Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) is a leading manufacturer in fertilizers, industrial chemicals, and IT services. The company is a joint venture of the Government of Gujarat and GSFC.

The company is the largest producer of formic acid in India and the sole manufacturer of Toluene Di-Isocyanate (TDI) in Southeast Asia. It is also the only Indian manufacturer of glacial acetic acid through the advanced methanol carbonylation method.

GNFC is undertaking significant capacity expansion projects, particularly in ammonium nitrate melt and ammonia production, slated to coincide with the commissioning of new nitric acid plants. This underlines their aggressive capital investment strategy totaling around INR2,800 crores.

Favorable revisions in government subsidy schemes for the Rabi season indicate potential profitability improvements for their fertilizer segment, particularly in compensating for increased raw material costs. Additionally, the extension of anti-dumping duties on TDI supports profitability margins.

Input cost moderation, particularly in the chemical segment, and increased production volumes have driven better financial performance, counteracting losses due to plant shutdowns and other operational inefficiencies.