Gujarat Narmada Valley Fertilizers and Chemicals

GNFC's Q3 FY26 results reflect stable fertilizer volumes and improved chemical volumes offset by pricing pressure across most products except TDI. Fertilizer losses narrowed due to favorable subsidy freight adjustments. The company is executing a INR 2,800 crore capex program with INR 1,000 croreCurrent reported value: INR 1,000 crore. No comparable prior figure is available in the source record. spent so far; the CCPP project is expected to commission by March/April 2026, contributing INR 82 croreCurrent reported value: INR 82 crore. No comparable prior figure is available in the source record. net annually. Management highlighted a Kearney-led cost optimization initiative targeting INR 260-300 croreCurrent INR 260-300 crore. Reported change: N/A. in annual savings, though only INR 5-7 croreCurrent reported value: INR 5-7 crore. No comparable prior figure is available in the source record. from renewable power is locked. TDI prices have improved from January 2026, and anti-dumping duty was extended for five years. Risks include methanol price volatility impacting acetic acid margins and uncertainty over fixed cost revision in fertilizers. No specific financial guidance was provided for Q4.