pls find the transcript of con call held on 04/11/2026

NO.SEC/SE/REG-30/2026 7th November, 2026 The Corporate Relationship Department The Manager, Listing Department BSE Limited National Stock Exchange of India Ltd. 1st Floor, New Trading Ring 'Exchange Plaza', C/1, Block G Rotunda Bldg., P.J.Towers, Dalal Street Bandra-Kurla Complex Fort, MUMBAI - 400 001 Bandra (East), MUMBAI - 400 051 SCRIP CODE: 500690 SYMBOL: GSFC Dear Sir / Madam, Sub.: Transcript of the Investor ConCall held on Wednesday 4th November, 2026 We refer our submission vide letter dated 31st October, 2026 wherein the intimation was made that the Conference Call with Analysts was scheduled on 4th November, 2026 from 13:00 hours (IST). We are enclosing a copy of the transcription of Conference Call. The aforesaid information is also disclosed on the website of the company at www.gsfclimited.com Kindly take note of the above. Thanking you, Yours faithfully, For Gujarat State Fertilizers & Chemicals Ltd., Nidhi Pillai Company Secretary & Vice President (Legal & HRS) Membership No.: A15142 E-mail : investors@gsfcltd.com “Gujarat State Fertilizers & Chemicals Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. S.K. BAJPAI – SENIOR VICE PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER – GUJARAT STATE FERTILIZER & CHEMICALS LIMITED Page 1 of 7 Gujarat State Fertilizers & Chemicals Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Gujarat State Fertilizers & Chemicals Limited Q2 FY27 Earnings Conference Call. This call is being hosted by Anurag Services LLP on behalf of GSFC Limited. Representing the management, we have Mr. S.K. Bajpai, Senior Vice President of Finance and CFO alongside with other senior executives. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. S.K. Bajpai, Senior Vice President of Finance and CFO of GSFC Limited. Thank you, and over to you, sir. S.K. Bajpai: Okay. Thank you. So good afternoon, everyone. Thank you for joining us for Q2 2027 earnings call for Gujarat State Fertilizers & Chemicals Limited. It's always great to connect with all of you and share the key updates that we have from the quarter. I hope you had a chance to review the financial results, media release and investor presentation available on the stock exchanges and also on our company's website. If we see consolidated financial performance, sales is up by 49% in Q2 Y-o-Y basis. However, PBT and PAT is reduced by 42% and 38%, respectively. If we see consolidated H1 number Y- o-Y basis, then we have 55% growth in the sales revenue to INR8,324 crores. However, PBT and PAT again is down by 26% and 22%, respectively. We see quarter-over-quarter, there is an increase of 32% in sales value to INR4,741 crores. However, PBT and PAT, it is INR249 crores and INR200 crores, that is up by 22% and 26%, respectively. So the company has delivered its ever highest Q2 and H1 top lines, achieving total sales of INR4,711 crores on a stand-alone basis in quarter 2 '26-'27, a Y-o-Y growth of 50% and INR8,293 crores in H1, '27, a Y-o-Y growth of 56%. In quarter 2 '27, the Fertilizer segment recorded a 55% Y-o-Y growth in sales value, increasing by INR1,387 crores, despite 6% decline in sales volume from 6.08 lakh metric ton to 5.69 lakh metric ton. The growth was primarily driven by the higher DAP realization, with DAP revenue increasing by INR1,659 crores, supported by the government's DAP special package to compensate for international price variations. However, sharp increases in key raw material costs, particularly sulfur by 327%, natural gas by 62%, significantly impacted margins, compressing EBIT of the Fertilizer segment to INR17 crores only compared with INR224 crores in quarter 2 '26. Urea subsidy remains subject to revision following finalization of the actual pool gas rate by FICC and GAIL, which has been pending since April '26. The Industrial Products segment continued its positive performance in quarter 2 '27 also with sales increased by INR185 crores, registering a 30% growth over Q2 '26. EBIT improved from INR54 crores to INR66 crores. The improvement was supported by better realization across major products in line with the market trends. Sales of caprolactam and nylon increased by Page 2 of 7 Gujarat State Fertilizers & Chemicals Limited November 04, 2026 INR58 crores and INR60 crores respectively, mainly due to higher realizations, while Anone sales increased by INR36 crores, driven by higher volumes. TGU sales also increased by INR26 crores, partly offset by INR5 crores decline in melamine sales. The capro-benzene spread improved significantly from USD 512 per metric ton to USD 849 per metric ton. Overall, against the backdrop of highlighted year -- heightened geopolitical uncertainty and evolving global supply chain dynamics, the company sustained uninterrupted operations and ensured supply continuity during the quarter, while some movement in key raw material prices put pressure on profitability, agility in product mix, responsive production planning and timely pricing actions enabled the company to mitigate the impact and defend core margins across business segments. We continue to maintain a strong balance sheet with no long-term debt, healthy net worth and adequate liquidity. As on 30th September '26, the company had received subsidy due for P&K fertilizers up to September. And in case of urea, up to October, third week, respectively. The company continues to advance its capex plan aligned with a strategic growth road map. C-Train modification for 1,200 metric ton per day APS production in place of DAP as per market requirement at Sikka unit was commissioned on 23rd October '26. The country will enter the Rabi season with comfortable fertilizer inventory levels, the highest in the past 3 years, particularly for the urea and NPK grades, intensifying competitive pressure across the industry. The subdued southwest monsoon and lower reservoir levels, especially in the Southern India, are likely to constrain fertilizer demand. The prevailing price distortion between DAP and NPK fertilizers continues to influence farmers' purchase preferences, adversely affecting NPK offtake. The forthcoming NBS subsidy rates will play a vital role in particularly mitigating elevated raw material costs and addressing price distortions. Concurrently, any easing of geopolitical tensions in the Middle East and Europe could soften international raw material prices and provide relief to industry margins. The caprolactam- benzene spread is expected to moderate in quarter 3 '27 as regional supply normalizes, potentially impacting margins across the caprolactam-nylon value chain. Demand for melamine and technical grade urea is expected to remain steady, while HX crystal exports may improve amid subdues domestic demand. Other industrial products are projected to maintain steady demand, delivering reliable baseline stability to the segment. I'll now turn over the call for questions-and-answers. Moderator: Thank you very much. We will now begin with the question-and-answer session. The first question is from the line of Saket Kapoor from Kapoor & Co. Saket Kapoor: Yes. First question, in terms of the capex program. My voice is echoing... Page 3 of 7 Gujarat State Fertilizers & Chemicals Limited November 04, 2026 S.K. Bajpai: No, it's good. It's good. Saket Kapoor: In terms of the capex program, which was alluded to us during the first con-call that we are contemplating some capex at Sikka also and some forward integration. So where are, sir, in terms of the capex schedule from large chemical complex [inaudible 0:08:27]? S.K. Bajpai: Yes. As far as capex is to be put in the Sikka, we have finalized the [Showing first 8,000 characters — download PDF for full document]