Gujarat Narmada Vly earnings calls.

GNFC's Q3 FY26 performance was stable with fertilizer losses narrowing due to favorable subsidy adjustments and improved volumes in both fertilizer and chemical segments. Chemical volumes improved but pricing pressure persisted except for TDI. Management highlighted capacity-building capex of ~₹480-500 cr for a new coal-fired boiler and a power line capex to enhance reliability and reduce costs. The ongoing operational transformation initiative by Kearney targets ₹260-300 cr in annual savings, though only ₹5-7 cr from renewable power has been locked in so far. Key projects (CCPP, ammonium nitrate melt, ammonia loop) are on track, with CCPP expected to contribute ~₹82 cr net annually. Risks include delayed realization of Kearney savings, volatility in methanol prices, and potential margin pressure from new nitric acid capacity additions. No specific financial guidance was provided.