Gujarat State Fertilizers & Chemicals Ltd
Incorporated in 1962, Gujarat State Fertilizers & Chemicals Ltd is a public sector company promoted by the Government of Gujarat. It is engaged in manufacturing of various fertilizers and industrial products like plastics & synthetic rubbers and man-made fibres [1]
- Market Cap ₹ 7,599 Cr.
- Current Price ₹ 191
- High / Low ₹ 231 / 156
- Stock P/E 12.2
- Book Value ₹ 301
- Dividend Yield 2.62 %
- ROCE 6.12 %
- ROE 4.68 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Stock is trading at 0.63 times its book value
- Company has been maintaining a healthy dividend payout of 32.0%
Cons
- The company has delivered a poor sales growth of 4.35% over past five years.
- Company has a low return on equity of 6.57% over last 3 years.
- Earnings include an other income of Rs.303 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Commodities Chemicals Fertilizers & Agrochemicals Fertilizers
Part of BSE 500 BSE SmallCap BSE Allcap BSE Commodities BSE 250 SmallCap Index
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,386 | 5,311 | 6,108 | 5,265 | 6,271 | 8,575 | 7,621 | 7,500 | 8,998 | 11,298 | 8,932 | 9,429 | 9,456 | |
| 4,820 | 4,720 | 5,453 | 4,778 | 5,704 | 7,827 | 7,314 | 6,950 | 7,685 | 9,680 | 8,449 | 8,796 | 8,744 | |
| Operating Profit | 566 | 591 | 656 | 487 | 567 | 748 | 307 | 549 | 1,312 | 1,618 | 483 | 633 | 712 | 
| OPM % | 10% | 11% | 11% | 9% | 9% | 9% | 4% | 7% | 15% | 14% | 5% | 7% | 8% | 
| 120 | 102 | 65 | 57 | 94 | 105 | 105 | 183 | 180 | 146 | 376 | 309 | 303 | |
| Interest | 45 | 18 | 31 | 65 | 51 | 61 | 115 | 43 | 10 | 15 | 11 | 10 | 16 | 
| Depreciation | 145 | 101 | 97 | 103 | 119 | 126 | 170 | 176 | 178 | 182 | 183 | 192 | 192 | 
| Profit before tax | 495 | 574 | 593 | 375 | 491 | 665 | 127 | 513 | 1,305 | 1,568 | 664 | 740 | 808 | 
| Tax % | 31% | 30% | 31% | -12% | 3% | 26% | 22% | 19% | 32% | 18% | 21% | 23% | |
| 342 | 401 | 409 | 420 | 476 | 494 | 99 | 418 | 891 | 1,293 | 524 | 573 | 621 | |
| EPS in Rs | 8.59 | 10.05 | 10.27 | 10.53 | 11.94 | 12.39 | 2.48 | 10.48 | 22.36 | 32.45 | 13.16 | 14.38 | 15.58 | 
| Dividend Payout % | 23% | 22% | 21% | 21% | 18% | 18% | 48% | 21% | 11% | 31% | 30% | 35% | 
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 6% | 
| 5 Years: | 4% | 
| 3 Years: | 2% | 
| TTM: | 5% | 
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 4% | 
| 5 Years: | 41% | 
| 3 Years: | -13% | 
| TTM: | 22% | 
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% | 
| 5 Years: | 23% | 
| 3 Years: | 15% | 
| 1 Year: | -9% | 
| Return on Equity | |
|---|---|
| 10 Years: | 6% | 
| 5 Years: | 7% | 
| 3 Years: | 7% | 
| Last Year: | 5% | 
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 80 | 
| Reserves | 4,111 | 4,385 | 5,426 | 6,495 | 7,182 | 7,188 | 6,718 | 9,064 | 11,589 | 11,884 | 12,531 | 11,925 | 
| 789 | 744 | 1,288 | 805 | 1,093 | 1,069 | 1,559 | 37 | 6 | 2 | 5 | 2 | |
| 1,566 | 1,244 | 1,543 | 1,648 | 1,885 | 2,015 | 1,667 | 1,838 | 2,301 | 1,807 | 2,264 | 2,189 | |
| Total Liabilities | 6,545 | 6,452 | 8,337 | 9,028 | 10,240 | 10,351 | 10,024 | 11,019 | 13,975 | 13,773 | 14,880 | 14,195 | 
| 2,016 | 1,958 | 1,653 | 2,019 | 2,105 | 2,813 | 2,895 | 2,798 | 2,674 | 2,574 | 2,544 | 2,500 | |
| CWIP | 185 | 260 | 403 | 272 | 761 | 187 | 107 | 117 | 157 | 199 | 235 | 690 | 
| Investments | 827 | 858 | 1,694 | 2,479 | 2,740 | 2,315 | 2,023 | 4,284 | 6,265 | 5,279 | 5,956 | 4,993 | 
| 3,517 | 3,377 | 4,587 | 4,259 | 4,633 | 5,036 | 4,999 | 3,820 | 4,878 | 5,721 | 6,145 | 6,013 | |
| Total Assets | 6,545 | 6,452 | 8,337 | 9,028 | 10,240 | 10,351 | 10,024 | 11,019 | 13,975 | 13,773 | 14,880 | 14,195 | 
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,573 | 258 | -242 | 907 | 361 | 507 | -24 | 1,769 | 252 | 929 | -272 | 74 | |
| -412 | -134 | -170 | -238 | -488 | -279 | -266 | -24 | -19 | -40 | 105 | -179 | |
| -938 | -155 | 410 | -656 | 133 | -242 | 267 | -1,560 | -125 | -114 | -403 | -168 | |
| Net Cash Flow | 223 | -31 | -2 | 13 | 7 | -13 | -23 | 185 | 108 | 775 | -570 | -274 | 
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 134 | 133 | 197 | 55 | 56 | 40 | 43 | 23 | 15 | 16 | 21 | 21 | 
| Inventory Days | 77 | 70 | 56 | 82 | 74 | 90 | 90 | 69 | 90 | 62 | 78 | 85 | 
| Days Payable | 65 | 39 | 54 | 70 | 75 | 63 | 29 | 37 | 53 | 31 | 48 | 40 | 
| Cash Conversion Cycle | 147 | 164 | 199 | 67 | 55 | 68 | 104 | 55 | 51 | 47 | 50 | 67 | 
| Working Capital Days | 79 | 96 | 109 | 129 | 105 | 88 | 99 | 108 | 116 | 92 | 84 | 94 | 
| ROCE % | 10% | 12% | 10% | 6% | 7% | 9% | 3% | 6% | 13% | 13% | 6% | 6% | 
Documents
Announcements
- 
        
          Announcement under Regulation 30 (LODR)-Credit Rating
          
            2d - ESG Risk Assessments & Insights assigned GSFC an overall ESG Rating of 56 on 29 Oct 2025.
- 
        
          Intimation Regarding 100 Days Campaign - Saksham Niveshak
          
            16 Oct - Launch of 100-day 'Saksham Niveshak' campaign (16 Oct 2025) to claim unpaid dividends 2017-18 to 2023-24
- 
        
          Announcement under Regulation 30 (LODR)-Credit Rating
          
            15 Oct - Gujarat State Fertilizers reported CFC Finlease assigned ESG rating 64 on 15 October 2025; company didn't engage rater.
- 
        
          Announcement under Regulation 30 (LODR)-Credit Rating
          
            15 Oct - CRISIL ESG assigned GSFC 'CRISIL ESG 54' on 14-Oct-2025; company did not engage CRISIL.
- 
        
          Closure of Trading Window
          
            15 Oct - Board meeting 11 Nov 2025 to approve unaudited Q2/H1 results (ended 30 Sep 2025); trading window closed till 13 Nov.
Annual reports
- 
    
      Financial Year 2025
      from bse
- 
    
      Financial Year 2024
      from bse
- 
    
      Financial Year 2023
      from bse
- 
    
      Financial Year 2022
      from bse
- 
    
      Financial Year 2021
      from bse
- 
    
      Financial Year 2020
      from bse
- 
    
      Financial Year 2019
      from bse
- 
    
      Financial Year 2018
      from bse
- 
    
      Financial Year 2017
      from bse
- 
    
      Financial Year 2016
      from bse
- 
    
      Financial Year 2015
      from bse
- 
    
      Financial Year 2014
      from bse
- 
    
      Financial Year 2013
      from bse
- 
    
      Financial Year 2012
      from bse
- 
    
      Financial Year 2011
      from nse
Concalls
- 
      Aug 2025Transcript PPT REC
- 
      Jun 2025Transcript PPT
- 
      May 2025TranscriptNotesPPT
- 
      May 2025TranscriptNotesPPT
- 
      Feb 2025Transcript PPT
- 
      Nov 2024Transcript PPT
- 
      Aug 2024Transcript PPT
- 
      May 2024Transcript PPT REC
- 
      Feb 2024TranscriptNotesPPT REC
- 
      Nov 2023Transcript PPT
- 
      Aug 2023TranscriptNotesPPT REC
- 
      May 2023Transcript PPT
- 
      Feb 2023TranscriptNotesPPT
- 
      Nov 2022TranscriptPPT
- 
      Jul 2022TranscriptPPT
- 
      May 2021TranscriptPPT
- 
      Dec 2017TranscriptPPT
Market Leader in Carpolactam
GSFC is a market leader in the value chain of Carpolactam, Nylon 6 virgin polymer and its compounds. The compounds of Nylon 6 are used in diverse performance applications ranging from consumer durables and automotives.[1]