GUJSTATFIN
Gujarat State Financial financials
- Market cap
- ₹87 Cr
- Sector
- Financial Services
What Gujarat State Financial corporation does
Gujarat State Financial Corporation is a statutory body corporate set up under the State Financial Corporations Act, 1951 to provide medium- and long-term credit to small and medium industrial units in Gujarat and the Union Territory of Dadra and Nagar Haveli. It was forced to stop sanctioning and disbursing fresh loans from FY2001-02 after its finances deteriorated under competition from banks and other lenders. Since then its sole activity has been recovery of outstanding dues from its legacy loan book, run out of a Head Office and three Regional Offices.
Segments
- Recovery of dues
- Offices (Head Office + Regional Offices)
- Head Office (Gandhinagar) + 3 Regional Offices (Gandhinagar, Surat, Rajkot)
- Staff strength
- 12 (8 effective after deputations)
- Staff grade split
- 1 'A' grade officer, 8 'B' grade, 3 'C' grade employees
- Geographic mandate
- State of Gujarat + Union Territory of Dadra and Nagar Haveli
Quarterly results
Q1 FY27: net profit up 35.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | -1 | 0 | 0 | 0 | 0 +100% | 4 | 0 |
| Net profit | -31 | -32 | -31 | -31 | -32 −3% | -32 +0% | -32 −3% | -20 +35% |
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.
Financials, as filed
Revenue fell 10.6% a year over 2 years, FY24 to FY26.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹5 Cr | ₹0 Cr | ₹4 Cr |
| Interest | ₹138 Cr | ₹140 Cr | ₹142 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-119 Cr | ₹-125 Cr | ₹-127 Cr |
| Net margin | -2380.0% | — | -3175.0% |
| Cash from operations | ₹-12 Cr | ₹-14 Cr | ₹-17 Cr |
| Free cash flow | ₹-12 Cr | ₹-14 Cr | ₹-17 Cr |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹94 Cr | ₹94 Cr | ₹94 Cr | ₹94 Cr | ₹94 Cr | ₹94 Cr |
| Reserves | ₹-2.7k Cr | ₹-2.8k Cr | ₹-2.9k Cr | ₹-3.0k Cr | ₹-3.2k Cr | ₹-3.3k Cr |
| Borrowings | ₹662 Cr | ₹662 Cr | ₹662 Cr | ₹662 Cr | — | ₹662 Cr |
| Other liabilities | ₹2.1k Cr | ₹2.2k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹2.8k Cr |
| Total liabilities | ₹174 Cr | ₹180 Cr | ₹190 Cr | ₹206 Cr | ₹227 Cr | ₹234 Cr |
| Fixed assets | ₹3 Cr | ₹3 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹163 Cr | ₹170 Cr | ₹179 Cr | ₹194 Cr | ₹218 Cr | ₹221 Cr |
| Other assets | ₹8 Cr | ₹7 Cr | ₹9 Cr | ₹10 Cr | ₹7 Cr | ₹11 Cr |
| Total assets | ₹174 Cr | ₹180 Cr | ₹190 Cr | ₹206 Cr | ₹227 Cr | ₹234 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, the public added +2.41 pp while the government trimmed −2.10 pp. The shareholder count shrank 2% to 22,642.
- Promoters
- 84.0%
- DIIs
- 1.1%
- Government
- 2.1%
- Public
- 12.8%
Since Jun 2025
- Public +2.41 pp
- Government −2.10 pp
- DIIs −0.31 pp
How it drifted, 12 quarters
Over this window the public went from 10.4% to 12.8% — +2.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Dec '23: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Mar '24: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Jun '24: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Sep '24: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Dec '24: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Mar '25: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Jun '25: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.4%.Sep '25: Promoters 84.0%, DIIs 1.4%, Government 4.2%, Public 10.5%.Dec '25: Promoters 84.0%, DIIs 1.1%, Government 2.1%, Public 12.8%.Mar '26: Promoters 84.0%, DIIs 1.1%, Government 2.1%, Public 12.8%.Jun '26: Promoters 84.0%, DIIs 1.1%, Government 2.1%, Public 12.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- State Bank of India - 2 newly disclosed 0.10% held
- Union Bank Of India Bank newly disclosed 0.02% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gujarat State Financial corporation above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| H E The Governor Of Gujarat | 55.09% | unchanged |
| Small Industries Development Bank of India | 28.41% | unchanged |
| Gujarat Maritime Board | 1.05% | unchanged |
| Gujarat State Fertilizers & Chemicals Limited | 1.05% | unchanged |
| Gujarat Mineral Dev Corporation Ltd | 1.05% | unchanged |
| Gujarat State Investments Limited | 1.05% | unchanged |
| Life Insurance Corporation Of India Insurer | 0.11% | unchanged |
| State Bank of India - 2 | 0.10% | newly disclosed |
| Bank Of Baroda Bank | 0.05% | unchanged |
| Uco Bank Bank | 0.03% | unchanged |
| Dena Bank Bank | 0.03% | unchanged |
| Bank of India Bank | 0.03% | 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.
Learn to analyse Gujarat State Financial corporation
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