GNFC Q3 FY26 Results: Revenue ₹2,093 Cr, PAT ₹150 Cr

Key takeaway from the quarter

Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) reported a mixed set of numbers for the third quarter ended December 31, 2025. Total income came in at ₹2,093 crore, while profit after tax (PAT) stood at ₹150 crore. Revenue growth was marginal on a year-on-year basis, but profitability slipped compared with the same quarter last year. The results also sit in the context of plant shutdowns and turnarounds that were flagged as a factor affecting performance in FY26. For investors, the print highlights how operational interruptions and segment-level pressures can show up differently across quarters. The company also has near-term events on the calendar, including a scheduled earnings call for Q1 FY27.

Q3 FY26 headline numbers vs Q3 FY25 and Q2 FY26

For Q3 FY26, GNFC reported total revenue (total income) of ₹2,093 crore, up 1.8% year-on-year from ₹2,056 crore. On a sequential basis, total revenue was nearly flat, down 0.1% from ₹2,095 crore in the preceding quarter. Profitability moved the other way, with PAT at ₹150 crore, down 5.1% year-on-year from ₹158 crore. Profit before tax (PBT) declined 3.3% year-on-year to ₹204 crore. Earnings per share (EPS) reduced to ₹10.20 from ₹10.75 in the prior year quarter. These numbers indicate that the revenue line held up better than the bottom line in the quarter.

Standalone revenue from operations and profitability movement

In standalone reporting for the quarter ended December 31, 2025, revenue from operations was ₹1,996 crore. This was a 5.1% increase year-on-year from ₹1,899 crore in Q3 FY25, even as total income growth was lower due to the movement in other income. PBT at ₹204 crore and PAT at ₹150 crore were both lower on a year-on-year comparison, consistent with the EPS decline reported for the quarter. The company’s quarterly data also shows that other income can be meaningful in reported total income, with the Dec 2025 quarter showing other income of ₹97 crore in the quarterly table provided. Investors tracking GNFC’s quarterly performance typically watch the relationship between operating performance and other income because it can change the shape of reported earnings.

9M FY26 performance and the turnaround impact

For the nine months of FY26, GNFC reported revenue of ₹5,939 crore, a decline of 4.5% year-on-year. Over the same nine-month period, PAT grew 8% year-on-year to ₹405 crore. The company attributed the FY26 performance to the impact of plant turnarounds. This combination of lower revenue but higher PAT over nine months suggests that quarterly volatility played a role in the year-to-date picture. It also aligns with the company’s earlier commentary about operational interruptions affecting output and financial results.

Q1 FY26: shutdown-led weakness and segment pressure

GNFC’s Q1 FY26 numbers were notably weaker, with standalone revenue at ₹1,601 crore, down 20.8% year-on-year from ₹2,021 crore, and PAT at ₹78 crore, down 32.2% year-on-year from ₹115 crore. The company cited significant production shutdowns in Q1 FY26, which impacted revenue by ₹375 crore and the bottom line by ₹148 crore. Operationally, TDI production was reported at 16,000 metric tons, and prices were increased by ₹12,000 effective August 1. Segment-level disclosure for the period showed fertilisers revenue of ₹577 crore with a segment result of -₹100 crore, and chemicals revenue of ₹1,005 crore with a segment result of ₹136 crore. In the same Q1 context, EBITDA was reported at ₹310 crore versus ₹1,530 crore year-on-year, and EBITDA margin was stated at 1.94% versus 7.57%.

Quarterly trajectory into Q4 FY26

Later quarters showed a sharp rebound in profitability. For Q4 FY26, revenue from operations was reported at ₹2,208 crore, up 10.62% quarter-on-quarter from ₹1,996 crore and up 7.45% year-on-year from ₹2,055 crore. Total income in Q4 FY26 was ₹2,333 crore, up 11.47% quarter-on-quarter and up 7.17% year-on-year from ₹2,177 crore. PBT rose to ₹526 crore in Q4 FY26, and net profit increased to ₹392 crore, compared with ₹204 crore and ₹150 crore, respectively, in the preceding quarter. Consolidated revenue from operations for Q4 FY26 was also stated at ₹2,208 crore, up 7.45% year-on-year.

Summary table: key reported figures

Stock price points and market context

The data provided includes multiple stock price references. One snapshot shows GNFC at 521.35, down 7.70 (-1.46%), and another line references ₹519.5. A separate statement in the material says the “current share price of GNFC is Rs 524.85”. Another market update shows BSE at 475.00 (-0.05%) and NSE at 475.55 (+0.15%), with the timestamp “Tue 28 Apr, 2026”. The information also notes that GNFC shares were down 6.9% from a week ago. Taken together, these points suggest the stock has seen short-term movement around results and updates, although the specific drivers are not broken out in the provided text.

Corporate actions and upcoming events to track

GNFC has recommended a dividend of ₹21 per share for FY26, subject to shareholder approval at the 50th Annual General Meeting. Separately, the company announced an earnings conference call scheduled for August 06, 2026 at 16:00 IST to discuss Q1 FY27 results. Access details listed include primary dial-in numbers +91 22 6280 1328 and +91 22 7115 8255, along with a “Diamond Pass Registration Portal” link reference. For shareholders, these events matter because they provide the next formal update on operations and financial trends, and the dividend requires AGM approval before it becomes final.

Why these results matter

The FY26 sequence described in the data shows how plant shutdowns and turnarounds can depress revenue and earnings in one quarter, while later quarters can see a rebound as operations normalise. Q3 FY26 itself was relatively steady on revenue, but showed a year-on-year decline in PAT and EPS. The nine-month numbers add another layer, with revenue lower but PAT higher year-on-year, indicating that quarter-to-quarter performance has not been uniform. With Q4 FY26 showing a strong recovery in PBT and PAT, the next focus for the market will be whether this level of profitability sustains into FY27.

Conclusion

GNFC’s Q3 FY26 results delivered modest top-line growth to ₹2,093 crore but a 5.1% year-on-year decline in PAT to ₹150 crore, while 9M FY26 revenue fell to ₹5,939 crore amid plant turnarounds. The company’s later-quarter rebound and the FY26 dividend recommendation of ₹21 per share are key updates alongside the scheduled August 06, 2026 earnings call for Q1 FY27 results. Investors will likely track commentary on operational stability and the extent to which shutdown-related impacts have eased.