Telecom demand notice of INR 21,370 crore
A long-standing demand from the Department of Telecommunications for ~INR 21,370 crore remains pending at TDSAT. Management considers it low-risk but it is a material contingent liability.
GNFC / Q2-FY26 / risks
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Gujarat Narmada Valley Fertilizers and Chemicals · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Margin pressure in acetic acid and aniline
Acetic acid margins are under pressure due to methanol cost volatility and cheap imports; aniline faces volume and margin erosion from large-scale imports.
Execution risk in large CapEx pipeline
The INR 2,800 crore CapEx plan (including WNA III, ammonia loop, power plant) faces execution and cost overrun risks, with significant commitments already made.
Fertilizer subsidy revision uncertainty
While management expects favorable fixed cost and energy revisions, the timing and quantum are uncertain, and losses may not be fully eliminated.