Board of Directors at its meeting held today inter alia approved the audited financial results for the quarter and year ended March 31, 2026. Outcome of Board meeting is attached.
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GSFC reported a net loss of Rs 1,272.89 crore for FY2026 vs Rs 1,253.40 crore loss in FY2025. Total income was Rs 16.40 crore against Rs 15.34 crore in the previous year. The corporation's net worth is completely eroded with negative reserves of Rs 328.19 crore. The auditors (Pankaj R. Shah & Associates) issued a qualified opinion for the ninth consecutive year, stating the going concern basis is inappropriate since net worth is fully eroded and the corporation has defaulted on repayment obligations. Dues to Government of Gujarat remain unconfirmed, making interest and penal interest quantum unascertainable. No dividend was declared. The board recommended appointing I.H. Mehta & Co as new statutory auditors for 2026-27. The corporation has discontinued its main lending activities and now operates only as a recovery function.
GSFC is in severe financial distress with eroded capital, 100% NPA ratio, and mounting losses. The repeated qualified audit opinion for nine years and ongoing default situation signal very high risk for any stakeholder. The stock (BSE: 532160) is essentially a speculative or distressed asset with minimal likelihood of recovery.