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Gujarat State Fertilizers & Chemicals Ltd (GSFC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500690 NSE: GSFC Fertilizers | Small Cap | GSFC Share Price

₹163.95 0.40 (0.24%)

As on 24-Jun'26 16:59

Gujarat State Fertilizers & Chemicals Ltd (GSFC)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500690 NSE: GSFC Fertilizers | Small Cap | GSFC Share Price

₹163.95 0.40 (0.24%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹6,533 Cr.
Current Price
₹164
52-Week Low / High
₹139 / 221
TTM EPS
₹16.4
TTM Sales
₹10,827 Cr.
Book Value per Share
₹303.9
P/E Ratio
10.03
Higher than its 5-year historical median
Industry PE
15.7
Price to Book (P/B)
0.54
In line with its 5-year historical median
Price to Sales (P/S)
0.60
Lower than its 5-year historical median
EV/EBITDA
6.06
Higher than its 5-year historical median
Dividend Yield
3.05%
Profitability Efficiency
Return on Equity (ROE)
4.66%
Underperforms industry median
Return on Capital Employed (ROCE)
6.10%
Underperforms industry median
Return on Assets (ROA)
3.94%
Operating Profit Margin
6.9%
Net Profit Margin
6.08%
Gross Profit Margin
9.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
5.56%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
30.36%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
9.32%
Asset Quality
Promoter Holding
37.84%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹12,032 Cr.
Equity
₹79.7 Cr.
Face Value
₹2
All Time Low / High
₹1.80 / 322.45

Gujarat State Fertilizers & Chemicals stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Gujarat State Fertilizers & Chemicals Ltd a good quality company?
Gujarat State Fertilizers & Chemicals Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Gujarat State Fertilizers & Chemicals Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Gujarat State Fertilizers & Chemicals Ltd vs industry peers?
Gujarat State Fertilizers & Chemicals Ltd revenue CAGR is 4.35%, compared to the industry median CAGR of 8.22%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Gujarat State Fertilizers & Chemicals Ltd?
Promoters hold 37.84% of the Gujarat State Fertilizers & Chemicals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Gujarat State Fertilizers & Chemicals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.4% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gujarat State Fertilizers & Chemicals Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 10.4%6.2%6.9%8.7%2.9%6.3%12.6%13.4%5.5%6.1%-
Value Creation
Index
-0.3-0.6-0.5-0.4-0.8-0.6-0.10.0-0.6-0.6-

Growth Parameters

Sales 6,1085,2656,2718,5757,6217,5008,99811,2988,9329,42910,827
Sales YoY Gr.--13.8%19.1%36.7%-11.1%-1.6%20%25.6%-20.9%5.6%-
Adj EPS 11.111.112.513.539.921.932.613.214.616.4
YoY Gr.-0.4%12.1%8.2%-77.7%227.2%121.9%49.1%-59.7%11%-
BVPS (₹) 138.2165182.2182.4170.6229.5292.8300.2316.5301.3303.9
Adj Net
Profit
4434444985381203928711,299524582652
Cash Flow from Ops. -242907361507-23.71,769252929-27273.8-
Debt/CF from Ops. -5.30.932.1-65.8000-00-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 4.9%4.4%1.6%5.6%
Adj EPS 3.1%37.1%-12.6%11%
BVPS9.1%12.1%1%-4.8%
Share Price 8.8% 7.8% 0.6% -19.3%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
8.97.47.27.41.74.98.4114.34.75.4
Op. Profit
Mgn %
11.5109.69.54.67.714.714.45.46.97.2
Net Profit
Mgn %
7.28.47.96.31.65.29.711.55.96.26
Debt to
Equity
0.20.10.20.20.2000000
Working Cap
Days
21829125420323720716614316715593
Cash Conv.
Cycle
155134494873623328404273

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales6,1085,2656,2718,5757,6217,5008,99811,2988,9329,429
Operating Expenses + 5,4534,7785,7047,8277,3186,9507,6859,6818,4508,800
Manufacturing Costs6786107038858828641,2571,5191,4091,327
Material Costs3,8053,1453,9845,8015,1154,7945,2946,8775,6676,021
Employee Cost 477510509521714684656656835801
Other Costs 493513508620607608478629539650
Operating Profit 6564875677473035491,3121,617482629
Operating Profit Margin (%) 10.7%9.2%9.0%8.7%4.0%7.3%14.6%14.3%5.4%6.7%
Other Income + 665795105109183180146376313
Exceptional Items 0000000000
Interest 316551611154310151110
Depreciation 97103119126170176178182183192
Profit Before Tax 5933754916651275131,3051,568664740
Tax 183-45151722896414274140167
Profit After Tax 409420476494994188911,293524573
PAT Margin (%) 6.7%8.0%7.6%5.8%1.3%5.6%9.9%11.5%5.9%6.1%
Adjusted EPS (₹)10.310.511.912.42.510.522.432.513.214.4
Dividend Payout Ratio (%)21.40%20.90%18.40%17.80%48.50%21%11.20%30.80%30.40%34.80%

Valuation of GSFC - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 5,5066,5757,2627,2686,7989,14411,66911,96412,61112,005
Share Capital 80808080808080808080
Reserves 5,4266,4957,1827,1886,7189,06411,58911,88412,53111,925
Debt +1,1907531,0411,0151,506353030
Long Term Debt106522001479300000
Short Term Debt1,0847018418691,412353030
Minority Interest0000000000
Trade Payables5616008241,000407487766586752652
Others Liabilities 1,0801,1001,1131,0691,2461,3521,5381,2231,5151,538
Total Liabilities 8,3379,02910,24010,3519,95711,01913,97513,77314,88014,195

Fixed Assets

Net Fixed Assets +1,6532,0192,1052,8132,8952,7982,6742,5742,5442,500
Gross Block1,7502,2192,4193,2513,4763,5443,5313,6043,7373,871
Accumulated Depreciation972003144375817468571,0301,1931,372
CWIP 403272761187107117157199235690
Investments 1,6942,4792,7402,3152,0234,2846,2655,2795,9564,993
Inventories5857038061,4301,2639081,2991,1761,2061,401
Trade Receivables3,290800967951892479359492502550
Cash Equivalents 40546249252123161,4232,2801,858
Others Assets 6722,7022,7982,6052,7522,2212,9052,6312,1572,205
Total Assets 8,3379,02910,24010,3519,95711,01913,97513,77314,88014,195

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -242907361507-241,769252929-27274
PBT 5933754916651275131,3051,568664740
Adjustment 1181891501522711409185-142-34
Changes in Working Capital -784408-202-209-3661060-918-258-639-553
Tax Paid -168-66-77-101-5657-226-465-155-80
Cash Flow From Investing Activity + -170-238-488-279-266-24-19-40105-179
Capex -217-249-498-296-302-46-94-142-240-371
Net Investments -2-8-18-22-1-180-20123-59
Others 49192839364076122222251
Cash Flow From Financing Activity + 410-656133-242267-1,560-125-114-403-168
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -30-100148-105-53-930000
Interest Paid -29-69-50-59-117-41-4-10-7-6
Dividend Paid -87-105-105-106-106-48-88-100-398-159
Others 556-38313928544-1,377-34-41-4
Net Cash Flow -2137-13-23185108775-570-274

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)8.216.946.886.81.45.248.5610.944.274.66
ROCE (%)10.46.216.898.712.96.3412.6113.395.56.1
Asset Turnover Ratio0.860.630.650.830.750.720.720.810.620.65
PAT to CFO Conversion(x)-0.592.160.761.03-0.244.230.280.72-0.520.13
Working Capital Days
Receivable Days150.60136.3051.1040.8044.1033.401713.7020.3020.40
Inventory Days35.1042.9043.7047.6064.5052.8044.804048.7050.50
Payable Days43.6067.4065.2057.4050.203443.2035.9043.1042.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Gujarat State Fertilizers & Chemicals Ltd FAQs

The current trading price of GSFC on 24-Jun-2026 16:59 is ₹163.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of GSFC stood at ₹6,533 Cr

The latest P/E ratio of GSFC as of 23-Jun-2026 is 10.03.

The latest P/B ratio of GSFC as of 23-Jun-2026 is 0.54.

The 52-week high of GSFC is ₹220.8 and the 52-week low is ₹138.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GSFC is ₹10,827 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Gujarat State Fertilizers & Chemicals Ltd is a below average quality company.

The key valuation ratios of Gujarat State Fertilizers & Chemicals Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gujarat State Fertilizers & Chemicals Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Gujarat State Fertilizers & Chemicals Ltd

Gujarat State Fertilisers & Chemicals (GSFC) incorporated in 1962, is engaged in manufacturing of fertilizers and industrial products. It was earlier known as Gujarat State Fertilizer Company (GSFC) which was joint sector enterprise set up by the Government of Gujarat.

Earlier the equity structure consisted of 49% of State Government and the rest of public and financial institutions. Currently, the State Government has reduced its equity participation to 38.4%. The motive behind formation of this organisation was to support farmers.

The company’s manufacturing units is located at Kosamba, Sikka and Nandesari. It has marketing network spread across India in states like Andhra Pradesh, Chhatisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, Daman and Uttar Pradesh.

GSFC has set up several companies such as Gujarat Narmada Valley Fertilizers Company, Gujarat Industries Power Company, Gujarat Green Revolution Company, GSFC Investment and Leasing Company, GSFC-Polymer Unit and GSFC - Fiber Unit.

Products

GSFC has created more than 24 brands of fertilizers, petrochemicals, chemicals, industrial gases, plastics, fibers and other products.

Industrial Products- Under this it manufactures Anhydrous Ammonia, Argon Gas, Caprolactam, Melamine, Methyl Ethyl Ketoxime, Nylon-6, Oleum and Sulphuric Acid.

Agro products- In this segment the company manufactures a range of fertiliser, bio-fuels and seeds.

Biotech products- The Company manufactures range of biotech products under various brands such as Sardargib, Sardar Eco Green, Sardarvam, Sardartrap and Sardarlures, Sardarneem, Sardaramin and Sardaramin Granules.

Awards

GSFC bags National Award for Excellence in Cost Management for 2006.

The company received National Award for one of the best employers for disabled persons by Ministry of Social Justice and Empowerment, New Delhi.

Outlook

Gujarat State Fertilizers and Chemicals is planning to set up its third diammonium phosphate (DAP) plant at Sihka in Gujarat state.

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