Transcript of Investors/Analysts Meet.

No. GNFC/Transcript/LODR August 12, 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” Sub.: Transcript of Investors / Analysts meet through Conference Call. Dear Sir / Madam, We have vide our letter dated July 30, 2026 intimated the Stock Exchanges about the schedule of Investors / Analysts Meet through Conference Call scheduled on Thursday, August 06, 2026 at 04:00 PM (IST). We send herewith a copy of Transcript of Investors / Analysts meet through Conference Call which took place on Thursday, August 06, 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 Q1 FY27 Earnings Conference Call” August 06, 2026 MANAGEMENT: MR. D. V. PARIKH – EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED MR. NITIN PATEL – EXECUTIVE DIRECTOR – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED MR. P.K. PUROHIT – EXECUTIVE DIRECTOR – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED MR. RAJESH PILLAI – COMPANY SECRETARY AND COMPLIANCE OFFICER – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED MR. N. B. DESAI – HEAD, MATERIAL MANAGEMENT – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED MR. TEJASH SHAH – GENERAL MANAGER, MARKETING (IP) – GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED Page 1 of 15 Gujarat Narmada Valley Fertilizers & Chemicals Limited August 06, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Gujarat Narmada Valley Fertilizers & Chemicals Limited Q1 FY27 Earnings Conference Call, hosted by Anurag Services LLP on behalf of GNFC Limited. From the management, we have with us 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 management members. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch- tone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. D.V. Parikh, Executive Director and CFO, GNFC Limited. Thank you, and over to you, sir. D.V. Parikh: Thank you to moderator as well as the organizer for holding this call on Q1 FY26-'27. Apart from the names which are given, we have other members also from procurement and marketing. So investors may direct the query accordingly. Maybe number of participants. And we welcome all the investors to the call as well. We'll first start with the business update as to what is happening to the business. Overall, during the quarter 1, it has been the situation of escalation and deescalation as far as war is concerned. And that has a ripple effect on the business as well, in terms of, at times, viability issues, at times, realizations, which have gone up. Similarly, the input costs have also gone up because of the war situation. During this quarter gone by, there are plants which we could not run for cost economics reason, like acetic acid, ethyl acetate and to some extent, TDI as well. Although in the investor presentation, the spreads Page 2 of 15 Gujarat Narmada Valley Fertilizers & Chemicals Limited August 06, 2026 seem to be better, but the offtake has not been so good, which resulted into some issue in the inventory. But overall, the profits for Q1 in our view has been significantly higher, and it is the second highest in the history of the company after the Q1 of '22. This typically happens in a war-like situation, it can go either side. On the fertilizer front, there is one good news that energy norms have been revised in case of company. It was 6.20 Gcal per metric ton of urea, which is revised to 6.37 Gcal now. This has been revised for a period from FY25-26, and valid for 3 years period. So this is positive. The other positive for the company is now during July, most of the plants, which were not operational because of the cost economics reason have resumed the operation. Whether it is ethyl acetate, acetic acid, TDI-II is about to start, TDI-I has started. So except for the methanol, most of the plants are running now. Coming to the projects, the -- out of the 4 ongoing projects, the overdue project of Dahej has started producing now. Out of the steam and power, the steam portion has started coming, which is giving substantial relief in terms of the better cost position to TDI-II plant. This is expected to save materially because the gas prices are significantly higher, although relatively coal prices are also higher, but then the delta is more, which is causing this differential saving. So the costly gas will be replaced with the coal. Is actually already replaced as far as steam is concerned. And power, we are expecting to come in a month's time or so or around 45 days' time. So apart from that, most of the projects are on stream. There is a slight time change in case of a weak nitric acid plant, but that is being monitored actively. So about 3 months delay is there, which is going to be recouped. In case of AMUGL and AN Melt, it is absolutely online. AN Melt is on positive side. So this is what is the update on the project side. Page 3 of 15 Gujarat Narmada Valley Fertilizers & Chemicals Limited August 06, 2026 Coming to now the other part, which is already there as part of announcement, GNFC has proposed the Memorandum of Understanding with GMDC. This is for the underground coal gasification. GMDC is already into the mining business, and we are already in the downstream business. So this will augur well. There are certain studies which are ongoing. So very sooner, there will be announcement. The similar announcement has gone in the public domain from GMDC as well. Coming to financials, the operating part has remained better, more or less mainly because of the better realization, although volumes have gone down. Volumes of sales have gone down substantially than the volumes of production has been the situation. There is some change in the overhead part and certain other income, which is on a lower side. But on the operational side, it is basically the good realization, which has augured well for the company. And most of the stock, which was built up by Q1 is getting gradually liquidated in July and now in August as well. As far as segment results are concerned, the results in case of fertilizer has further iterated by around INR60 crores or so from around INR24 crores to INR85 crores. And the majority of that is coming from urea, around INR48 crores, and INR12 crores is coming from the ANP side. The rest of the predominant profit is coming from chemical for which we discussed the reason. Now with this initial comments, I leave the floor open for question and answer. Thank you very much. Moderator: First question from the line of Nirav form Anvil Wealth. Nirav: Congratulations on a very good set of numbers. Sir, 2, 3 questions from my side. So first on the oil prices, like when we see the investor presentation, the prices have gone up from close to around INR43, INR44 to around INR73. And I believe that predominantly, this is a raw Page 4 of 15 Gujarat Narmada Valley Fertilizers & Chemicals Limited August 06, 2026 material fo [Showing first 8,000 characters — download PDF for full document]