Outcome of Board meeting held on May 27, 2025 inter alia approving audited financial results for the quarter and year ended March 31, 2025 is attached.
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Gujarat State Financial Corporation (GSFC) reported a net loss of Rs. 12,534 lakh for FY25, wider than the Rs. 11,921 lakh loss in FY24. Total income declined to Rs. 1,534 lakh from Rs. 1,773 lakh, while interest expenses remained high at Rs. 13,934 lakh. The company's net worth is completely eroded (negative Rs. 3,06,059 lakh), it has defaulted on repayment obligations, and gross and net NPA ratios stand at 100%. Statutory auditors Pankaj R. Shah & Associates issued a qualified opinion, flagging the going concern assumption and unconfirmed dues to the Government of Gujarat—qualifications that have been repeated for eight years. No dividend was declared for FY25, and the same auditor was reappointed for a fourth year for FY26.
Shareholders face continued value erosion with no dividend, deeply negative book value, and a 100% NPA ratio signalling a distressed, near-insolvent entity. The repetitive qualified audit opinion and going concern flag underline material risk of further losses or government-led restructuring, making the stock highly speculative.