NSE: GSFC · BSE: 500690
GUJ STATE FERT & CHEM LTD
Manufactures fertilizers and industrial chemicals from integrated plants at Sikka and Baroda, split into a fertilizer segment that contributed 77.8% of segment revenue at ₹8,423.04 crore and an industrial products segment that made up 22.2% at ₹2,404.21 crore in FY26. The fertilizer business sells urea, DAP, APS and other NPK grades, with FY26 sales volume of 22.31 lakh metric tonnes (up 12% YoY) and production of 17.59 lakh metric tonnes — the highest in five years. The industrial products business makes caprolactam, nylon 6, melamine, technical-grade urea, HX crystal and traded ammonia, and posted its highest annual EBIT in four years at ₹200 crore in FY26. Manufacturing is supported by in-house ammonia plants and long-term sulfur contracts to manage raw-material volatility. Raw materials were the largest cost at 54.7% of revenue, with employee costs at 7.1% and other operating expenses at 17.5%. The company capitalised ₹670 crore of projects in FY26, runs debt-free, and is converting a DAP train at Sikka to flexible APS/DAP output by July–August 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fertilizer Products (78%), Industrial Products (22%). Cyclical, asset-heavy fertilizer and chemicals manufacturer with backward integration into ammonia
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,083 | 11,369 | 9,155 | 9,534 | 10,946 |
| EBITDA (ex other income) | 1,321 | 1,591 | 513 | 632 | 790 |
| margin % | 14.5 | 14.0 | 5.6 | 6.6 | 7.2 |
| Owners' profit | 899 | 1,266 | 555 | 591 | 673 |
| EPS, as reported (₹) | 22.55 | 31.77 | 14.16 | 14.83 | 16.88 |
| ROE % · ROCE % | 7.6 · 10.4 | 10.5 · 12.1 | 4.4 · 5.1 | 4.9 · 5.8 | 5.5 · 6.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 237 | 924 | (268) | 83 | 136 |
| Capex | (95) | (142) | (240) | (380) | (308) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,635 | 2,814 | 1,922 | 2,184 | 3,187 | 2,941 | 2,633 | 3,583 |
| Profit before tax | 387 | 168 | 84 | 179 | 427 | 182 | 61 | 202 |
| Net profit | 298 | 134 | 72 | 139 | 324 | 158 | 52 | 159 |
| EPS (₹) | 7.60 | 3.36 | 1.80 | 3.48 | 8.13 | 3.97 | 1.30 | 3.98 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| FERTILIZER PRODUCTS | 8,541 | 78.0 |
| INDUSTRIAL PRODUCTS | 2,404 | 22.0 |
| Total, before eliminations | 10,946 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| COROMANDEL INTERNTL. LTD | 50,253 | 27.4 | 3.83 | 14.5 | 14.5 | 18.6 | 17.2 | 9.9 |
| FACT LTD | 43,930 | 1578.8 | 31.95 | 135.4 | 1.8 | 1.8 | — | (0.2) |
| CHAMBAL FERTILIZERS LTD | 14,451 | 7.5 | 1.39 | 5.4 | 18.8 | 20.7 | 10.3 | 17.5 |
| PARADEEP PHOSPHATES LTD | 14,327 | 13.4 | 2.11 | 9.2 | 14.7 | 16.5 | — | 12.5 |
| MADHYA BHARAT AGRO P. LTD | 7,399 | 11.5 | 13.46 | — | 27.3 | 16.6 | — | 17.1 |
| KRISHANA PHOSCHEM LIMITED | 6,708 | 8.4 | 11.96 | — | 32.1 | 30.2 | — | 17.9 |
| GUJ STATE FERT & CHEM LTD ◆ | 5,459 | 7.9 | 0.44 | 5.0 | 5.5 | 6.5 | 7.5 | 7.4 |
| RASHTRIYA CHEMICALS & FER | 5,327 | 11.9 | 1.04 | 7.8 | 8.3 | 8.2 | 17.4 | 7.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.9 | 10.7 | 7 of 20 | 68% |
| P/B | 0.4 | 0.9 | 4 of 23 | 86% |
| ROCE | 6.5 | 8.8 | 15 of 23 | 36% |
| ROE | 5.5 | 8.3 | 16 of 23 | 32% |
| Debt / Equity | 0.0 | 0.3 | 2 of 23 | 96% |
| EBITDA margin | 7.4 | 8.0 | 12 of 21 | 45% |
| Revenue growth | 64.0 | 16.3 | 2 of 21 | 95% |
| Profit growth | 14.4 | 6.4 | 11 of 23 | 55% |
| Market cap | 5459 | 805 | 7 of 23 | 73% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · GSFC schedules Q2 FY26-27 results call on 3 Nov 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · GSFC to discuss second-quarter results on 3 November 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · GSFC assigned ESG rating of 41 by independent assessor | business updates | low | — | — |
| 14 Oct 2026 · GSFC assigned ESG rating of 62 by CRISIL on 13 Oct 2026 | credit debt | medium | — | — |
| 14 Oct 2026 · GSFC board approves new PA and SA plant at Sikka Unit | capex operations | high | — | — |
| 13 Oct 2026 · GSFC board approves new Phosphoric and Sulphuric Acid plant at Sikka | capex operations | high | — | — |
| 13 Oct 2026 · Board meeting on Nov 3 for Q2 FY27 results, trading window closed till Nov 4 | compliance | minimal | — | — |
| 13 Oct 2026 · Board meeting on 3 Nov to consider Q2 FY26 unaudited financial results | results | low | — | — |
| 6 Oct 2026 · Routine SEBI compliance certificate for Q2 FY26 demat filings submitted | compliance | minimal | — | — |
| 6 Oct 2026 · CARE reaffirms GSFC credit ratings at AA plus and A1 plus with stable outlook | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.