GNFCGujarat Narmada Valley Fertilizers & Chemicals Ltd
Gujarat Narmada Valley Fertilizers & Chemicals Q2 FY27 Results: Consolidated Net Profit ₹194 Crore on Total Income of ₹2,901 Crore
- Earnings
- fertilizers and chemicals
Reviewed byRachit TripathiBlacklitt Research
Gujarat Narmada Valley Fertilizers & Chemicals (NSE: GNFC) reported total income of ₹2,901 crore and consolidated net profit of ₹194 crore for the quarter ended 30 Sep 2026, it said in a filing on 02 Nov 2026. The figures are unaudited and were approved by the board on 02 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,901.00 crore, up 38.5% YoY and 24.0% QoQ
- Net profit and EPS: ₹194.00 crore, up 8.4% YoY and down 37.8% QoQ; basic EPS ₹13.20
- Share of associate: ₹9.00 crore of profit in the quarter from Gujarat Green Revolution Company Limited
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,901.00 crore, up 38.5% YoY and 24.0% QoQ
- Net profit and EPS: ₹185.00 crore, up 4.5% YoY and down 40.3% QoQ; basic EPS ₹12.59
- Other comprehensive income: Loss of ₹37.00 crore in the quarter
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,901.00 | 2,095.00 | +38.5% | 2,339.00 | +24.0% | |
| Revenue from operations | 2,773.00 | 1,968.00 | +40.9% | 2,238.00 | +23.9% |
| Other income | 128.00 | 127.00 | +0.8% | 101.00 | +26.7% |
| 194.00 | 179.00 | +8.4% | 312.00 | -37.8% | |
| Profit before tax | 241.00 | 230.00 | +4.8% | 416.00 | -42.1% |
| Finance costs | 1.00 | 1.00 | 0.0% | 2.00 | -50.0% |
| Depreciation | 83.00 | 81.00 | +2.5% | 76.00 | +9.2% |
| Tax expense | 56.00 | 53.00 | +5.7% | 106.00 | -47.2% |
| Net profit margin | 6.69% | 8.54% | -1.86 pp | 13.34% | -6.65 pp |
| EPS, basic (₹) | 13.20 | 12.18 | +8.4% | 21.22 | -37.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Total income grew faster than net profit this quarter. Income rose 38.5% year on year, while consolidated net profit rose 8.4%.
Other income of ₹128.00 crore is 53.1% of profit before tax of ₹241.00 crore. Tax of ₹56.00 crore is 23.2% of profit before tax. The filing does not give a reason for the gap between income growth and profit growth, and this article does not attribute one.
The consolidated figure is ₹9.00 crore above standalone net profit. The filing says this is the share of profit of the associate Gujarat Green Revolution Company Limited, which is ₹9 crore in the quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,901.00 | 2,095.00 | +38.5% | 2,339.00 | +24.0% | |
| Revenue from operations | 2,773.00 | 1,968.00 | +40.9% | 2,238.00 | +23.9% |
| Other income | 128.00 | 127.00 | +0.8% | 101.00 | +26.7% |
| 185.00 | 177.00 | +4.5% | 310.00 | -40.3% | |
| Profit before tax | 241.00 | 230.00 | +4.8% | 416.00 | -42.1% |
| Finance costs | 1.00 | 1.00 | 0.0% | 2.00 | -50.0% |
| Depreciation | 83.00 | 81.00 | +2.5% | 76.00 | +9.2% |
| Tax expense | 56.00 | 53.00 | +5.7% | 106.00 | -47.2% |
| Net profit margin | 6.38% | 8.45% | -2.07 pp | 13.25% | -6.88 pp |
| EPS, basic (₹) | 12.59 | 12.04 | +4.6% | 21.09 | -40.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 4.5% year on year against 38.5% growth in total income, and fell 40.3% from the previous quarter while total income rose 24.0%. Profit before tax grew 4.8%, so the standalone profit line grew slightly slower than pre-tax profit.
The net profit margin fell to 6.38% from 8.45% a year earlier. The company says the quarter's operating costs rose on higher input and fixed costs, and it says it liquidated substantial built-up inventory at the start of the quarter.
Inference
The filing states that the dividend of ₹301 crore was paid in the six months to 30 Sep 2026, and that this is the main financing outflow. It does not state whether a dividend has been declared for the quarter, or its amount or record date.
The statutory auditors, B S R and Co, expressed an unmodified conclusion on both sets of results. Note 3 describes a DoT demand of ₹21,370 crore for VSAT and ISP license fees; management says the likelihood of an unfavourable outcome is remote and no provision is required. The filing does not say what amount, if any, would be provided if that view changed, and the company has not received any further update from DoT.
Filed with BSE on . Reference: Original filing (PDF)
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