Gujarat State Financial Corp Q4 FY26 Loss Widens

Key takeaway from the March 2026 quarter

Gujarat State Financial Corporation (GSFC) reported a standalone net loss of ₹32.38 crore for the quarter ended March 31, 2026 (Q4 FY26). The loss was reported as a 4.38% year-on-year decline in net profit for the same-period comparison. On a quarter-on-quarter basis, the company’s net profit was reported to have fallen 1.41% versus the preceding three-month period. The numbers underline that profitability remains under pressure even as reported revenue for the quarter increased.

Headline financials: loss of ₹32.38 crore in Q4 FY26

For the March 2026 quarter, net loss stood at ₹32.38 crore, compared with a net loss of ₹31.02 crore in the March 2025 quarter, based on the provided comparison note. The company’s quarterly revenue was reported at ₹4.08 crore, compared with ₹0.25 crore in the March 2025 quarter, a rise of 1,532%. The data also shows “Operating Revenue” at ₹0.00 crore in the March 2026 quarter, while “Other Income” was ₹4.08 crore, indicating that the quarter’s reported revenue was driven by other income.

What the quarterly line items show

The detailed quarterly table (figures in ₹ crore) for Mar 2026 shows Other Income of ₹4.08 crore. Interest expended remained high at ₹34.99 crore. Operating expenses were ₹0.77 crore, and total provisions were reported at -₹0.70 crore for the quarter. Profit before tax was -₹30.99 crore, and net profit (loss) was -₹32.38 crore, with tax reported as ₹0.00 crore.

Adjusted EPS for the March 2026 quarter was reported at -₹3.63. The same table shows net losses of -₹31.02 crore (Mar 2025), -₹31.02 crore (Jun 2025), -₹31.96 crore (Sep 2025), and -₹31.93 crore (Dec 2025), before the -₹32.38 crore loss in Mar 2026. This sequence indicates multiple consecutive loss-making quarters in the period shown.

Full-year FY26: wider loss, higher income from operations

For the financial year ended March 31, 2026, GSFC reported a net loss of ₹127.2891 crore, widening from ₹125.3401 crore in FY25. Total income from operations rose to ₹17.0104 crore in FY26, compared with ₹15.3434 crore in FY25. Earnings per share for FY26 were reported at -₹14.28 versus -₹14.07 in FY25.

The company also reported that operating profit before provisions and contingencies was negative at -₹127.3301 crore for the year ended March 31, 2026. Separately, the article text states NPAs remained at 100%.

Corporate governance: BSE fine of ₹0.09676 crore

BSE Ltd levied a fine of ₹0.09676 crore (₹9,67,600) on Gujarat State Financial Corporation for non-compliance with corporate governance requirements during the quarter ended March 31, 2026. The reason cited was corporate governance lapses relating to independent directors and meeting quorum.

This disclosure matters because governance compliance can influence market perception, especially for financial-sector entities where board oversight and regulatory alignment are closely watched.

Share price and market capitalisation snapshots

The article text provides multiple price points for the stock. One stated current share price was ₹10.53, alongside a market capitalisation of ₹93.837042 crore calculated on that price. Another data point shows the stock at ₹9.30 as on 30 March 2026, down 5.48% from a previous close of ₹9.84. A separate market snapshot lists ₹10.69 with a 5-day change of +2.49% and a 1st Jan change of -9.02%.

These figures show that reported prices varied across dates and snapshots in the source material, but the market cap reference and the sharp one-day move to ₹9.30 were explicitly stated.

Shareholding: promoter stake steady at 83.95%

Promoters were reported to hold 83.95% across Mar 2025 through Mar 2026. The remaining 16.05% was attributed to investors over the same periods. Named investor holdings included Central Bank of India at 1.12% and Gujarat Maritime Board at 1.05% across all listed quarters. Gujarat Mineral Development Corporation and Gujarat State Fertilizers were shown at 1.05% each from Dec 2025 onward.

A stable promoter holding can be read as continuity in ownership, though it does not change the fact that the company reported persistent losses in the period covered.

Key numbers table (all amounts in ₹ crore)

Market impact: what the data signals

The quarterly and annual numbers point to continued stress on earnings, with interest expended of ₹34.99 crore in the March 2026 quarter against Other Income of ₹4.08 crore. The contrast between Operating Revenue of ₹0.00 crore and Other Income of ₹4.08 crore in Q4 FY26 also highlights the role of non-operating income in the reported quarterly revenue.

The article also mentions a shareholder deficit of ₹-3,060.59 crore, adding another data point that reinforces balance-sheet strain as presented in the source text. Combined with NPAs stated at 100%, the reported disclosures indicate that asset quality and recovery remain central issues for investors tracking the company.

Why this update matters

GSFC’s FY26 results show a widening annual loss even as total income from operations increased year-on-year. In the March 2026 quarter, the reported jump in revenue occurred alongside a larger net loss, with a high interest burden still visible in the quarterly breakup. The BSE fine for governance non-compliance adds an additional risk marker during the same quarter.

Conclusion

Gujarat State Financial Corporation closed FY26 with a net loss of ₹127.2891 crore and posted a March 2026 quarterly loss of ₹32.38 crore, while reporting quarterly revenue of ₹4.08 crore driven by other income. The BSE fine of ₹0.09676 crore for governance non-compliance during the quarter adds a compliance-related development for investors to track. Future attention is likely to remain on disclosures around asset quality, governance compliance, and the composition of income in subsequent financial statements.