Gujarat State Financial Corporation (532160)
📢 Recent Corporate Announcements
Gujarat State Financial Corporation announced that Small Industries Development Bank of India (SIDBI) has nominated Shri Abhay Kumar Jain, DGM at its Ahmedabad Branch Office, as a Director on its board. He assumed office on August 17, 2026, replacing outgoing nominee Shri Dinesh Kumar, who ceased directorship on August 16, 2026. Shri Jain brings 19 years of experience at SIDBI and joins the Stakeholders Relationship Committee. The institutional nominee replacement comes as GSFC remains deeply distressed with an annual loss of ₹-127 Cr in FY26 and a negative net worth of ₹-3,188 Cr.
- Shri Abhay Kumar Jain assumed office as SIDBI Nominee Director on August 17, 2026
- Outgoing nominee Director Shri Dinesh Kumar ceased directorship on August 16, 2026
- Appointee is 41 years old with 19 years of career experience across various roles at SIDBI
- Appointment executed under Section 10 (c) of the State Financial Corporations Act, 1951 via SIDBI letter dated August 10, 2026
Gujarat State Financial Corporation (GSFC) reported a net loss of ₹19.68 Cr for the quarter ended June 30, 2026, compared to a loss of ₹31.02 Cr in the year-ago period. The narrowing of the loss is primarily attributed to the Board's decision to stop accruing penal interest of ₹12.21 Cr on a ₹621.37 Cr government soft loan. The corporation remains in severe financial distress with a 100% Gross and Net NPA ratio and a massive negative net worth of ₹3,281.95 Cr. Statutory auditors have issued a qualified opinion, questioning the 'going concern' status of the entity.
- Net loss for Q1 FY27 stood at ₹19.68 Cr, showing a reduction from ₹31.02 Cr in Q1 FY26.
- Gross and Net NPA ratios remain at 100%, with total NPA value at ₹397.44 Cr.
- Interest expense decreased to ₹23.28 Cr from ₹35.02 Cr YoY, aided by non-provisioning of ₹12.21 Cr in penal interest.
- Total income remained stagnant at ₹4.06 Cr compared to ₹4.08 Cr in the corresponding quarter last year.
- Negative reserves and surplus reached ₹3,281.95 Cr as of March 31, 2026, against a market cap of just ₹92 Cr.
Gujarat State Financial Corporation (GSFC) reported a net loss of ₹19.68 Cr for the quarter ended June 30, 2026, compared to a loss of ₹31.02 Cr in the same quarter last year. The reduction in loss is primarily due to the company's decision to stop accruing ₹12.21 Cr in interest on a ₹621.37 Cr soft loan from the Gujarat government. The company remains in severe financial distress with a 100% Gross and Net NPA ratio and a negative net worth of ₹3,281.95 Cr. Statutory auditors have issued a qualified opinion, questioning the 'Going Concern' status of the corporation.
- Net loss for Q1 FY27 stood at ₹19.68 Cr, narrowing from ₹31.02 Cr in Q1 FY26.
- Gross and Net NPA ratios remain at 100%, with total non-performing assets amounting to ₹397.44 Cr.
- The company discontinued providing for ₹12.21 Cr in default interest on a government soft loan starting April 1, 2026.
- Total income for the quarter was stagnant at ₹4.06 Cr compared to ₹4.08 Cr in the previous year's quarter.
- Net worth is completely eroded, standing at negative ₹3,281.95 Cr as of March 31, 2026.
Gujarat State Financial Corporation (GSFC) has announced a board meeting on August 10, 2026, to consider and approve unaudited financial results for the quarter ended June 30, 2026. The company is in a state of severe financial distress, reporting a TTM net loss of Rs 127 Cr against a TTM revenue of only Rs 15 Cr. Its net worth is deeply negative at Rs -3,188 Cr, which is significantly higher than its current market capitalization of Rs 92 Cr. Recent quarterly performance has been consistent with losses of approximately Rs 31-32 Cr per quarter.
- Board meeting scheduled for August 10, 2026, to review Q1 FY27 performance.
- Company reported a net loss of Rs 32.0 Cr in the most recent quarter ended March 2026.
- Net worth stands at a critical Rs -3,188 Cr as per latest available context.
- TTM revenue is stagnant at approximately Rs 15 Cr.
- Promoter holding remains high at 83.95% as of June 2026.
Financial Performance
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