Gujarat Narmada Valley Fertilizers & Chemicals Limited

Gujarat Narmada Valley Fertilizers & Chemicals Limited, established in 1976 as a joint-sector company of the Government of Gujarat, operates an integrated fertilizer and chemicals complex at Bharuch. Fertilizers are sold under the Narmada brand, and the company states that it is India's largest producer of formic acid and acetic acid, operates India's largest single-stream aniline plant, and is the only manufacturer of toluene di-isocyanate in South East Asia. It is listed on the National Stock Exchange under the ticker GNFC.

For the year ended March 2026 the company reported total income from operations of INR 7,773 crore, of which the chemicals segment contributed INR 4,899 crore and fertilizers INR 2,764 crore. The chemicals segment delivered a segment profit of INR 1,369 crore, while the fertilizers segment recorded a loss of INR 186 crore, reflecting the regulated economics of urea.

In the prior fiscal year an extended shutdown of the TDI-II plant reduced turnover by an estimated INR 300 crore. Chemical product sales volumes grew in FY2025, including methanol up 73 percent, technical grade urea up 52 percent and aniline up 15 percent. The company has capital projects of about INR 2,900 crore at various stages of execution and approval, including a combined cycle power plant of INR 613 crore.