Gujarat State Fertilizers & Chemicals Ltd(GSFC)

NSE: GSFCBSE: 500690

₹ 134.9+0.00%refreshed 26 Oct, 01:10 pm ISTMarket cap: ₹ 5,375 crNext results: 2 Nov 2026Website: www.gsfclimited.comUpdated: 24 Oct 2026

About

Gujarat State Fertilizers & Chemicals Ltd (GSFC) manufactures fertilizers and industrial chemicals from its complexes at Vadodara (Fertilizer Nagar) and Sikka, Gujarat. In FY26, consolidated revenue was ₹10,945.5 cr, with fertilizers contributing 78% and industrial products 22% of segment revenue. The company carries no long-term debt and is a significant supplier of complex fertilizers, urea, and caprolactam-based chemicals in India.^[1][2][3]

Products and portfolio

Fertilizer portfolio includes urea, DAP, ammonium sulphate (AS), ammonium phospho-sulphate (APS), and NPK/complex grades; DAP is also imported and traded under a government 4% MRP-return scheme.^[4][5]
Industrial chemicals portfolio includes caprolactam (precursor for nylon-6), nylon-6, melamine, and HX Crystal - an in-house R&D product derived from the caprolactam intermediate HS that carries better margins than caprolactam.^[6][5]
HX Crystal runs at full capacity of 9,000 MT per annum and is prioritized over caprolactam when caprolactam-benzene spreads are weak.^[5]
Melamine is exported to EU and US markets at approximately 20% higher realization than domestic prices; exports increased strategically under GoI trade facilitation (FTAs/CEPAs) in FY26.^[5][3]

Manufacturing operations

Primary manufacturing complex at Fertilizer Nagar, Vadodara; second complex at Sikka (coastal Gujarat) for P&K fertilizer production with a C-Train modification underway for fungible APS/DAP/NPK output at 1,200 MTPD.^[6][4]
198 KTPA Sulphuric Acid V (SA-V) plant commissioned at Vadodara on 7 January 2026; supplies captive SA for AS and APS production and generates steam that offsets natural gas use, with a combined benefit of ~₹100 cr per annum.^[6][3]
Urea revamp project (₹364 cr) commissioned in FY26; subsidy continues at pre-revamp energy norms for a further three years, providing an effective 4 - 5 year payback.^[3][6]
15 MW solar power plant at Charanka (₹77 cr) commissioned in FY26, adding captive renewable generation.^[3]

Key operating numbers

Fertilizer sales volume (manufactured + traded): 22.31 lakh MT in FY26 (+12% YoY from 19.88 lakh MT); manufactured production was 17.59 lakh MT, the highest in five years.^[3]
Fertilizer sales volume in Q1 FY27: 5.26 lakh MT (+17% YoY); full-year FY27 fertilizer sales volume budgeted at more than 22 lakh MT.^[4]
Fertilizer EBIT margin compressed to 4.09% in Q1 FY27 from 8.49% in Q1 FY26, as sulfur prices rose 231% YoY (averaging ~₹82,000/MT in Q1 FY27, rising to >₹115,000/MT by August 2026), ammonia +144%, natural gas +38%, and P2O5 +30%.^[4]
Caprolactam-benzene spread: USD 535/MT average in FY26 (down from USD 578/MT in FY25); recovered to ~USD 670/MT in Q4 FY26 and above $800/MT in Q1 FY27.^[3][4]
Industrial Products segment EBIT: ₹200 cr in FY26 (up from ₹56 cr in FY25), a four-year high; Q1 FY27 EBIT of ₹116 cr was the second-highest ever Q1.^[3][4]
Caprolactam sales volume: 0.55 lakh MT; melamine sales volume: 0.39 lakh MT, both in FY26.^[3]

Government subsidy and pricing protection

DAP margins guaranteed at 4% over import cost under a government special package; urea subsidy offsets any natural gas cost increase, leaving both segments fully hedged against raw-material inflation.^[4]
NBS subsidy rates for H1 FY27 revised upward by 10% across nitrogen, phosphorus, and sulphur nutrients to support Kharif season margins.^[3]
Outstanding subsidy receivable was ~₹500 cr as of 30 June 2026, contributing to a short-term borrowing of ₹500 cr despite the company carrying no long-term debt.^[4]

Expansion and capex

PSA project at Sikka (198 KTPA Phosphoric Acid + 594 KTPA Sulphuric Acid): tender received and to be finalized; commissioning targeted FY27 - 28.^[4][6]
Land acquired at Dahej (comparable in size to the Fertilizer Nagar Baroda unit) for a new integrated complex combining fertilizer and industrial products facilities; Board approved new projects on 12 August 2026, with details to be disclosed in approximately three months pending technology tie-ups.^[4][6]

Recent developments

BCG (Boston Consulting Group) engaged for a 10-year growth strategy and operational efficiency roadmap; BCG-identified savings of ₹20 - 25 cr were realized at the Baroda complex in Q1 FY27, with further gains expected each subsequent quarter.^[4][6]
Melamine production was near-nil in Q1 FY27 due to high natural gas costs and cheap Chinese imports; an anti-dumping duty petition for melamine is pending with the Government of India.^[4]
GSFC dynamically switched production away from economically unviable NPK/APS grades in Q1 FY27 (sulfur >$1,000/MT, P2O5 ~$1,700/MT) and imported ammonium sulphate to fill supply gaps pending Sikka C-Train commissioning.^[4]
Board approved new projects at the Dahej integrated complex on 12 August 2026; details pending finalization of technology tie-ups and financial models, expected to be disclosed by approximately November 2026.^[4]

Market Cap

₹5,375 Cr

High / Low

₹199 / 132

Stock P/E

7.8

Price / Book

0.4

Book Value

₹308

EPS

₹16.9

No. of Shares

39.85 Cr

ROCE

7.2%

ROE

5.5%

OPM

7.7%

Debt / Equity

0.00

Sales

₹10,946 Cr

Net Profit

₹673 Cr

Promoter holding

37.8%

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Gujarat State Fertilizers & Chemicals Ltd(GSFC)

About

Products and portfolio

Manufacturing operations

Key operating numbers

Government subsidy and pricing protection

Expansion and capex

Recent developments

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