GSFC
Gujarat State Fertilizers & Chemicals Limited
Fertilizers and industrial chemicals manufacturer of urea, DAP and caprolactam
Commodities›Chemicals›Fertilizers & Agrochemicals›Fertilizers
gsfclimited.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹148.86
Market cap
5,929 Cr
Stock P/E
8.6
P/B
0.48
Dividend yield
3.4%
ROE (FY26)
5.5%
ROCE (FY26)
7.1%
Operating margin (FY26)
5.4%
Debt / equity (FY26)
0.0020
OCF / EBITDA (FY26)
17.2%
OCF / EBITDA (3Y)
-2.5%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
Loading price history…
Compare with peers
Loading peers…
What you need to know
GSFC (Gujarat State Fertilizers & Chemicals) makes fertilizers, mainly urea, ammonium sulphate, ammonium phosphate sulphate (APS) and di-ammonium phosphate (DAP), and industrial chemicals such as caprolactam, melamine and nylon, selling to farmers and industrial customers in India and exporting some industrial products.
Company snapshot
7thBy market cap
Ranked among 19 companies in Fertilizers.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 77.9% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| FERTILIZER PRODUCTS | 77.9% | 5,933 Cr | 474 Cr | — |
| INDUSTRIAL PRODUCTS | 22.1% | 1,679 Cr | -41 Cr | — |
What we see
Positives
- ✓Debt-to-equity of 0.00x — the company is largely funded by its own money, not borrowed funds.
Concerns
- ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,119 Cr | 2,008 Cr | 1,965 Cr | 2,163 Cr | 2,635 Cr | 2,814 Cr | 1,922 Cr | 2,184 Cr | 3,187 Cr | 2,941 Cr | 2,633 Cr | 3,583 Cr |
| Operating expenses (approx.) | 2,881 Cr | 1,900 Cr | 1,939 Cr | 2,053 Cr | 2,352 Cr | 2,656 Cr | 1,842 Cr | 1,992 Cr | 2,851 Cr | 2,763 Cr | 2,550 Cr | 3,350 Cr |
| EBITDA | 237 Cr | 108 Cr | 26 Cr | 110 Cr | 284 Cr | 158 Cr | 80 Cr | 193 Cr | 337 Cr | 178 Cr | 83 Cr | 233 Cr |
| OPM % | 7.6% | 5.4% | 1.3% | 5.1% | 10.8% | 5.6% | 4.2% | 8.8% | 10.6% | 6.0% | 3.2% | 6.5% |
| Other income | 195 Cr | 81 Cr | 52 Cr | 50 Cr | 152 Cr | 56 Cr | 57 Cr | 42 Cr | 143 Cr | 56 Cr | 35 Cr | 34 Cr |
| Interest | 2 Cr | 0.68 Cr | 7 Cr | 2 Cr | 2 Cr | 2 Cr | 4 Cr | 8 Cr | 2 Cr | 1 Cr | 4 Cr | 10 Cr |
| Depreciation | 46 Cr | 46 Cr | 47 Cr | 47 Cr | 48 Cr | 49 Cr | 48 Cr | 48 Cr | 51 Cr | 50 Cr | 53 Cr | 54 Cr |
| Profit before tax | 387 Cr | 144 Cr | 24 Cr | 113 Cr | 387 Cr | 168 Cr | 89 Cr | 184 Cr | 428 Cr | 183 Cr | 65 Cr | 205 Cr |
| Tax % | 20.2% | 18.2% | 7.1% | 22.5% | 23.0% | 20.3% | 19.1% | 24.9% | 24.4% | 13.6% | 20.1% | 22.7% |
| Net profit | 309 Cr | 118 Cr | 23 Cr | 87 Cr | 298 Cr | 134 Cr | 72 Cr | 139 Cr | 324 Cr | 158 Cr | 52 Cr | 159 Cr |
| EPS (₹) | ₹7.75 | ₹2.97 | ₹0.63 | ₹2.19 | ₹7.60 | ₹3.36 | ₹1.80 | ₹3.48 | ₹8.13 | ₹3.97 | ₹1.30 | ₹3.98 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,477 Cr | 6,305 Cr | 8,491 Cr | 7,798 Cr | 7,634 Cr | 9,083 Cr | 11,369 Cr | 9,155 Cr | 9,534 Cr | 10,946 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 4,988 Cr | 5,740 Cr | 7,742 Cr | 7,481 Cr | 7,063 Cr | 7,764 Cr | 9,781 Cr | 8,641 Cr | 8,902 Cr | 10,155 Cr | Sign in free for the trailing twelve months |
| EBITDA | 489 Cr | 565 Cr | 749 Cr | 317 Cr | 571 Cr | 1,319 Cr | 1,588 Cr | 513 Cr | 632 Cr | 790 Cr | Sign in free for the trailing twelve months |
| OPM % | 8.9% | 9.0% | 8.8% | 4.1% | 7.5% | 14.5% | 14.0% | 5.6% | 6.6% | 7.2% | Sign in free for the trailing twelve months |
| Other income | 56 Cr | 99 Cr | 108 Cr | 107 Cr | 183 Cr | 183 Cr | 149 Cr | 377 Cr | 315 Cr | 276 Cr | Sign in free for the trailing twelve months |
| Interest | 65 Cr | 51 Cr | 61 Cr | 115 Cr | 43 Cr | 10 Cr | 15 Cr | 11 Cr | 10 Cr | 14 Cr | Sign in free for the trailing twelve months |
| Depreciation | 104 Cr | 119 Cr | 126 Cr | 171 Cr | 177 Cr | 179 Cr | 182 Cr | 183 Cr | 192 Cr | 202 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 382 Cr | 594 Cr | 667 Cr | 137 Cr | 556 Cr | 1,310 Cr | 1,543 Cr | 695 Cr | 756 Cr | 861 Cr | Sign in free for the trailing twelve months |
| Tax % | -11.1% | 20.3% | 26.0% | 20.2% | 19.0% | 31.4% | 17.9% | 20.1% | 21.8% | 21.9% | Sign in free for the trailing twelve months |
| Net profit | 424 Cr | 474 Cr | 493 Cr | 110 Cr | 450 Cr | 899 Cr | 1,266 Cr | 555 Cr | 591 Cr | 673 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹10.65 | ₹11.89 | ₹12.38 | ₹2.75 | ₹11.30 | ₹22.55 | ₹31.77 | ₹14.16 | ₹14.83 | ₹16.88 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 10.8% | 9.9% | 7.9% | 71.6% | 26.8% | 29.5% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr | 80 Cr |
| Reserves | 6,539 Cr | 7,224 Cr | 7,241 Cr | 6,782 Cr | 9,161 Cr | 11,693 Cr | 11,960 Cr | 12,647 Cr | 12,059 Cr | 12,187 Cr |
| Borrowings | 753 Cr | 1,041 Cr | 1,015 Cr | 1,506 Cr | 35 Cr | 3 Cr | — | 3 Cr | — | 25 Cr |
| Other liabilities | 1,718 Cr | 1,969 Cr | 2,126 Cr | 1,754 Cr | 1,845 Cr | 2,348 Cr | 1,868 Cr | 2,320 Cr | 2,220 Cr | 2,087 Cr |
| Total liabilities | 9,091 Cr | 10,315 Cr | 10,464 Cr | 10,123 Cr | 11,122 Cr | 14,125 Cr | 13,909 Cr | 15,051 Cr | 14,369 Cr | 14,390 Cr |
| Fixed assets (net) | 2,015 Cr | 2,104 Cr | 2,818 Cr | 2,898 Cr | 2,801 Cr | 2,676 Cr | 2,536 Cr | 2,506 Cr | 2,500 Cr | 3,327 Cr |
| CWIP | 273 Cr | 763 Cr | 187 Cr | 107 Cr | 117 Cr | 158 Cr | 200 Cr | 236 Cr | 690 Cr | 192 Cr |
| Investments | 2,530 Cr | 2,790 Cr | 2,376 Cr | 2,087 Cr | 4,331 Cr | 6,314 Cr | 5,330 Cr | 6,015 Cr | 5,055 Cr | 4,610 Cr |
| Loans & advances | — | — | 175 Cr | 192 Cr | 214 Cr | 232 Cr | 248 Cr | 259 Cr | 284 Cr | 287 Cr |
| Inventories | 705 Cr | 873 Cr | 1,655 Cr | 1,374 Cr | 997 Cr | 1,392 Cr | 1,324 Cr | 1,305 Cr | 1,479 Cr | 1,879 Cr |
| Trade receivables | 800 Cr | 935 Cr | 812 Cr | 850 Cr | 468 Cr | 366 Cr | 497 Cr | 510 Cr | 1,624 Cr | 2,135 Cr |
| Cash & bank | 48 Cr | 55 Cr | 41 Cr | 34 Cr | 235 Cr | 327 Cr | 1,098 Cr | 532 Cr | 285 Cr | 192 Cr |
| Other assets | 2,720 Cr | 2,795 Cr | 2,400 Cr | 2,580 Cr | 1,958 Cr | 2,660 Cr | 2,677 Cr | 3,688 Cr | 2,451 Cr | 1,770 Cr |
| Total assets | 9,091 Cr | 10,315 Cr | 10,464 Cr | 10,123 Cr | 11,122 Cr | 14,125 Cr | 13,909 Cr | 15,051 Cr | 14,369 Cr | 14,390 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 911 Cr | 358 Cr | 508 Cr | -17 Cr | 1,787 Cr | 237 Cr | 924 Cr | -268 Cr | 83 Cr | 136 Cr |
| Cash from investing | -238 Cr | -484 Cr | -281 Cr | -257 Cr | -23 Cr | -18 Cr | -39 Cr | 106 Cr | -172 Cr | -46 Cr |
| Cash from financing | -656 Cr | 134 Cr | -242 Cr | 267 Cr | -1,563 Cr | -126 Cr | -114 Cr | -403 Cr | -159 Cr | -184 Cr |
| Net cash flow | 17 Cr | 7 Cr | -15 Cr | -7 Cr | 201 Cr | 93 Cr | 770 Cr | -566 Cr | -247 Cr | -94 Cr |
| Free cash flow (OCF − Capex) | 662 Cr | -141 Cr | 209 Cr | -318 Cr | 1,698 Cr | 142 Cr | 782 Cr | -508 Cr | -296 Cr | -172 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 6.1% | 7.7% | 8.7% | 3.0% | 6.5% | 11.2% | 12.9% | 5.6% | 6.3% | 7.1% |
| ROE % | 6.4% | 6.5% | 6.7% | 1.6% | 4.9% | 7.6% | 10.5% | 4.4% | 4.9% | 5.5% |
| Debtor days | 53 | 54 | 35 | 40 | 22 | 15 | 16 | 20 | 62 | 71 |
| Inventory days | 94 | 98 | 143 | 139 | 92 | 104 | 82 | 100 | 108 | 114 |
| Days payable | 81 | 94 | 89 | 44 | 46 | 62 | 40 | 61 | 49 | 42 |
| Cash conversion cycle | 67 | 59 | 88 | 135 | 69 | 57 | 59 | 59 | 121 | 143 |
| OCF / EBITDA % | 186.3% | 63.3% | 67.9% | -5.3% | 312.7% | 18.0% | 58.2% | -52.2% | 13.2% | 17.2% |
| OCF / EBITDA % (3 years) | — | — | 98.6% | 52.1% | 139.2% | 90.9% | 84.7% | 26.1% | 27.1% | -2.5% |
| Debt / equity | 0.11 | 0.14 | 0.14 | 0.22 | 0.0038 | 0.0002 | — | 0.0002 | 0.00 | 0.0020 |
| Current ratio | 2.04 | 1.82 | 1.85 | 1.89 | 3.50 | 3.33 | 4.97 | 4.37 | 4.34 | 4.83 |
| Net debt / EBITDA | 1.44 | — | 1.30 | 4.64 | -0.35 | -0.25 | -0.69 | -1.03 | -0.45 | -0.21 |