We refer our submission vide letter dated 29th July, 2026 wherein the intimation was made that the Conference Call with Analysts is scheduled on 13th August, 2026 from 3:30 PM IST. We ....

NO.SEC/SE/REG-30/2026 18th August, 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 Thursday 13th August, 2026 We refer our submission vide letter dated 29th July, 2026 wherein the intimation was made that the Conference Call with Analysts is scheduled on 13th August, 2026 from 3:30 PM 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 Q1 FY27 Earnings Conference Call” August 13, 2026 MANAGEMENT: MR. S.K. BAJPAI – SENIOR VICE PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER – GUJARAT STATE FERTILIZER & CHEMICALS LIMITED Page 1 of 11 Gujarat State Fertilizers & Chemicals Limited August 13, 2025 Moderator: Ladies and gentlemen, good day, and welcome to the Gujarat State Fertilizers & Chemicals Limited Q1 FY '27 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 VP and CFO alongside 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 conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.. I now hand the conference over to Mr. S.K. Bajpai, Senior VP and CFO, GSFC Limited. Thank you, and over to you, sir. Sanjay Kumar Bajpai: Thank you, Shruthi. Good afternoon, everyone, and thank you for joining us today. On behalf of Gujarat State Fertilizers & Chemicals Limited, I welcome you to discuss our performance in quarter 1 financial year '26-'27. 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 has been increased by 64% from INR2,184 crores to INR3,583 crores. PBT has also increased by 11% to INR205 crores and PAT has increased by 14% to INR159 crores. In case of quarter-over-quarter, the sales has been increased by 36% to INR3,583 crores. PBT has increased by 214% to INR205 crores and PAT has increased by 204% to INR159 crores. Q1 '26-'27 has been a strong quarter for GSFC, marked by several important milestones. We achieved our highest ever Q1 revenue of INR3,581 crores driven by record Q1 fertilizer sales of INR2,947 crores, representing Y-o-Y growth of 65% and 82%, respectively. Our Industrial Products segment sales of INR635 crores and EBIT of INR116 crores were the second highest for any Q1 to date. Profit after tax increased by 15% Y-o-Y to INR161 crores, reflecting the company's ability to deliver profitable growth, despite a challenging operating environment. Our performance was supported by effective crisis management, agile operational planning, optimization of product mix and proactive pricing actions, enabling uninterrupted operations and supply continuity amid heightened global uncertainty. Now we discuss about the Fertilizer segment performance. The Fertilizer segment registered a robust operating performance with sales volume increasing 17% Y-o-Y to 5.26 lakh metric tons, supported by higher manufactured and traded DAP sales and government's DAP special package, which helped offset international price variations. However, the quarter was also characterized by unprecedented inflation in key raw material prices arising from evolving geopolitical development. Sulfur prices increased by 231%, Page 2 of 11 Gujarat State Fertilizers & Chemicals Limited August 13, 2025 ammonia by 144%, natural gas by 38% and P2O5 by 30% on Y-o-Y basis, resulting in compression of fertilizers EBIT margin from 8.49% to 4.09%. Industrial Products segment performance, it has delivered an excellent performance with 15% growth in sales and more than fourfold increase in EBIT, supported by higher caprolactam sales and significant improvement in capro-benzene spread. Despite volatile global market and supply chain disruptions, the company maintained operational resilience through disciplined execution and timely business decisions. Financial position and capex plans. We continue to maintain a strong balance sheet with no long- term debt, healthy network and adequate liquidity. GOI, Government of India's, outstanding support on release of fertilizer subsidy has kept the working capital levels at optimum levels. As of date, the company has received subsidy dues up to third week of July '26. This provides the foundation for the company to execute our growth road map through strategic capex initiatives, including the APS capacity enhancement project and the phosphoric acid and sulfuric acid projects at Sikka, which will further strengthen our integrated operations and support sustainable long-term value creation. When we talk about outlook for quarter 2, '26-'27, looking ahead, the revival of monsoon during July has improved the demand outlook for the agri input sector ahead of the rabi season. At the same time, geopolitical developments, including the Russia-Ukraine conflict and tensions in the Middle East, continue to create uncertainty around the availability and pricing of critical raw materials and finished fertilizers. Elevated input costs, particularly for sulphur and phosphoric acid, are expected to influence industry product mix with demand likely to remain skewed towards DAP. Against this backdrop, GSFC remains focused on optimizing its product portfolio, strengthening operational efficiencies and maintaining prudent inventory positioning. The caprolactam-benzene spread is expected to remain stable to soft in the near term amid continued volatility in crude oil prices and geopolitical uncertainties in the Middle East. This could impact feedstock mix and exert some pressure on margins across the caprolactam, nylon value chain. On the demand front, melamine is expected to witness an improvement in both domestic and export markets. Export demand for HX crystal is expected to remain consistent. While domestic demand is likely to remain stable, demand across other industrial product is also expected to remain steady, providing stability to the overall segment outlook. I now turn over the call for questions and answers. Thank you. Moderator: The first question is from the line of Saket Kapoor from Kapoor & Company. Saket Kapoor: Sir, although it is in the format that we compare year-on-year inflationary trends and profitability, but if you could give us some sense of how we exited March quarter in terms of the price trends of RM and then the consequent quarter of June? Page 3 of 11 Gujarat State Fertilizers & Chemicals Limited August 13, 2025 So the key, how has that shaped up? I think there are not that significant in that aspect than what it is compared on a year-on-year basis. And currently, how are things shaping up, especially for the RM basket? Sanjay Kumar Bajpai: Actually, quarter 4, if you see, it was not a normal season for the fertilizer segment. So quarter 4 last year was dull and there is a lot of improvement in the sales as well as PBT impact, it is more than triple the figures. If you see the figures of the PBT and PAT, it is 3x higher than the last quarter. But at the same time, raw material pric [Showing first 8,000 characters — download PDF for full document]