Analysts/Institutional Investor Meet/Con. Call Updates

No. GNFC/Transcript/LODR November 06, 2026 Dy. General Manager Dy. General Manager BSE Limited Listing Department Corporate Relationship Dept., National Stock Exchange of India Limited 1st Floor, New Trading Ring, Exchange Plaza, Rotunda Bldg, PJ Tower, C-1, Block - "G", Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai - 400 051 Scrip Code: "500670" Symbol: "GNFC” Dear Sir / Madam, Sub.: Transcript of Investors / Analysts meet through Conference Call. We have vide our letter dated October 17, 2026 intimated the Stock Exchanges about the schedule of Investors / Analysts Meet through Conference Call scheduled on Tuesday, November 03, 2026 at 04:00 PM (IST). We send herewith a copy of Transcript of Investors / Analysts meet through Conference Call which took place on Tuesday, November 03, 2026 at 04:00 PM. The said transcript along with the audio is also uploaded on the Company's website i.e. www.gnfc.in We request you to kindly take note of the above. Thanking you. Yours faithfully, For Gujarat Narmada Valley Fertilizers & Chemicals Limited Rajesh Pillai Company Secretary & Compliance Officer Encl.: As above “Gujarat Narmada Valley Fertilizers & Chemicals Limited Q2 FY27 Earnings Conference Call November 03, 2026 MANAGEMENT: MR. D. V. PARIKH – EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER – GNFC MR. NITIN PATEL – EXECUTIVE DIRECTOR – GNFC MR. P.K. PUROHIT – EXECUTIVE DIRECTOR - GNFC MR. RAJESH PILLAI – COMPANY SECRETARY AND COMPLIANCE OFFICER – GNFC MR. NIRMESH DESAI – HEAD, MATERIAL MANAGEMENT – GNFC MR. TEJASH SHAH – GENERAL MANAGER– GNFC MR. VISHWANATH BIRADAR -ADDITIONAL GENERAL MANAGER- GNFC Page 1 of 18 Gujarat Narmada Valley Fertilizers & Chemicals Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Gujarat Narmada Valley Fertilizers & Chemicals Limited, GNFC, Q2 and FY27 Earnings Conference Call. This call is hosted by Anurag Services LLP on behalf of GNFC Limited. From the management, we have Mr. D.V. Parikh, Executive Director and Chief Financial Officer; Mr. Nitin Patel, Executive Director; Mr. P.K. Purohit, Executive Director; Mr. Rajesh Pillai, Company Secretary and Compliance Officer; and other senior members from the management. As a reminder, all participants' lines will be in the listen-only mode. There will be an opportunity for you to ask a question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand over the conference to Mr. D.V. Parikh, Executive Director and CFO from GNFC. Thank you, and over to you, sir. D.V. Parikh: Thank you, ma'am. And thank you, Anurag Services, for organizing this call. Good afternoon to the moderator and all the participants, investors, prospective investors, and analysts. GNFC welcomes you all to this conference call. Joined along with me are two other gentlemen, one from fertilizer marketing and one from industrial product marketing. They will take your questions related to marketing. The quarter two results, investor presentation, press release, among other things, have already been shared yesterday in the public domain. I'll first start with the business overview and then go to financials. Business in general is witnessing times of resilience during war-driven, turbulent times, where the only certainty as of now is uncertainty. The company has been in a position to weather away the uncertainty by balancing it out with its multiple product portfolio, maintaining profitability. Especially, energy prices in general from period to period have witnessed very sharp upturns— oil has been on the boil, gas is having its pricier glitters, and coal is casting its dark net on the utility cost. Page 2 of 18 Gujarat Narmada Valley Fertilizers & Chemicals Limited November 03, 2026 Period-to-period impacts have been different, but in general, energy prices are on an escalated level across the board. This has a ripple effect on the feed and fuel costs soaring, and it affects the fertilizer sector too badly with a very high cost of loading on the government subsidy. Companies, in turn, are also bearing the burden of soaring input costs not becoming a full pass- through due to the open fronts available to competitors like China. The overall inflationary effect of high energy prices has become apparent in various forms, including high labor and maintenance costs. Against these steep headwinds, the business is navigating in a manner which sweats its assets for the maximum possible positive results. On the front of government support and policy-related initiatives, in spite of the issues in the energy sector, the Government of India has been successful in ensuring the adequate availability of both feed and fuel at the industry level and at the country level. Subsidy payouts have been timely. Liquidity is in place. The nutrient-based subsidy rates are yet to get announced for the Rabi season. In respect of the fertilizer sector, the NITI Aayog has been assigned the task of reviewing the fixed cost of the urea industry. Coming to the financial performance, we start with the P&L first. While the Y-o-Y performance has been significantly better as compared to the previous year as well as compared to the Y-o-Y Q2, the sequential quarter has witnessed margin pressures, mainly because of the lower margins on the finished product and also because of certain energy prices going abnormally high. While the sales volumes in general have improved on a Y-o-Y basis, prices have played a key role in the turnover. As is apparent in the segment results, the fertilizer operating results have been relatively improved, mainly driven by the volumes and improvement in energy norms, whereas the Chemicals segment has witnessed margin pressures mainly due to the realization impact on some of the chemicals like TGU (Technical Grade Urea), Ammonium Nitrate Melt, Weak Nitric Acid, and so on. Coming to the balance sheet, it continues to be in a healthy shape. Capex for H1 amounts to about INR 500 crores. The captive coal-based plant is Page 3 of 18 Gujarat Narmada Valley Fertilizers & Chemicals Limited November 03, 2026 now operational and ongoing projects, by and large, are on execution schedule in spite of certain impacts of geopolitical effects. Going over to cash flow for H1, there is a healthy operating cash flow generated. Working capital levels in general have gone up mainly due to the subsidy receivables where the energy prices are of the previous period, and therefore, the concession rates are tagged to those periods. The dividend declared has been paid out during the quarter. Given this highly fluid situation, navigating the situation as it comes has been the way forward for the short term. Although for the medium term to long term, the focus has been running fair operations as well as adding meaningful products to the pipeline. With this, we open the floor to Q&A. Thank you very much. Moderator: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch- tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use a headset while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nirav from Anvil Wealth. Please go ahead. Nirav: Sir, you touched upon a few aspects in terms of various products impacting the profitability. But when we see our presentation and the products what you have shown, I think spreads for most of the products were either steady or were on the higher side in this quarter. Also, the major raw material, which is oil for us, which is used for ammonia, is also down on a Q-on-Q basis. So, when we see the operating profit on a sequential basis, we were down by close to around INR 200 crore [Showing first 8,000 characters — download PDF for full document]