BSE: 532160
GUJARAT STATE FINANCIAL CORPOR
Operates as a state-owned statutory lending institution set up under the State Financial Corporations Act, 1951 to provide financial assistance to industrial units in Gujarat. Discontinued fresh lending in FY 2001-02 and now functions solely as a loan recovery operation, collecting dues from past borrowers. Total income for FY 2025-26 was ₹1,640.08 lakh against interest expenditure of ₹3,564.97 lakh in Q3 FY26 alone, producing a net loss of ₹12,728.91 lakh for the full year. Both gross and net NPA ratios stand at 100%, indicating the entire advances book is non-performing, and net worth is fully eroded with negative reserves. The corporation has defaulted on its own repayment obligations and statutory auditors have flagged going concern doubts for nine consecutive years. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Loan recovery. Defunct state financial institution in run-off mode with fully eroded net worth and 100% NPA book
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | (128) | (125) | (119) | (125) | (127) |
| EPS, as reported (₹) | (14.34) | (14.04) | (13.38) | (14.07) | (14.28) |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | (3) | 1 | (1) | 1 | (1) |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | (31) | (31) | (32) | (31) | (31) | (63) | (32) | (32) |
| Net profit | (31) | (31) | (32) | (31) | (31) | (63) | (32) | (32) |
| EPS (₹) | (3.50) | (3.53) | (3.55) | (3.48) | (3.48) | (7.07) | (3.58) | (3.63) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| POWER FIN CORP LTD. | 1,04,415 | 4.0 | 0.60 | — | 19.4 | — | 10.0 | 100.0 |
| INDIAN RAILWAY FIN CORP L | 97,530 | 13.6 | 1.72 | — | 12.4 | — | — | 101.1 |
| REC LIMITED | 76,363 | 4.8 | 0.90 | — | 19.2 | — | 10.9 | 97.1 |
| HSG & URBAN DEV CORPN LTD | 29,388 | 6.9 | 1.34 | — | 18.4 | — | 12.7 | 97.6 |
| INDIAN RENEWABLE ENERGY | 28,250 | 14.3 | 2.05 | — | 13.6 | — | — | 78.5 |
| IFCI LTD | 15,896 | 92.2 | 1.03 | — | 2.8 | — | 0.0 | 67.2 |
| TOURISM FINANCE CORP. OF | 7,291 | 16.7 | 7.49 | — | 4.6 | — | — | 90.1 |
| HARYANA FINANCIAL CORPORATION | 1,189 | 1145.0 | — | — | — | 4.9 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | (4.4) | (1.6) | 6 of 8 | 29% |
| Market cap | 72 | 28250 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · GSFC publishes September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 26 Oct 2026 · GSFC September quarter loss Rs 2,018.75 lakh; qualified review | results | high | — | — |
| 26 Oct 2026 · Loss narrows as one-time settlement returns, but auditor flags severe financial stress | results | high | — | — |
| 19 Oct 2026 · Board meeting on Oct 26 for Q2 results and loanee OTS schemes | results | low | — | — |
| 5 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 22 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Aug 2026 · SIDBI nominates Abhay Kumar Jain as Director replacing Dinesh Kumar | management changes | medium | — | — |
| 11 Aug 2026 · GSFC publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 10 Aug 2026 · GSFC Q1 FY27: net loss Rs 19.68 cr; auditor flags going concern | results | high | — | — |
| 10 Aug 2026 · Q1 FY27 results: net loss narrows but auditor flags going concern | results | high | — | — |
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 |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.