Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) Q3FY26 Management Mirror - Dec-2025 Qtr
Capex & Projects
Coal Consumption Power Plant (CCPP): Commissioning is now expected by end Mar'26 or early Apr'26. Management projects annual financial generation of ~110 crore gross and ~82 crore net. This timeline represents a slight refinement from Sep'25, where the project was noted as "ongoing."
New Boiler: Approved ~480-500 crore capex for a 5th boiler (CFBC) to boost reliability and efficiency from ~75% to ~83%.
Weak Nitric Acid (WNA): Management flagged a slight delay in the WNA project (previously cited as 1,420 crore in Sep'25) but deemed it recoupable without impacting critical paths.
Ammonium Nitrate (AN) Melt: Capex stands at ~357 crore. In Sep'25, management approved AN Melt II capacity (163,000 MT) to align with upstream availability by Jul'27.
Future Pipeline: Management is evaluating two projects in the public domain, with determinations expected within one to two quarters. This follows the broader ambition stated in Sep'25 involving a 15,000 crore investment "chest" and potential Bisphenol A/Polyol projects (7,000-8,000 crore).
3 more themes on the ELITE plan.