Gujarat State Fertilizers & Chemicals financials and balance sheet

NSE: GSFCBSE: 500690Fertilizers & AgrochemicalsSmall Cap

Formerly Gujarat State Fertilizers Co.

₹135.02₹2.18 (1.59%)BSE ₹134.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹137.20.

52-week range of traded prices to 23 Oct 2026

₹132.25Low, 23 Oct 2026₹199.33High, 17 Nov 2025

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹5,380 Cr694th largest listed
P/E: 7.8
P/B: 0.4
Dividend yield: 3.70%
ROE: 5.7%
ROCE: 5.1%
Debt to equity: 0.00
Volume, NSE: 11,27,17142.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gujarat State Fertilizers & Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹11,369 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue10,946
Materials and goods−7,461
Employee costs−778
Other expenses−1,916
Operating profit790
Depreciation−202
Other income+276
One-off items0.0
Finance costs−14
Profit before tax850
Tax−188
Joint ventures+11
Net profit673

What the company owns

Plant, investments and other assets₹10,176 Cr
Receivables₹2,135 Cr
Inventory₹1,879 Cr
Cash and bank₹200 Cr

What pays for it: net worth and liabilities

Net worth₹12,278 Cr
Other liabilities₹1,398 Cr
Owed to suppliers₹689 Cr
Borrowings₹25 Cr

Gujarat State Fertilizers & Chemicals business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Gujarat State Fertilizers & Chemicals segment results by quarter

Revenue by segment

₹10,946 CrTotal

FERTILIZER PRODUCTS₹8,541 Cr78.0% of total
INDUSTRIAL PRODUCTS₹2,404 Cr22.0% of total

Profit by segment

FERTILIZER PRODUCTS₹459 Cr69.6% of total
INDUSTRIAL PRODUCTS₹200 Cr30.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

FERTILIZER PRODUCTS
Revenue, ₹ crore
6,314
6,238
5,863
6,150
8,840
6,835
7,332
8,541
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
290
325
369
694
1,460
392
446
459
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
INDUSTRIAL PRODUCTS
Revenue, ₹ crore
2,176
1,560
1,771
2,933
2,528
2,320
2,202
2,404
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
382
−69
126
524
5
16
56
200
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	8,491	7,798	7,634	9,083	11,369	9,155	9,534	10,946
Company revenue, as in its results	8,491	7,798	7,634	9,083	11,369	9,155	9,534	10,946
Revenue	6,314	6,238	5,863	6,150	8,840	6,835	7,332	8,541
Revenue growth	–	−1.2%	−6.0%	4.9%	43.7%	−22.7%	7.3%	16.5%
Profit	290	325	369	694	1,460	392	446	459
Profit growth	–	12.2%	13.3%	88.2%	110.4%	−73.2%	13.8%	2.9%
Margin	4.6%	5.2%	6.3%	11.3%	16.5%	5.7%	6.1%	5.4%
Return on capital	–	7.7%	14.3%	21.1%	39.7%	14.4%	14.1%	9.0%
Assets	–	5,194	3,590	4,459	4,612	3,968	4,208	5,892
Liabilities	–	978	1,012	1,167	933	1,250	1,039	796
Capital employed	–	4,216	2,579	3,292	3,678	2,718	3,169	5,096
Revenue	2,176	1,560	1,771	2,933	2,528	2,320	2,202	2,404
Revenue growth	–	−28.3%	13.5%	65.6%	−13.8%	−8.2%	−5.1%	9.2%
Profit	382	−69	126	524	5	16	56	200
Profit growth	–	–	–	317.2%	−99.0%	202.9%	257.7%	257.2%
Margin	17.6%	−4.4%	7.1%	17.9%	0.2%	0.7%	2.5%	8.3%
Return on capital	–	−5.0%	6.0%	22.5%	0.3%	1.1%	3.7%	8.6%
Assets	–	2,153	2,450	2,709	2,032	1,974	1,988	2,476
Liabilities	–	760	370	386	336	499	471	160
Capital employed	–	1,393	2,080	2,323	1,696	1,475	1,517	2,316

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Gujarat State Fertilizers & Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue from operations	5,477	6,305	8,491	7,798	7,634	9,083	11,369	9,155	9,534	10,946
	4,988	5,740	7,742	7,481	7,063	7,764	9,781	8,641	8,902	10,155
Materials and goods bought	3,139	3,966	5,686	5,245	4,875	5,337	6,943	5,815	6,095	7,461
Employee costs	–	–	531	729	696	668	668	850	814	778
Other expenses	–	–	1,526	1,507	1,492	1,759	2,170	1,976	1,994	1,916
Operating profit before depreciation	489	565	749	317	571	1,319	1,588	513	632	790
Operating margin	8.9%	9.0%	8.8%	4.1%	7.5%	14.5%	14.0%	5.6%	6.6%	7.2%
Materials, % of revenue	–	–	67.0%	67.3%	63.9%	58.8%	61.1%	63.5%	63.9%	68.2%
Employee costs, % of revenue	–	–	6.3%	9.3%	9.1%	7.3%	5.9%	9.3%	8.5%	7.1%
Other expenses, % of revenue	–	–	18.0%	19.3%	19.5%	19.4%	19.1%	21.6%	20.9%	17.5%
Depreciation and amortisation	104	119	126	171	177	179	182	183	192	202
Operating profit after depreciation	385	445	622	146	394	1,140	1,406	330	440	588
Other income	56	99	108	107	183	183	149	377	315	276
Finance costs	65	51	61	115	43	10	15	11	10	14
Profit before one-off items and tax	377	493	669	138	534	1,314	1,540	695	744	850
One-off items	0	0	0	3	1	2	3	0	0	0
Profit before tax	377	493	669	141	535	1,315	1,543	695	744	850
	−43	19	174	–	–	411	277	140	165	188
Current tax	–	–	119	–	–	332	413	152	116	204
Deferred tax	–	–	55	–	–	79	−136	−12	49	−16
Share of profit of joint ventures and associates	–	–	–	–	–	–	–	–	12	11
	424	474	493	110	450	899	1,266	555	591	673
Belonging to the company's shareholders	424	474	493	110	450	899	1,266	555	591	673
Belonging to outside owners of subsidiaries	–	–	0	0	–	–	–	–	0	0
Other comprehensive income	–	–	−382	−463	1,976	1,721	−899	522	−1,020	−346
Total comprehensive income	–	–	111	−353	2,427	2,620	367	1,077	−429	327
Net margin	7.8%	7.5%	5.8%	1.4%	5.9%	9.9%	11.1%	6.1%	6.2%	6.1%
Net margin without joint ventures and associates	–	–	–	–	–	–	–	–	6.1%	6.0%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Tax is left blank for the years to Mar 2020 and Mar 2021: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown. Share of profit of joint ventures and associates is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	7,322	6,863	9,242	11,774	12,041	12,728	12,149	12,278
	7,321	6,861	9,240	11,772	12,040	12,727	12,138	12,266
Share capital	80	80	80	80	80	80	80	80
Reserves	7,241	6,782	9,161	11,693	11,960	12,647	12,059	12,187
Belonging to outside owners of subsidiaries	1	1	2	2	2	1	11	11
	1,015	1,506	35	3	0	3	0	25
Repayable after a year	147	93	0	0	0	0	0	0
Repayable within a year	869	1,412	35	3	0	3	0	25
	2,487	2,364	987	1,374	1,081	1,304	1,302	1,261
Trade payables	1,039	436	495	827	639	799	675	689
Other financial liabilities	436	298	261	268	252	298	435	352
Other liabilities	33	80	62	36	70	53	51	67
Provisions	105	133	132	143	96	143	112	77
Tax owed	5	5	3	96	23	8	30	51
	655	896	893	977	787	1,019	918	851
Other financial liabilities	0	–	–	–	1	2	1	9
Other liabilities	0	–	–	–	–	–	2	2
Provisions	472	801	652	373	312	569	458	413
Deferred tax	35	–	240	603	473	447	458	427
	10,464	10,123	11,122	14,125	13,909	15,051	14,369	14,390
Held for sale or for a demerger	7	7	5	–	–	–	–	–
	5,861	5,653	7,663	9,552	8,536	9,350	8,719	8,296
Plant in use, after depreciation	2,818	2,898	2,801	2,676	2,536	2,506	2,500	3,327
Plant being built	187	107	117	158	200	236	690	192
Intangible assets	3	2	2	0	2	3	4	4
Intangible assets being developed	0	–	–	1	–	–	0	0
Investments	2,376	2,087	4,331	6,314	5,330	6,015	5,055	4,610
Other financial assets	44	30	29	28	30	86	87	88
Deferred tax	99	204	74	60	62	61	0	0
Other assets	333	325	309	315	377	443	382	76
	4,596	4,462	3,453	4,572	5,373	5,701	5,650	6,094
Inventories	1,655	1,374	997	1,392	1,324	1,305	1,479	1,879
Trade receivables	812	850	468	366	497	510	1,624	2,135
Cash and cash equivalents	41	34	235	327	1,098	532	285	192
Other bank balances	28	14	13	9	342	1,771	1,622	8
Loans given	175	192	214	232	248	259	284	287
Other financial assets	1,663	1,801	1,378	2,019	1,674	1,157	80	1,201
Other assets	223	198	148	228	190	167	276	393
Net debt	947	1,458	−213	−333	−1,440	−2,300	−1,907	−175

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	1,787	237	924	−268	83	136
	1,787	237	1,392	−112	163	267
	1,067	−1,167	−231	−662	−535	−579
Receivables	955	−584	−124	−859	−15	−166
Inventories	377	−395	68	19	−175	−399
Payables	−278	42	−177	176	−351	−14
Other working capital	13	−230	2	2	5	1
Tax paid	0	0	−468	−157	−80	−130
Capital spending	88	95	142	240	380	308
Free cash flow	1,698	142	782	−508	−296	−172
	−23	−18	−39	106	−172	−46
Plant and property sold	42	0	0	0	0	0
Interest received	5	34	70	76	156	148
Dividends received	35	44	52	147	96	106
	−1,563	−126	−114	−403	−159	−184
Borrowings raised	0	0	−3	3	0	0
Borrowings repaid	−1,471	−32	0	0	−3	25
Interest paid	−45	−5	−10	−6	−6	−9
Lease payments	0	0	−2	−1	−1	−1
Dividends paid	49	89	100	398	158	199
Shares bought back	0	0	0	0	0	0
Shares issued	2	0	0	0	10	0
Net change in cash	201	93	770	−566	−247	−94

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Gujarat State Fertilizers & Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Earnings per share	₹10.65	₹11.89	₹12.38	₹2.75	₹11.30	₹22.55	₹31.77	₹14.16	₹14.83	₹16.88
Diluted earnings per share	₹10.65	₹11.89	₹12.38	₹2.75	₹11.30	₹22.55	₹31.77	₹14.16	₹14.83	₹16.88
Dividend per share	₹2.20	₹2.20	₹2.20	₹1.20	₹2.20	₹2.50	₹10.00	₹4.00	₹5.00	₹5.00
Book value per share	–	–	₹183.71	₹172.18	₹231.87	₹295.41	₹302.13	₹319.37	₹304.62	₹307.82
Dividend payout	20.7%	18.5%	17.8%	43.6%	19.5%	11.1%	31.5%	28.7%	33.7%	29.6%
Shareholder yield	–	–	–	–	1.5%	1.4%	2.1%	5.1%	2.1%	3.6%
Market cap at the year end (₹ crore)	5,220	4,547	4,154	1,456	3,240	6,457	4,742	7,796	7,064	5,548

Ratios

Consolidated, years to March.Gujarat State Fertilizers & Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 24 May	Mar 2020Filed 19 Jun	Mar 2021Filed 28 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue growth	−11.1%	15.1%	34.7%	−8.2%	−2.1%	19.0%	25.2%	−19.5%	4.1%	14.8%
Operating profit growth	−20.5%	15.5%	32.5%	−57.6%	80.1%	130.9%	20.4%	−67.7%	23.1%	25.1%
Net profit growth	9.6%	11.6%	4.1%	−77.8%	310.5%	99.6%	40.9%	−56.1%	6.4%	13.8%
Earnings per share growth	–	11.6%	4.1%	−77.8%	310.9%	99.6%	40.9%	−55.4%	4.7%	13.8%
	–	–	6.7%	1.5%	5.6%	8.6%	10.6%	4.5%	4.8%	5.5%
	–	–	–	−5.2 pts	4.0 pts	3.0 pts	2.1 pts	−6.1 pts	0.3 pts	0.8 pts
From the net margin	–	–	–	−5.1 pts	4.9 pts	3.8 pts	1.1 pts	−4.8 pts	0.1 pts	0.0 pts
From asset turnover	–	–	–	−0.1 pts	−0.3 pts	0.0 pts	1.2 pts	−1.3 pts	0.1 pts	0.8 pts
From borrowing	–	–	–	0.0 pts	−0.6 pts	−0.8 pts	−0.2 pts	0.0 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	7.5%	1.7%	4.2%	9.7%	11.7%	2.6%	3.6%	4.8%
Cash conversion	–	–	–	–	396.9%	26.4%	73.0%	−48.3%	14.1%	20.2%
Interest cover	5.9	8.7	10.2	1.3	9.2	116.7	93.5	29.4	43.6	40.7
Debt to equity	–	–	0.14	0.22	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	35	40	22	15	16	20	62	71
Inventory days	–	–	106	96	75	95	70	82	89	92
Payable days	–	–	67	30	37	57	34	50	40	34
Cash conversion cycle, days	–	–	74	105	60	53	52	52	110	129
Working capital days	–	–	125	162	108	115	92	84	93	155
Asset turnover	–	–	0.81	0.76	0.72	0.72	0.81	0.63	0.65	0.76
Assets per rupee of net worth	–	–	1.43	1.45	1.32	1.20	1.18	1.17	1.18	1.18
Sales per rupee of plant	–	–	3.01	2.69	2.73	3.39	4.48	3.65	3.81	3.29
Capital spending to depreciation	–	–	–	–	0.50	0.53	0.78	1.31	1.98	1.52
Plant being built, % of plant in use	–	–	6.6%	3.7%	4.2%	5.9%	7.9%	9.4%	27.6%	5.8%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.7%
Cash from operations against operating profit: 17.2%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	5.9%	7.5%	−1.3%
Profit growth, yearly rate	5.7%	8.4%	−19.0%
Return on equity, average	–	6.8%	4.9%
Return on capital employed, average	–	6.5%	3.7%
Operating margin, average	8.6%	9.6%	6.5%
Net margin, average	6.8%	7.9%	6.1%
Asset turnover, average	–	0.71	0.68
Cash conversion cycle, days, average	–	79	97
Interest cover, average	35.9	64.8	37.9
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,113	−48	136
Cash from investing	−169	−112	−46
Cash from financing	−987	−746	−184
Capital spending	1,164	928	308
Dividends paid	944	755	199
Shares bought back	0	0	0
Shares issued for cash	10	10	0
Borrowings raised	–	3	0
Borrowings repaid	60	28	25

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	9	6	5	2	3	6
Altman Z-scorePublished threshold 1.81	–	–	3.05	2.31	3.31	4.03	4.28	4.30	4.28	4.12
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.38	−2.56	−1.88	−2.13	−0.20	−2.19
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−12.37	5.38	2.72	4.96	4.62	4.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.13	0.33	0.31	−0.03
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	12.86	−42.78	−40.84	10.76	22.02	214.25	16.62
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−9.25	−20.40	30.14	−34.96	14.81	8.57	4.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.45	−6.19	7.94	−3.37	−5.90	−10.16	11.31
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.43	1.46	2.94	4.73	1.54	3.71	0.19
Effective tax ratePublished threshold 17.16 per cent	−11.28	3.90	25.94	19.71	19.72	31.26	17.94	20.13	22.18	22.14
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	31.26	−12.40	−2.38	11.49	6.80

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE AA+Review, Re-affirm	Stable	300
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Commercial PaperShort-term scale	CARE A1+Review, Re-affirmProposed		1,000
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A1+Review, Re-affirm		3,000
1 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-OthersShort-term scale	CARE A1+Review, Re-affirm		1,100
19 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Short term debt	IND A1+Review, Re-affirm		965
19 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		1,000
19 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	1,300

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.