200 MT/HR UNDER CONSIDERATION : 1. BisPhenol-A (BPA) – Dahej 150 KTPA 2. Polyols – Dahej 100 KTPA 3. Acetic Acid - Bharuch 350 KTPA 26- 27 27- 28 Current Execution Schedule 28- 29 29- 30 30- 31 • Ammonia Expansion: Expected to increase reliability of existing ammonia loop along with some energy cost saving. • WNA-AN: Expected to strengthen Company’s market share. Increase in Revenue and Results. • CFBC Boiler: Expected to increase reliability of operation with energy cost saving.
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Cautionary Note - Forward Looking Statement For Further Information Please Contact: Investor relation cell at: Email: investor@gnfc.in