Gujarat State Fertilizers & Chemicals Ltd.

•

gsfclimited.comBSE: 500690NSE: GSFC

Market Cap₹ 6,378 Cr.

Current Price

High / Low₹ 213 / 139

Stock P/E9.5

Book Value₹ 308

Price to Book0.46

Dividend Yield3.12 %

ROCE7.1 %

ROE5.4 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Fertilizer Products: 77.8% • Industries Products: 22.2%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company has been maintaining a healthy dividend payout of 30.6%
Company comfortably covers its interest (59.0x coverage)
Company has a consistent dividend-paying track record
Stock looks reasonably valued - P/E of 9.5 is below its historical median
Offers a healthy dividend yield of 3.1%

CONS

A large part of profit comes from other income (32.6% of PBT)
Company has a low return on capital employed of 6.2%
Company has a low return on equity of 4.8% 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 15.6%
Company has delivered a poor profit growth of 9.3% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ChemicalsChemicalsFertilizers

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	COROMANDEL	1961.35	31.59	57871.77	0.56	381.56	-23.93	8164.77	15.94	23.92	9.26
2.	FACT	785.95	1818.91	50856.62	0.00	-67.90	-948.75	1567.84	65.14	11.30	-2.73
3.	CHAMBLFERT	415.70	8.64	16655.12	2.65	523.60	-4.61	5027.02	-11.77	25.50	16.42
4.	PARADEEP	158.05	15.31	16413.81	0.95	392.54	53.43	6124.25	63.14	15.09	11.76
5.	MBAPL	162.03	45.82	7099.10	0.06	329.62	1068.62	4163.01	916.15	19.41	15.83
6.	GSFC	160.05	9.21	6377.63	3.12	158.54	14.39	3583.15	64.03	7.17	6.58
7.	RCF	112.65	13.92	6214.77	1.19	73.53	35.09	3585.71	6.38	10.81	6.11
8.	KRISHANA	181.93	28.60	5624.15	0.06	47.09	54.01	532.31	34.58	27.26	16.71
9.	NFL	69.99	9.42	3433.56	1.49	113.38	387.47	4500.39	27.34	9.16	6.87
10.	SPIC	70.12	6.97	1427.93	2.85	60.18	-9.79	848.81	9.22	16.82	9.27
11.	MADRASFERT	63.13	14.33	1017.03	0.00	34.59	-21.49	814.01	21.07	27.70	6.46
12.	ZUARI	225.95	1.01	950.30	0.00	118.70	-90.68	615.21	-50.63	50.40	25.25

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,032	3,017	1,943	1,940	2,144	2,623	2,755	1,907	2,172	3,140	2,894	2,622	3,581
	1,893	2,802	1,840	1,915	2,026	2,334	2,606	1,833	1,971	2,806	2,717	2,552	3,407
Operating Profit	138	215	104	25	117	289	149	73	201	333	177	70	174
OPM %	6.82%	7.12%	5.34%	1.30%	5.48%	11.03%	5.40%	3.85%	9.25%	10.62%	6.11%	2.67%	4.86%
	49	195	81	52	49	152	56	56	40	142	56	35	33
Interest	2	2	1	7	2	2	2	4	8	2	1	4	10
Depreciation	45	46	46	46	47	48	49	48	48	50	50	53	54
Profit before Tax	140	362	138	23	118	391	153	77	186	424	181	48	207
Tax %	24.26%	21.43%	18.89%	9.55%	21.53%	22.68%	22.13%	24.42%	24.55%	24.43%	13.06%	28.96%	22.29%
Net Profit	106	285	112	21	93	303	119	58	140	320	157	34	161
	2.67	7.14	2.82	0.53	2.32	7.60	3.00	1.46	3.51	8.04	3.94	0.86	4.04

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	5,265	6,271	8,575	7,621	7,500	8,998	11,298	8,932	9,429	10,827	12,237
	4,778	5,704	7,827	7,318	6,950	7,685	9,681	8,450	8,800	10,046	11,483
Operating Profit	487	567	747	303	549	1,312	1,617	482	629	781	754
OPM %	9.24%	9.04%	8.72%	3.97%	7.32%	14.59%	14.32%	5.40%	6.67%	7.21%	6.16%
	57	95	105	109	183	180	146	376	313	273	266
Interest	65	51	61	115	43	10	15	11	10	14	17
Depreciation	103	119	126	170	176	178	182	183	192	202	208
Profit before Tax	375	491	665	127	513	1,305	1,568	664	740	838	860
Tax %	-11.90%	3.07%	25.81%	22.27%	18.63%	31.73%	17.51%	21.08%	22.56%	22.26%	21.78%
Net Profit	420	476	494	99	418	891	1,293	524	573	652	673
EPS	10.53	11.94	12.39	2.48	10.48	22.36	32.45	13.16	14.38	16.35	—
Dividend Payout %	20.90%	18.43%	17.76%	48.45%	20.99%	11.18%	30.82%	30.40%	34.76%	30.58%	—

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 8%
3 Years:: -1%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: 9%
3 Years:: -20%

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:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	6,495	7,182	7,188	6,718	9,064	11,589	11,884	12,531	11,925	12,032
	753	1,041	1,015	1,506	35	5	1	4	1	26
Trade Payables	600	824	1,000	407	487	766	586	752	652	663
	1,100	1,113	1,069	1,246	1,352	1,536	1,221	1,513	1,538	1,383
Total Liabilities	9,029	10,240	10,351	9,957	11,019	13,975	13,773	14,880	14,195	14,183
	2,019	2,105	2,813	2,895	2,798	2,674	2,574	2,544	2,500	3,327
Capital Work in Progress	272	761	187	107	117	157	199	235	690	182
	2,479	2,740	2,315	2,023	4,284	6,265	5,279	5,956	4,993	4,537
	703	806	1,430	1,263	908	1,299	1,176	1,206	1,401	1,770
	0	0	0	0	0	0	0	502	550	690
Cash & Bank	54	62	49	25	212	316	1,423	2,280	1,858	168
	3,502	3,765	3,556	3,643	2,700	3,264	3,123	2,157	2,205	3,509
Total Assets	9,029	10,240	10,351	9,957	11,019	13,975	13,773	14,880	14,195	14,183

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	973	438	608	32	1,713	478	1,395	-272	74	146
Cash from Investing	-238	-488	-279	-266	-24	-19	-40	105	-179	-39
Cash from Financing	-656	133	-242	267	-1,560	-125	-114	-403	-168	-184
	13	7	-13	-23	185	108	775	-570	-274	-78

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
37.84	37.84	37.84	37.84	37.84	37.84	37.84	37.84	37.84
13.31	12.60	11.81	11.83	11.64	12.29	11.90	12.35	12.36
4.90	5.87	6.05	7.47	7.33	7.80	7.27	7.29	7.31
5.65	5.65	5.65	5.65	5.65	5.65	5.65	5.65	5.65
38.30	38.05	38.65	37.22	37.53	36.41	37.33	36.85	36.82

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-04

General Updates

2026-09-04 - pls find the BRSR Report for FY 2025-26

2026-09-04

Shareholders meeting

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

Copy of Newspaper Publication

2026-09-04 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

General Updates

2026-08-31 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about General Updates

2026-08-31

Record Date

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

General Updates

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

General Updates

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

Record 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.

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