Overview

Detailed Summary

Gujarat State Financial Corporation (GSFC) is a financial institution focused on lending to small and medium scale enterprises, also engaging in leasing, hire purchase, and fee-based activities.
The corporation capitalizes on refinancing options from SIDBI and IDBI, integrating governmental financial support into its operations.
Significantly involved in promoting hi-tech agriculture, GSFC also serves as a nodal agency for export promotion in Gujarat, identifying key export markets.
GSFC is modernizing its customer service by introducing online services for complete information access, enhancing client servicing efficiency.
Appointed by NHFDC, GSFC is now channeling concessional loans aiming to provide interest relief ranging from 5% to 10%.

Sector: Finance
Industry: Financial Institution
Market Cap: 95 Cr
Volatility: Low Risk
P/E Ratio: -0.7
Industry P/E: 17.8
PEG Ratio: —
P/B Ratio: —
52W High: 17.99
52W Low: 8.40

Sales CAGR

1Y: -13.14%
3Y: 13.99%
5Y: 3.01%
10Y: -8.59%

Profit CAGR

1Y: -5.14%
3Y: —
5Y: —
10Y: —

ROE

TTM: 3.99%
3Y: 4.20%
5Y: 4.41%
10Y: 4.75%

ROCE

TTM: 5.95%
3Y: -0.63%
5Y: -0.54%
10Y: -0.63%

Technicals

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Forecasts

Peers

Financial Services Financial Services Finance Financial Institution

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
RECLTD		352.10	92,716 Cr	5.69	1.09	5.27	19.17	9.50	2.55
HUDCO		209.10	41,860 Cr	10.38	1.90	0.00	18.36	7.42	2.42
IREDA		122.50	34,413 Cr	18.36	2.50	1.10	13.59	7.89	2.00
IFCI		77.03	20,754 Cr	114.73	2.32	0.00	2.02	7.12	1.64
TFCILTD		74.41	3,198 Cr	37.42	3.12	0.87	8.95	11.18	4.39
HARAFIN		66.15	1,374 Cr	179.33	6.13	0.00	3.74	3.76	3.06
GUJSTATFIN		10.71	95 Cr	-0.74	0.00	0.00	3.99	5.95	-54.49
Median: 7 Co.	—	77.03	20,754 Cr	18.36	2.32	0.00	8.95	7.42	2.42

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	0.02	0.62	0.53	0.34	-0.97	0.25	0.09	0.05	0.00	4.08
Expenses	-0.94	0.81	0.72	0.85	0.83	0.86	0.58	0.67	0.50	0.77
Interest	35	34	35	35	35	35	35	36	36	35
Financing Profit	-34	-34	-35	-36	-37	-35	-36	-36	-36	-32
Financing Margin %	-1,68,750.00	-5,525.81	-6,556.60	-10,461.76	3,812.37	-14,056.00	-39,455.56	-72,320.00	—	-776.47
Other Income	3.35	4.69	3.54	4.12	5.33	4.13	4.48	4.20	4.22	-0.70
Depreciation	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	-30	-30	-31	-31	-32	-31	-31	-32	-32	-32
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	-30	-30	-31	-31	-32	-31	-31	-32	-32	-32
EPS in Rs	-3.41	-3.32	-3.50	-3.53	-3.55	-3.48	-3.48	-3.59	-3.58	-3.63
Gross NPA %	100	100	100	100	100	100	100	100	100	0.00
Net NPA %	100	100	100	100	100	100	100	100	100	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	12	15	12	13	11	10	10	18	15	-0.29
Expenses	11	7.06	8.16	6.51	5.13	4.91	3.63	2.99	3.04	3.12
Interest	124	126	128	130	132	134	136	137	139	140
Financing Profit	-123	-118	-124	-123	-126	-128	-129	-123	-127	-143
Financing Margin %	-1,002.98	-802.65	-1,049.83	-937.75	-1,149.62	-1,245.98	-1,272.57	-698.29	-833.14	49,379.31
Other Income	5.85	3.24	9.91	6.28	3.47	0.83	4.22	3.90	1.99	18
Depreciation	0.53	0.47	0.41	0.36	0.33	0.29	0.26	0.23	0.20	0.00
Profit Before Tax	-117	-116	-115	-117	-123	-128	-125	-119	-125	-125
Tax %	—	—	—	—	—	—	—	—	—	0.00
Net Profit	-117	-116	-115	-117	-123	-128	-125	-119	-125	-125
EPS in Rs	-13.15	-12.96	-12.89	-13.18	-13.79	-14.34	-14.04	-13.37	-14.06	-14.28
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

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
Equity Capital	94	94	94	94	94	94	94	94	94	94
Reserves	-2,066	-2,184	-2,299	-2,414	-2,531	-2,654	-2,782	-2,907	-3,029	-3,154
Borrowings	662	662	662	662	662	662	662	662	662	662
Other Liabilities	1,434	1,558	1,683	1,812	1,941	2,073	2,207	2,342	2,479	2,619
Total Liabilities	123	129	139	153	165	174	180	190	206	220
Fixed Assets	3.79	4.50	4.04	3.63	3.26	2.94	2.65	2.40	2.17	1.97
CWIP	0.98	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	118	125	135	150	162	171	177	188	204	218
Total Assets	123	129	139	153	165	174	180	190	206	220

Standalone Cash Flows (in ₹ Crores)

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	1.10	-1.68	2.93	4.54	1.70	-1.22	-14	-8.12	-12	-14
Cash from Investing Activity	11	8.81	8.29	-6.51	-1.80	1.29	9.45	9.32	11	14
Cash from Financing Activity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash Flow	12	7.12	11	-1.97	-0.10	0.08	-4.46	1.20	-0.76	0.51

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%	83.95%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	5.64%	5.64%	5.64%	5.64%	5.64%	5.64%	5.64%	5.64%	5.64%	5.58%	3.23%	3.23%
Public	10.41%	10.41%	10.41%	10.41%	10.41%	10.41%	10.41%	10.41%	10.41%	10.47%	12.82%	12.82%
Total Shareholders	12,159	12,445	12,625	14,385	17,782	19,691	22,371	22,944	23,126	23,044	23,108	23,196

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Frequently Asked Questions about Gujarat State Financial Corporation

Gujarat State Financial Corporation (GUJSTATFIN) is currently trading at 10.62 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Gujarat State Financial Corporation (GSFC) is a financial institution focused on lending to small and medium scale enterprises, also engaging in leasing, hire purchase, and fee-based activities. The corporation capitalizes on refinancing options from SIDBI and IDBI, integrating governmental financial support into its operations. Significantly involved in promoting hi-tech agriculture, GSFC also serves as a nodal agency for export promotion in Gujarat, identifying key export markets. GSFC is modernizing its customer service by introducing online services for complete information access, enhancing client servicing efficiency. Appointed by NHFDC, GSFC is now channeling concessional loans aiming to provide interest relief ranging from 5% to 10%.

Over the past 52 weeks, Gujarat State Financial Corporation has traded between a low of ₹8.40 and a high of ₹17.99. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Gujarat State Financial Corporation has a market capitalization of approximately 94.73. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Gujarat State Financial Corporation’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of -0.74 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 94.73 Cr, Gujarat State Financial Corporation is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Gujarat State Financial Corporation operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Gujarat State Financial Corporation is -0.74. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

GSFC reported a 32% year-on-year increase in Profit After Tax (PAT) and a 5% rise in sales for Q3 FY26. The company also achieved its highest-ever quarterly fertilizer production of 5.07 Lakh Metric Tonnes.

Gujarat State Financial Corporation

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