Gujarat State Fertilizers & Chemicals Ltd

GSFC

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Market Cap

₹ 6,888 Cr

P/E

10.31

Turned 1 L into 2.27 L in last 5 Years

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Gujarat State Fertilizers & Chemicals Ltd (GSFC) is primarily engaged in the production of fertilizers and industrial chemicals.

The company achieved its highest ever Q2 performance with a total sales revenue of Rs. 3,140 Crores and a profit after tax of Rs. 320 Crores, marking a 129% increase in profitability on a quarter-on-quarter basis.

GSFC's strong performance was significantly driven by the fertilizer segment, with sales volumes increasing notably, despite raw material price volatility.

The industrial products segment also showed remarkable improvement, reversing previous losses and achieving profitable growth, largely due to strategic sales of ammonia and increased production of HX Crystal.

Significant strategic investments are underway to expand capacity, including projects in sulfuric acid production and enhancements at the Sikka Unit, aligned with GSFC's future growth plans.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

6,888 Cr

Volatility

High Risk

P/E Ratio

10.3

Industry P/E

19.0

PEG Ratio

0.7

P/B Ratio

0.6

52W High

231.35

52W Low

156.50

Sales CAGR

4.14%

1.57%

4.35%

10Y

4.53%

Profit CAGR

4.86%

-13.67%

42.17%

10Y

3.81%

ROE

TTM

5.36%

6.56%

6.51%

10Y

6.23%

ROCE

TTM

7.09%

7.67%

7.90%

10Y

7.58%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RCF	140.60	7,757 Cr	25.06	1.58	0.94	6.35	8.22	2.35
GSFC	172.85	6,888 Cr	10.31	0.55	2.89	5.36	7.09	5.09
NFL	86.60	4,269 Cr	40.47	1.66	1.79	4.11	3.72	0.79
MANGCHEFER	308.40	3,655 Cr	22.64	3.43	0.49	13.50	15.64	6.92
SPIC	81.80	1,676 Cr	9.01	1.29	2.43	14.30	18.82	8.31
ZUARI	315.00	1,325 Cr	4.16	0.52	0.00	12.61	20.80	26.39
MADRASFERT	74.00	1,188 Cr	14.99	50.19	0.00	320.52	26.29	3.81

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	2,063	3,119	2,008	1,965	2,163	2,635	2,814	1,922	2,184	3,187
Expenses	1,921	2,881	1,900	1,939	2,053	2,352	2,656	1,842	1,992	2,850
Operating Profit	142	237	108	26	110	284	158	80	193	338
OPM %	6.90	7.61	5.36	1.32	5.08	10.76	5.63	4.16	8.83	10.60
Other Income	51	197	83	54	52	154	60	61	47	143
Interest	1.88	1.61	0.68	7.03	1.70	2.13	2.20	4.06	7.54	1.79
Depreciation	45	46	46	47	47	48	49	48	48	51
Profit Before Tax	146	387	144	26	113	387	168	89	184	428
Tax %	23.22	20.17	18.17	6.62	22.45	22.97	20.26	19.07	24.87	24.36
Net Profit	112	309	118	24	87	298	134	72	139	324
EPS in Rs	2.82	7.75	2.97	0.63	2.19	7.49	3.36	1.80	3.48	8.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	6,379	5,477	6,305	8,491	7,798	7,634	9,085	11,369	9,155	9,556
Expenses	5,548	4,775	5,701	7,742	7,481	7,063	7,764	9,781	8,641	8,841
Operating Profit	830	701	604	749	317	571	1,321	1,588	513	715
OPM %	13.02	12.81	9.57	8.82	4.07	7.48	14.54	13.97	5.61	7.48
Other Income	64	61	99	108	109	184	183	152	385	322
Interest	30	65	51	61	115	43	9.77	15	11	16
Depreciation	101	104	119	126	171	177	179	182	183	192
Profit Before Tax	548	382	493	669	141	535	1,315	1,543	704	828
Tax %	30.70	-11.13	3.90	26.28	22.19	15.86	31.68	17.94	19.89	22.43
Net Profit	380	424	474	493	110	450	899	1,266	564	642
EPS in Rs	—	—	—	12.38	2.75	11.30	22.55	31.77	14.17	16.77
Dividend Payout %	22.63	20.66	18.50	17.77	43.64	19.47	11.09	31.48	28.25	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	80	80	80	80	80	80	80	80	80	80
Reserves	4,426	4,708	6,539	7,224	7,241	6,782	9,161	11,693	11,960	12,647
Borrowings	703	1,190	753	1,041	1,015	1,506	37	5.50	2.39	5.11
Other Liabilities	1,292	1,678	1,718	1,970	2,128	1,756	1,887	2,347	1,867	2,319
Total Liabilities	6,500	7,656	9,091	10,315	10,464	10,123	11,164	14,125	13,909	15,051
Fixed Assets	1,958	1,961	2,022	2,108	2,821	2,902	2,804	2,680	2,580	2,549
CWIP	261	405	273	763	187	107	117	158	200	236
Investments	898	934	2,530	2,790	2,376	2,087	4,331	6,314	5,329	6,015
Other Assets	3,383	4,357	4,266	4,654	5,079	5,026	3,912	4,973	5,801	6,251
Total Assets	6,500	7,656	9,091	10,315	10,464	10,123	11,164	14,125	13,909	15,051

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-525	911	358	508	-7.98	1,783	237	924	-268	83
Cash from Investing Activity	-204	-238	-484	-281	-266	-23	-18	-39	106	-172
Cash from Financing Activity	413	-656	134	-242	267	-1,559	-126	-114	-403	-159
Net Cash Flow	-317	17	7.10	-15	-6.78	201	92	770	-566	-247

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%	37.84%
FIIs	22.41%	21.36%	20.54%	20.69%	19.81%	14.12%	13.31%	12.59%	11.81%	11.83%	0.47%	12.29%
DIIs	8.14%	7.80%	8.21%	8.83%	9.31%	10.22%	10.56%	11.53%	11.70%	13.12%	24.16%	13.47%
Public	31.60%	33.00%	33.40%	32.64%	33.03%	37.82%	38.28%	38.03%	38.64%	37.21%	37.52%	36.40%
Total Shareholders	1,85,332	1,87,570	1,80,853	1,92,096	1,98,393	3,20,485	3,38,266	3,35,088	3,38,495	3,28,857	3,24,259	3,13,329

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 20, 2024	Qe securities llp	Bulk	Sell	262.18	70.78 Cr	26,99,733	0.67
Jun 20, 2024	Hrti private limited	Bulk	Sell	260.03	92.29 Cr	35,49,107	0.89
Jun 20, 2024	Hrti private limited	Bulk	Buy	260.10	109.58 Cr	42,12,973	1.05
Jun 20, 2024	Qe securities llp	Bulk	Buy	260.48	68.65 Cr	26,35,376	0.66
Oct 16, 2023	Qe securities llp	Bulk	Sell	205.93	49.88 Cr	24,22,280	0.60
Oct 16, 2023	Qe securities llp	Bulk	Buy	205.94	49.29 Cr	23,93,499	0.60
Apr 26, 2023	Qe securities	Bulk	Sell	146.68	35.30 Cr	24,06,840	0.60
Apr 26, 2023	Qe securities	Bulk	Buy	146.43	33.62 Cr	22,95,827	0.57

Projection

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Presentations

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Overview

Detailed Summary

Gujarat State Fertilizers & Chemicals Ltd (GSFC) is primarily engaged in the production of fertilizers and industrial chemicals.

GSFC's strong performance was significantly driven by the fertilizer segment, with sales volumes increasing notably, despite raw material price volatility.

Significant strategic investments are underway to expand capacity, including projects in sulfuric acid production and enhancements at the Sikka Unit, aligned with GSFC's future growth plans.

Sector

Fertilizers

Industry

Fertilizers - Nitrogenous / Phosphatic

Market Cap

6,888 Cr

Volatility

High Risk

P/E Ratio

10.3

Industry P/E

19.0

PEG Ratio

0.7

P/B Ratio

0.6

52W High

231.35

52W Low

156.50

Sales CAGR

4.14%

1.57%

4.35%

10Y

4.53%

Profit CAGR

4.86%

-13.67%

42.17%

10Y

3.81%

ROE

TTM

5.36%

6.56%

6.51%

10Y

6.23%

ROCE

TTM

7.09%

7.67%

7.90%

10Y

7.58%