Employees: 2,612
Size Gujarat State Fertilizers & Chemicals (GSFC.NS) is an India Materials company (Chemicals: Agricultural) with a market value of $588M, the 782nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹139.40 on 6 Nov 2026.
Performance Over six months the shares fell 21.6%, against -22.9% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 37.5% over the last twelve months (peer median +4.6%); the operating margin is 3.0% (peer median 3.7%).
Valuation It trades at 8.7× forward earnings against a peer median of 13.7× (2nd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 15.1 points below its cost of capital (17.6% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹139B | ₹64.3B | ₹58.0B | ₹56.2B | ₹55.6B |
| Revenue growth | — | +11% | +3% | +1% | — |
| Gross profit | ₹14.6B | -₹33.2B | -₹26.2B | -₹27.3B | -₹38.5B |
| EBITDA | ₹6.33B | -₹36.9B | -₹30.3B | -₹29.2B | -₹41.9B |
| Net income | ₹5.69B | ₹6.73B | ₹5.91B | ₹5.64B | ₹12.7B |
| Free cash flow | n/a | ₹734M | -₹490M | -₹2.92B | ₹8.94B |
| Capital expenditure | n/a | ₹3.08B | ₹3.80B | ₹2.40B | ₹1.42B |
| Total debt | ₹6.35B | ₹267M | ₹17.6M | ₹51.1M | ₹23.9M |
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| Measure | GSFC.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -7.1% | 11th highest of 21 |
| 6-month return | -21.6% | -22.9% | 9th highest of 21 |
| Distance from 52-week high | -30.1% | -34.6% | 7th highest of 21 |
| Revenue growth (TTM) | +37.5% | +4.6% | 4th highest of 21 |
| Operating margin | 3.0% | 3.7% | 9th lowest of 21 |
| Forward P/E | 8.7× | 13.7× | 2nd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | -1.2% | most demanding of 12 |
| Growth delivered (Del g) | +3.2% | +2.4% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | +20.0 pp | -2.2 pp | most demanding of 12 |
| ROIC minus cost of capital | -15.1 pp | -1.8 pp | 2nd lowest of 21 |
| Net debt / EBITDA | -0.5× | 1.8× | 2nd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gujarat State Fertilizers & Chemicals GSFC.NS | India | $588M | -22% | +37% | 3% | 8.7× | 23.2% | +3.2% |
| Rashtriya Chemicals & Fertilizers RCF.NS | India | $590M | -23% | +18% | 4% | n/a | n/a | n/a |
| Suzhou Fengbei Biotech Stock 603334.SS | China | $586M | -44% | +63% | 4% | n/a | n/a | n/a |
| Anhui Huilong Agricultural Means of Production .Co 002556.SZ | China | $594M | -31% | 0% | 1% | 19.0× | 8.7% | -1.2% |
| Zhejiang Qianjiang Biochemical 600796.SS | China | $629M | -24% | -2% | 11% | n/a | 7.8% | -2.0% |
| Jiangxi Fanli Digital Technology 600228.SS | China | $539M | +39% | +140% | -7% | n/a | n/a | n/a |
| Nihon Nohyaku 4997.T | Japan | $522M | +6% | +7% | 10% | n/a | -7.1% | +9.3% |
| Sdic Fengle Seed 000713.SZ | China | $664M | -15% | +10% | 2% | 37.0× | 12.2% | +3.4% |
| Sichuan Guoguang Agrochemical 002749.SZ | China | $668M | -24% | -2% | 18% | 13.3× | -8.5% | +12.2% |
| Sinon 1712.TW | Taiwan | $514M | -4% | 0% | 7% | 15.5× | -4.3% | +1.3% |
| Kumiai Chemical Industry 4996.T | Japan | $499M | -17% | +7% | 4% | 10.1× | -8.5% | +9.7% |
| Hailir Pesticides & Chemicals 603639.SS | China | $463M | -29% | -9% | 1% | 6.1× | n/a | n/a |
| Jiangsu Changqing Agrochemical 002391.SZ | China | $461M | -28% | -2% | 3% | 34.2× | n/a | n/a |
| Hunan Haili Chemical Industry 600731.SS | China | $459M | -19% | -24% | 11% | n/a | -5.8% | -3.6% |
| LSB Industries LXU | United States | $763M | -24% | +13% | 11% | 13.7× | -0.8% | +11.9% |
| Limin 002734.SZ | China | $778M | -37% | -6% | 8% | 9.2× | -1.2% | +0.6% |
| Krishana Phoschem KRISHANA.NS | India | $781M | +79% | +73% | 11% | n/a | n/a | n/a |
| Anhui Sierte Fertilizer Industry 002538.SZ | China | $794M | -15% | +9% | 3% | n/a | n/a | n/a |
| CNSIG Anhui Hongsifang Fertilizer 603395.SS | China | $798M | -23% | +3% | 0% | n/a | n/a | n/a |
| Guizhou Chitianhua 600227.SS | China | $803M | -22% | -2% | -5% | n/a | 10.3% | +2.4% |
| Kingenta Ecological Engineering 002470.SZ | China | $827M | -39% | +9% | -5% | n/a | n/a | n/a |