Gujarat State Fertilizers & Chemicals Ltd.

•

₹ 158.23-1.48%

2026-08-21

gsfclimited.comBSE: 500690NSE: GSFC

Market Cap₹ 6,447 Cr.

Current Price₹ 161

High / Low₹ 221 / 139

Stock P/E0.0

Book Value₹ 308

Price to Book0.59

Dividend Yield3.09 %

ROCE6.1 %

ROE4.7 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Fertilizer Products: 76.6% • Industries Products: 23.4%

PROS

Company has delivered good profit growth of 42.2% CAGR over last 5 years
Company is almost debt free
Company has been maintaining a healthy dividend payout of 34.8%
Company has a consistent dividend-paying track record
Offers a healthy dividend yield of 3.1%

CONS

A large part of profit comes from other income (42.3% of PBT)
Company has a low return on capital employed of 8.3%
Company has a low return on equity of 6.6% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.31x)
Operating margins have contracted to 6.7% from 16.6%
Company has delivered a poor sales growth of 4.3% over past five years

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

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsFertilizers

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	COROMANDEL	2038.80	32.83	60147.95	0.54	381.56	-23.93	8164.77	15.94	23.92	9.26
2.	FACT	787.00	1821.34	50924.56	0.00	-67.90	-948.75	1567.84	65.14	11.30	-2.73
3.	CHAMBLFERT	434.35	9.03	17402.33	2.53	523.60	-4.61	5027.02	-11.77	25.50	16.42
4.	PARADEEP	150.90	14.62	15671.27	0.99	392.54	53.43	6124.25	63.14	13.95	11.76
5.	MBAPL	163.63	0.00	7169.20	0.06	329.62	1068.62	4163.01	916.15	19.41	15.83
6.	RCF	119.05	14.71	6567.85	1.97	73.53	35.09	3585.71	6.38	7.64	6.11
7.	GSFC	161.80	9.31	6447.37	3.09	158.54	14.39	3583.15	64.03	6.16	6.58
8.	KRISHANA	194.30	0.00	6006.55	0.05	47.09	54.01	532.31	34.58	27.26	16.71
9.	NFL	70.11	9.44	3439.45	0.00	113.38	387.47	4500.39	27.34	7.84	6.87
10.	SPIC	68.13	6.77	1387.40	2.94	60.18	-9.79	848.81	9.22	16.82	9.27
11.	MADRASFERT	65.48	0.00	1054.89	0.00	34.59	-21.49	814.01	21.07	27.70	6.46
12.	ZUARI	224.65	1.01	944.83	0.00	118.70	-90.68	615.21	-50.63	16.04	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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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
	3	7	3	1	2	8	3	1	4	8	4	1	0
Equity Capital	80	80	80	80	80	80	80	80	80	80	80	80	80
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	80	80	80	80	80	80	80	80	80	80	80	80	80
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 2,032
: 1,893
Operating Profit: —
OPM %: —
Other Income: 49
Interest: 2
Depreciation: 45
: 140
Tax %: 24.26%
Net Profit: 106
: 3
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 3,017
: 2,802
Operating Profit: —
OPM %: —
Other Income: 195
Interest: 2
Depreciation: 46
: 362
Tax %: 21.43%
Net Profit: 285
: 7
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,943
: 1,840
Operating Profit: —
OPM %: —
Other Income: 81
Interest: 1
Depreciation: 46
: 138
Tax %: 18.89%
Net Profit: 112
: 3
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,940
: 1,915
Operating Profit: —
OPM %: —
Other Income: 52
Interest: 7
Depreciation: 46
: 23
Tax %: 9.55%
Net Profit: 21
: 1
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 2,144
: 2,026
Operating Profit: —
OPM %: —
Other Income: 49
Interest: 2
Depreciation: 47
: 118
Tax %: 21.53%
Net Profit: 93
: 2
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 2,623
: 2,334
Operating Profit: —
OPM %: —
Other Income: 152
Interest: 2
Depreciation: 48
: 391
Tax %: 22.68%
Net Profit: 303
: 8
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 2,755
: 2,606
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 2
Depreciation: 49
: 153
Tax %: 22.13%
Net Profit: 119
: 3
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 1,907
: 1,833
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 4
Depreciation: 48
: 77
Tax %: 24.42%
Net Profit: 58
: 1
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 2,172
: 1,971
Operating Profit: —
OPM %: —
Other Income: 40
Interest: 8
Depreciation: 48
: 186
Tax %: 24.55%
Net Profit: 140
: 4
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 3,140
: 2,806
Operating Profit: —
OPM %: —
Other Income: 142
Interest: 2
Depreciation: 50
: 424
Tax %: 24.43%
Net Profit: 320
: 8
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 2,894
: 2,717
Operating Profit: —
OPM %: —
Other Income: 56
Interest: 1
Depreciation: 50
: 181
Tax %: 13.06%
Net Profit: 157
: 4
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 2,622
: 2,552
Operating Profit: —
OPM %: —
Other Income: 35
Interest: 4
Depreciation: 53
: 48
Tax %: 28.96%
Net Profit: 34
: 1
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 3,581
: 3,407
Operating Profit: —
OPM %: —
Other Income: 33
Interest: 10
Depreciation: 54
: 207
Tax %: 22.29%
Net Profit: 161
: 0
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 80
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	6,108	5,265	6,271	8,575	7,621	7,500	8,998	11,298	8,932	9,429	12,237
	5,453	4,778	5,704	7,827	7,318	6,950	7,685	9,681	8,450	8,800	11,483
Operating Profit	721	543	661	852	412	733	1,493	1,764	859	942	—
OPM %	12	10	11	10	5	10	17	16	10	10	—
Other Income	66	57	95	105	109	183	180	146	376	313	266
Interest	31	65	51	61	115	43	10	15	11	10	17
Depreciation	97	103	119	126	170	176	178	182	183	192	208
	593	375	491	665	127	513	1,305	1,568	664	740	860
Tax %	31	-12	3	26	22	19	32	18	21	23	22
Net Profit	409	420	476	494	99	418	891	1,293	524	573	673
EPS	10	11	12	12	2	10	22	32	13	14	—
Dividend Payout %	21	21	18	18	48	21	11	31	30	35	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	10	11	12	12	2	10	22	32	13	14	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	10	11	12	12	2	10	22	32	13	14	—

Mar 2016

: 6,108
: 5,453
Operating Profit: 721
OPM %: 12
Other Income: 66
Interest: 31
Depreciation: 97
: 593
Tax %: 31
Net Profit: 409
EPS: 10
Dividend Payout %: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2017

: 5,265
: 4,778
Operating Profit: 543
OPM %: 10
Other Income: 57
Interest: 65
Depreciation: 103
: 375
Tax %: -12
Net Profit: 420
EPS: 11
Dividend Payout %: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 11

Mar 2018

: 6,271
: 5,704
Operating Profit: 661
OPM %: 11
Other Income: 95
Interest: 51
Depreciation: 119
: 491
Tax %: 3
Net Profit: 476
EPS: 12
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2019

: 8,575
: 7,827
Operating Profit: 852
OPM %: 10
Other Income: 105
Interest: 61
Depreciation: 126
: 665
Tax %: 26
Net Profit: 494
EPS: 12
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2020

: 7,621
: 7,318
Operating Profit: 412
OPM %: 5
Other Income: 109
Interest: 115
Depreciation: 170
: 127
Tax %: 22
Net Profit: 99
EPS: 2
Dividend Payout %: 48
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 2

Mar 2021

: 7,500
: 6,950
Operating Profit: 733
OPM %: 10
Other Income: 183
Interest: 43
Depreciation: 176
: 513
Tax %: 19
Net Profit: 418
EPS: 10
Dividend Payout %: 21
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 10

Mar 2022

: 8,998
: 7,685
Operating Profit: 1,493
OPM %: 17
Other Income: 180
Interest: 10
Depreciation: 178
: 1,305
Tax %: 32
Net Profit: 891
EPS: 22
Dividend Payout %: 11
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 22

Mar 2023

: 11,298
: 9,681
Operating Profit: 1,764
OPM %: 16
Other Income: 146
Interest: 15
Depreciation: 182
: 1,568
Tax %: 18
Net Profit: 1,293
EPS: 32
Dividend Payout %: 31
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 32

Mar 2024

: 8,932
: 8,450
Operating Profit: 859
OPM %: 10
Other Income: 376
Interest: 11
Depreciation: 183
: 664
Tax %: 21
Net Profit: 524
EPS: 13
Dividend Payout %: 30
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2025

: 9,429
: 8,800
Operating Profit: 942
OPM %: 10
Other Income: 313
Interest: 10
Depreciation: 192
: 740
Tax %: 23
Net Profit: 573
EPS: 14
Dividend Payout %: 35
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

TTM

: 12,237
: 11,483
Operating Profit: —
OPM %: —
Other Income: 266
Interest: 17
Depreciation: 208
: 860
Tax %: 22
Net Profit: 673
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 6%
5 Years:: 4%
3 Years:: 2%

COMPOUNDED PROFIT GROWTH

10 Years:: 4%
5 Years:: 42%
3 Years:: -14%

STOCK PRICE CAGR

10 Years:: 8%
5 Years:: 9%
3 Years:: 1%
1 Year:: -25%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: 7%
3 Years:: 7%
Last Year:: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	80	80	80	80	80	80	80	80	80	80
	5,426	6,495	7,182	7,188	6,718	9,064	11,589	11,884	12,531	11,925
	1,084	701	841	869	1,412	35	3	0	3	0
Trade Payables	561	600	824	1,000	407	487	766	586	752	652
	1,186	1,152	1,313	1,215	1,339	1,352	1,538	1,223	1,515	1,538
Total Liabilities	8,337	9,029	10,240	10,351	9,957	11,019	13,975	13,773	14,880	14,195
ASSETS	-	-	-	-	-	-	-	-	-	-
	1,653	2,019	2,105	2,813	2,895	2,798	2,674	2,574	2,544	2,500
Capital Work in Progress	403	272	761	187	107	117	157	199	235	690
	1,694	2,479	2,740	2,315	2,023	4,284	6,265	5,279	5,956	4,993
	585	703	806	1,430	1,263	908	1,299	1,176	1,206	1,401
	0	0	0	0	0	0	0	0	502	550
Cash & Bank	40	54	62	49	25	212	316	1,423	2,280	1,858
	3,961	3,502	3,765	3,556	3,643	2,700	3,264	3,123	2,157	2,205
Total Assets	8,337	9,029	10,240	10,351	9,957	11,019	13,975	13,773	14,880	14,195
Total Debt	1,288	805	1,093	1,069	1,559	35	3	0	3	0
Net Working Capital	1,857	1,912	1,862	2,107	2,089	2,421	3,173	4,270	4,343	4,278
Contingent Liabilities	602	498	730	813	1,022	904	930	903	853	806
Book Value per Share	138.17	165.01	182.24	182.39	170.60	229.48	292.83	300.23	316.48	301.27
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00
Total Debt	1,288	805	1,093	1,069	1,559	35	3	0	3	0
Net Working Capital	1,857	1,912	1,862	2,107	2,089	2,421	3,173	4,270	4,343	4,278
Contingent Liabilities	602	498	730	813	1,022	904	930	903	853	806
Book Value per Share	138.17	165.01	182.24	182.39	170.60	229.48	292.83	300.23	316.48	301.27
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00

Mar 2016

Equity Capital: 80
: 5,426
: 1,084
Trade Payables: 561
: 1,186
Total Liabilities: 8,337
: 1,653
Capital Work in Progress: 403
: 1,694
: 585
: 0
Cash & Bank: 40
: 3,961
Total Assets: 8,337
Total Debt: 1,288
Net Working Capital: 1,857
Contingent Liabilities: 602
Book Value per Share: 138.17
Face Value: 2.00
Total Debt: 1,288
Net Working Capital: 1,857
Contingent Liabilities: 602
Book Value per Share: 138.17
Face Value: 2.00

Mar 2017

Equity Capital: 80
: 6,495
: 701
Trade Payables: 600
: 1,152
Total Liabilities: 9,029
: 2,019
Capital Work in Progress: 272
: 2,479
: 703
: 0
Cash & Bank: 54
: 3,502
Total Assets: 9,029
Total Debt: 805
Net Working Capital: 1,912
Contingent Liabilities: 498
Book Value per Share: 165.01
Face Value: 2.00
Total Debt: 805
Net Working Capital: 1,912
Contingent Liabilities: 498
Book Value per Share: 165.01
Face Value: 2.00

Mar 2018

Equity Capital: 80
: 7,182
: 841
Trade Payables: 824
: 1,313
Total Liabilities: 10,240
: 2,105
Capital Work in Progress: 761
: 2,740
: 806
: 0
Cash & Bank: 62
: 3,765
Total Assets: 10,240
Total Debt: 1,093
Net Working Capital: 1,862
Contingent Liabilities: 730
Book Value per Share: 182.24
Face Value: 2.00
Total Debt: 1,093
Net Working Capital: 1,862
Contingent Liabilities: 730
Book Value per Share: 182.24
Face Value: 2.00

Mar 2019

Equity Capital: 80
: 7,188
: 869
Trade Payables: 1,000
: 1,215
Total Liabilities: 10,351
: 2,813
Capital Work in Progress: 187
: 2,315
: 1,430
: 0
Cash & Bank: 49
: 3,556
Total Assets: 10,351
Total Debt: 1,069
Net Working Capital: 2,107
Contingent Liabilities: 813
Book Value per Share: 182.39
Face Value: 2.00
Total Debt: 1,069
Net Working Capital: 2,107
Contingent Liabilities: 813
Book Value per Share: 182.39
Face Value: 2.00

Mar 2020

Equity Capital: 80
: 6,718
: 1,412
Trade Payables: 407
: 1,339
Total Liabilities: 9,957
: 2,895
Capital Work in Progress: 107
: 2,023
: 1,263
: 0
Cash & Bank: 25
: 3,643
Total Assets: 9,957
Total Debt: 1,559
Net Working Capital: 2,089
Contingent Liabilities: 1,022
Book Value per Share: 170.60
Face Value: 2.00
Total Debt: 1,559
Net Working Capital: 2,089
Contingent Liabilities: 1,022
Book Value per Share: 170.60
Face Value: 2.00

Mar 2021

Equity Capital: 80
: 9,064
: 35
Trade Payables: 487
: 1,352
Total Liabilities: 11,019
: 2,798
Capital Work in Progress: 117
: 4,284
: 908
: 0
Cash & Bank: 212
: 2,700
Total Assets: 11,019
Total Debt: 35
Net Working Capital: 2,421
Contingent Liabilities: 904
Book Value per Share: 229.48
Face Value: 2.00
Total Debt: 35
Net Working Capital: 2,421
Contingent Liabilities: 904
Book Value per Share: 229.48
Face Value: 2.00

Mar 2022

Equity Capital: 80
: 11,589
: 3
Trade Payables: 766
: 1,538
Total Liabilities: 13,975
: 2,674
Capital Work in Progress: 157
: 6,265
: 1,299
: 0
Cash & Bank: 316
: 3,264
Total Assets: 13,975
Total Debt: 3
Net Working Capital: 3,173
Contingent Liabilities: 930
Book Value per Share: 292.83
Face Value: 2.00
Total Debt: 3
Net Working Capital: 3,173
Contingent Liabilities: 930
Book Value per Share: 292.83
Face Value: 2.00

Mar 2023

Equity Capital: 80
: 11,884
: 0
Trade Payables: 586
: 1,223
Total Liabilities: 13,773
: 2,574
Capital Work in Progress: 199
: 5,279
: 1,176
: 0
Cash & Bank: 1,423
: 3,123
Total Assets: 13,773
Total Debt: 0
Net Working Capital: 4,270
Contingent Liabilities: 903
Book Value per Share: 300.23
Face Value: 2.00
Total Debt: 0
Net Working Capital: 4,270
Contingent Liabilities: 903
Book Value per Share: 300.23
Face Value: 2.00

Mar 2024

Equity Capital: 80
: 12,531
: 3
Trade Payables: 752
: 1,515
Total Liabilities: 14,880
: 2,544
Capital Work in Progress: 235
: 5,956
: 1,206
: 502
Cash & Bank: 2,280
: 2,157
Total Assets: 14,880
Total Debt: 3
Net Working Capital: 4,343
Contingent Liabilities: 853
Book Value per Share: 316.48
Face Value: 2.00
Total Debt: 3
Net Working Capital: 4,343
Contingent Liabilities: 853
Book Value per Share: 316.48
Face Value: 2.00

Mar 2025

Equity Capital: 80
: 11,925
: 0
Trade Payables: 652
: 1,538
Total Liabilities: 14,195
: 2,500
Capital Work in Progress: 690
: 4,993
: 1,401
: 550
Cash & Bank: 1,858
: 2,205
Total Assets: 14,195
Total Debt: 0
Net Working Capital: 4,278
Contingent Liabilities: 806
Book Value per Share: 301.27
Face Value: 2.00
Total Debt: 0
Net Working Capital: 4,278
Contingent Liabilities: 806
Book Value per Share: 301.27
Face Value: 2.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-242	907	361	507	-24	1,769	252	929	-272	74
Cash from Investing	-170	-238	-488	-279	-266	-24	-19	-40	105	-179
Cash from Financing	410	-656	133	-242	267	-1,560	-125	-114	-403	-168
	-2	13	7	-13	-23	185	108	775	-570	-274
Free Cash Flow	-242	570	-328	249	-169	1,691	224	814	-441	-515
OCF / Net Profit	-0.59	2.16	0.76	1.03	-0.24	4.24	0.28	0.72	-0.52	0.13
Cumulative 5-Year FCF	0	0	0	0	81	2,013	1,668	2,810	2,120	1,774
OCF / Net Profit	-0.59	2.16	0.76	1.03	-0.24	4.24	0.28	0.72	-0.52	0.13
Cumulative 5-Year FCF	0	0	0	0	81	2,013	1,668	2,810	2,120	1,774

Mar 2016

: -242
Cash from Investing: -170
Cash from Financing: 410
: -2
Free Cash Flow: -242
OCF / Net Profit: -0.59
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.59
Cumulative 5-Year FCF: 0

Mar 2017

: 907
Cash from Investing: -238
Cash from Financing: -656
: 13
Free Cash Flow: 570
OCF / Net Profit: 2.16
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.16
Cumulative 5-Year FCF: 0

Mar 2018

: 361
Cash from Investing: -488
Cash from Financing: 133
: 7
Free Cash Flow: -328
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.76
Cumulative 5-Year FCF: 0

Mar 2019

: 507
Cash from Investing: -279
Cash from Financing: -242
: -13
Free Cash Flow: 249
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.03
Cumulative 5-Year FCF: 0

Mar 2020

: -24
Cash from Investing: -266
Cash from Financing: 267
: -23
Free Cash Flow: -169
OCF / Net Profit: -0.24
Cumulative 5-Year FCF: 81
OCF / Net Profit: -0.24
Cumulative 5-Year FCF: 81

Mar 2021

: 1,769
Cash from Investing: -24
Cash from Financing: -1,560
: 185
Free Cash Flow: 1,691
OCF / Net Profit: 4.24
Cumulative 5-Year FCF: 2,013
OCF / Net Profit: 4.24
Cumulative 5-Year FCF: 2,013

Mar 2022

: 252
Cash from Investing: -19
Cash from Financing: -125
: 108
Free Cash Flow: 224
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: 1,668
OCF / Net Profit: 0.28
Cumulative 5-Year FCF: 1,668

Mar 2023

: 929
Cash from Investing: -40
Cash from Financing: -114
: 775
Free Cash Flow: 814
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 2,810
OCF / Net Profit: 0.72
Cumulative 5-Year FCF: 2,810

Mar 2024

: -272
Cash from Investing: 105
Cash from Financing: -403
: -570
Free Cash Flow: -441
OCF / Net Profit: -0.52
Cumulative 5-Year FCF: 2,120
OCF / Net Profit: -0.52
Cumulative 5-Year FCF: 2,120

Mar 2025

: 74
Cash from Investing: -179
Cash from Financing: -168
: -274
Free Cash Flow: -515
OCF / Net Profit: 0.13
Cumulative 5-Year FCF: 1,774
OCF / Net Profit: 0.13
Cumulative 5-Year FCF: 1,774

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	10.27	10.53	11.94	12.39	2.48	10.48	22.36	32.45	13.16	14.38
Book Value (₹)	138.17	165.01	182.24	182.39	170.60	229.48	292.83	300.23	316.48	301.27
Dividend per Share (₹)	2.20	2.20	2.20	2.20	1.20	2.20	2.50	10.00	4.00	5.00
Cash EPS (₹)	12.72	13.12	14.93	15.54	6.75	14.91	26.83	37.01	17.75	19.19
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	11.40%	9.92%	10.48%	9.94%	5.40%	9.77%	16.59%	15.61%	5.40%	6.67%
Net Margin %	6.47%	7.66%	7.54%	5.76%	1.30%	5.57%	9.90%	11.45%	5.87%	6.08%
ROE %	8.21%	6.94%	6.88%	6.80%	1.40%	5.24%	8.56%	10.94%	4.27%	4.66%
ROCE %	10.40%	6.21%	6.89%	8.71%	2.90%	6.34%	12.61%	13.39%	5.50%	6.10%
	5.54%	4.83%	4.94%	4.80%	0.97%	3.98%	7.13%	9.32%	3.66%	3.94%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	151	136	51	41	44	33	17	14	20	20
Inventory Days	35	43	44	48	64	53	45	40	49	50
Payable Days	44	67	65	57	50	34	43	36	43	43
	142	112	30	31	58	52	19	18	26	28
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.23x	0.12x	0.15x	0.15x	0.23x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	19.92x	6.77x	10.56x	11.86x	2.11x	13.01x	136.50x	106.24x	60.35x	74.39x
	1.85x	2.04x	1.82x	1.86x	1.90x	3.46x	3.43x	5.17x	4.47x	4.36x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	14.72%	-13.81%	19.11%	36.74%	-11.12%	-1.59%	19.98%	25.56%	-20.94%	5.56%
Operating Profit Growth %	4.14%	-24.68%	21.73%	28.89%	-51.67%	77.84%	103.78%	18.17%	-51.33%	9.70%
Net Profit Growth %	2.21%	2.48%	13.40%	3.77%	-80.01%	323.19%	113.30%	45.14%	-59.45%	9.32%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-59.45%	9.32%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	14.87x	12.33x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.62x	0.59x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.04%	2.82%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.43x	5.53x

Mar 2016

EPS (₹): 10.27
Book Value (₹): 138.17
Dividend per Share (₹): 2.20
Cash EPS (₹): 12.72
Operating Margin %: 11.40%
Net Margin %: 6.47%
ROE %: 8.21%
ROCE %: 10.40%
: 5.54%
Debtor Days: 151
Inventory Days: 35
Payable Days: 44
: 142
Debt to Equity (x): 0.23x
Interest Coverage (x): 19.92x
: 1.85x
Revenue Growth %: 14.72%
Operating Profit Growth %: 4.14%
Net Profit Growth %: 2.21%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2017

EPS (₹): 10.53
Book Value (₹): 165.01
Dividend per Share (₹): 2.20
Cash EPS (₹): 13.12
Operating Margin %: 9.92%
Net Margin %: 7.66%
ROE %: 6.94%
ROCE %: 6.21%
: 4.83%
Debtor Days: 136
Inventory Days: 43
Payable Days: 67
: 112
Debt to Equity (x): 0.12x
Interest Coverage (x): 6.77x
: 2.04x
Revenue Growth %: -13.81%
Operating Profit Growth %: -24.68%
Net Profit Growth %: 2.48%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 11.94
Book Value (₹): 182.24
Dividend per Share (₹): 2.20
Cash EPS (₹): 14.93
Operating Margin %: 10.48%
Net Margin %: 7.54%
ROE %: 6.88%
ROCE %: 6.89%
: 4.94%
Debtor Days: 51
Inventory Days: 44
Payable Days: 65
: 30
Debt to Equity (x): 0.15x
Interest Coverage (x): 10.56x
: 1.82x
Revenue Growth %: 19.11%
Operating Profit Growth %: 21.73%
Net Profit Growth %: 13.40%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 12.39
Book Value (₹): 182.39
Dividend per Share (₹): 2.20
Cash EPS (₹): 15.54
Operating Margin %: 9.94%
Net Margin %: 5.76%
ROE %: 6.80%
ROCE %: 8.71%
: 4.80%
Debtor Days: 41
Inventory Days: 48
Payable Days: 57
: 31
Debt to Equity (x): 0.15x
Interest Coverage (x): 11.86x
: 1.86x
Revenue Growth %: 36.74%
Operating Profit Growth %: 28.89%
Net Profit Growth %: 3.77%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 2.48
Book Value (₹): 170.60
Dividend per Share (₹): 1.20
Cash EPS (₹): 6.75
Operating Margin %: 5.40%
Net Margin %: 1.30%
ROE %: 1.40%
ROCE %: 2.90%
: 0.97%
Debtor Days: 44
Inventory Days: 64
Payable Days: 50
: 58
Debt to Equity (x): 0.23x
Interest Coverage (x): 2.11x
: 1.90x
Revenue Growth %: -11.12%
Operating Profit Growth %: -51.67%
Net Profit Growth %: -80.01%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 10.48
Book Value (₹): 229.48
Dividend per Share (₹): 2.20
Cash EPS (₹): 14.91
Operating Margin %: 9.77%
Net Margin %: 5.57%
ROE %: 5.24%
ROCE %: 6.34%
: 3.98%
Debtor Days: 33
Inventory Days: 53
Payable Days: 34
: 52
Debt to Equity (x): 0.00x
Interest Coverage (x): 13.01x
: 3.46x
Revenue Growth %: -1.59%
Operating Profit Growth %: 77.84%
Net Profit Growth %: 323.19%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 22.36
Book Value (₹): 292.83
Dividend per Share (₹): 2.50
Cash EPS (₹): 26.83
Operating Margin %: 16.59%
Net Margin %: 9.90%
ROE %: 8.56%
ROCE %: 12.61%
: 7.13%
Debtor Days: 17
Inventory Days: 45
Payable Days: 43
: 19
Debt to Equity (x): 0.00x
Interest Coverage (x): 136.50x
: 3.43x
Revenue Growth %: 19.98%
Operating Profit Growth %: 103.78%
Net Profit Growth %: 113.30%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 32.45
Book Value (₹): 300.23
Dividend per Share (₹): 10.00
Cash EPS (₹): 37.01
Operating Margin %: 15.61%
Net Margin %: 11.45%
ROE %: 10.94%
ROCE %: 13.39%
: 9.32%
Debtor Days: 14
Inventory Days: 40
Payable Days: 36
: 18
Debt to Equity (x): 0.00x
Interest Coverage (x): 106.24x
: 5.17x
Revenue Growth %: 25.56%
Operating Profit Growth %: 18.17%
Net Profit Growth %: 45.14%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 13.16
Book Value (₹): 316.48
Dividend per Share (₹): 4.00
Cash EPS (₹): 17.75
Operating Margin %: 5.40%
Net Margin %: 5.87%
ROE %: 4.27%
ROCE %: 5.50%
: 3.66%
Debtor Days: 20
Inventory Days: 49
Payable Days: 43
: 26
Debt to Equity (x): 0.00x
Interest Coverage (x): 60.35x
: 4.47x
Revenue Growth %: -20.94%
Operating Profit Growth %: -51.33%
Net Profit Growth %: -59.45%
: -59.45%
P/E (x): 14.87x
P/B (x): 0.62x
Dividend Yield %: 2.04%
: 6.43x

Mar 2025

EPS (₹): 14.38
Book Value (₹): 301.27
Dividend per Share (₹): 5.00
Cash EPS (₹): 19.19
Operating Margin %: 6.67%
Net Margin %: 6.08%
ROE %: 4.66%
ROCE %: 6.10%
: 3.94%
Debtor Days: 20
Inventory Days: 50
Payable Days: 43
: 28
Debt to Equity (x): 0.00x
Interest Coverage (x): 74.39x
: 4.36x
Revenue Growth %: 5.56%
Operating Profit Growth %: 9.70%
Net Profit Growth %: 9.32%
: 9.32%
P/E (x): 12.33x
P/B (x): 0.59x
Dividend Yield %: 2.82%
: 5.53x

Shareholding Pattern

Numbers in percentages

TRADES

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

Jun 2024

: 37.84
: 13.31
: 4.90
: 5.65
: 38.30

Sep 2024

: 37.84
: 12.60
: 5.87
: 5.65
: 38.05

Dec 2024

: 37.84
: 11.81
: 6.05
: 5.65
: 38.65

Mar 2025

: 37.84
: 11.83
: 7.47
: 5.65
: 37.22

Jun 2025

: 37.84
: 11.64
: 7.33
: 5.65
: 37.53

Sep 2025

: 37.84
: 12.29
: 7.80
: 5.65
: 36.41

Dec 2025

: 37.84
: 11.90
: 7.27
: 5.65
: 37.33

Mar 2026

: 37.84
: 12.35
: 7.29
: 5.65
: 36.85

Jun 2026

: 37.84
: 12.36
: 7.31
: 5.65
: 36.82

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Transcript
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-13 - Gujarat State Fertilizers & Chemicals Limited has informed the Exchange about Link of Recording

Annual Reports

Credit Ratings

Nothing filed yet.

Concalls

Aug 2026
TranscriptPPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC