GNFC Q2 FY27: REVENUE UP 41% YOY; 50 KTPA AMMONIA, 200 KTPA NITRIC ACID & 163 KTPA AMMONIUM NITRATE EXPANSIONS UNDER EXECUTION

• Profitability: PBT increased 4.8% YoY but declined 42.1% QoQ to ₹241 Cr, impacted by lower chemical realisations and higher fixed costs • Ammonia Expansion: 50 KTPA capacity expansion underway at Bharuch, aimed at improving ammonia plant reliability and reducing energy costs • Weak Nitric Acid Expansion: 200 KTPA WNA-III project under execution at Bharuch, expected to strengthen market share and increase revenue • Ammonium Nitrate Expansion: 163 KTPA AN-II project under execution at Bharuch, supporting higher production capacity and future profitability • New Steam Boiler: Developing a 180–200 MT/hour CFBC steam boiler at Bharuch to improve operational reliability and reduce energy costs • Expansion Timeline: Ammonia, WNA-III and AN-II projects are scheduled within FY27 execution plans, while the CFBC boiler execution schedule extends into FY29 • Bisphenol-A Expansion: Considering a 150 KTPA BPA manufacturing facility at Dahej, with a proposed execution window spanning FY28–FY31 • Polyols Expansion: Evaluating a 100 KTPA Polyols manufacturing project at Dahej as part of future chemical portfolio expansion • Acetic Acid Expansion: Considering a 350 KTPA Acetic Acid manufacturing facility at Bharuch, with the proposed schedule extending through FY31 • Captive Power Plant: Dahej coal-based captive power plant has started operations, resulting in lower operating costs; remaining project activities are nearing completion • Chemical Business: Revenue increased 40.4% YoY and 4% QoQ to ₹1,631 Cr, while segment profit increased 12% YoY but declined 58.4% QoQ to ₹177 Cr • Fertilizer Business: Revenue increased 43% YoY and 72.1% QoQ to ₹1,117 Cr, while segment loss narrowed to ₹38 Cr from ₹85 Cr QoQ • Urea Energy Norms: Revised Neem Urea energy norms of 6.37 Gcal/MT versus 6.20 Gcal/MT are favourable for the company; revision of fixed-cost compensation remains under discussion with the government • H1 Performance: Revenue increased 40.4% YoY to ₹5,011 Cr, while PAT surged 94.1% to ₹495 Cr; comparison benefited from the previous year's Bharuch maintenance shutdown • Cash Position: Cash and bank balances/deposits increased to ₹1,805 Cr from ₹1,111 Cr in March 2026, while borrowings stood at ₹109 Cr • Working Capital: H1 operating cash flow declined to ₹141 Cr from ₹314 Cr YoY, impacted by higher working capital requirements and elevated feed and fuel costs • Capex Progress: Capital work-in-progress stood at ₹781 Cr, mainly comprising WNA-III, Ammonium Nitrate-II and urea reactor replacement projects • Future Growth Plans: Focused on expanding chemical manufacturing capacity, reducing energy costs, strengthening market share and evaluating new downstream chemical projects • FY27 Guidance & Capex: Management explicitly stated that it does not provide forecasts or future earnings guidance.

GUJ NAR VAL FER & CHEM L

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