Board of Directors at its meeting held on August 13, 2025, inter alia, approved the unaudited financial results for the quarter ended June 30, 2025. Board outcome is attached.
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Gujarat State Financial Corporation's Board approved its Q1 FY26 unaudited results on August 13, 2025. The company reported a net loss of ₹3,102.13 lakh, marginally better than the ₹3,121.71 lakh loss in Q1 FY25. Total income stood at ₹407.51 lakh (vs ₹412.39 lakh YoY), with interest earned plunging sharply to ₹9.25 lakh from ₹52.67 lakh. Interest expenses remained stubbornly high at ₹3,501.82 lakh, driving a deep operating loss. The company wrote back ₹50.46 lakh in NPA provisions as an exceptional item. Alarmingly, 100% of gross and net advances are classified as NPAs, and reserves are deeply negative at ₹(3,15,431.29) lakh, meaning net worth is completely eroded. The statutory auditor issued a qualified review report flagging going concern risk and pending government dues confirmation.
This is a deeply distressed entity — 100% NPA ratio, fully eroded net worth, and ongoing losses mean the stock is effectively a penny play with no near-term recovery in sight. The going concern qualification from auditors is a serious red flag, though management cites the corporation's statutory status as justification for continuing operations. Shareholders face extreme risk and should temper expectations significantly.