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 18-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 04-05-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 18-05-2026   15:00:00
End date and time of board meeting 18-05-2026   17:15:00
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 Declaration of unmodified opinion



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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 2,20,800.00 7,77,300.00
Other income 12,500.00 49,900.00
Total income 2,33,300.00 8,27,200.00
2 Expenses
(a) Cost of materials consumed 1,00,300.00 3,91,500.00
(b) Purchases of stock-in-trade 1,500.00 4,900.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 2,300.00 9,700.00
(d) Employee benefit expense 12,400.00 54,000.00
(e) Finance costs 200.00 600.00
(f) Depreciation, depletion and amortisation expense 7,900.00 30,700.00
(f) Other Expenses
1 Power, fuel and other utilities 36,800.00 1,50,600.00
2 Other expenses 19,300.00 78,700.00
Total other expenses 56,100.00 2,29,300.00
Total expenses 1,80,700.00 7,20,700.00
3 Total profit before exceptional items and tax 52,600.00 1,06,500.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 52,600.00 1,06,500.00
6 Tax expense
7 Current tax 14,100.00 31,200.00
8 Deferred tax (700.00) (4,400.00)
9 Total tax expenses 13,400.00 26,800.00
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 39,200.00 79,700.00
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 400.00 1,100.00
16 Total profit (loss) for period 39,600.00 80,800.00
17 Other comprehensive income net of taxes (6,700.00) (400.00)
18 Total Comprehensive Income for the period 32,900.00 80,400.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 0.00 0.00
Total profit or loss, attributable to non-controlling interests 0.00 0.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 0.00 0.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.00 0.00
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 8,96,800.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 26.94 54.97
Diluted earnings (loss) per share from continuing operations 26.94 54.97
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 26.94 54.97
Diluted earnings (loss) per share from continuing and discontinued operations 26.94 54.97
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 and approved by the Board of Directors at their respective meetings held on MAy 18, 2026. 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 previous quarter and year ended March 31, 2026 includes reversal impact of Rs. 5.97 crores being excess liability related to FY 2024-25. Further, figures for the year ended March 31, 2025 includes reversal impact of Rs. 14.17 crores being excess liability related to FY 2023-24. 6. On November 21, 2025, the Government of India notified the four Labour codes - The code on Wages, 2019, The Industrial Relations code, 2020, The code on Social Security, 2020 and The Occupational Safety, Health and Working Conditions Code, 2020 - consolidating 29 existing Labour Laws. The Company has assessed the impact of these changes on the basis of internal assessment with guidance provided by the Institute of Chartered Accountants of India. Accordingly, the Company has estimated and recognised past service cost towards incremental obligation in gratuity and leave encashment aggregating to Rs. 3.12 crores based on the best available information and review of the existing wage structure, which is included in Employee Benefits Expense for the quarter and year ended March 31, 2026. The Company continues to monitor the finalisation of Central / State Rules and any clarifications from the Government on other aspects of the New Labour Codes and would provide appropriate accounting effect in the relevant period on the basis of such developments as needed. 7. The Board of Directors has recommended a dividend of Rs. 21 per equity share of Rs. 10 each (i.e. 210%) for the year ended March 31, 2026, subject to the approval of shareholders in ensuing Annual General Meeting. 8. The figures of the current quarter ended March 31, 2026 and corresponding quarter ended March 31, 2025 are the balancing figures between audited figures in respect of the full financial year ended March 31, 2026 and March 31, 2025 and the unaudited published year to date figures upto December 31, 2025 and December 31, 2024 respectively being the date of the end of the third quarter of the respective financial year which were subjected to limited review. 9. As per the directives issued by Department of Fertilizers (DoF) for evaluation of reasonableness of MRP of P & K fertilizers under the NBS policy, every Company needs to report P & K fertilizers as a separate segment in Annual Audited Accounts. Accordingly, in accordance with Ind AS 108 for FY 25-26 the P & K Fertilizers Revenue is reported at Rs. 719 Crores and Result is reported at Rs. (40) Crores. 10. 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 the year ended figures of current year are not comparable with previous year ended figures to that extent. 11. 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.' 12. Figures in the results are rounded off to the nearest Rs Crore, except Earnings Per Share. 13. 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 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 2,59,500.00
Capital work-in-progress 90,000.00
Investment property 3,500.00
Goodwill 0.00
Other intangible assets 3,700.00
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 99,700.00
Trade receivables, non-current 0.00
Loans, non-current 17,100.00
Other non-current financial assets
1 Other non-current financial assets 2,100.00
Total of other non-current financial assets 2,100.00
Total non-current financial assets 1,18,900.00
Deferred tax assets (net) 0.00
Other non-current assets
1 Other non-current assets 45,200.00
Total of other non-current assets 45,200.00
Total non-current assets 5,20,800.00
2 Current assets
Inventories 1,01,800.00
Current financial asset
Current investments 69,500.00
Trade receivables, current 64,100.00
Cash and cash equivalents 7,400.00
Bank balance other than cash and cash equivalents 1,03,500.00
Loans, current 2,43,100.00
Other current financial assets
Total of other current financial assets 13,900.00
Total current financial assets 5,01,500.00
Current tax assets (net) 0.00
Other current assets
1 Other current assets 11,800.00
Total of other current assets 11,800.00
Total current assets 6,15,100.00
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 11,35,900.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 14,700.00
Other equity 8,96,800.00
Total equity attributable to owners of parent 9,11,500.00
Non controlling interest 0.00
Total equity 9,11,500.00
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
1 Other non-current financial liabilities 400.00
Total of other non-current financial liabilities 400.00
Total non-current financial liabilities 400.00
Provisions, non-current 59,700.00
Deferred tax liabilities (net) 20,800.00
Deferred government grants, Non-current 39,400.00
Other non-current liabilities
Total of other non-current liabilities
Total non-current liabilities 1,20,300.00
Current liabilities
Current financial liabilities
Borrowings, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 2,600.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 42,800.00
Total Trade payable 45,400.00
Other current financial liabilities
1 Other current financial liabilities 36,200.00
Total of other current financial liabilities 36,200.00
Total current financial liabilities 81,600.00
Other current liabilities 11,800.00
1 Other current liabilities 11,800.00
Total of other current liabilities 11,800.00
Provisions, current 3,800.00
Current tax liabilities (Net) 800.00
Deferred government grants, Current 6,100.00
Total current liabilities 1,04,100.00
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 2,24,400.00
Total equity and liabilites 11,35,900.00
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 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Fertilizers 67,200.00 2,76,400.00
2 Chemicals 1,49,700.00 4,89,900.00
3 Others 3,900.00 11,000.00
Total Segment Revenue 2,20,800.00 7,77,300.00
Less: Inter segment revenue 0.00 0.00
Revenue from operations 2,20,800.00 7,77,300.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Fertilizers (2,400.00) (18,600.00)
2 Chemicals 46,300.00 91,300.00
3 Others 1,800.00 4,600.00
Total Profit before tax 45,700.00 77,300.00
i. Finance cost 200.00 600.00
ii. Other Unallocable Expenditure net off Unallocable income (7,100.00) (29,800.00)
Profit before tax 52,600.00 1,06,500.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Fertilizers 2,14,700.00 2,14,700.00
2 Chemicals 2,79,100.00 2,79,100.00
3 Others 15,000.00 15,000.00
Total Segment Asset 5,08,800.00 5,08,800.00
Un-allocable Assets 6,27,100.00 6,27,100.00
Net Segment Asset 11,35,900.00 11,35,900.00
4 Segment Liabilities
Segment Liabilities
1 Fertilizers 1,11,900.00 1,11,900.00
2 Chemicals 59,800.00 59,800.00
3 Others 11,500.00 11,500.00
Total Segment Liabilities 1,83,200.00 1,83,200.00
Un-allocable Liabilities 41,200.00 41,200.00
Net Segment Liabilities 2,24,400.00 2,24,400.00
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 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
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 gain / (loss) on defined benefit plan 2,400.00 5,900.00
2 Net gain / (loss) on FVTOCI equity investments (9,000.00) (4,500.00)
Total Amount of items that will not be reclassified to profit and loss (6,600.00) 1,400.00
2 Income tax relating to items that will not be reclassified to profit or loss 100.00 1,800.00
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 0.00 0.00
5 Total Other comprehensive income (6,700.00) (400.00)



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 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 1,06,500.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 500.00
Adjustments for decrease (increase) in inventories 23,300.00
Adjustments for decrease (increase) in trade receivables, current (22,200.00)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (7,200.00)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (2,000.00)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (2,100.00)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 30,700.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 3,300.00
Adjustments for provisions, non-current (1,000.00)
Adjustments for other financial liabilities, current (400.00)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (1,100.00)
Adjustments for dividend income 2,400.00
Adjustments for interest income 31,300.00
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 2,500.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (9,100.00)
Net cash flows from (used in) operations 97,400.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 32,000.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 65,400.00
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 3,600.00
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 54,600.00
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 2,400.00
Interest received 32,900.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (200.00)
Net cash flows from (used in) investing activities (23,100.00)
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 26,000.00
Interest paid 500.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (400.00)
Net cash flows from (used in) financing activities (26,900.00)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 15,400.00
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 15,400.00
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 7,400.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 M/s Suresh Surana & Associates LLP Yes 31-03-2028