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GSFC - G S F C

📊 NSE: GSFC 🏢 Fertilizers 📅 Last Updated: 12/13/2025 22:13

📢 Recent Corporate Announcements

GSFC Receives Independent ESG Rating of 64.8 from SES ESG Research

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 04:49 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has been assigned an overall ESG rating of 64.8 by SES ESG Research Pvt. Ltd. This rating was conducted independently using publicly available information, as the company did not formally engage the agency for this evaluation. The disclosure follows SEBI's Regulation 30 requirements for transparency regarding environmental, social, and governance metrics. While the score provides a benchmark for sustainability, it remains an unsolicited third-party assessment.

SES ESG Research assigned an overall ESG rating of 64.8 to GSFC.
The rating was prepared independently without formal engagement or payment from the company.
The assessment relied solely on publicly available data and information.
The disclosure was made in compliance with Regulation 30 of SEBI Listing Regulations.

💡 Investors should use this score to benchmark GSFC's sustainability performance against industry peers. No immediate trading action is required as this is an unsolicited third-party rating.

GSFC Releases Audio Recording of Q3 FY2025-26 Investor Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 07:07 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has officially released the audio recording of its investor conference call held on February 10, 2026. The call focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a standard compliance requirement under Regulation 30 of SEBI (LODR) Regulations, 2015. The recording allows investors to hear management's perspective on the latest earnings and future outlook.

Audio recording of the investor call held on February 10, 2026, is now available.
The call discussed financial results for the quarter and nine months ended December 31, 2025.
Filing made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording link is hosted on the official GSFC website for public access.

💡 Investors should listen to the recording to understand management's commentary on market conditions and operational challenges. No immediate action is necessary as this is a routine regulatory filing.

GSFC Q3 PAT Jumps 32% YoY to ₹157 Cr; Highest Fertilizer Production in 5 Years

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 09 Feb 2026, 06:08 PM

GSFC reported a resilient performance for Q3 FY26, with PAT growing 32% YoY to ₹157 crore despite significant raw material cost pressures. The fertilizer segment achieved its highest production in five years at 5.07 LMT, though margins were squeezed by a 130% spike in Sulphur prices and a 34% rise in Phosphoric Acid. The industrial segment faced a narrowing Caprolactam-Benzene spread of $495/MT but was supported by strategic Melamine exports. A new 198 KTPA Sulphuric Acid plant was commissioned in January 2026, which is expected to aid backward integration.

Q3 PAT increased by 32% YoY to ₹157 crore, with 9M EPS standing at ₹15.49 per share.
Achieved highest fertilizer production in 5 years at 5.07 LMT for Q3 and 13.30 LMT for 9M period.
Raw material costs surged significantly with Sulphur up 130% and Phosphoric Acid up 34% YoY.
Commissioned a new 198 KTPA Sulphuric Acid (SA-V) plant on January 7, 2026, to bolster production capacity.
Caprolactam–Benzene spread moderated to $495 per MT from $588 per MT in the previous year.

💡 Investors should focus on the company's ability to maintain volume growth and the margin-accretive impact of the newly commissioned Sulphuric Acid plant. While raw material volatility remains a risk, the strong production numbers and upcoming expansion projects at the Sikka unit provide a positive long-term outlook.

GSFC Appoints Dr. Rajender Kumar as Managing Director and New Board Members

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 09 Feb 2026, 05:34 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has announced key leadership changes following its board meeting on February 9, 2026. Dr. Rajender Kumar, an IAS officer, has been appointed as the Additional Director in the capacity of Managing Director and Key Managerial Personnel. Additionally, Mr. Ashwani Kumar, also an IAS officer, has been appointed as an Additional Director. Both appointments are subject to shareholder approval, which the company will seek through a Postal Ballot process.

Dr. Rajender Kumar (IAS) appointed as Managing Director and Key Managerial Personnel
Mr. Ashwani Kumar (IAS) appointed as an Additional Director of the company
Board approved conducting a Postal Ballot to seek shareholder approval for these appointments
Appointments were based on recommendations from the Nomination and Remuneration Committee
The transition involves two senior IAS officers joining the board to lead the state-run enterprise

💡 Investors should monitor the new leadership's strategic direction for the company, particularly regarding operational efficiency and capital expenditure. Shareholders should participate in the upcoming Postal Ballot to vote on these key management resolutions.

GSFC Q3 FY26 Results: Net Profit Rises 18% YoY to ₹158 Cr, Revenue Up 4.5%

🔵 WATCH ⭐ 7/10

EARNINGS 📅 09 Feb 2026, 05:22 PM

Gujarat State Fertilizers & Chemicals (GSFC) reported a consolidated net profit of ₹158.15 crore for Q3 FY26, an 18% increase over the ₹133.85 crore reported in Q3 FY25. Revenue from operations grew 4.5% year-on-year to ₹2,941.05 crore, driven primarily by the fertilizer segment. However, performance on a sequential basis was weak, with net profit falling by over 50% from ₹324.11 crore in Q2 FY26. For the nine-month period, the company remains ahead of last year with a total profit of ₹620.86 crore.

Consolidated Net Profit grew 18.1% YoY to ₹158.15 crore, though it fell 51.2% sequentially.
Total Income for the quarter reached ₹2,997.25 crore compared to ₹2,870.00 crore in Q3 FY25.
9-month consolidated profit stands at ₹620.86 crore, showing healthy growth over ₹519.40 crore in the previous year.
Fertilizer segment results (PBIT) dropped to ₹121.70 crore from ₹229.38 crore in the previous quarter.
Earnings Per Share (EPS) for the quarter stood at ₹3.97, compared to ₹3.36 in the year-ago period.

💡 Investors should monitor the sharp sequential decline in margins and segment profitability in the fertilizer business. While YoY growth is healthy, the volatility in quarterly earnings suggests a cautious approach until the next quarter's stabilization.

GSFC Announces Superannuation of Senior VP Mr. A V Bhave Effective Dec 31, 2025

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 29 Jan 2026, 04:54 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has announced the retirement of Mr. A V Bhave, Senior Vice President and Senior Management Personnel, effective December 31, 2025. The company disclosed this update to the exchanges on January 29, 2026, acknowledging a delay in the reporting timeline due to inadvertence. GSFC has stated that it has since strengthened its internal systems to ensure future compliance with SEBI Listing Regulations. This transition is part of routine superannuation and is not expected to impact operations.

Mr. A V Bhave, Senior Vice President, retired from the company on December 31, 2025.
The official disclosure was filed on January 29, 2026, approximately 29 days after the event.
Company cited inadvertence for the reporting delay and has implemented system improvements.
The change was filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine management transition due to retirement and requires no immediate action from investors. However, shareholders should note the minor compliance delay as a point of administrative monitoring.

GSFC Appoints Mr. Ashwani Kumar, IAS as Non-Executive Director Effective Jan 28, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 28 Jan 2026, 02:30 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has appointed Mr. Ashwani Kumar, IAS, as a Non-Executive Director on its Board, effective January 28, 2026. A 1997-batch IAS officer, Mr. Kumar replaces Mr. S J Haider following a nomination by the Government of Gujarat's Energy & Petrochemicals Department. He brings over 25 years of administrative experience and holds a B.Tech in Chemical Engineering from IIT Kanpur. This appointment is a routine transition for the state-run PSU and aligns with his current role as Principal Secretary of the Energy and Petrochemicals Department.

Mr. Ashwani Kumar, IAS, appointed as Non-Executive Director effective January 28, 2026
Replaces Mr. S J Haider, IAS (Retd.), on the Board of Directors
Appointee has over 2.5 decades of experience in Public Administration and Governance
Educational background includes B.Tech in Chemical Engineering from IIT Kanpur and a Master's from King's College, London
Served as Secretary to the Hon'ble Chief Minister of Gujarat for 5 years (2016-2021)

💡 This is a routine board-level change typical of government-controlled entities and should not fundamentally alter the company's investment thesis. Investors should remain focused on core operational metrics and fertilizer subsidy policies.

GSFC to Host Q3 FY25-26 Earnings Conference Call on February 10, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 28 Jan 2026, 02:18 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has scheduled its earnings conference call to discuss Q3 FY 2025-26 financial results on February 10, 2026, at 3:30 PM IST. The call will feature senior management, including the CFO and Executive Director of Agri Business. This session is intended to provide institutional investors and analysts with a detailed review of the company's quarterly performance. Investors can participate via the provided dial-in numbers or through the Diamond Pass registration link.

Conference call for Q3 FY 2025-26 results scheduled for February 10, 2026, at 15:30 hrs IST.
Management representation includes Mr. S. K. Bajpai (CFO) and Mr. S. V. Varma (ED - Agri Business).
Primary dial-in numbers for the call are +91 22 6280 1328 and +91 22 7115 8255.
The meeting will be conducted in a group conference call format over the phone.

💡 Investors should attend or review the transcript of the call to understand management's perspective on subsidy realizations and chemical segment margins. Monitor for any updates on capital expenditure plans or demand outlook for the upcoming Kharif season.

GSFC Commences Commercial Production of 600 MTPD Sulphuric Acid Plant in Vadodara

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 07 Jan 2026, 12:08 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has officially commissioned its new Sulphuric Acid manufacturing plant at Fertilizernagar, Vadodara. Commercial production at the facility began on January 7, 2026, following successful commissioning. The plant has a significant installed daily capacity of 600 Metric Tonnes Per Day (MTPD). This expansion is expected to strengthen the company's industrial chemical portfolio and potentially improve margins through vertical integration or direct sales.

Commercial production of Sulphuric Acid commenced on January 7, 2026
Installed manufacturing capacity of 600 MTPD (Metric Tonnes Per Day)
Facility is located at the company's primary Fertilizernagar site in Vadodara
The plant aligns with regulatory compliance under SEBI Listing Obligations

💡 Investors should view this as a positive operational milestone that will likely contribute to top-line growth in the coming quarters. Monitor the capacity utilization levels and the impact on the industrial products segment's EBIT margins.

GSFC Appoints Dr. Rajender Kumar, IAS, as Managing Director Effective Jan 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 06 Jan 2026, 03:18 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has appointed Dr. Rajender Kumar, a 2004-batch IAS officer, as its new Managing Director effective January 3, 2026. Dr. Kumar brings a high-profile background, having served as Director in the Prime Minister's Office (2016-2021) and as an Advisor at the World Bank (2021-2024). His extensive experience in public policy and international development is expected to guide the company's strategic direction. The appointment was approved by the Nomination and Remuneration Committee on January 6, 2026.

Dr. Rajender Kumar, IAS (2004 batch), appointed as Managing Director effective January 3, 2026.
Served 5 years in the Prime Minister's Office (PMO) focusing on flagship missions like Swachh Bharat and Ayushman Bharat.
Held a 3-year tenure at the World Bank as Advisor to the Executive Director for India, Bangladesh, Bhutan, and Sri Lanka.
Currently serves as Commissioner of Transport, Government of Gujarat, alongside his new role at GSFC.

💡 Investors should maintain their current outlook as this is a standard leadership transition for a state-run enterprise. Monitor for any shifts in operational strategy or capital expenditure plans under the new MD's tenure.

GSFC Submits Quarterly Compliance Certificate under SEBI Regulations for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Jan 2026, 03:51 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, covers the quarter ended December 31, 2025. It confirms that the company has processed dematerialization requests and updated its register of members within the prescribed timelines. This is a standard regulatory filing ensuring administrative transparency regarding shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent, MUFG Intime India Private Limited.
Verification and cancellation of physical share certificates completed as per SEBI norms.
Names of depositories substituted in the register of members within prescribed timelines.

💡 No action is required from investors as this is a routine administrative filing. Focus should remain on the company's upcoming quarterly financial performance.

GSFC Appoints Dr. Rajender Kumar, IAS as Managing Director Following Resignation of Sanjeev Kumar

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 03 Jan 2026, 02:27 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has announced a leadership transition effective January 3, 2026. Dr. Rajender Kumar, IAS, has been appointed as the new Managing Director, succeeding Mr. Sanjeev Kumar, IAS, who resigned on January 2, 2026. This change follows a formal order from the General Administrative Department of the Government of Gujarat. The appointment is subject to final approvals from the company's Nomination and Remuneration Committee and the Board.

Dr. Rajender Kumar, IAS (DIN: 07161855) appointed as Managing Director effective January 3, 2026.
Mr. Sanjeev Kumar, IAS (DIN: 03600655) resigned from the MD position and all committees on January 2, 2026.
The transition is driven by Government of Gujarat Order No. AIS/45.2026/0083/G dated January 2, 2026.
The incoming MD has confirmed he is not debarred from holding office by any SEBI order or other authority.

💡 Investors should view this as a routine administrative transition common in state-run enterprises. Monitor for any potential shifts in operational strategy or project execution under the new leadership.

GSFC Non-Executive Director S. J. Haider Resigns Effective January 1, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Jan 2026, 04:43 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has announced the resignation of Mr. S. J. Haider, IAS (Retd.), from its Board of Directors. The resignation is effective from January 1, 2026, following his superannuation from government service on December 31, 2025. Mr. Haider served as a Non-Executive Director and held the position of Additional Chief Secretary in the Energy & Petrochemicals Department of the Gujarat Government. This is a routine transition typical for state-controlled entities and does not reflect internal issues.

Mr. S. J. Haider (DIN: 02879522) resigned as Non-Executive Director effective January 1, 2026.
The resignation is due to his superannuation from the Indian Administrative Service (IAS) on December 31, 2025.
He previously served as the Additional Chief Secretary, Energy & Petrochemicals Department, Government of Gujarat.
The change is a routine administrative update under SEBI Regulation 30.

💡 No immediate action is required as this is a routine retirement-related exit. Investors should monitor for the appointment of a successor nominee from the Gujarat government.

GSFC Announces Trading Window Closure from Dec 31, 2025 for Q3 FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Dec 2025, 12:07 PM

Gujarat State Fertilizers & Chemicals Limited (GSFC) has announced the closure of its trading window for all designated persons and their immediate relatives starting December 31, 2025. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations ahead of the declaration of financial results. The closure pertains to the unaudited financial results for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the results are officially declared to the stock exchanges.

Trading window closure begins on Wednesday, December 31, 2025.
Closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
The restriction applies to the declaration of unaudited financial results for the quarter ending December 31, 2025.
The window will reopen 48 hours after the financial results are made public.
The specific date for the Board Meeting to approve results will be announced in due course.

💡 This is a routine regulatory announcement with no impact on general shareholders. Investors should look forward to the upcoming Q3 earnings announcement for operational performance updates.

GSFC Retains High Credit Ratings; India Ratings Affirms IND AA+ with Stable Outlook

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 25 Dec 2025, 12:06 PM

India Ratings & Research has reaffirmed the credit ratings for Gujarat State Fertilizers & Chemicals Limited (GSFC) across its major debt instruments. The company's bank loan facilities worth INR 13,000 million maintained an 'IND AA+' rating with a stable outlook, while its short-term debt of INR 9,650 million was reaffirmed at 'IND A1+'. Additionally, the commercial paper programme of INR 10,000 million also received an 'IND A1+' affirmation. These ratings underscore the company's strong financial position and its ability to service debt obligations efficiently.

Bank loan facilities of INR 13,000 million reaffirmed at IND AA+/Stable/IND A1+
Short-term debt of INR 9,650 million reaffirmed at IND A1+
Commercial Paper programme of INR 10,000 million reaffirmed at IND A1+
Stable outlook maintained, indicating expectations of consistent financial performance
Ratings cover facilities across major banks including SBI, Bank of Baroda, and HDFC Bank

💡 The affirmation of high investment-grade ratings suggests strong creditworthiness and financial stability. Investors can remain confident in the company's balance sheet strength, though no immediate portfolio changes are necessary based on this routine update.

View All GSFC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew 4.2% YoY to INR 9,549 Cr in FY25. The Fertilizer segment, which contributes ~77% of TOI, saw a 5% YoY revenue growth in Q1FY25 driven by a 30% increase in sales volumes. Industrial products contribute the remaining ~23% of revenue but faced headwinds due to spread compression.

Geographic Revenue Split

Not specifically disclosed in available documents, though operations are primarily centered in Gujarat (Baroda, Sikka, Dahej) with a nationwide retail presence through GSFC Agrotech Limited.

Profitability Margins

Net Profit Margin stood at 6.08% in FY25, a 4% improvement from 5.87% in FY24. Profitability is highly sensitive to the Capro-Benzene spread, which dropped to US $582 per MT in Q1FY25 from US $730 per MT in Q1FY24, causing the industrial segment to register losses in that period.

EBITDA Margin

PBILDT margin improved to 7.02% in FY25 (up 130 bps from 5.72% in FY24). Q1FY26 margins further improved to 8.83% compared to 5.08% in Q1FY25, driven by a better product mix (shifting from DAP to APS) and lower fuel costs.

Capital Expenditure

Planned capital expenditure of INR 2,800 Cr to be executed between FY24 and FY27. Key projects include the Sulphuric Acid (SA-V) plant (198 KTPA) and C-Train modification at the Sikka unit (1200 MTPD).

Credit Rating & Borrowing

Maintains a 'CARE AA+; Stable' rating. The company has negligible debt and utilizes fund-based working capital limits minimally. It holds substantial liquidity with INR 1,900 Cr in cash/FDs and INR 3,948 Cr in quoted equity investments as of March 2025.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Natural Gas (energy and feedstock), Ammonia (intermediate for fertilizers), and Phosphoric Acid (PA) for complex fertilizers. PA availability is critical for the Sikka plant's capacity utilization.

Import Sources

Imports Phosphoric Acid from Tunisia and Potash from Canada. Natural gas is sourced domestically and through imports to power integrated facilities.

Key Suppliers

Tunisian Indian Fertilizers (TIFERT) supplies Phosphoric Acid (GSFC holds 15% stake). Karnalyte Resources Inc. (Canada) is the strategic partner for Potash (GSFC holds 47.73% stake).

Capacity Expansion

Current projects include a 198 KTPA Sulphuric Acid plant and a 1200 MTPD C-Train modification. Recently completed a 15 MW solar project and the Urea-II revamping project to meet New Urea Policy 2015 energy norms.

Raw Material Costs

Raw material costs are a significant portion of revenue; for instance, P&K subsidy reductions in FY24-25 were not fully offset by raw material price declines, initially squeezing margins before gas prices softened in late FY25.

Manufacturing Efficiency

Inventory turnover ratio improved by 28% (from 16.69 to 21.41 times) in FY25, reflecting better inventory management and higher sales velocity.

Logistics & Distribution

Distribution is supported by a mix of rail and road, with a focus on the 'GSFC' brand in the fertilizer and industrial chemical markets.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is targeted through capacity expansion in Sulphuric Acid (198 KTPA), product mix optimization toward high-margin Ammonium Phosphate Sulphate (APS), and energy efficiency projects to lower the cost of production. The company is also exploring a 40,000 MTPA Melamine plant and a polymer complex.

Products & Services

Fertilizers: Urea, DAP, Ammonium Sulphate (AS), Ammonium Phosphate Sulphate (APS). Industrial Products: Caprolactam, Nylon-6, Melamine, MEK Oxime, and Polymers.

Brand Portfolio

GSFC, Sardar (Fertilizers), Gujcon (Nylon-6).

New Products/Services

Expanding into high-value industrial chemicals and potentially Phosphate Rich Organic Manure (PROM) to diversify from traditional chemical fertilizers.

Market Expansion

Strengthening retail presence through GSFC Agrotech Limited and increasing market share in the industrial products segment through the Dahej and Baroda complexes.

Market Share & Ranking

Holds a dominant position in the Indian Melamine and Caprolactam markets, being a primary domestic producer.

Strategic Alliances

15% stake in TIFERT (Tunisia) for Phosphoric Acid and 47.73% stake in Karnalyte (Canada) for Potash sourcing.

🌍 External Factors

Industry Trends

The industry is shifting toward Nutrient Based Subsidy (NBS) rationalization and tighter energy consumption norms for Urea. GSFC is positioned well by completing its Urea-II revamping to meet these new standards.

Competitive Landscape

Competes with other PSU and private fertilizer giants; however, its diversified presence in industrial chemicals (Caprolactam/Melamine) provides a hedge against fertilizer seasonality.

Competitive Moat

Moat is built on integrated operations where captive Caprolactam is used for Nylon-6 production, and strong promoter backing from the Government of Gujarat (37.84% stake). This integration provides a cost advantage over non-integrated players.

Macro Economic Sensitivity

Highly sensitive to agricultural GDP growth (4.4% in FY25) and monsoon performance, which dictates fertilizer demand volumes.

Consumer Behavior

Farmers are increasingly shifting toward complex fertilizers like APS over DAP, a trend GSFC is capitalizing on to improve margins.

Geopolitical Risks

Supply disruptions in Tunisia (TIFERT) have historically limited Phosphoric Acid availability, impacting complex fertilizer production levels.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the New Urea Policy 2015 and the Nutrient Based Subsidy (NBS) scheme. Compliance with energy norms is mandatory to claim full subsidies.