Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper Publication regarding Notice of the 64th AGM /Remote E-Voting information, Book Closure, Dividend and registration/updating of details.
Source: Bse
Gujarat State Fertilizers & Chemicals Limited (GSFC)
Micro CapChemicals stocks · Micro cap · NSE
Gujarat State Fertilizers & Chemicals Ltd (GSFC) operates in the Fertilizer and Industrial Products segments. The company reported robust performance in FY 25-26, with strategic focus on production optimization, market presence, and export orientation in chemicals, while advancing capex plans.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result12 Aug, 05:11 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
35Bearishfull bear SMA stack · SMA20 -4.9% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GSFCD candles · FIT view-14.1%Latest close ₹148.00 on 2026-10-19
Bar
+0.1%
RSI
43
MACD hist
0.11
52W pos
15%
2026-10-19O ₹147.79H ₹150.37L ₹147.55C ₹148.00Vol 7.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GSFCNifty ChemicalsNifty 500
- GSFC
- -7.1%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -1.5 pp
Chart stats
19 Oct 2026- From 52W high
- -25.8%
- 52W range position
- 15%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.97x
- Avg traded value
- ₹10.4 Cr
- 20D price channel
- ₹145.2 - ₹157.8
₹199.3
₹138.8 - ₹199.3
₹3.8
Latest completed session
20-session average
26.7% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED66
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average52
Revenue +64.1% · PAT +14.4% YoY
Technical
Bearish35
Price trend and sector-relative-strength timing.
Valuation
Legacy model+72.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence73
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 52/100margin compression · Rev +64% YoY · PAT +14% YoY · +36% QoQ
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,583 Cr | +64.1% | +36.1% |
| EBITDA | ₹233 Cr | +20.7% | +180.7% |
| Operating margin | 6.0% | -300 bps | +280 bps |
| PAT | ₹159 Cr | +14.4% | +205.8% |
| PAT margin | 4.4% | -192 bps | +247 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 8.46
- P/B
- 0.48
- EV/EBITDA
- 5.67
- Market Cap
- 5859.00Cr
Profitability
- ROE
- 5.51%
- ROCE
- 7.16%
- ROA
- 4.82%
- Dividend Y
- 3.40%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 10.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -19.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 48.82×
- Altman Z
- 4.20
- Book Value
- 308.00
Cash Flow
- FCF Yield
- 1.54%
- FCF Positive Y
- 7/5
- OCF
- 136.00 Cr
- EPS TTM
- 17.39
Shareholding
- Promoter Hold
- 37.84%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 10.9k+14.8% vs prev
Net Profit
₹ CrLatest: 673+13.9% vs prev
Return on Equity
%Latest: 5.5+12.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.2% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 26% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
34
RS percentile
Stage 4 Downtrend
1M return
-2.6%
3M return
-7.1%
6M return
-15.5%
1Y return
-23.4%
RS 1D
0
RS 20D
+3
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 7.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 77.29+0.44%
RS vs Nifty 50077
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 66 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth12/25
Quality0/20
Balance Sheet13/15
Cash Flow5/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
66
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
66/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 72.7%.
- Valuation contributes 30/30 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
8.5
PB
0.5
EV/EBITDA
5.7
ROE
5.5%
ROCE
7.2%
FCF Yield
1.5%
Debt/Equity
0.0
MoS
+72.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 8.5, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
66
Previous: 66
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+72.7%
Previous: +72.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
66
66
66
66
66
66
66
66
66
66
66
66
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹347.15
+57.4% MoS
Growth-justified P/E
31.2
Growth-justified Value
₹542.92
+72.7% MoS
PEG
0.85
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FACT
Large
Fertilizers and Chemicals Travancore Limited
Fertilizers
match 66
17
—
-2.9%
—
OVERVALUED
IPHL
SME
Indian Phosphate Ltd.
Fertilizers
match 64
71
9.2
13.8%
+78%
UNDERVALUED
AGROPHOS
Small
Agro Phos India Limited
Fertilizers
match 63
59
6.4
10.3%
+66%
FAIR VALUE
BALAJIPHOS
SME
Balaji Phosphates Ltd.
Fertilizers
match 62
38
27.2
11.4%
+31%
WATCHLIST
ANYA
SME
Anya Polytech & Fertilizers Ltd.
Fertilizers
match 62
32
24.9
9.1%
+46%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T08:37:39.642Z
Management commentary snapshot
GSFC reported strong FY26 results: Operating Revenue up 15% YoY to Rs. 10,827 Cr, Operating EBITDA up 24% YoY to Rs. 781 Cr, and PAT up 14% YoY to Rs. 652 Cr. Q4 25-26 saw highest-ever quarterly sales. Fertilizer segment sales volumes grew 49% in Q4 YoY, while Industrial Products achieved highest yearly profitability in 4 years.
GSFC delivered robust FY26 performance with double-digit revenue and profit growth, driven by strong fertilizer volumes and improved industrial product profitability. Strategic capex and export focus are positive, though raw material volatility and Caprolactam spread pressure remain concerns. Management's crisis management and product mix optimization are key.
Growth engines
Fertilizer Volume Growth
Fertilizer segment delivered a robust performance during FY 25-26, with sales volumes rising by 12% from 19.88 LMT to 22.31 LMT.
Industrial Products Profitability
Industrial Products segment delivered its highest yearly profitability in the last 4 years and highest Q4 EBIT in the last 10 quarters.
Melamine Exports
Strategic focus on higher Melamine exports aligned with Government of India trade facilitation initiatives.
Technical Grade Urea & HX Crystal Sales
Improved performance was supported mainly by higher sales of Technical Grade Urea, HX Crystal and traded Ammonia.
Capacity and execution
Urea Revamping Project
Commissioned during FY 2025-26 at Rs. 364 Cr.
600 MTPD SA-V Project
Commissioned during FY 2025-26 at Rs. 233 Cr.
15MW Solar Power Project at Charanka
Commissioned during FY 2025-26 at Rs. 77 Cr.
C - Train Modification for APS Production at Sikka Unit
Ongoing project for 1200 MTPD, expected commissioning in Q1 FY 26-27.
Tailwinds
Government Nutrient-Based Subsidy (NBS)
Announcement of NBS rates for H1 26-27, including a 10% increase in Nitrogen, Phosphorus and Sulphur nutrient support.
Government Trade Facilitation Initiatives
Aligned with Government of India’s ongoing trade facilitation initiatives, including recently executed and under-negotiation FTAs / CEPAs.
Expected Caprolactam-Benzene Spread Improvement
Caprolactam-Benzene spreads are expected to improve during Q1 26-27.
Headwinds
Raw Material Price Pressure
Profitability remained under pressure due to a sharp increase in prices of key raw materials, including Sulphur and Sulphuric Acid, arising from global geopolitical developments.
Caprolactam & Nylon Realization Pressure
Elevated Caprolactam and Nylon-6 prices witnessed in Q4 25-26 are unlikely to sustain, which may exert pressure on realizations.
Subdued Demand for Melamine & Technical Grade Urea
Demand for Melamine and Technical Grade Urea is expected to remain subdued due to lower operating rates in downstream industries amid higher raw material costs.
Weak Domestic HX Crystal Demand
Domestic demand for HX Crystal may continue to remain weak due to disruptions in agrochemical and related downstream sectors arising from the ongoing geopolitical situation.
Risk radar
Geopolitical Volatility
Heightened geopolitical volatility and global supply chain disruptions during the quarter.
Raw Material Price Fluctuations
Sharp fluctuations in key raw material prices impacting profitability across business segments.
Monsoon & El-Nino Conditions
Progress of the south-west monsoon and possible emergence of El-Nino conditions will remain key factors influencing demand outlook.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The document provides both full-year (FY) and quarterly (Q4) results. FY comparison is crucial for overall business health and annual trends, especially for a seasonal business like fertilizers. QoQ is important for sequential momentum, particularly for the Industrial Products segment's Q4 EBIT and overall Q4 sales records, indicating recent performance strength.
Sector KPIs management disclosed
Operating Revenue
Operating Revenue increased by 15% from Rs. 9,429 Cr. in FY 2024-25 to Rs. 10,827 Cr. in FY 2025-26.
Operating EBITDA
Operating EBITDA surged 24% YoY to Rs. 781 Cr.
Fertilizer Sales Volume (FY)
Fertilizer segment sales volumes rising by 12% from 19.88 LMT to 22.31 LMT in FY 25-26.
Fertilizer Sales Volume (Q4)
Fertilizer segment registering 49% growth in sales volumes over Q4 24-25.
Management forward view
Optimizing Sales & Margin Management
The Company will continue to maintain a balanced approach towards optimizing sales opportunities, strategic stock placements and margin management.
Strengthening Export Orientation
The Company continued to strengthen its export orientation in the Chemicals business, with strategic emphasis on higher Melamine exports.
Capex-led Growth Plan
The Company continues to advance its capex plans aligned with its strategic growth roadmap.
Agile Operational Planning
Maintained uninterrupted operations and supply continuity through agile operational planning and dynamic optimization of product mix.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Fertilizer Segment Profitability | Under pressure due to sharp increase in raw material prices (Sulphur, Sulphuric Acid). | Impact of 10% increase in NBS rates and stabilization of global raw material prices on margins. |
| Industrial Products Realizations | Lower Caprolactam realizations (Capro-Benzene spread averaged USD 535/MT in FY26 vs USD 578/MT in FY25). | Improvement in Capro-Benzene spreads and sustained export momentum for Melamine and other chemicals. |
| Capex Project Commissioning | Rs. 675 Cr. projects capitalized in FY26. Sikka APS, PA, and SA projects ongoing. | Timely commissioning of C-Train Modification for APS (Q1 FY27) and PA/SA Project at Sikka (Q2 FY27). |
| Key Raw Material Price Trends | Volatility in global raw material markets (Sulphur, Sulphuric Acid, P2O5, Benzene, Natural Gas, Ammonia). | Stabilization or decline in prices of critical inputs to ease cost pressures and improve profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
73Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 53rd percentile within Chemicals. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
65 docs text-extracted · 28 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
72nd percentile
overall median 67 · Chemicals: 53rd pctile, median 73 · Micro: 54th pctile, median 73
Evidence depth
Financial-only
65 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸7 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸ROCE is low at 7.2%.
- ▸ROE is low at 5.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gujarat State Fertilizers & Chemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Newspaper publication regarding Notice of the 64th AGM, Remote E-Voting information, Book Closure, Dividend & Registration/Updating of Details
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper Publication of Unaudited Financial Results for the Quarter ended 30.06.2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.