Gujarat State Fertilizers & Chemicals Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Fertilizer Products: 78.0% • Industrial Products: 22.0%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company comfortably covers its interest (60.5x coverage)
- Company has a consistent dividend-paying track record
- Stock looks reasonably valued - P/E of 9.2 is below its historical median
- Offers a healthy dividend yield of 3.1%
CONS
- A large part of profit comes from other income (32.1% of PBT)
- Company has a low return on capital employed of 6.4%
- Company has a low return on equity of 4.9% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.03x)
- Operating margins have contracted to 7.2% from 15.3%
- Company has delivered a poor profit growth of 8.4% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| COROMANDEL | 1961.35 | 31.59 | 57871.77 | 0.56 | 381.56 | -23.93 | 8164.77 | 15.94 | 23.92 | 9.26 |
| FACT | 785.95 | 1818.91 | 50856.62 | 0.00 | -67.90 | -948.75 | 1567.84 | 65.14 | 11.30 | -2.73 |
| CHAMBLFERT | 415.70 | 8.64 | 16655.12 | 2.65 | 523.60 | -4.61 | 5027.02 | -11.77 | 25.50 | 16.42 |
| PARADEEP | 158.05 | 15.31 | 16413.81 | 0.95 | 392.54 | 53.43 | 6124.25 | 63.14 | 15.09 | 11.76 |
| MBAPL | 162.03 | 45.82 | 7099.10 | 0.06 | 329.62 | 1068.62 | 4163.01 | 916.15 | 19.41 | 15.83 |
| GSFC | 160.05 | 9.21 | 6377.63 | 3.12 | 158.54 | 14.39 | 3583.15 | 64.03 | 7.17 | 6.58 |
| RCF | 112.65 | 13.92 | 6214.77 | 1.19 | 73.53 | 35.09 | 3585.71 | 6.38 | 10.81 | 6.11 |
| KRISHANA | 181.93 | 28.60 | 5624.15 | 0.06 | 47.09 | 54.01 | 532.31 | 34.58 | 27.26 | 16.71 |
| NFL | 69.99 | 9.42 | 3433.56 | 1.49 | 113.38 | 387.47 | 4500.39 | 27.34 | 9.16 | 6.87 |
| SPIC | 70.12 | 6.97 | 1427.93 | 2.85 | 60.18 | -9.79 | 848.81 | 9.22 | 16.82 | 9.27 |
| MADRASFERT | 63.13 | 14.33 | 1017.03 | 0.00 | 34.59 | -21.49 | 814.01 | 21.07 | 27.70 | 6.46 |
| ZUARI | 225.95 | 1.01 | 950.30 | 0.00 | 118.70 | -90.68 | 615.21 | -50.63 | 50.40 | 25.25 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,063 | 3,119 | 2,008 | 1,965 | 2,163 | 2,635 | 2,814 | 1,922 | 2,184 | 3,187 | 2,941 | 2,633 | 3,583 | |
| 1,921 | 2,881 | 1,900 | 1,939 | 2,053 | 2,352 | 2,656 | 1,842 | 1,992 | 2,851 | 2,763 | 2,550 | 3,415 | |
| Operating Profit | 142 | 237 | 108 | 26 | 110 | 284 | 158 | 80 | 193 | 337 | 178 | 83 | 168 |
| OPM % | 6.90% | 7.61% | 5.36% | 1.32% | 5.08% | 10.76% | 5.63% | 4.16% | 8.83% | 10.56% | 6.04% | 3.16% | 4.70% |
| 49 | 195 | 81 | 52 | 50 | 152 | 56 | 57 | 42 | 143 | 56 | 35 | 34 | |
| Interest | 2 | 2 | 1 | 7 | 2 | 2 | 2 | 4 | 8 | 2 | 1 | 4 | 10 |
| Depreciation | 45 | 46 | 46 | 47 | 47 | 48 | 49 | 48 | 48 | 51 | 50 | 53 | 54 |
| Profit before Tax | 144 | 385 | 142 | 24 | 111 | 386 | 163 | 84 | 179 | 427 | 182 | 61 | 205 |
| Tax % | 23.58% | 20.30% | 18.42% | 7.08% | 22.84% | 23.04% | 20.81% | 20.02% | 25.57% | 24.43% | 13.66% | 21.39% | 22.72% |
| Net Profit | 0 | 0 | 0 | 0 | 87 | 298 | 134 | 72 | 139 | 324 | 158 | 52 | 159 |
| 2.82 | 7.75 | 2.97 | 0.62 | 2.19 | 7.49 | 3.36 | 1.80 | 3.48 | 8.13 | 3.97 | 1.30 | 3.98 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,265 | 6,266 | 8,491 | 7,798 | 7,634 | 9,085 | 11,369 | 9,155 | 9,534 | 10,946 | 12,344 | |
| 4,775 | 5,701 | 7,742 | 7,481 | 7,063 | 7,764 | 9,781 | 8,641 | 8,902 | 10,155 | 11,578 | |
| Operating Profit | 489 | 565 | 749 | 317 | 571 | 1,321 | 1,588 | 513 | 632 | 790 | 766 |
| OPM % | 9.29% | 9.01% | 8.82% | 4.07% | 7.48% | 14.54% | 13.97% | 5.61% | 6.63% | 7.22% | 6.20% |
| 56 | 99 | 108 | 107 | 183 | 181 | 149 | 377 | 315 | 276 | 268 | |
| Interest | 65 | 51 | 61 | 115 | 43 | 10 | 15 | 11 | 10 | 14 | 17 |
| Depreciation | 104 | 119 | 126 | 171 | 177 | 179 | 182 | 183 | 192 | 202 | 208 |
| Profit before Tax | 382 | 493 | 669 | 141 | 535 | 1,315 | 1,543 | 704 | 756 | 861 | 876 |
| Tax % | -11.13% | 3.90% | 26.28% | 22.19% | 15.86% | 31.68% | 17.94% | 19.89% | 21.83% | 21.86% | 21.58% |
| Net Profit | 424 | 474 | 493 | 110 | 450 | 899 | 1,266 | 564 | 591 | 673 | 687 |
| EPS | 10.65 | 11.89 | 12.38 | 2.75 | 11.30 | 22.55 | 31.77 | 14.15 | 14.83 | 16.88 | — |
| Dividend Payout % | 20.65% | 18.50% | 17.78% | 43.63% | 19.48% | 11.09% | 31.48% | 28.26% | 33.71% | 29.62% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 7%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 5%
- 5 Years:
- 8%
- 3 Years:
- -19%
STOCK PRICE CAGR
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- -3%
- 1 Year:
- -22%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 7%
- 3 Years:
- 5%
- Last Year:
- 6%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 |
| Minority Interest | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 11 | 11 |
| 6,539 | 7,224 | 7,241 | 6,782 | 9,161 | 11,693 | 11,960 | 12,647 | 12,059 | 12,187 | |
| 753 | 1,041 | 1,017 | 1,507 | 36 | 5 | 2 | 6 | 2 | 36 | |
| Trade Payables | 604 | 831 | 1,039 | 436 | 529 | 802 | 639 | 799 | 675 | 689 |
| 1,114 | 1,138 | 1,087 | 1,265 | 1,357 | 1,544 | 1,227 | 1,518 | 1,542 | 1,387 | |
| Total Liabilities | 9,091 | 10,315 | 10,464 | 10,070 | 11,164 | 14,125 | 13,909 | 15,051 | 14,369 | 14,390 |
| 2,022 | 2,108 | 2,821 | 2,902 | 2,804 | 2,680 | 2,580 | 2,549 | 2,504 | 3,331 | |
| Capital Work in Progress | 273 | 763 | 187 | 107 | 117 | 158 | 200 | 236 | 690 | 192 |
| 2,530 | 2,790 | 2,376 | 2,087 | 4,331 | 6,314 | 5,329 | 6,015 | 5,055 | 4,610 | |
| 705 | 873 | 1,655 | 1,374 | 997 | 1,392 | 1,324 | 1,305 | 1,479 | 1,879 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 510 | 537 | 682 | |
| Cash & Bank | 59 | 70 | 68 | 48 | 248 | 336 | 1,440 | 2,303 | 1,907 | 200 |
| 3,503 | 3,711 | 3,356 | 3,552 | 2,667 | 3,245 | 3,037 | 2,133 | 2,196 | 3,497 | |
| Total Assets | 9,091 | 10,315 | 10,464 | 10,070 | 11,164 | 14,125 | 13,909 | 15,051 | 14,369 | 14,390 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 978 | 437 | 611 | 51 | 1,729 | 465 | 1,392 | -268 | 83 | 136 | |
| Cash from Investing | -238 | -484 | -281 | -266 | -23 | -18 | -39 | 106 | -172 | -46 |
| Cash from Financing | -656 | 134 | -242 | 267 | -1,559 | -126 | -114 | -403 | -159 | -184 |
| 17 | 7 | -15 | -7 | 201 | 92 | 770 | -566 | -247 | -94 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - pls find the BRSR Report for FY 2025-26
2026-09-04 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-09-04 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-31 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about General Updates
2026-08-31 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange the revised Record date for the purpose of Dividend is 12-Sep-2026.
2026-08-29 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about General Updates regarding cut-off date for e-voting at 64th AGM
2026-08-29 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about General Updates for date of AGM, book closure, record date and dividend payment date
2026-08-29 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.
News
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