Integrated Filing — IndAS



General information about company

Scrip Code 500670
NSE Symbol GNFC
MSEI Symbol NOTLISTED
ISIN INE113A01013
Name of company GUJARAT NARMADA VALLEY FERTILIZERS AND CHEMICALS LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 12-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 13-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 12-11-2025   15:30:00
End date and time of board meeting 12-11-2025   17:20:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 1,96,800.00 3,56,900.00
Other income 12,700.00 27,700.00
Total income 2,09,500.00 3,84,600.00
2 Expenses
(a) Cost of materials consumed 1,02,600.00 1,86,500.00
(b) Purchases of stock-in-trade 1,200.00 2,000.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 4,500.00 3,900.00
(d) Employee benefit expense 13,600.00 28,200.00
(e) Finance costs 100.00 300.00
(f) Depreciation, depletion and amortisation expense 8,100.00 15,500.00
(f) Other Expenses
1 Power, fuel and other utilities 39,500.00 73,900.00
2 Other expenses 16,900.00 40,800.00
Total other expenses 56,400.00 1,14,700.00
Total expenses 1,86,500.00 3,51,100.00
3 Total profit before exceptional items and tax 23,000.00 33,500.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 23,000.00 33,500.00
6 Tax expense
7 Current tax 6,300.00 10,500.00
8 Deferred tax (1,000.00) (2,500.00)
9 Total tax expenses 5,300.00 8,000.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 17,700.00 25,500.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 200.00 700.00
16 Total profit (loss) for period 17,900.00 26,200.00
17 Other comprehensive income net of taxes (1,500.00) 7,500.00
18 Total Comprehensive Income for the period 16,400.00 33,700.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 14,700.00 14,700.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 12.18 17.82
Diluted earnings (loss) per share from continuing operations 12.18 17.82
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 12.18 17.82
Diluted earnings (loss) per share from continuing and discontinued operations 12.18 17.82
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 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 11, 2025 and approved by the Board of Directors at its meeting held on November 12, 2025. The statutory auditors of the Company have carried out a 'limited review' of these results. 3.During the quarter ended September 30, 2022, the Company has received updated Demand Notice of Rs. 21370 Crores (including interest and penalty computed till November 30, 2021) from the Department of Telecommunications (DoT), 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-SAT) License and Category A - Internet Service Provider (ISP) License for the financial years from FY 2005-06 to FY 2019-20. Earlier, the Company had also received an initial Demand Notice from DOT dated March 05, 2020 and December 23, 2019 for amounting to Rs. 16359 Crores and Rs. 15020 Crores, respectively (including interest and penalty). The Company has made representations to the DoT against the said demand notices. The Company has evaluated the assessment made by DoT for raising the above demand notices based on the Adjusted Gross Revenue (AGR) judgement of Hon’ble Supreme Court of India on October 24, 2019. Aggrieved by the above demands, the Company had submitted various representations dated January 06, 2020, February 21, 2020, April 03, 2020 and March 04, 2022 to the DoT requesting reconsideration and withdrawal of the Demands raised by the DoT including the revenues of the Company from Fertilizers and Chemicals Business which is completely unconnected to VSAT and ISP Licenses. Hon’ble Supreme Court vide its Order dated June 11, 2020 directed DoT to reconsider the demand raised on Public Sector Undertakings (“PSUs”), which are not in business of mobile services to the general public. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT), in its Order dated 28th February, 2022 in the case of Netmagic Solutions Pvt. Ltd., a private limited company, held that there is no scope to differentiate between two sets of licensees having same or similar Licenses only on the basis of their ownership, private or public and set aside the demand raised by the DoT.Based on the legal assessment in consultation with Senior Advocates, the Company believes that it has strong grounds on merits to contest the demand raised by the DoT and defend itself in the matter, hence no provision is considered necessary in these financial results. As at reporting date, the Company has not received any further update from DoT regarding these demand notices. 4. Other income for the year ended March 31, 2025 includes Rs. 3.06 Crores received from IL&FS Financial Services Limited as interim distribution towards investments in its non-convertible debentures and Rs. 3.56 Crores received from Reliance Capital as full & final distribution towards investments in its non-convertible debentures. The Company had already made good the loss while transferring the PF corpus to the Employees’ Provident Fund Organisation (EPFO) by considering the fair value of securities at Rs. 1 each and therefore, the aforesaid receipt has been recorded as income of the Company. 5. Employee benefits expense for the corresponding quarter and half year year ended September 30, 2024 and year ended March 31, 2025 includes reversal impact of Rs. 14.17 crores being excess liability related to FY 2023-24. 6. The Board of Directors of the Company in their meeting held on May 23, 2025 recommended a final dividend of Rs. 18 per fully paid up equity shares of Rs.10 each, aggregating to Rs. 264.49 crores for the year ended March 31, 2025, which was approved by the shareholders at the Annual General Meeting held on September 09, 2025. 7.Manufacturing facilities of the Company had undergone planned annual shutdown for the period of 18 days (i.e. from 01.04.2025 to 18.04.2025). Hence the figures for the previous quarter are not comparable with the current quarter as well as corresponding quarter and the year to date figures of current years with corresponding year to date figures to that extent. 8.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. 9.Figures in the results are rounded off to the nearest Rs. Crore, except Earnings Per Share. 10. Previous period / year figures have been re-grouped / re-classified / re-casted wherever considered necessary to conform with the current period presentation.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 2,68,800.00
Capital work-in-progress 75,400.00
Investment property 3,600.00
Goodwill 0.00
Other intangible assets 4,100.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 1,43,100.00
Trade receivables, non-current 0.00
Loans, non-current 44,600.00
Other non-current financial assets 1,800.00
Total non-current financial assets 1,89,500.00
Deferred tax assets (net) 0.00
Other non-current assets 46,500.00
Total non-current assets 5,87,900.00
2 Current assets
Inventories 1,05,000.00
Current financial asset
Current investments 93,900.00
Trade receivables, current 38,300.00
Cash and cash equivalents 600.00
Bank balance other than cash and cash equivalents 83,000.00
Loans, current 1,59,500.00
Other current financial assets 9,000.00
Total current financial assets 3,84,300.00
Current tax assets (net) 0.00
Other current assets 9,200.00
Total current assets 4,98,500.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 10,86,400.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 14,700.00
Other equity 8,50,100.00
Total equity attributable to owners of parent 8,64,800.00
Non controlling interest 0.00
Total equity 8,64,800.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 400.00
Total non-current financial liabilities 400.00
Provisions, non-current 58,700.00
Deferred tax liabilities (net) 23,300.00
Deferred government grants, Non-current 42,500.00
Other non-current liabilities 0.00
Total non-current liabilities 1,24,900.00
Current liabilities
Current financial liabilities
Borrowings, current 800.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 1,500.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 33,500.00
Total Trade payable 35,000.00
Other current financial liabilities 37,500.00
Total current financial liabilities 73,300.00
Other current liabilities 11,900.00
Provisions, current 4,100.00
Current tax liabilities (Net) 1,300.00
Deferred government grants, Current 6,100.00
Total current liabilities 96,700.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 2,21,600.00
Total equity and liabilites 10,86,400.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Fertilizers 78,100.00 1,35,800.00
2 Chemicals 1,16,200.00 2,16,700.00
3 Others 2,500.00 4,400.00
Total Segment Revenue 1,96,800.00 3,56,900.00
Less: Inter segment revenue 0.00 0.00
Revenue from operations 1,96,800.00 3,56,900.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Fertilizers (3,500.00) (13,500.00)
2 Chemicals 15,800.00 29,400.00
3 Others 1,400.00 1,700.00
Total Profit before tax 13,700.00 17,600.00
i. Finance cost 100.00 300.00
ii. Other Unallocable Expenditure net off Unallocable income (9,400.00) (16,200.00)
Profit before tax 23,000.00 33,500.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Fertilizers 1,86,200.00 1,86,200.00
2 Chemicals 2,78,500.00 2,78,500.00
3 Others 17,500.00 17,500.00
Total Segment Asset 4,82,200.00 4,82,200.00
Un-allocable Assets 6,04,200.00 6,04,200.00
Net Segment Asset 10,86,400.00 10,86,400.00
4 Segment Liabilities
Segment Liabilities
1 Fertilizers 1,07,800.00 1,07,800.00
2 Chemicals 56,600.00 56,600.00
3 Others 13,600.00 13,600.00
Total Segment Liabilities 1,78,000.00 1,78,000.00
Un-allocable Liabilities 43,600.00 43,600.00
Net Segment Liabilities 2,21,600.00 2,21,600.00
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement (loss) / gain on defined benefit plans 190000000 290000000
2 Net (loss) / gain on FVTOCI equity investments -320000000 630000000
Total Amount of items that will not be reclassified to profit and loss (1,300.00) 9,200.00
2 Income tax relating to items that will not be reclassified to profit or loss 200.00 1,700.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income (1,500.00) 7,500.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 33,500.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 300.00
Adjustments for decrease (increase) in inventories 20,800.00
Adjustments for decrease (increase) in trade receivables, current 3,500.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (2,800.00)
Adjustments for decrease (increase) in other non-current assets (1,400.00)
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (14,600.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 1,900.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 15,500.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (200.00)
Adjustments for provisions, non-current 1,800.00
Adjustments for other financial liabilities, current 900.00
Adjustments for other financial liabilities, non-current (100.00)
Adjustments for unrealised foreign exchange losses gains (400.00)
Adjustments for dividend income 2,400.00
Adjustments for interest income 15,800.00
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 300.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 1,200.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 8,500.00
Net cash flows from (used in) operations 42,000.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 10,600.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 31,400.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 34,800.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 400.00
Interest received 21,300.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 15,900.00
Net cash flows from (used in) investing activities 2,800.00
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 0.00
Repayments of borrowings 0.00
Payments of lease liabilities 0.00
Dividends paid 25,800.00
Interest paid 300.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (300.00)
Net cash flows from (used in) financing activities (26,400.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 7,800.00
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 7,800.00
Cash and cash equivalents cash flow statement at beginning of period (8,000.00)
Cash and cash equivalents cash flow statement at end of period (200.00)