Gujarat State Fertilizers & Chemicals Limited (GSFC)

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Gujarat State Fertilizers & Chemicals Limited (GSFC) · mywealthgrid

About

GSFC operates as an integrated fertilizer and agrochemical manufacturer in India's Materials sector, with a market cap of ₹6,385.96 Cr and recent quarterly revenues ranging from ₹2.6 to ₹3.6 Cr. The company competes in India's cyclical, policy-dependent fertilizers industry where margins swing sharply with commodity and subsidy cycles.

Face value: ₹2

Market cap

₹5,854 Cr

P/E

8.5×

P/B

0.5×

Dividend yield

3.4%

ROE

5.5%

ROCE

6.6%

Debt / equity

OPM

7.2%

EPS (TTM)

₹17.4

Book value

₹307.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin compression: Operating profit margin fell from 10.62% (Sep 2025) to 2.67% (Mar 2026) before recovering to 6.65% (Jun 2026), exposing acute sensitivity to input-cost and commodity-price cycles — verify current input pricing and cost-containment outlook.
Weak capital returns: ROE of 5.51% indicates capital deployed generates low returns — verify whether this is structural or cyclical and whether improvement is achievable.
Stock underperformance: 1-year return of -19.45% and price decline from ₹217.7 (52w high) to ₹160.25 reflects sustained investor skepticism — verify what drove the decline and recovery catalysts.
Policy dependence: Fertilizer demand and profitability are directly tied to government subsidy regimes and domestic price controls — verify current subsidy policy and any pending regulatory changes.

Generated analysis · source review pending

Growth drivers

Operating margin recovery from 2.67% (Mar 2026) to 6.65% (Jun 2026) could lift absolute profits if revenue base holds and input costs normalize — verify whether this reflects durable cost improvement or cyclical bounce.
Established revenue base of ₹2.6–3.6 Cr per quarter indicates entrenched market position — verify market share, customer concentration, and pricing power relative to competitors.
Zero debt (D/E = 0) provides financial flexibility for capex or shareholder returns if margin recovery sustains — verify management's capital allocation priorities and investment plans.
Consistent dividend history across recent years demonstrates cash generation — verify whether improved margins support both payouts and reinvestment growth.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹146.9-3.1%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 59.8×
+Dividend yield of 3.4%
+Dividend payout of 28.8% of profit

Cons

−Low return on equity of 4.9% (3-yr avg)
−Thin operating margin of 7.2%
−Modest revenue growth of 7.5% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

60/100

Business quality: 43
Growth: 39

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Coromandel International LimitedCOROMANDELCOROMANDEL	₹52,026 Cr	₹52,893 Cr	₹32,602 Cr	₹3,190 Cr	10.2%	₹1,778 Cr	6%	23.3%	16.5%	76
Fertilizers And Chemicals Travancore LimitedFACTFACT	₹47,559 Cr	₹49,329 Cr	₹5,293 Cr	₹105 Cr	2.3%	₹28 Cr	1%	17.5%	3%	86
Chambal Fertilizers & Chemicals LimitedCHAMBLFERTCHAMBLFERT	₹16,000 Cr	₹17,054 Cr	₹20,123 Cr	₹2,768 Cr	12.9%	₹1,928 Cr	9.4%	22.3%	20.4%	73
Paradeep Phosphates LimitedPARADEEPPARADEEP	₹15,700 Cr	₹22,606 Cr	₹23,447 Cr	₹2,292 Cr	9.9%	₹1,072 Cr	4.6%	29.3%	18.3%	115
Rashtriya Chemicals And Fertilizers LimitedRCFRCF	₹5,892 Cr	₹10,006 Cr	₹18,695 Cr	₹1,003 Cr	5.1%	₹447 Cr	2.3%	12.5%	8.7%	94
Gujarat State Fertilizers & Chemicals LimitedGSFCGSFC	₹5,854 Cr	₹5,879 Cr	₹12,344 Cr	₹830 Cr	7.2%	₹693 Cr	6.2%	6.6%	5.5%	129
National Fertilizers LimitedNFLNFL	₹3,132 Cr	₹7,092 Cr	₹22,480 Cr	₹1,012 Cr	3.9%	₹364 Cr	1%	11%	7.6%	81
Southern Petrochemicals Industries Corporation LimitedSPICSPIC	₹1,267 Cr	₹1,965 Cr	₹3,024 Cr	₹265 Cr	10.1%	₹205 Cr	7.2%	21.3%	16.5%	-26
Madras Fertilizers LimitedMADRASFERTMADRASFERT	₹926 Cr	₹1,560 Cr	₹2,442 Cr	₹98 Cr	4.8%	₹71 Cr	3.5%	101.8%	87.4%	33
Zuari Agro Chemicals LimitedZUARIZUARI	₹896 Cr	₹1,538 Cr	₹2,569 Cr	₹228 Cr	9.7%	₹939 Cr	30.7%	8.5%	46.6%	16
Aries Agro LimitedARIESARIES	₹621 Cr	₹671 Cr	₹766 Cr	₹81 Cr	10.3%	₹48 Cr	5.7%	21.1%	13.7%	115
Khaitan Chemicals & Fertilizers LimitedKHAICHEMKHAICHEM	₹477 Cr	₹755 Cr	₹988 Cr	₹105 Cr	11.3%	₹54 Cr	6.5%	36.1%	25.2%	119

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7,798	7,634	9,083	11,369	9,155	9,534	10,946
COGS	5,245	4,875	5,337	6,943	5,815	6,095	7,461
Gross profit	2,553	2,759	3,745	4,426	3,339	3,439	3,484
	2,236	2,188	2,426	2,838	2,826	2,795	2,683
	317	571	1,319	1,588	513	644	801
OPM %	4.1%	7.5%	14.5%	14%	5.6%	6.8%	7.3%
Depreciation	171	177	179	182	183	192	202
Interest	115	43	10	15	11	10	14
	109	184	185	152	377	315	276
Profit before tax	137	556	1,310	1,543	695	756	861
Tax	28	105	411	277	140	165	188
Tax %	20.2%	19%	31.4%	17.9%	20.1%	21.8%	21.9%
	110	450	899	1,266	555	591	673
PAT margin %	1.4%	5.9%	9.9%	11.1%	6.1%	6.2%	6.2%
EPS (₹)	2.8	11.3	22.6	31.8	14.2	14.8	16.9
EPS adjusted (₹)	2.8	11.3	22.6	31.8	13.9	14.8	16.9
	43.6%	19.5%	11.1%	31.5%	28.2%	33.7%	29.6%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	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
Reserves	6,539	7,224	7,241	6,782	9,161	11,693	11,960	12,647	12,059	12,187
Minority interest	—	—	—	—	—	—	2	1	11	11
	753	1,041	1,015	1,506	35	3	0	3	0	25
	1,718	1,970	2,128	1,756	1,889	2,350	1,868	2,320	2,220	2,087
Total equity & liabilities	9,091	10,315	10,464	10,123	11,164	14,125	13,909	15,051	14,369	14,390
	—	—	—	—	—	—	2,538	2,508	2,504	3,331
CWIP	273	763	187	107	117	158	200	236	690	192
Investments	2,530	2,790	2,376	2,087	4,331	99	5,330	6,015	5,055	4,610
	6,288	6,762	7,900	7,928	6,716	13,868	5,842	6,291	6,119	6,257
Total assets	9,091	10,315	10,464	10,123	11,164	14,125	13,909	15,051	14,369	14,390

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
FERTILIZER PRODUCTS	8,541.29	458.79	5,892.15	796.47	5,095.68	9
INDUSTRIAL PRODUCTS	2,404.21	200.06

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.7%	36.1%	41.2%	38.9%	36.5%	36.1%	31.8%
EBITDA margin %	4.1%	7.5%	14.5%	14%	5.6%	6.6%	7.2%
EBIT margin %	1.9%	5.2%	12.6%	12.4%	3.6%	4.6%	5.4%
PAT margin %	1.4%	5.9%	9.9%	11.1%	6.1%	6.2%	6.2%
Working capital
Receivable days	—	—	—	16	20	62	71
Inventory days	96	75	95	70	82	89	92
Payable days	30	40	—	34	50	40	34
NWC days	—	—	—	52	52	110	129
Leverage
Current ratio	1.89	3.4	3.39	4.97	4.37	4.34	4.83
Debt to EBITDA	4.75	0.06	0	0	0	0	0.03
Debt to equity	0.22	0	0	0	0	0	0
Interest coverage	2.2	13.4	135.5	103.4	63.1	74.8	59.8
Asset turnover	0.77	0.68	0.64	0.82	0.61	0.66	0.76
Return ratios
Return on assets %	1.1%	4%	6.4%	9.1%	3.7%	4.1%	4.7%
Return on capital employed %	3.3%	6.5%	11.6%	12.1%	5.3%	5.6%	6.6%
Return on equity %	1.6%	4.9%	7.6%	10.5%	4.4%	4.9%	5.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	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%	37.84%	37.84%	37.84%
	20.69%	19.81%	14.12%	13.31%	12.59%	11.81%	11.83%	11.65%	12.29%	11.91%	12.35%	12.36%
	3.18%	3.67%	4.57%	4.92%	5.89%	6.06%	7.47%	7.34%	7.82%	7.28%	7.31%	7.33%
Government	0%	0%	0%	0%	0%	0%	0%	0%	5.65%	5.65%	5.65%	5.65%
	38.29%	38.68%	43.47%	43.93%	43.68%	44.29%	42.86%	43.17%	36.4%	37.32%	36.85%	36.82%
No. of shareholders	—	—	—	—	—	—	—	—	3,13,329	3,09,604	3,03,830	2,98,987

Promoter holding up 0 percentage points since Sep 2023.

30 deals · 19 Sept 2022 – 20 Jun 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Jun 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	42,12,973	₹260.10	₹109.58 Cr
20 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	41,75,358	₹260.28	₹108.68 Cr
20 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	41,75,358	₹260.13	₹108.61 Cr
20 Jun 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	35,49,107	₹260.03	₹92.29 Cr
20 Jun 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	28,22,543	₹263.71	₹74.43 Cr
20 Jun 2024	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	28,22,543	₹263.81	₹74.46 Cr
20 Jun 2024	QE SECURITIES LLP	Bulk	NSE	Sell	26,99,733	₹262.18	₹70.78 Cr
20 Jun 2024	QE SECURITIES LLP	Bulk	NSE	Buy	26,35,376	₹260.48	₹68.65 Cr
20 Jun 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Sell	21,57,658	₹262.03	₹56.54 Cr
20 Jun 2024	AAKRAYA RESEARCH LLP	Bulk	NSE	Buy	21,57,658	₹261.89	₹56.51 Cr

1–10 of 30

1 / 3

Mr. MANOJ KUMAR DASNon-Executive - Nominee Director-Chairperson
Mr. Manoj Kumar DasChairperson
Mr. RAJENDER KUMARExecutive - Nominee Director
Mr. THIRUVENKADAM NATARAJANNon-Executive - Non Independent Director
Mr. SUDHIR KUMAR JAINNon-Executive - Independent Director
Mrs. GAURI KUMARNon-Executive - Independent Director
Mr. RAMA SHANKER DUBEYNon-Executive - Independent Director
Mrs. SUNDARAVALLI NARAYANASWAMINon-Executive - Independent Director
Mr. ASHWINIKUMAR RAJENDRAPRASAD YADAVNon-Executive - Non Independent Director
Mr. Sanjay Kumar BajpaiChief Financial Officer
Ms. Nidhi PillaiCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

2.06%

of the company's equity

All mutual funds

5.83%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Small Cap FundNEW	ICICI Prudential Mutual Fund	47.64 L	75.34	0.77%	1.195%	—
ETHICAL FUND	Tata Mutual Fund	22.26 L	35.2	0.91%	0.559%	-0
Rural Opportunities Fund	ICICI Prudential Mutual Fund	6.19 L	9.78	0.48%	0.155%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	5.8 L	9.17	0.37%	0.146%	-12,696
BSE 500 ETF	ICICI Prudential Mutual Fund	4,138	0.07	0.02%	0.001%	+37
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	3,969	0.06	0.02%	0.001%	+18
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	662	0.01	0.02%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026TranscriptAI SummaryPPTREC
May 2026Transcript AI Summary PPT REC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

20

Dividend dividend11 Sept 2026 · ex-date₹5
Dividend dividend8 Sept 2025 · ex-date₹5
Final dividend9 Sept 2024 · ex-date₹4
Dividend dividend7 Sept 2023 · ex-date₹10
Dividend dividend9 Sept 2022 · ex-date₹2.5
Dividend dividend8 Sept 2021 · ex-date₹2.2
Final dividend14 Sept 2020 · ex-date₹1.2
Dividend dividend9 Sept 2019 · ex-date₹2.2
Dividend dividend11 Sept 2018 · ex-date₹2.2
Dividend dividend31 Aug 2017 · ex-date₹2.2
Dividend dividend1 Sept 2016 · ex-date₹2.2
Dividend dividend31 Aug 2015 · ex-date₹2.2
Dividend dividend24 Jul 2014 · ex-date₹2
Dividend dividend18 Jul 2013 · ex-date₹2
Dividend dividend19 Jul 2012 · ex-date₹7.5
Dividend dividend30 Aug 2011 · ex-date₹7
Dividend dividend8 Sept 2010 · ex-date₹4.5
Dividend dividend10 Sept 2009 · ex-date₹4.5
Dividend dividend4 Sept 2008 · ex-date₹4.5
Dividend dividend6 Sept 2007 · ex-date₹4.5

1

Board meeting to consider results12 Aug 2026

1

Face value ₹10 → ₹220 Sept 2012 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

30 Sept 2026, 10:35 amAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 4:50 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

7 Sept 2026, 11:54 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 6:44 pmOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

4 Sept 2026, 6:26 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

4 Sept 2026, 6:14 pmAGM/EGM

Annual Report FY 2025-26 Along With Notice Of AGM

AGM PDF

4 Sept 2026, 4:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 4:33 pmAGM/EGM

Revised Record Date For The Purpose Of Ascertaining The Entitlement Of Shareholders For Payment Of Dividend Has Been Revised From Friday, 11Th September, 2026 To Saturday, 12Th September, 2026.

AGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 10:35 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 4:50 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	32.7%	36.1%	41.2%	38.9%	36.5%	36.1%	31.8%
EBITDA margin %	4.1%	7.5%	14.5%	14%	5.6%	6.6%	7.2%
EBIT margin %	1.9%	5.2%	12.6%	12.4%	3.6%	4.6%	5.4%
PAT margin %	1.4%	5.9%	9.9%	11.1%	6.1%	6.2%	6.2%
Working capital
Receivable days	—	—	—	16	20	62	71
Inventory days	96	75	95	70	82	89	92
Payable days	30	40	—	34	50	40	34
NWC days	—	—	—	52	52	110	129
Leverage
Current ratio	1.89	3.4	3.39	4.97	4.37	4.34	4.83
Debt to EBITDA	4.75	0.06	0	0	0	0	0.03
Debt to equity	0.22	0	0	0	0	0	0
Interest coverage	2.2	13.4	135.5	103.4	63.1	74.8	59.8
Asset turnover	0.77	0.68	0.64	0.82	0.61	0.66	0.76
Return ratios
Return on assets %	1.1%	4%	6.4%	9.1%	3.7%	4.1%	4.7%
Return on capital employed %	3.3%	6.5%	11.6%	12.1%	5.3%	5.6%	6.6%
Return on equity %	1.6%	4.9%	7.6%	10.5%	4.4%	4.9%	5.5%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-243	911	358	508	-8	1,787	237	924	-268	83	136
	-173	-238	-484	-281	-266	-23	-18	-39	106	-172	-46
	412	-656	134	-242	267	-1,563	-126	-114	-403	-159	-184
Net cash flow	-4	17	1	-15	-7	201	93	770	-566	-247	-94
Free cash flow	-462	662	-141	209	-310	1,698	142	782	-508	-296	-172
CFO / Operating profit %	—	—	—	—	-2.5%	312.7%	18%	58.2%	-52.2%	13.2%	17.2%

Gujarat State Fertilizers & Chemicals Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends20

Board meetings1

Stock splits1

Announcements

Dividends20

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

FERTILIZER PRODUCTS · revenue

20

1

1

20

1

1