Interim report
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NO.SEC/BD/SE/OE&UFR/2026-27 November 02, 2026 Dy. General Manager BSE Limited Corporate Relationship Dept., 1 st Floor, New Trading Ring, Rotunda Bldg., PJ Towers, Dalal Street, Fort, Mumbai - 400 001 Scrip Code: "500670" The Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block - “G”, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 Symbol: "GNFC" Dear Sir/Madam, Sub.: Outcome of the Board Meeting Ref.: Intimation of Board Meeting vide letter dated October 08, 2026 ------------------------------------------------------------------------------------------------------ The Board of Directors of the Company at its Meeting held today i.e. November 02, 2025, has, inter-alia considered and approved Unaudited Standalone and Consolidated Financial Results for the second quarter and half year ended on September 30, 2026, along with Limited Review Report on the said Results by the Statutory Auditors of the Company. Further in compliance of Regulations 30 & 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), as amended, we enclose herewith the Unaudited St andalone and Consolidated Financial Results for the second quarter and half year ended on September 30, 2026, along with Limited Review R eport on the said Results by the Statutory Auditors of the Company. We also enclosed herewith Press Release on Unaudited Standalone and Consolidated Financial Results for the second quarter and half year ended on September 30, 2026. These Financial Results are also being made available on the Company’s website at www.gnfc.in . The Board Meeting commenced at 03:00 PM (IST) and concluded at _____ PM (IST). 04:50
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We request you to kindly take the above information on record. Thanking you. Yours faithfully, For Gujarat Narmada Valley Fertilizers & Chemicals Limited Rajesh Pillai Company Secretary & Compliance Officer Encl.: As above
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN : L2411 0GJ 1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED ON SEPTEMBER 30, 2026 f Crores Sr Quarter Ended Year to Date Year Ended No Particulars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31-03-2026 (Unaudltad) (Unaudltlldl (Unaudltad) (Unaudillld) IUnaudllad) !Audlllldl I Revenue from operations 2,773 2,238 1,968 5,011 3,569 7,773 II Other income 128 101 127 229 277 499 Ill Total income (1+11) 2,901 2,339 2,095 5,240 3,846 8,272 IV Expenses (a) Cost of raw materials consumed 1,473 1,310 1,026 2,783 1,865 3,915 (b) Purchase of traded goods and goods & services 18 36 12 54 20 49 of IT division (c) Change in inventories of finished goods, woll<-in- 236 (297) 45 (61) 39 97 progress and stock-in-trade (d) Power, fuel and other utilities expenses 421 421 395 842 739 1,506 (e) Employee benefits expense 186 153 136 339 282 540 (f) Finance costs 1 2 1 3 3 6 (g) Depreciation and amortisation expenses 83 76 81 159 155 307 (h) Other expenses 242 222 169 464 408 787 Total expenses (IV} 2,660 1,923 1,865 4,583 3,511 7,207 V Profit before tax (Ill-IV) 241 416 230 657 335 1,065 VI Tax expense I (credit): a) Current Tax 71 113 63 184 105 312 b) Deferred Tax expense/ (credit) (15) (7) (10) (22) (25) (44) Total Tax expense (VI) 56 106 53 162 80 268 VII Profit for the period/ year after tax (V-VI) 185 310 177 495 255 797 VIII Other Comprehensive Income: Income / (Expense) that will not to be reclassified to profit or loss in subsequent periods : Q) Re-measurement (loss) / gain on defined benefit (10) (16) 19 (26) 29 59 plans - Income tax effect on above credit/ (charge) 2 4 (5) 6 (7) (15) (Ii) Net {loss) /"gain on FVTOCI equity investments (37) 63 (32) 26 63 (45) - Income tax effect on above credit/ (charge) 8 2 3 10 (10) (3) Total Other Comprehensive Income I (Expense) (37) 53 (15) 16 75 (4) IX Total Comprehensive Income for the period / 148 363 162 511 330 793 year (net of tax) (VII + VIII) X Paid up equity share capital 147 147 147 147 147 147 (Face Value of, 101- per Equity Share) XI Other equity excluding revaluation reserves 8,834 XII Earnings Per share (Face value of , 10/- each) (not annualised for the quarter) (a) Basic (') 12.59 21.09 12.04 33.67 17.35 54.22 I/bl Diluted (fl 12.59 21.09 12.04 33.67 17.35 54.22 See accompanying notes to the standalone and consolidated financial results Page 1
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Gujarat Narmada Valley Fertilizers & Chemicals Limited GIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO SOO0l Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED ON SEPTEMBER 30, 2026 fCro1'8S Quarter Ended Year to Date Year Ended Sr Particulars No 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31-03-2026 {Unaudltadl {Unaudltadl (Unaudited I (Unaudltadl {Unaudltad) (Audi18d) I Revenue from operations 2,773 2,238 1,968 5,011 3,569 7,773 II Other income 128 101 127 229 277 499 Ill Total income (1+11> 2,901 2,339 2,095 5,240 3,846 8,272 IV Expenses (a) Cost of raw materials consumed 1,473 1,310 1,026 2,783 1,865 3,915 (b) Purchase of traded goods and goods & services 18 36 12 54 20 49 of IT division (c) Change in inventories of finished goods, work-in 236 (297) 45 (61) 39 97 progress and stock-in-trade (d) Power, fuel and other utilities expenses 421 421 395 842 739 1,506 (e) Employee benefits expense 186 153 136 339 282 540 (f) Finance costs 1 2 1 3 3 6 (g) Depreciation and amortisation expenses 83 76 81 159 155 307 (h) Other expenses 242 222 169 464 408 787 Total expenses (IV) 2,660 1,923 1,865 4,583 3,511 7,207 V Profit before tax (Ill-IV) 241 416 230 657 335 1,065 VI Tax expense/ (credit): a) Current Tax 71 113 63 184 105 312 b) Deferred Tax expense/ (credit) (15) (7) (10) (22) (25) (44) Total Tax expense (VI) 56 106 53 162 80 268 VII Profit for the period / year after tax (V-VI) 185 310 177 495 255 797 VIII Share of profit of an associate 9 2 2 11 7 11 IX Profit for the period I year (Vll+VIII) 194 312 179 506 262 808 X Other Comprehensive Income: Income/ (Expense) that will not to be reclassified to profit or loss in subsequent periods : (i) Re-measurement (loss}/ gain on defined benefi1 (10) (16) 19 (26) 29 59 plans - Income tax effect on above credit/ (charge) 2 4 (5) 6 (7) (15) (ii) Net (loss) / gain on FVTOCI equity investments (37) 63 (32) 26 63 (45) - Income tax effect on above credit/ (charge) 8 2 3 10 (10) (3) Total Other Comprehensive Income/ (Expense) (37) 53 (15) 16 75 (4) XI Total Comprehensive Income for the period I 157 365 164 522 337 804 year (net of tax) (IX + X) XII Paid up equity share capital 147 147 147 147 147 147 (Face Value of~ 10/- per Equity Share) XIII Other equity excluding revaluation reserves 8,968 XIV Earnings Per share (Face value off 10/· each) (not annualised for the quarter) (a) Basic (~) 13.20 21.22 12.18 34.42 17.82 54.97 l<bl Diluted (~l 13.20 21.22 12.18 34.42 17.82 54.97 See acc:omoanvlna notes to the standalone and consolidated financial results Page 2
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED STANDALONE AND CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 2026 f Croras Standalone CGnsolldated Partlculan Asat AsAt As at As At 30--09-2026 31--03-2026 30--09-2026 31--03-2026 (UnaudllBd) (Audited) (Unaudited) IAuditadJ I ASSETS Non-current assets (a) Property, plant and equipment 3,025 2,595 3,025 2,595 (b) Capital wor1<-in-progress 781 900 781 900 (c) lnveslment property 35 35 35 35 (d) Right of use assets 212 214 212 214 (e) Intangible assets 42 37 42 37 (I) Financial assets (i) lnveslments 889 863 1,034 997 (ii) Loans 172 171 172 171 (iii) Other financial assets 19 21 19 21 (g) Income tax assets (net) 44 35 44 35 (h) Other non-current assets 146 203 146 203 TotalNon-CurrentAsaets 5365 5074 5.510 5208 Current assets (a) Inventories 1.259 1,018 1,259 1,018 (b) Financial assels (i) lnveslmenls 371 695 371 695 (ii) Trade receivables 969 641 969 641 (ni) Cash and cash equivalenls 11 74 11 74 (iv) Bank balances other than (iii) above t,794 1,035 1,794 1,035 (v) Loans 1,937 2,431 1,937 2,431 (vi) others financial assels 93 139 93 139 (c) Other current assets 138 118 138 118 Total Current Assets 6,672 6,161 6,672 6,151 TOTAL -ASSETS 11,937 11,225 12,082 11,359 II EQUITY AND LIABILITIES EQUITY (a) Equity share capital 147 147 147 147 (b) Other equity 9036 8,834 9181 8.968 Total Equity 9,183 8,981 9328 9116 LIABILITIES NoiH:urrent llablllties (a) Financial liabilities (i) Lease liabilities 2 3 2 3 (ii) other financial liabiities - 1 - 1 (b) Provisions 657 597 657 597 (c) Deferred tax liabilities (net) 176 208 176 208 (d) Government granls (Deferred Income) 364 394 364 394 Total Non.Cumint liabilities 1199 1 203 1199 1 203 Current Llabllltiea (a) Financial liabilities (i) Borrowings 109 109 - (ii) Lease liabilities 2 3 2 3 (iii) Trade payables (A) Total oulstandin9 dues of micro and small enterprises 15 26 15 26 (B) Total outstanding dues of creditors other than micro and 576 428 576 428 small enterprises (iv) Other financial liabilities 561 359 581 359 (b) Other cunent liabilities 125 118 125 118 (c) Provisions 57 38 57 38 (d) Govemmenl grants (Deferred Income) 61 61 61 81 (e) Current tax liabilities (net) 49 8 49 8 Total Current Liabilities 1555 1041 1556 1041 Total Uabllltles 2,754 2 244 2,754 2,244 TOTAL· EQUITY AND LIABILITIES 11,937 11,22S 12,082 11 359 See accompanying notea to Iha s1andalona and coMoUdated nnanelal results Page 3
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED SEGMENT-WISE STANDALONE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED ON SEPTEMBER 30, 2026 , Crores Quarter Ended Year to Date Year Ended Sr Particulars No 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31-03-2026 (Unaud111ed) (Unaudited) (Unaudited I fUnaudltlld) (Unaud111edl (Audltlld) I Segment Revenue : A. Fertilizers 1,117 649 781 1,766 1,358 2,764 B. Chemicals 1,631 1,569 1,162 3,200 2,167 4,899 C. Others 25 20 25 45 44 110 Total 2,773 2,238 1,968 5,011 3,569 7,773 Less: Inter Segment Revenue - - . - . . Revenue from Operations 2,773 2,238 1,968 5,011 3,569 7,773 II Segment Results : {Profit/ (Loss) before Tax & Finance Cost from each segment} A. Fertilizers (38) (85) (35) (123) (135) (186) B. Chemicals 177 425 158 602 294 913 C. Others 12 9 14 21 17 46 Total 151 349 137 500 176 773 Less: (i) Finance Costs 1 2 1 3 3 6 (ii) Other Unallocable expenditure 18 12 13 30 30 60 (iii) Unallocable Income (109) (81) (107) (190) (192) (358) Profit Before Tax 241 416 230 657 335 1,065 Ill Segment Assets & Segment Liabilities: Segment Assets: A Fertilizers 2,650 2,342 1,862 2,650 1,862 2,147 B. Chemicals 3,168 3,096 2,785 3,168 2,785 2,791 C. Others 295 176 175 295 175 150 D. Unallocated assets 5,824 6,083 5,912 5,824 5,912 6,137 Total Assets 11,937 11,697 10,734 11,937 10,734 11,225 Segment Liabilities: A. Fertilizers 1,101 1,143 1,078 1,101 1,078 1,119 B. Chemicals 830 591 566 830 566 598 C. Others 266 144 136 266 136 115 D. Unallocated Liabilities 557 475 436 557 436 412 Total Liabilities 2,754 2,353 2,216 2,754 2,216 2,244 See accompanying notes to the standalone and consolidated financial results Page4
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An 150 9001, 150 14001, 150 45001 & 150 50001 Certified Company p_Q_ Narmadanagar - 392015. Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfcin GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED SEGMENT-WISE CONSOLIDATED REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND SIX MONTHS ENDED ON SEPTEMBER 30, 2026 f Crores Quarter Ended Period Ended Year Ended Sr No Particulars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31-03-2026 (Unaudilad) (Unaudited) (Unaudilad) (Unaudiled) (Unaudiled) (Audiled) I Segment Revenue : A Fertilizers 1,117 649 781 1,766 1,358 2,764 B. Chemicals 1,631 1,569 1,162 3,200 2,167 4,899 C. Others 25 20 25 45 44 110 Total 2,773 2,238 1,968 5,011 3,569 7,773 Less: Inter Segment Revenue - - - . . Revenue from Operations 2,773 2,238 1,968 5,011 3,569 7,773 II Segment Results : { Profit/ (Loss) before Tax & Finance Cost from each segment} A Fertilizers (38) (85) (35) (123) (135) (186) B. Chemicals 177 425 158 602 294 913 C. Others 12 9 14 21 17 46 Total 151 349 137 500 176 773 Less : (i) Finance Cost 1 2 1 3 3 6 (ii) Other Unallocable Expenditure 18 12 13 30 30 60 (iii) Unallocable Income (109) (81) (107) (190) (192) (358) Profit Before Tax 241 416 230 657 335 1,065 Ill Segment Assets & Segment Liabilities: Segment Assets: A. Fertilizers 2,650 2,342 1,862 2,650 1,862 2,147 B. Chemicals 3,168 3,096 2,785 3,168 2,785 2,791 C. Others 295 176 175 295 175 150 D_ Unallocated assets 5,969 6,219 6,042 5,969 6,042 6,271 Total Assets 12,082 11,833 10,864 12,082 10,864 11,359 Segment Liabilities: A. Fertilizers 1,101 1,143 1,078 1,101 1,078 1,119 B. Chemicals 830 591 566 830 566 598 C. Others 266 144 136 266 136 115 D_ Unallocated Liabilities 557 475 436 557 436 412 Total Liabilities 2,754 2,353 2,216 2,754 2,216 2,244 See accompanying notes to the standalone and consolidated financial result& Page 5
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• Gmw11Vr~!'~~ u n -:.in Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GWARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED Unaudited Standalone Statement of cash flows for the six months ended September 30, 2026 f Crores Six months Six months Particulars ended ended September 30, September 30, 2026 2025 Cash flow from operating activities Profit before tax as per statement of profit and loss 657 335 Adjustments for: loss on sale/ discard/ write off of property, plant and equipment (net) # - . (Gain) on lease modification/ termination .. - - loss/ (gain) on sale of investments (net) .. - - Interim distribution towards investments (1) - Depreciation and amortization 159 155 Interest expense on employee loan fair valuation 1 2 Interest income (155) (158) Dividend income (29) (24) Amortization of grant income (30) (30) Fair valuation (gain)/ loss on investments measured at FVTPl (net) # - - Unclaimed loans / liabilities / excess provision for doubtful debt written back (2) (2) Unrealised foreign exchange fluctuation loss/ (gain) 9 (4) Finance costs 3 3 Premium on forward contracts 7 3 Provision I Write off for excess Inventory 9 - Provision for Unspent CSR obligation 4 9 Provision for contingencies 29 28 Advances / Bad debts written off # - - Provision for doubtful debts/ advances (net) 14 5 O=ratlna profit before working capital chanaes 675 322 Movements In working capital : (Increase)/ Decrease in trade receivables, including Subsidy receivable (328) 35 (Increase)/ Decrease in inventories (249) 208 (Increase) / decrease in financial assets .. (57) - {Increase) in loans and advances and other assets (23) (42) Increase in provisions 25 16 Increase I {Decrease) in trade payables and other liabilities 143 (127) Increase in financial liabilities 102 8 Cash generated from operations 288 420 Income taxes paid (net) (147) (106) Net cash flow aenerated from ooeratlna activities IA) 141 314 Cash flows from investing activities Payment for purchase of property, plant & equipment (Including capital work In (332) (348) progress and capital advances) Proceeds from sale of property, plant and equipment .. 1 . Proceeds from sale/ maturity of investments I other advances 321 4 Decrease I (Increase) in deposits with corporates (net) 565 (1,305) Decrease / (increase) in deposits/ balances with banks (net) (706) 1,460 Interest received 148 213 Dividend received - 4 Net cash flow (used inl I aenerated from investing activities (Bl (3) 28 Page 6
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED Unaudited Standalone Statement of cash flows for the six months ended September 30, 2026 ,crores Six months Six months Particulars ended ended September 30, September 30, 2026 2025 Cash flows from financing activities Interest paid (2) (3) Dividend paid (301) (258) Premium on forward contracts (7 (3' Net cash flow !used in) flnancina activities !C) (310 (264) Net increase / (decrease) in cash and cash equivalents (A + B + C) (172) 78 Cash and cash eauivalents at the beginning of the year 74 (80' Cash and cash eauivalents at the end of the Deriod (981 {21 Notes: Component of Cash and Cash equivalents - Cash on hand # - - - Debit balance in cash credit and overdraft accounts 7 2 - Balances with bank in current accounts 4 4 Total 11 6 Less: Cash credit and overdraft accounts 109 8 Total cash and cash equivalents {981 (2) See accompanyina notes to the financial results • Represents value less than f 0.50 Crore in current period. • • Represents value less than ? 0.50 Crore in previous period. # Represents value less than f 0.50 Crore in both the period. (1) The Cash flow statement has been prepared under the indirect method as set out in the "Indian Accounting Standard {Ind AS) 7 - Statement of Cash Flows" issued by the Institute of Chartered Accountants of India. Page 7
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED Unaudited consolidated Statement of cash flows for the six months ended September 30, 2026 f Crores Six months Six months Particulars ended ended September 30, September 30, 2026 2025 Cash flow from operating activities Profit before tax as per statement of profit and loss 657 335 Adjustments for: Loss on sale/ discard/ write off of property, plant and equipment (net) # - - (Gain) on Lease modification/ termination .. - - Loss f (gain) on sale of investments (net) .. - - Interim distribution towards investments (1) - Depreciation and amortization 159 155 Interest expense on employee loan fair valuation 1 2 Interest income (155) (158) Dividend income (29) (24) Amortization of grant income (30) (30) Fair valuation (gain) / loss on investments measured at FVTPL (net) # - - Unclaimed loans/ liabilities / excess provision for doubtful debt written back (2) (2) Unrealised foreign exchange fluctuation loss / (gain) 9 (4) Finance costs 3 3 Premium on fo,ward contracts 7 3 Provision f Write off for excess Inventory 9 - Provision for Unspent CSR obligation 4 9 Provision for contingencies 29 28 Advances I Bad debts written off # - - Provision for doubtful debts / advances (net) 14 5 Onaratlna oroflt before workina caoital chanaes 675 322 Movements in working capital : (Increase) I Decrease in trade receivables, including Subsidy receivable (328) 35 (Increase)/ Decrease in inventories (249) 208 (Increase) I decrease in financial assets .. (57) - (Increase) in loans and advances and other assets (23) (42) Increase in provisions 25 16 Increase I (Decrease) in trade payables and other liabilities 143 (127) Increase in financial liabilities 102 8 Cash generated from operations 288 420 Income taxes paid (net) (147) (106) Net cash flow aenerated from ooeratina activities (Al 141 314 Cash flows from investing activities Payment for purchase of property, plant & equipment (Including capital work In (332) (348) progress and capital advances) Proceeds from sale of property, plant and equipment .. 1 - Proceeds from sale / maturity of investments / other advances 321 4 Decrease I (Increase) in deposits with corporates (net) 565 (1,305) Decrease I (increase) in deposits I balances with banks (net) (706) 1,460 Interest received 148 213 Dividend received - 4 Net cash flow lused inl / aenerated from investing activities (Bl (3) 28 Page 8
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Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company P.O. Narmadanagar - 392015, Dist. Bharuch, Gujarat, India Ph. (02642) 247001, 247002 Website: www.gnfc.in GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED Unaudited consolidated Statement of cash flows for the six months ended September 30, 2026 f Crores Six months Six months Partlculars ended ended September 30, September 30, 2026 2025 Cash flows from financing activities Interest paid (2) (3) Dividend paid (301) (258) Premium on forward contracts (7) (3) Net cash flow (used In) financing activities (Cl (310 (2641 Net increase / (decrease) in cash and cash equivalents (A+ B + C) (172) 78 Cash and cash equivalents at the beginning of the vear 74 (80) Cash and cash eauivalents at the end of the period (98' (21 Notes: Component of Cash and Cash equivalents - Cash on hand # - - - Debit balance in cash credit and overdraft accounts 7 2 - Balances with bank in current accounts 4 4 Total 11 6 Less: Cash credit and overdraft accounts 109 8 Total cash and cash equivalents 1981 (2 See accompanvina notes to the financial results * Represents value less than , 0.50 Crore in current period. * * Represents value less than , 0.50 Crore in previous period. # Represents value less than , 0.50 Crore in both the period. (1) The Cash flow statement has been prepared under the indirect method as set out in the "Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows" issued by the Institute of Chartered Accountants of India. Page 9
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An ISO 9001, ISO 14001, ISO 45001 & ISO 50001 Certified Company Notes: Gujarat Narmada Valley Fertilizers & Chemicals Limited CIN: L24110GJ1976PLC002903 P.O. Narmadanagar - 392015, Dist. Bharuch , Gujarat, India Ph. (02642} 247001, 247002 Website: www.gnfc.in 1 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. 2 The above standalone and consolidated financial results have been reviewed by the Audit Committee at its meeting held on November 01, 2026 and approved by the Board of Directors at its meeting held on November 02, 2026. The statutory auditors of the Company have carried out a limited review of these results and have expressed unmodified conclusion on these standalone and consolidated financial results. 3 During the quarter ended September 30, 2022, the Company has received updated Demand Notice off 21,370 Crores (including interest and penalty computed till November 30, 2021) from the Department of Telecommunications (Don, Ministry of Communications, Government of India, Gujarat Telecom Circle, Ahmedabad, vide its letters dated July 15, 2022 towards the license fee in respect of "Very Small Aperture Terminal" (V-SAn License and "Category A - Internet Service Provider" (ISP) License for the financial years from FY 2005-06 to FY 2019-20. The aforesaid demand superseded earlier demand notices issued by DOT amounting tot 15,020 Crores and~ 16,359 Crores, respectively (including interest and penalty) and was raised following the judgment of the Hon'ble Supreme Court of India dated 24 October 2019 in relation to Adjusted Gross Revenue C'AGR'l The Company has submitted various representations to the DoT requesting reconsideration of the demand, including on the basis that revenues from its fertilizers and chemicals businesses, which are unrelated to the VSAT and ISP licenses, should not be considered for the purposes of determining AGR and the related license fees. As at reporting date, the Company has not received any further update from DoT on this matter. Based on the consideration of legal and regulatory developments relating to this matter, and legal advice obtained from Senior Advocates and management's assessment of the matter, the Company believes that it has strong grounds on merits to contest the demand raised by the DoT and defend itself in the matter. Accordingly, management has concluded that the likelihood of an unfavourable outcome against the Company is remote and no adjustments are required to be made in these unaudited standalone and consolidated financial results. 4 Manufacturing facilities of the Company at Bharuch had undergone planned annual shutdown for the period of 18 days (i.e. from 01.04.2025 to 18.04.2025). Hence, figures of the half year ended September 30, 2026 is not comparable with the corresponding half year ended September 30, 2025. 5 The Consolidated Financial Results includes results of an Associate Company - "Gujarat Green Revolution Company Limited" in accordance with Ind AS - 110 "Consolidated Financial Statements· and Ind AS -28 "Investments in Associates and Joint Ventures". For and on behalf of the Board of Directors Digitally signed SANJEEVbySANJEEV KUMAR KUMAR Date: 2026.1 1.02 16:23:56 +05'30' Place : Gandhinagar Sanjeev Kumar, IAS Date : November 02, 2026 Managing Director Page 10
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B S R and CoChartered Accountants903 Commerce House VNear Vodafone House, Prahaladnagar Corporate Road, Ahmedabad 380 051India Telephone: +91 (79) 7145 0001Fax: +91 (79) 7145 0050 Principal Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 2 Limited Review Report on unaudited standalone financial results of Gujarat Narmada Valley Fertilizers & Chemicals Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of Gujarat Narmada Valley Fertilizers & Chemicals Limited1. We have reviewed the accompanying Statement of unaudited standalone financial results of Gujarat Narmada Valley Fertilizers & Chemicals Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (“the Statement”).2. This Statement, which is the responsibility of the Company’s management and approved by its 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, as amended (“Listing Regulations”). 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 Institute of Chartered Accountants of India. 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.4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.5. We draw attention to note 3 to the accompanying unaudited standalone financial results, which describes ongoing matter relating to a demand of INR 21,370 crores on the Company by Department of Telecommunications (DoT) towards Very Small Aperture Terminal (‘VSAT’) and Internet Service Provider (‘ISP’) Licenses fees pertaining to earlier years. As described in the said note, based on the legal advice obtained and management's assessment of the matter, the Company has determined that no adjustments are required to be made in these unaudited standalone financial results.Our conclusion is not modified in respect of this matter.6. The standalone financial results of the Company for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 18 May 2026 had expressed an unmodified opinion. The standalone financial results of the Company for the corresponding quarter ended 30 September 2025 and the corresponding period from 01 April 2025 to 30 September 2025 were reviewed by the predecessor auditor whose report dated 12 November 2025 had expressed an unmodified conclusion.
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B S R and Co Limited Review Report (Continued) Gujarat Narmada Valley Fertilizers & Chemicals Limited Page 2 of 2 7. The standalone financial results of the Company for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 05 August 2026 had expressed an unmodified conslusion For B S R and Co Chartered Accountants Firm’s Registration No.:128510W Jeyur Shah Partner Ahmedabad Membership No.: 045754 02 November 2026 UDIN:26045754AIFULN2667 Jeyur Digitally signed by Jeyur Bharatku ~~:~•tkumar mar ShahDat e:2026.11.02 16:49:26 +05"30"
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B S R and CoChartered Accountants903 Commerce House VNear Vodafone House, Prahaladnagar Corporate Road, Ahmedabad 380 051India Telephone: +91 (79) 7145 0001Fax: +91 (79) 7145 0050 Principal Office:14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 2 Limited Review Report on unaudited consolidated financial results of Gujarat Narmada Valley Fertilizers & Chemicals Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of Gujarat Narmada Valley Fertilizers & Chemicals Limited1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Gujarat Narmada Valley Fertilizers & Chemicals Limited (hereinafter referred to as “the Company”), and its share of the net profit after tax and total comprehensive income of its associate for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 (“the Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").2. This Statement, which is the responsibility of the Company’s management and approved by the Company’s 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 Listing Regulations. Our responsibility is to express a conclusion 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 Institute of Chartered Accountants of India. 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 and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.4. The Statement includes the results of following entities:Sr No. Name of entity Relationship1 Gujarat Narmada Valley Fertilizers & Chemicals Limited Parent Company2 Gujarat Green Revolution Company Limited Associate5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.6. We draw attention to note 3 to the accompanying unaudited consolidated financial results, which describes ongoing matter relating to a demand of INR 21,370 crores on the Company by Department
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B S R and Co Limited Review Report (Continued) Gujarat Narmada Valley Fertilizers & Chemicals Limited Page 2 of 2 of Telecommunications (DoT) towards Very Small Aperture Terminal (‘VSAT’) and Internet Service Provider (‘ISP’) Licenses fees pertaining to earlier years. As described in the said note, based on the legal advice obtained and management's assessment of the matter, the Company has determined that no adjustments are required to be made in these unaudited consolidated financial results. Our conclusion is not modified in respect of this matter. 7. The consolidated financial results of the Company and its associates for the year ended 31 March 2026 were audited by the predecessor auditor whose report dated 18 May 2026 had expressed an unmodified opinion. The consolidated financial results of the Company and its associates for the corresponding quarter ended 30 September 2025 and the corresponding period from 01 April 2025 to 30 September 2025 were reviewed by the predecessor auditor whose report dated 12 November 2025 had expressed an unmodified opinion. 8. The consolidated financial results of the Company and its associates for the three months ended 30 June 2026 were reviewed by the predecessor auditor whose report dated 05 August 2026 had expressed an unmodified opinion. 9. The Statement also includes the Company’s share of net profit after tax of Rs. 9 crores and Rs. 11 crores and total comprehensive income of Rs. 9 crores and Rs. 11 crores, for the quarter ended 30 September 2026 and for the period from 01 April 2026 to 30 September 2026 respectively, as considered in the Statement, in respect of one associate, based on its financial information which has not been reviewed. According to the information and explanations given to us by the management, this interim financial information is not material to the Company. Our conclusion is not modified in respect of this matter. For B S R and Co Chartered Accountants Firm’s Registration No.:128510W Jeyur Shah Partner Ahmedabad Membership No.: 045754 02 November 2026 UDIN:26045754YAXLGW1998 Jeyur Digitally signed by Bharatku ;;;;~•ha,atkuma, Date: 2026.11.02 mar Shah 1M9ss+os·,o·
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Gujarat Narmada Valley Fertilizers & Chemicals Ltd Page 1 of 5 PRESS RELEASE Results for the Quarter and Half year ended 30th September, 2026 Gandhinagar, 2nd November, 2026: A meeting of the Board of Directors was held today to consider and approve the unaudited Financial Results for Q-2 & H-1 FY 2026-27. (Standalone - ₹ Crores) FY 26-27 FY 25-26 FY 26-27 FY 25-26 FY 25-26 Q-2 Q-1 Q-2 H-1 Operating Revenue 2,773 2,238 1,968 5,011 3,569 7,773 Total Revenue 2,901 2,339 2,095 5,240 3,846 8,272 PBT 241 416 230 657 335 1,065 PAT 185 310 177 495 255 797 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. 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.
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Page 2 of 5 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 price s 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. He further explained the break down in terms of segment as under: Segment Performance: ₹ Crores Quarterly: Half yearly: - 500 1,000 1,500 2,000 2,500 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 (100) - 100 200 300 400 500 Q2 26-27 Q1 26-27 Q2 25-26 (38) (85) (35) 177 425 158 12 9 14 Segment Result Fertilizers Chemicals Others - 1,000 2,000 3,000 4,000 5,000 6,000 H1 26-27 H1 25-26 1,766 1,358 3,200 2,167 45 44 Segment Revenue Fertilizers Chemicals Others (200) - 200 400 600 800 H1 26-27 H1 25-26 (123) (135) 602 294 21 17 Segment Result Fertilizers Chemicals Others
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Page 3 of 5 Segment Revenue: On Q-o-Q Q-2, The Fertilizer Segment revenue increased mainly due to higher realization & higher volume. The Chemical Segment revenue increased mainly due to higher realization partially offset by lower volume. On Y-o-Y Q-2, The Fertilizer & Chemical Segment revenue increased mainly due to higher realization & higher volume. Segment Results: During Q-o-Q Q-2, The Fertilizer Segment loss decreased, primarily due to positive impact of revision in urea energy norms & lower input cost partially offset by higher fixed cost. The Chemical segment performance is lower primarily due to lower realization and higher fixed cost partially offset by higher volume. During Y -o-Y Q -2, The Fertilizer Segment losses marginally increased, primarily due to higher input & fixed cost s, partially offset by higher realization s. The Chemical segment performance improved marginally, driven by higher realization and volumes, partially offset by higher input & fixed cost. Key Balance Sheet items: ₹ Crores Particulars 30-09-2026 31-03-2026 Net Fixed Assets * 3,314 2,881 CWIP 781 900 Investments 1,260 1,558 Bank 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 * Includes Property, plant & equipment, Intangible assets, Right of use assets and Investment property 1. CWIP represents mainly WNA-III plant, A mmonium Nitrate II plant under construction and urea reactor under replacement. 2. Investment represents, both, quoted and unquoted investment in equities / G-Sec.
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Page 4 of 5 Cash Flow: ₹ Crores Particulars H1 26-27 H1 25-26 Opening 74 (80) Net cash flow generated from operating activities 141 314 Net cash flow generated from / (used in) investing activities (3) 28 Net cash flow (used in) financing activities (310) (264) Closing (98) (2) Outflow from financing activity mainly represents payment of dividend. Capex Plan: The Projects under execution at Bharuch are by and large as per schedule. Future Road Map: During current financial year, market study and Detailed Project Report (DPR) exercise are expected to be over in respect of projects under consideration. Outlook: In the current turbulent times, the effort is to protect / enhance the margin, and at the same time, keep meeting customer demand, in spite of margin challenges. The long term focus continues to be top line and margin enhancement through building pipeline of value added products.
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Page 5 of 5 About GNFC: GNFC is a joint sector enterprise promoted by the Government of Gujarat and the Gujarat State Fertilizers & Chemicals Ltd.(GSFC). It was set up at Bharuch, Gujarat in 1976. GNFC started its manufacturing and marketing operations up in 1982 with one of the world’s largest single-stream ammonia-urea fertilizer complex and gradually expanded in chemicals. Today, chemicals form significant segment of revenue and key contributor of segment results. Disclaimer: Except for the historical information contained herein, statements herein and the subsequent discussions may constitute "forward-looking statements". These forward -looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward -looking statements. These risks and uncertainties include, but are not limited to our ability to s uccessfully implement our strategy, our growth and expansion plans, our ability to obtain regulatory approvals, technological changes, fluctuation in earnings, foreign exchange rates, our ability to manage international operations and exports, our exposure to market risks as well as other risks.