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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

₹155.95 -4.55 (-2.83%)

As on 11-Sep'26 16:01

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

₹155.95 -4.55 (-2.83%)

As on 11-Sep'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹6,396 Cr.
Current Price
₹156
52-Week Low / High
₹139 / 213
TTM EPS
₹17.4
TTM Sales
₹12,344 Cr.
Book Value per Share
₹311.7
P/E Ratio
9.23
In line with its 5-year historical median
Industry PE
15.5
Price to Book (P/B)
0.51
Lower than its 5-year historical median
Price to Sales (P/S)
0.52
Lower than its 5-year historical median
EV/EBITDA
5.66
In line with its 5-year historical median
Dividend Yield
3.21%
Profitability Efficiency
Return on Equity (ROE)
5.52%
Underperforms industry median
Return on Capital Employed (ROCE)
7.17%
Underperforms industry median
Return on Assets (ROA)
4.68%
Operating Profit Margin
7.3%
Net Profit Margin
6.15%
Gross Profit Margin
9.6%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
14.83%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
25.06%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
13.84%
Asset Quality
Promoter Holding
37.84%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹12,342 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

Not Good
Check detailed performance

Valuation

Fair

Check Valuation charts

Price Trend

Semi Strong
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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.

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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.

View More
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 7.62%, compared to the industry median CAGR of 9.00%, 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 7.9% based on the current price.
View More

10 Year X-Ray :

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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ6.2%6.9%8.7%2.9%6.3%12.6%13.4%5.5%6.1%7.1%-
Value Creation
Index ⓘ		-0.6-0.5-0.4-0.8-0.6-0.10.0-0.6-0.6-0.5-

Growth Parameters ⓘ
Sales ⓘ5,2656,2718,5757,6217,5008,99811,2988,9329,42910,82712,237
Sales YoY Gr.-19.1%36.7%-11.1%-1.6%20%25.6%-20.9%5.6%14.8%-
Adj EPS ⓘ11.112.513.539.921.932.613.214.616.416.9
YoY Gr.-12.1%8.2%-77.7%227.2%121.9%49.1%-59.7%11%12.5%-
BVPS (₹) ⓘ165182.2182.4170.6229.5292.8300.2316.5301.3303.9308
Adj Net
Profit ⓘ		4444985381203928711,299524582654673
Cash Flow from Ops. ⓘ907361507-23.71,769252929-27273.8146-
Debt/CF from Ops. ⓘ0.932.1-65.8000-000.2-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ8.3%7.6%-1.4%14.8%
Adj EPS ⓘ4.4%10.8%-20.4%12.5%
BVPSⓘ7%5.8%0.4%0.9%
Share Price 7.6% 8.6% -3.7% -23.6%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		7.47.27.41.74.98.4114.34.75.45.5
Op. Profit
Mgn % ⓘ		109.69.54.67.714.714.45.46.97.36.7
Net Profit
Mgn % ⓘ		8.47.96.31.65.29.711.55.96.265.5
Debt to
Equity ⓘ		0.10.20.20.2000000-
Working Cap
Days ⓘ		29125420323720716614316715517193
Cash Conv.
Cycle ⓘ		13449487362332840425173

Valuation of GSFC - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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!

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5,2656,2668,4917,7987,6349,08511,3699,1559,53410,946
Operating Expenses ⓘ + 4,7755,7017,7427,4817,0637,7649,7818,6418,90210,155
Manufacturing Costs6107038858828641,2571,5191,4091,3271,195
Material Costs3,1393,9665,6865,2454,8755,3376,9435,8156,0957,461
Employee Cost 511513531729696668668848811776
Other Costs ⓘ 515519640625629501651569668723
Operating Profit ⓘ 4895657493175711,3211,588513632790
Operating Profit Margin (%) 9.3%9.0%8.8%4.1%7.5%14.5%14.0%5.6%6.6%7.2%
Other Income ⓘ + 5699108107183181149377315276
Exceptional Items ⓘ 0000000000
Interest ⓘ 655161115431015111014
Depreciation ⓘ 104119126171177179182183192202
Profit Before Tax ⓘ 3824936691415351,3151,543704756861
Tax ⓘ -42191763185417277140165188
Profit After Tax 4244744931104508991,266564591673
PAT Margin (%) 8.1%7.6%5.8%1.4%5.9%9.9%11.1%6.2%6.2%6.2%
Adjusted EPS (₹)10.711.912.42.811.322.631.814.214.816.9
Dividend Payout Ratio (%)20.70%18.50%17.80%43.60%19.50%11.10%31.50%28.30%33.70%29.60%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 6,6197,3037,3216,8619,24011,77212,04012,72712,13812,266
Share Capital ⓘ 80808080808080808080
Reserves ⓘ 6,5397,2247,2416,7829,16111,69311,96012,64712,05912,187
Debt +7531,0411,0151,50635303025
Long Term Debt5220014793000000
Short Term Debt7018418691,41235303025
Minority Interest011122211111
Trade Payables6048311,039436529802639799675689
Others Liabilities ⓘ 1,1141,1381,0881,2661,3581,5461,2291,5211,5451,398
Total Liabilities ⓘ 9,09110,31510,46410,07011,16414,12513,90915,05114,36914,390

Fixed Assets

Net Fixed Assets ⓘ +2,0222,1082,8212,9022,8042,6802,5802,5492,5043,331
Gross Block2,2222,4223,2593,4853,5533,5403,6143,7463,8814,945
Accumulated Depreciation2003144395837498601,0341,1971,3761,614
CWIP ⓘ 273763187107117158200236690192
Investments ⓘ 2,5302,7902,3762,0874,3316,3145,3296,0155,0554,610
Inventories7058731,6551,3749971,3921,3241,3051,4791,879
Trade Receivables800935812850468366497510537682
Cash Equivalents 597068482483361,4402,3031,907200
Others Assets ⓘ 2,7032,7762,5442,7032,1992,8802,5402,1332,1963,497
Total Assets ⓘ 9,09110,31510,46410,07011,16414,12513,90915,05114,36914,390
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 911358508-81,783237924-26883136
PBT ⓘ 3824936691415351,3151,543704756861
Adjustment ⓘ 1841481522681409083-151-53-15
Changes in Working Capital ⓘ 411-203-209-3591054-940-233-664-540-579
Tax Paid ⓘ -66-80-103-5954-228-468-157-80-130
Cash Flow From Investing Activity ⓘ + -238-484-281-266-23-18-39106-172-46
Capex -249-499-299-302-46-95-142-240-380-308
Net Investments -8-17-22-1-17-0-19123-45-0
Others ⓘ 193141374177122223252263
Cash Flow From Financing Activity ⓘ + -656134-242267-1,559-126-114-403-159-184
Net Proceeds from Shares ⓘ 0100200000
Net Proceeds from Borrowing ⓘ -100148-105-53-9300000
Interest Paid ⓘ -69-50-59-117-41-4-10-7-6-9
Dividend Paid ⓘ -105-105-106-106-49-89-100-398-158-199
Others ⓘ -38313928544-1,377-34-41524
Net Cash Flow ⓘ 177-15-720192770-566-247-94
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)6.986.86.741.555.598.5510.634.554.755.52
ROCE (%)6.276.888.73.046.5312.5913.085.776.167.17
Asset Turnover Ratio0.630.650.820.760.720.720.810.630.650.76
PAT to CFO Conversion(x)2.150.761.03-0.073.960.260.73-0.480.140.2
Working Capital Days
Receivable Days136.3050.2037.5038.9031.5016.8013.9020.102020.30
Inventory Days4345.7054.3070.9056.704843.6052.4053.3056
Payable Days67.9066.106051.3036.1045.5037.9045.1044.1033.40

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Gujarat State Fertilizers & Chemicals Ltd FAQs

The current trading price of GSFC on 11-Sep-2026 16:01 is ₹155.9.

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 10-Sep-2026 the market cap of GSFC stood at ₹6,395.6 Cr

The latest P/E ratio of GSFC as of 10-Sep-2026 is 9.51.

The latest P/B ratio of GSFC as of 10-Sep-2026 is 0.52.

The 52-week high of GSFC is ₹212.8 and the 52-week low is ₹138.8.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GSFC is ₹12,237 ( 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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