GSFC

G S F C share price & financials

Price
₹165.44
Market cap
₹6.2k Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q4 FY26 · call held 25 May 2026

G S F C Q4 FY26

Operating EBITDA ₹781 cr +24%Standalone PAT ₹652 cr +14%Standalone PBT ₹838 cr +13%

What went well

  • FY26 Standalone Sales increased by 15% YoY to INR10,827 crores.
  • FY26 Standalone PAT grew by 14% YoY to INR652 crores.
  • Q4 FY26 achieved highest ever sales of INR2,622 crores and highest ever fertilizer sales of INR1,985 crores.

What to watch

  • Significant escalation in raw material prices (natural gas, ammonia, sulfur, sulfuric acid) due to geopolitical developments.
  • Elevated caprolactam and nylon 6 prices seen in Q4 FY26 are unlikely to hold, leading to pressure on realizations.
Read the full call →

What G S F C does

Gujarat State Fertilizers & Chemicals Limited runs an integrated fertilizer and petrochemicals complex in Gujarat, manufacturing nitrogenous and phosphatic fertilizers (urea, ammonium sulphate, ammonium phosphate sulphate, NPK, DAP) alongside industrial chemical products (caprolactam, melamine, nylon, MEK oxime) used as inputs for textiles, plastics, resins and agrochemicals. It reports under two operating segments, Fertilizers and Industrial Products, with manufacturing at its Fertilizernagar (Vadodara) complex and a second unit at Sikka. The company is promoted by the Government of Gujarat (through GSIL) and supplements grid power with a captive solar installation.

Segments

  • Fertilizers
  • Industrial Products
Manufacturing sites
Integrated complex at Fertilizernagar (Vadodara) plus a second unit at Sikka, both in Gujarat
Fertilizer product range
Urea, Ammonium Sulphate, Ammonium Phosphate Sulphate, NPK, DAP
Industrial/chemical product range
Caprolactam, Melamine, Nylon, MEK Oxime, HX Crystal, Technical Grade Urea
New Sulphuric Acid plant (SA-V) commissioned FY25-26
600 MTPD capacity
Solar power project commissioned FY25-26 (Charanka)
15 MW installed capacity
APS production line expansion under construction (Sikka C-Train)
1,200 MTPD capacity
Founded 1962Headquarters Fertilizernagar, Vadodara, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 9 tracked 4 delivered 2 missed 3 open
  • Sulphuric Acid V Project Commissioning delivered, diluted said Q3 FY25 Promised: Operational by end of current fiscal year (March 2025) Q4 FY26: Promise previously achieved with a delay. No new updates.
  • FY26 Fertilizer Volume missed said Q1 FY26 Promised: 23-24 lakh tons Q4 FY26: Full year fertilizer sales volume reported at 22.31 lakh metric tons, below the guided range of 23-24 lakh tons.
  • Sikka Plant Conversion Completion revised up said Q3 FY26 Promised: By the end of September 2026 Q4 FY26: This work is going on nicely as per the scheduled time and we are expecting this to be completed in July, somewhere in July or August this year only.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 64.1%, net profit up 14.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,635 2,814 1,922 2,184 3,187 +21%2,941 +5%2,633 +37%3,583 +64%
EBITDA284 158 80 193 337 +19%178 +13%83 +4%233 +21%
Net profit298 134 72 139 324 +9%158 +18%52 −28%159 +14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.8% 1Y

₹140₹160₹180₹200Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 25 May 2026

1Y: ₹204.62 on 10 Sept 2025 → ₹155.95. High ₹211.04 (19 Sept 2025), low ₹139.22 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
+0.1%
25 May
Q3 FY26
+0.2%
10 Feb
Q2 FY26
+6.7%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.2%.

Year endingFY23FY24FY25FY26
Revenue₹11.4k Cr₹9.2k Cr₹9.5k Cr₹10.9k Cr
Operating profit₹1.6k Cr₹513 Cr₹632 Cr₹791 Cr
Operating margin14.0%5.6%6.6%7.2%
Interest₹15 Cr₹12 Cr₹10 Cr₹15 Cr
Depreciation₹182 Cr₹184 Cr₹192 Cr₹202 Cr
Net profit₹1.3k Cr₹563 Cr₹591 Cr₹673 Cr
Net margin11.1%6.1%6.2%6.1%
Cash from operations₹924 Cr₹-268 Cr₹83 Cr₹136 Cr
Free cash flow₹782 Cr₹-508 Cr₹-296 Cr₹-172 Cr
ROCE13.0%6.0%6.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹80 Cr₹80 Cr₹80 Cr₹80 Cr₹80 Cr₹80 Cr
Reserves₹9.2k Cr₹11.7k Cr₹12.0k Cr₹12.6k Cr₹12.4k Cr₹12.2k Cr
Borrowings₹37 Cr₹6 Cr₹2 Cr₹5 Cr₹1 Cr₹27 Cr
Other liabilities₹1.9k Cr₹2.3k Cr₹1.9k Cr₹2.3k Cr₹667 Cr₹2.1k Cr
Total liabilities₹11.2k Cr₹14.1k Cr₹13.9k Cr₹15.1k Cr₹13.1k Cr₹14.4k Cr
Fixed assets₹2.8k Cr₹2.7k Cr₹2.6k Cr₹2.5k Cr₹2.9k Cr₹3.3k Cr
Capital work in progress₹117 Cr₹158 Cr₹200 Cr₹236 Cr₹423 Cr₹192 Cr
Investments₹4.3k Cr₹6.3k Cr₹5.3k Cr₹6.0k Cr₹5.1k Cr₹4.6k Cr
Other assets₹3.9k Cr₹5.0k Cr₹5.8k Cr₹6.3k Cr₹4.7k Cr₹6.3k Cr
Total assets₹11.2k Cr₹14.1k Cr₹13.9k Cr₹15.1k Cr₹13.1k Cr₹14.4k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.72 pp while the public trimmed −0.69 pp. The shareholder count shrank 8% to 2,98,987.

Promoters
37.8%
FIIs
12.4%
DIIs
7.3%
Government
5.7%
Public
36.8%

Since Jun 2025

  • FIIs +0.72 pp
  • Public −0.69 pp
  • DIIs −0.02 pp

How it drifted, 12 quarters

Over this window FIIs fell from 20.7% to 12.4% — −8.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 37.8%, FIIs 20.7%, DIIs 3.2%, Government 5.7%, Public 32.6%.Dec '23: Promoters 37.8%, FIIs 19.8%, DIIs 3.6%, Government 5.7%, Public 33.0%.Mar '24: Promoters 37.8%, FIIs 14.1%, DIIs 4.5%, Government 5.7%, Public 37.8%.Jun '24: Promoters 37.8%, FIIs 13.3%, DIIs 4.9%, Government 5.7%, Public 38.3%.Sep '24: Promoters 37.8%, FIIs 12.6%, DIIs 5.9%, Government 5.7%, Public 38.0%.Dec '24: Promoters 37.8%, FIIs 11.8%, DIIs 6.1%, Government 5.7%, Public 38.6%.Mar '25: Promoters 37.8%, FIIs 11.8%, DIIs 7.5%, Government 5.7%, Public 37.2%.Jun '25: Promoters 37.8%, FIIs 11.6%, DIIs 7.3%, Government 5.7%, Public 37.5%.Sep '25: Promoters 37.8%, FIIs 12.3%, DIIs 7.8%, Government 5.7%, Public 36.4%.Dec '25: Promoters 37.8%, FIIs 11.9%, DIIs 7.3%, Government 5.7%, Public 37.3%.Mar '26: Promoters 37.8%, FIIs 12.3%, DIIs 7.3%, Government 5.7%, Public 36.8%.Jun '26: Promoters 37.8%, FIIs 12.4%, DIIs 7.3%, Government 5.7%, Public 36.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of G S F C above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Gujarat State Investments Limited 37.84%unchanged
Quant Mutual Fund - Quant Small Cap Fund Mutual fund3.43%unchanged
Gujarat Narmada Valley Fertilizers And Chemicals L 1.88%unchanged
Gujarat Alkalies And Chemicals Limited 1.88%unchanged
ICICI Prudential Smallcap Fund Mutual fund1.67%unchanged
Gujarat Mineral Development Corporation Ltd 1.25%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹156, this stock must grow earnings at 1% every year for 7 years. Our analysis caps realistic growth at ~-19%. At that growth it is worth ₹51 — downside of 67%.

Growth the price implies
1.4% a year
for 7 years, fading to 4%
It has actually compounded at
-19.0% a year
net profit, FY23–FY26 · EPS -19.0%
The gap
0.2 pp
-67% downside if it only repeats history
Price today ₹155.95 Value at the reference growth ₹51.15

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse G S F C

Guides on how to read this kind of business and the numbers that matter.