GSFC - Gujarat State Fertilizers & Chem.Ltd Share Price

Fertilizers & Agrochemicals

₹190.07+3.40(+1.82%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Gujarat State Fertilizers & Chem.Ltd do?

Fertilizers•Chemicals•Small Cap

Gujarat State Fertilizers & Chemicals Limited manufactures and sells fertilizers and chemicals in India. The company operates in two segments, Fertilizer Products and Industrial Products. It offers fertilizers, including neem urea, di-ammonium phosphate, boronated NPK, ammonium phosphate sulphate, ammonium sulphate, APS, muriate of potash, gypsum, and micro mix. The company provides industrial products, such as v, nylon-6, anhydrous ammonia, cyclohexanone, sulphuric acid, technical grade urea, melamine, methyl ethyl ketoxime, hydroxylamine sulphate crystal, cyclohexane, argon gas, oleum, as well as methanol, nitric acid, ammonium sulphate, anone-anol mixture, melamine cyanurate, and potassium dihydrogen phosphate. In addition, the company offers water soluble fertilizers; sulphur based products; plant tissue culture products; micro nutrients; soil conditioners; organic products; and seeds. Further, it is involved in the provision of agro services; trading of agro input products; provision of port and logistics related services; and treatment and supply of waste water. The company was incorporated in 1962 and is based in Vadodara, India.

Industry Group:Fertilizers & Agrochemicals

Employees:2,855

Website:www.gsfclimited.com

The Good, Bad and Ugly

Growth

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Dilution Rank

Balance Sheet

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Technicals

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Category	GSFC	Fertilizers
PE	13.70	21.72
PS	0.75	1.26
Growth	-0.4 %	-0.8 %

Summary of Latest Earnings Report from Gujarat State Fertilizers & Chem.

Summary of Gujarat State Fertilizers & Chem.'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Aug 24

Outlook by Management:
GSFC anticipates sustained fertilizer demand driven by favorable monsoon conditions and improved Kharif prospects. Fertilizer margins remain under pressure due to reduced subsidies (-13% YoY) and elevated raw material costs (benzene, natural gas). However, prompt subsidy disbursements support liquidity. The company is optimizing product mix (prioritizing APS/NPK over DAP due to negative DAP margins) to enhance profitability. Industrial products face challenges from Chinese dumping, but new initiatives like HX Crystal production (value-added caprolactam derivative) and cost optimization (importing cheaper Anone) aim to improve margins.

Key Points:

Financial Performance: Q1 FY25 PAT rose to Rs.93 Cr (vs. Rs.21 Cr in Q4 FY24) due to fertilizer volume growth (30% YoY) and better product mix.
Fertilizer Segment: Sales hit Rs.2,144 Cr (second-highest Q1 in 15 years). DAP margins negative (-Rs.42 Cr impact in Q1); APS/NKP margins at Rs.2,000-2,500/ton.
Raw Materials: Phosphoric acid prices steady at $850/ton; ammonia costs reduced, but benzene/NG prices rose.
Projects: Sulphuric acid plant, HX Crystal (commissioning by FY25 end), and urea revamping (capacity: 800â†’1,123 TPD) to drive efficiency and FY26 margins.
Industrial Products: Capro-benzene spreads fell to $582/ton (vs. $730 YoY). Loss of Rs.4 Cr in Q1; recovery expected via HX Crystal and cost measures.
Subsidy & Policy: Awaiting potential DAP subsidy hike to offset negative margins. Urea penalties (energy inefficiency) may ease post-revamping.

(Characters: 1,838)

Q&A Session

Last updated: Aug 24

Question 1:
"In the last interaction...whether those discounts of INR2,000 per ton, which we have offered last quarter was withdrawn...and over and above that, that INR15 increase in the subsidy would have helped us...was the improved performance because of some benefits...natural gas converting to ammonia?"
Answer:
Subsidy increases for APS were minimal. Discounts on ammonium sulphate softened slightly due to revised MRP and lean seasonality. Natural gas costs rose 6% YoY but were offset by urea subsidy pass-through. Ammonia production at Sikka relies on imports, with gas prices at INR45/SM3 in Q1.

Question 2:
"What broad range of per ton margins we should work with...for ammonium sulphate, DAP, NPK, and urea?"
Answer:
Average fertilizer margins: INR2,000"“2,500/ton, but DAP margins are negative. Urea margins are lower due to energy penalties and fixed costs.

Question 3:
"When will our phosphoric acid production ramp up...dependency on imports reduce? Would DAP volumes/margins improve?"
Answer:
Phosphoric acid self-sufficiency at Sikka will take 2"“3 years. Baroda unit already uses in-house phosphoric acid. DAP margins may turn positive if subsidies increase, but current contributions remain negative.

Question 4:
"How are DAP inventory accumulation and NBS subsidy revisions impacting margins? What is DAP's negative impact on Q1?"
Answer:
DAP production continues despite negative margins (INR42 crore dent in Q1) due to anticipated subsidy hikes. Current DAP sales prioritize farmer needs and government pressure; breakeven is expected if subsidies rise by INR3,500/ton.

Question 5:
"What is the capex and timeline for HX Crystal, sulphuric acid, and urea projects? Impact on margins?"
Answer:
INR1,000 crore allocated for HX Crystal, sulphuric acid, urea revamp, and solar projects in FY25. HX Crystal (commissioned by FY25 end) will boost IP margins via value-added products. Urea revamp will cut energy use and raise capacity by 323 TPD, improving profitability.

Question 6:
"What is the outlook for industrial chemicals amid Chinese dumping? Capro-benzene breakeven levels?"
Answer:
IP segment faces pressure from cheap Chinese imports. Capro-benzene spread needs ~$700/ton to breakeven (currently $582). Mitigation includes importing cheaper raw materials (Anone) and diversifying into HX Crystal (higher margins).

Question 7:
"Post-urea revamp, what energy efficiency gains and margin improvements are expected?"
Answer:
Revamp will reduce energy use from 6.5"“6.6 Gcal/ton to 5.9 Gcal/ton, aligning with government norms. Capacity rises to 1,123 TPD, adding INR30+ crore annual profit. Current urea margins remain low due to legacy inefficiencies.

Description	Share	Value
FERTILIZER PRODUCTS	79.3%	2.2 kCr
INDUSTRIAL PRODUCTS	20.7%	583.5 Cr
Total		2.8 kCr

Balance Sheet for Gujarat State Fertilizers & Chem.

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-4.3%	490	512	869	1,083	364	307
Loans, current	4.7%	271	259	253	248	240	232
Total current financial assets	7.5%	4,546	4,228	4,639	3,935	3,714	2,957
Inventories	-24.9%	906	1,206	865	1,176	1,552	1,299
Total current assets	0.6%	5,630	5,595	5,644	5,294	5,414	4,477
Property, plant and equipment	-1.9%	2,454	2,501	2,459	2,531	2,630	2,670
Capital work-in-progress	97.4%	463	235	263	199	134	157
Non-current investments	11.4%	6,634	5,956	5,597	5,279	5,683	6,265
Total non-current financial assets	11.2%	6,719	6,041	5,681	5,309	5,711	6,293
Total non-current assets	8.9%	10,110	9,285	8,876	8,479	8,856	9,498
Total assets	5.8%	15,740	14,880	14,520	13,773	14,271	13,975
Borrowings, non-current	-	0	0	0	0	0	0
Total non-current financial liabilities	-55.8%	1.23	1.52	0	1.48	0	0
Provisions, non-current	-30.7%	394	568	289	311	370	372
Total non-current liabilities	9.6%	1,113	1,016	798	785	895	975
Borrowings, current	6366.7%	98	2.5	0	0	104	2.82
Total current financial liabilities	5.1%	1,100	1,047	1,258	836	1,254	1,058
Provisions, current	-7.7%	132	143	99	96	145	143
Current tax liabilities	98.6%	18	9.56	31	23	258	96
Total current liabilities	4.8%	1,313	1,253	1,485	1,024	1,693	1,331
Total liabilities	7%	2,427	2,269	2,283	1,809	2,589	2,306
Equity share capital	0%	80	80	80	80	80	80
Total equity	5.6%	13,314	12,611	12,237	11,964	11,682	11,669
Total equity and liabilities	5.8%	15,740	14,880	14,520	13,773	14,271	13,975

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-3.6%	513	532	893	1,098	386	327
Loans, current	4.7%	271	259	253	248	240	232
Total current financial assets	6.9%	4,519	4,229	4,631	3,859	3,688	2,952
Inventories	-22.8%	1,008	1,305	987	1,324	1,693	1,392
Total current assets	0.2%	5,711	5,701	5,765	5,373	5,535	4,572
Property, plant and equipment	-1.9%	2,459	2,506	2,464	2,536	2,636	2,676
Capital work-in-progress	97%	464	236	263	200	135	158
Non-current investments	11.3%	6,697	6,015	5,652	5,330	5,733	6,314
Total non-current financial assets	11.1%	6,781	6,101	5,737	5,360	5,761	6,342
Total non-current assets	8.9%	10,178	9,350	8,938	8,536	8,913	9,552
Total assets	5.6%	15,888	15,051	14,703	13,909	14,448	14,125
Borrowings, non-current	-	0	0	0	0	0	0
Total non-current financial liabilities	-55.8%	1.23	1.52	0	1.48	0	0
Provisions, non-current	-30.6%	395	569	290	312	371	373
Total non-current liabilities	9.5%	1,116	1,019	801	787	897	977
Borrowings, current	6366.7%	98	2.5	0	0	104	2.82
Total current financial liabilities	3.6%	1,139	1,099	1,321	892	1,329	1,098
Provisions, current	-7.7%	132	143	104	96	150	143
Current tax liabilities	114%	16	8.01	31	23	258	96
Total current liabilities	3.6%	1,351	1,304	1,556	1,081	1,777	1,374
Total liabilities	6.2%	2,467	2,322	2,357	1,868	2,674	2,351
Equity share capital	0%	80	80	80	80	80	80
Non controlling interest	6.5%	1.33	1.31	1.59	1.57	1.55	1.54
Total equity	5.4%	13,421	12,728	12,345	12,041	11,773	11,774
Total equity and liabilities	5.6%	15,888	15,051	14,703	13,909	14,448	14,125

Investor Care
Dividend Yield	2.2%
Dividend/Share (TTM)	4
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	13.78

Financial Health
Current Ratio	4.23
Debt/Equity	0.01
Debt/Cashflow	-107.23

Valuation
Market Cap	7.57 kCr
Price/Earnings (Trailing)	13.97
Price/Sales (Trailing)	0.77
EV/EBITDA	8.46
Price/Free Cashflow	-15.52
MarketCap/EBT	10.94

Fundamentals
Revenue (TTM)	9.89 kCr
Rev. Growth (Yr)	37.39%
Rev. Growth (Qtr)	2.96%
Earnings (TTM)	542.11 Cr
Earnings Growth (Yr)	13.44%
Earnings Growth (Qtr)	-55.12%

Profitability
Operating Margin	6.92%
EBT Margin	7%
Return on Equity	4.04%
Return on Assets	3.41%
Free Cashflow Yield	-6.44%

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
COROMANDEL	Coromandel InternationalFertilizers	65.92 kCr	23.33 kCr	+12.89%	+88.90%	40.19	2.83	-2.06%	-4.82%
CHAMBLFERT	Chambal Fertilisers & ChemicalsFertilizers	27.68 kCr	17.06 kCr	+10.46%	+63.40%	17.13	1.62	-10.89%	+26.94%
DEEPAKFERT	Deepak Fertilizers &PetrochemicalsCommodity Chemicals	16.59 kCr	9.8 kCr	+17.71%	+111.54%	18.71	1.69	+3.66%	+79.09%
RCF	Rashtriya Chemicals & FertilizersFertilizers	7.7 kCr	17.23 kCr	+11.21%	-8.16%	29.04	0.45	-4.00%	-8.43%
NFL	National FertilizersFertilizers	4.23 kCr	20.71 kCr	+7.24%	-18.45%	16.46	0.2	-16.37%	+187.50%

Cash Flow for Gujarat State Fertilizers & Chem.

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-38.3%	6.55	10	5.42
Change in inventories	-125.5%	-30.08	123	-390.82
Depreciation	-0.5%	183	184	181
Unrealised forex losses/gains	43.7%	-1.42	-3.3	0
Dividend income	186.3%	147	52	44
Adjustments for interest income	154.5%	141	56	53
Net Cashflows from Operations	-108.4%	-116.68	1,395	252
Income taxes paid (refund)	-66.8%	155	465	0
Net Cashflows From Operating Activities	-129.4%	-271.96	929	252
Purchase of property, plant and equipment	69.5%	240	142	94
Proceeds from sales of investment property	-	123	0	0
Purchase of other long-term assets	-105.3%	0	20	0
Dividends received	186.3%	147	52	44
Interest received	8.8%	75	69	32
Net Cashflows From Investing Activities	354.7%	105	-39.83	-18.61
Proceeds from borrowings	139.3%	2.5	-2.82	0
Repayments of borrowings	-	0	0	32
Payments of lease liabilities	-39.1%	1.42	1.69	0
Dividends paid	301%	398	100	88
Interest paid	-39.9%	6.22	9.69	5.43
Income taxes paid (refund)	-	0.33	0	0
Net Cashflows from Financing Activities	-251%	-403.12	-114.12	-125.46
Net change in cash and cash eq.	-173.8%	-570.24	775	108

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-38.3%	6.55	10	5.42
Change in inventories	-73.1%	19	68	-394.96
Depreciation	-1.1%	183	185	182
Unrealised forex losses/gains	43.7%	-1.42	-3.3	0
Dividend income	192%	147	51	43
Adjustments for interest income	151.8%	142	57	54
Net Cashflows from Operations	-108.1%	-111.52	1,392	237
Income taxes paid (refund)	-66.6%	157	468	0
Net Cashflows From Operating Activities	-129.2%	-268.07	924	237
Purchase of property, plant and equipment	69.5%	240	142	95
Proceeds from sales of investment property	-	123	0	0
Purchase of intangible assets	-	-0.25	0	0
Proceeds from sales of long-term assets	-	0	0	1.35
Purchase of other long-term assets	-105.3%	0	20	1.8
Dividends received	186.3%	147	52	44
Interest received	8.7%	76	70	34
Other inflows (outflows) of cash	-51.5%	0	0.34	0
Net Cashflows From Investing Activities	360%	106	-39.38	-18.14
Proceeds from borrowings	139.3%	2.5	-2.82	0
Repayments of borrowings	-	0	0	32
Payments of lease liabilities	-39.1%	1.42	1.69	0
Dividends paid	301%	398	100	89
Interest paid	-39.9%	6.22	9.69	5.43
Income taxes paid (refund)	-	0.33	0	0
Net Cashflows from Financing Activities	-251%	-403.12	-114.12	-126.46
Net change in cash and cash eq.	-173.7%	-565.61	770	93

Income Statement for Gujarat State Fertilizers & Chem.

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	5%	2,755	2,623	2,144	1,940	1,943	3,017
Other Income	-63.6%	56	152	49	52	81	195
Total Income	1.3%	2,811	2,775	2,193	1,991	2,024	3,212
Cost of Materials	-19.9%	1,154	1,440	1,383	1,065	1,066	1,355
Purchases of stock-in-trade	2766.7%	861	31	38	55	193	485
Employee Expense	8.1%	201	186	197	257	175	252
Finance costs	6.2%	2.2	2.13	1.7	7.13	0.63	1.58
Depreciation and Amortization	2.1%	49	48	47	46	46	46
Other expenses	-3.6%	506	525	468	490	497	523
Total Expenses	11.5%	2,657	2,384	2,075	1,968	1,886	2,850
Profit Before exceptional items and Tax	-61%	153	391	118	23	138	362
Total profit before tax	-61%	153	391	118	23	138	362
Current tax	-36.6%	27	42	12	21	17	79
Deferred tax	-87.2%	6.91	47	13	-18.46	9.38	-1.77
Total tax	-62.5%	34	89	25	2.23	26	78
Total profit (loss) for period	-60.9%	119	303	93	21	112	285
Other comp. income net of taxes	-197.1%	-793.79	-266.5	733	-389.3	630	-54.76
Total Comprehensive Income	-2029.5%	-674.32	36	826	-368.18	742	230
Earnings Per Share, Basic	-69.7%	3	7.6	2.32	0.53	2.82	7.14
Earnings Per Share, Diluted	-69.7%	3	7.6	2.32	0.53	2.82	7.14

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-20.9%	8,932	11,298	8,996	7,500	7,621	-
Other Income	158.6%	376	146	182	183	109	-
Total Income	-18.7%	9,308	11,445	9,178	7,683	7,730	-
Cost of Materials	-18.6%	4,761	5,851	4,882	3,952	3,597	-
Purchases of stock-in-trade	-24.8%	767	1,020	581	541	1,416	-
Employee Expense	27.5%	836	656	656	684	714	-
Finance costs	-28.6%	11	15	9.63	43	115	-
Depreciation and Amortization	0.6%	183	182	178	176	170	-
Other expenses	-9.4%	1,946	2,147	1,736	1,472	1,489	-
Total Expenses	-12.5%	8,644	9,877	7,873	7,170	7,603	-
Profit Before exceptional items and Tax	-57.7%	664	1,568	1,305	513	127	-
Total profit before tax	-57.7%	664	1,568	1,305	513	127	-
Current tax	-63.1%	152	410	329	38	0	-
Deferred tax	90.8%	-11.6	-135.88	80	78	25	-
Total tax	-49.1%	140	274	409	116	25	-
Total profit (loss) for period	-59.5%	524	1,293	891	418	99	-
Other comp. income net of taxes	157.9%	522	-898.63	1,721	1,976	-463.01	-
Total Comprehensive Income	165.9%	1,046	394	2,612	2,394	-364.31	-
Earnings Per Share, Basic	-61.3%	13.16	32.45	22.36	10.48	2.48	-
Earnings Per Share, Diluted	-61.3%	13.16	32.45	22.36	10.48	2.48	-

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.8%	2,814	2,635	2,163	1,965	2,008	3,119
Other Income	-63.6%	56	152	50	52	81	195
Total Income	2.9%	2,870	2,788	2,212	2,017	2,089	3,313
Cost of Materials	-19.9%	1,154	1,440	1,383	1,065	1,066	1,355
Purchases of stock-in-trade	2554.5%	877	34	63	65	220	520
Employee Expense	8%	204	189	200	261	179	255
Finance costs	6.2%	2.2	2.13	1.7	7.03	0.68	1.61
Depreciation and Amortization	2.1%	49	48	47	47	46	46
Other expenses	-3.8%	511	531	473	502	503	530
Total Expenses	12.7%	2,707	2,402	2,102	1,993	1,947	2,929
Profit Before exceptional items and Tax	-57.9%	163	386	111	24	142	385
Exceptional items before tax	1316.7%	4.4	1.24	1.94	0	0	0
Total profit before tax	-56.7%	168	387	113	24	142	385
Current tax	-36.6%	27	42	12	20	17	80
Deferred tax	-87%	6.96	47	13	-18.52	9.37	-1.72
Total tax	-62.5%	34	89	25	1.73	26	78
Total profit (loss) for period	-55.2%	134	298	87	23	118	309
Other comp. income net of taxes	-197.1%	-793.79	-266.5	733	-389.29	630	-54.76
Total Comprehensive Income	-2232.1%	-659.94	32	821	-366.58	748	254
Earnings Per Share, Basic	-64.2%	3.36	7.6	2.19	0.63	2.97	7.75
Earnings Per Share, Diluted	-64.2%	3.36	7.6	2.19	0.63	2.97	7.75

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-19.5%	9,155	11,369	9,083	7,634	7,798	8,491
Other Income	154.1%	377	149	183	183	107	108
Total Income	-17.2%	9,532	11,518	9,266	7,817	7,904	8,598
Cost of Materials	-18.6%	4,761	5,851	4,882	3,952	3,597	4,226
Purchases of stock-in-trade	-24.2%	866	1,142	629	599	1,431	2,105
Employee Expense	27.3%	850	668	668	696	729	531
Finance costs	-28.6%	11	15	9.77	43	115	61
Depreciation and Amortization	0.6%	183	182	179	177	171	126
Other expenses	-8.9%	1,976	2,170	1,759	1,492	1,507	1,526
Total Expenses	-11.4%	8,836	9,978	7,952	7,283	7,767	7,929
Profit Before exceptional items and Tax	-54.9%	695	1,540	1,314	534	138	669
Exceptional items before tax	-150%	0	3	1.6	0.65	2.94	0.03
Total profit before tax	-55%	695	1,543	1,315	535	141	669
Current tax	-63.3%	152	413	332	42	2.99	119
Deferred tax	90.8%	-11.66	-135.88	79	63	25	55
Total tax	-49.6%	140	277	411	105	28	174
Total profit (loss) for period	-56.2%	555	1,266	899	450	110	493
Other comp. income net of taxes	157.9%	522	-898.63	1,721	1,976	-463.04	-382.08
Total Comprehensive Income	194%	1,077	367	2,620	2,427	-353.39	111
Earnings Per Share, Basic	-57.2%	14.16	31.77	22.55	11.3	2.75	12.38
Earnings Per Share, Diluted	-57.2%	14.16	31.77	22.55	11.3	2.75	12.38

Shareholder Name	Holding %
GUJARAT STATE INVETMENTS LIMITED	37.84%
QUANT MUTUAL FUND - QUANT SMALL CAP FUND	3.32%
Gujarat Narmada Valley Fertilizers Company Limited	1.88%
Gujarat Alkalies And Chemicals Limited	1.88%
ICICI PRUDENTIAL SMALL CAP FUND	1.36%
Gujarat Mineral Development Corporation Ltd	1.25%
Societies	0.57%

GSFC - Gujarat State Fertilizers & Chem.Ltd Share Price

What does Gujarat State Fertilizers & Chem.Ltd do?

Sector Comparison: GSFC vs Fertilizers & Agrochemicals

Comparative Metrics

Performance Comparison

Summary of Latest Earnings Report from Gujarat State Fertilizers & Chem.

Revenue Breakdown

Balance Sheet for Gujarat State Fertilizers & Chem.

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Is Gujarat State Fertilizers & Chem. Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Cash Flow for Gujarat State Fertilizers & Chem.

Income Statement for Gujarat State Fertilizers & Chem.

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution