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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn

Gujarat State Fertilizer & Chemicals Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹104.64Overvalued by 29.30%vs CMP ₹148.00

P/E (8.8) × ROE (4.7%) × BV (₹309.00) × DY (3.37%)

₹183.85Undervalued by 24.22%vs CMP ₹148.00
MoS: +19.5% (Adequate)Confidence: 48/100 (Moderate)Models: 5 Under, 2 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹99.0023%Over (-33.1%)
Graham NumberEarnings₹343.2916%Under (+132%)
Earnings PowerEarnings₹142.7911%Fair (-3.5%)
DCFCash Flow₹166.8114%Under (+12.7%)
Net Asset ValueAssets₹308.547%Under (+108.5%)
EV/EBITDAEnterprise₹165.149%Under (+11.6%)
Earnings YieldEarnings₹169.507%Under (+14.5%)
ROCE CapitalReturns₹146.317%Fair (-1.1%)
Revenue MultipleRevenue₹117.985%Over (-20.3%)
Consensus (9 models)₹183.85100%Undervalued
Key Drivers: ROE 4.7% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -5.4%

*Investments are subject to market risks

Investment Snapshot

53
Gujarat State Fertilizer & Chemicals Ltd scores 53/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health58/100 · Moderate
ROCE 6.1% WeakROE 4.7% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.07% (6mo) Slight increasePromoter holding at 37.8% Stable
Earnings Quality40/100 · Moderate
OPM contracting (15% → 6%) Declining
Quarterly Momentum68/100 · Strong
Revenue (4Q): +15% YoY GrowingProfit (4Q): +20% YoY Positive
Industry Rank40/100 · Moderate
P/E 8.8 vs industry 192.6 Cheaper than peersROCE 6.1% vs industry 13.0% Below peersROE 4.7% vs industry 10.6% Below peers3Y sales CAGR: 2% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Gujarat State Fertilizer & Chemicals Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
50/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 8.8 vs Ind 192.6 | ROCE 6.1% | ROE 4.7% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.00x | IntCov 0.0x | Current 3.50x | Borrow/Reserve 0.00x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹573 Cr | CFO/NP N/A
Ownership Accumulation
-50
Distribution
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.39 pp | DII -0.53 pp | Prom 0.00 pp
Business Momentum
+100
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +44.6% | Q NP +128.6% | Q OPM +2.0 pp
Derived FieldValueHow it is derived
Valuation Gap %+24.2%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.00xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.39 ppLatest FII% minus previous FII%
DII Change-0.53 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-3,725Latest shareholder count minus previous count
Quarterly Sales Change+44.6%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+128.6%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+2.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 5,914 Cr.
Current Price 148
Intrinsic Value₹183.85
High / Low 221/139
Stock P/E8.75
Book Value 309
Dividend Yield3.37 %
ROCE6.12 %
ROE4.68 %
Face Value 2.00
PEG Ratio-1.62

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Gujarat State Fertilizer & Chemicals Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Gujarat State Fertilizer & Chemicals Ltd 5,914 Cr. 148 221/1398.75 3093.37 %6.12 %4.68 % 2.00
Gujarat State Fertilizers & Chemicals Ltd 5,914 Cr. 148 221/1398.54 3133.37 %6.18 %4.77 % 2.00
Gujarat Narmada Valley Fertilizers & Chemicals Ltd 5,749 Cr. 391 574/3659.35 5804.60 %9.70 %7.03 % 10.0
Rashtriya Chemicals & Fertilizers Ltd (RCF) 6,388 Cr. 116 167/10620.6 89.21.14 %7.49 %5.03 % 10.0
Madhya Bharat Agro Products Ltd 4,423 Cr. 505 510/24042.3 52.30.10 %18.0 %15.2 % 10.0
Industry Average9,736.35 Cr342.44192.60185.721.19%13.03%10.58%6.96

All Competitor Stocks of Gujarat State Fertilizer & Chemicals Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 2,4053,4212,4102,0323,0171,9431,9402,1442,6232,7551,9072,1723,140
Expenses 2,0113,0762,0681,8932,8021,8401,9152,0262,3342,6061,8331,9712,806
Operating Profit 3943453421382151042511728914973201333
OPM % 16%10%14%7%7%5%1%5%11%5%4%9%11%
Other Income 72182649195815249152565640142
Interest 3632217222482
Depreciation 46464545464646474849484850
Profit before tax 4183103211403621382311839115377186424
Tax % 31%-31%25%24%21%19%10%22%23%22%24%25%24%
Net Profit 289408240106285112219330311958140320
EPS in Rs 7.2610.236.042.677.152.810.532.327.603.001.473.518.03

Last Updated: January 1, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 7:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 5,3865,3116,1085,2656,2718,5757,6217,5008,99811,2988,9329,42910,112
Expenses 4,8204,7205,4534,7785,7047,8277,3146,9507,6859,6808,4498,7969,328
Operating Profit 5665916564875677483075491,3121,618483633785
OPM % 10%11%11%9%9%9%4%7%15%14%5%7%8%
Other Income 120102655794105105183180146376309294
Interest 451831655161115431015111015
Depreciation 14510197103119126170176178182183192196
Profit before tax 4955745933754916651275131,3051,568664740867
Tax % 31%30%31%-12%3%26%22%19%32%18%21%23%
Net Profit 342401409420476494994188911,293524573676
EPS in Rs 8.5910.0510.2710.5311.9412.392.4810.4822.3632.4513.1614.3816.95
Dividend Payout % 23%22%21%21%18%18%48%21%11%31%30%35%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)17.25%2.00%2.69%13.33%3.78%-79.96%322.22%113.16%45.12%-59.47%9.35%
Change in YoY Net Profit Growth (%)0.00%-15.26%0.69%10.64%-9.55%-83.74%402.18%-209.06%-68.04%-104.59%68.83%

Gujarat State Fertilizer & Chemicals Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:6%
5 Years:4%
3 Years:2%
TTM:5%
Compounded Profit Growth
10 Years:4%
5 Years:41%
3 Years:-14%
TTM:22%
Stock Price CAGR
10 Years:13%
5 Years:27%
3 Years:11%
1 Year:-10%
Return on Equity
10 Years:6%
5 Years:7%
3 Years:7%
Last Year:5%

Last Updated: September 5, 2025, 5:40 am

Balance Sheet

Last Updated: December 10, 2025, 2:46 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 80808080808080808080808080
Reserves 4,1114,3855,4266,4957,1827,1886,7189,06411,58911,88412,53111,92512,249
Borrowings 7897441,2888051,0931,0691,5593762521
Other Liabilities 1,5661,2441,5431,6481,8852,0151,6671,8382,3011,8072,2642,18925,985
Total Liabilities 6,5456,4528,3379,02810,24010,35110,02411,01913,97513,77314,88014,19538,315
Fixed Assets 2,0161,9581,6532,0192,1052,8132,8952,7982,6742,5742,5442,50028,280
CWIP 185260403272761187107117157199235690413
Investments 8278581,6942,4792,7402,3152,0234,2846,2655,2795,9564,9935,067
Other Assets 3,5173,3774,5874,2594,6335,0364,9993,8204,8785,7216,1456,0134,555
Total Assets 6,5456,4528,3379,02810,24010,35110,02411,01913,97513,77314,88014,19538,315

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,573258-242907361507-241,769252929-27274
Cash from Investing Activity + -412-134-170-238-488-279-266-24-19-40105-179
Cash from Financing Activity + -938-155410-656133-242267-1,560-125-114-403-168
Net Cash Flow 223-31-2137-13-23185108775-570-274
Free Cash Flow 1,271119-458658-136211-3251,723157787-512-298
CFO/OP 303%69%-11%200%77%81%10%312%36%86%-24%24%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-223.00-153.00655.00-318.00566.00747.00306.00512.00-5.00-1.00478.00631.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 134133197555640432315162121
Inventory Days 777056827490906990627885
Days Payable 653954707563293753314840
Cash Conversion Cycle 1471641996755681045551475067
Working Capital Days 79961091291058899108116928494
ROCE %10%12%10%6%7%9%3%6%13%13%6%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 37.84%37.84%37.84%37.84%37.84%37.84%37.84%37.84%37.84%37.84%37.84%37.84%
FIIs 21.36%20.54%20.69%19.82%14.12%13.31%12.60%11.81%11.83%11.64%12.29%11.90%
DIIs 2.14%2.57%3.16%3.65%4.55%4.90%5.87%6.06%7.48%7.34%7.81%7.28%
Government 5.65%5.65%5.65%5.65%5.65%5.65%5.65%5.65%5.65%5.65%5.65%5.65%
Public 33.01%33.41%32.65%33.04%37.84%38.30%38.05%38.63%37.21%37.51%36.40%37.32%
No. of Shareholders 1,87,5701,80,8531,92,0961,98,3933,20,4853,38,2663,35,0883,38,4953,28,8573,24,2593,13,3293,09,604

Shareholding Pattern Chart

No. of Shareholders

Gujarat State Fertilizer & Chemicals Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 7,662,294 0.52 141.36N/AN/AN/A
Quant Multi Cap Fund 6,023,538 1.49 111.13N/AN/AN/A
ICICI Prudential Smallcap Fund 5,300,000 1.2 97.785,058,3672025-12-15 09:12:034.78%
Tata Ethical Fund 2,225,799 1.09 41.06N/AN/AN/A
ICICI Prudential Childrens Fund 550,000 0.74 10.15N/AN/AN/A
ICICI Prudential Regular Savings Fund 166,223 0.09 2.89158,0782026-02-22 06:38:415.15%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 14.8314.1631.7722.5511.30
Diluted EPS (Rs.) 14.8314.1631.7722.5511.30
Cash EPS (Rs.) 19.3618.5436.2627.0015.73
Book Value[Excl.RevalReserv]/Share (Rs.) 304.62319.42302.19295.47231.93
Book Value[Incl.RevalReserv]/Share (Rs.) 304.62319.42302.19295.47231.93
Revenue From Operations / Share (Rs.) 239.26229.74285.30227.93191.58
PBDIT / Share (Rs.) 23.7522.3443.5837.7018.93
PBIT / Share (Rs.) 18.9417.7339.0233.2114.49
PBT / Share (Rs.) 18.6817.4538.6432.9713.41
Net Profit / Share (Rs.) 14.5413.9431.6922.5111.28
NP After MI And SOA / Share (Rs.) 14.8314.1531.7722.5511.30
PBDIT Margin (%) 9.929.7215.2716.539.88
PBIT Margin (%) 7.917.7113.6714.577.56
PBT Margin (%) 7.807.5913.5414.466.99
Net Profit Margin (%) 6.076.0611.109.875.88
NP After MI And SOA Margin (%) 6.196.1611.139.895.89
Return on Networth / Equity (%) 4.864.4310.517.634.87
Return on Capital Employeed (%) 5.775.1312.1110.375.69
Return On Assets (%) 4.113.749.106.364.04
Asset Turnover Ratio (%) 0.640.630.810.710.71
Current Ratio (X) 4.344.374.973.333.50
Quick Ratio (X) 3.203.373.752.322.49
Inventory Turnover Ratio (X) 6.853.624.314.253.46
Dividend Payout Ratio (NP) (%) 26.9670.647.869.7510.62
Dividend Payout Ratio (CP) (%) 20.3553.306.888.137.62
Earning Retention Ratio (%) 73.0429.3692.1490.2589.38
Cash Earning Retention Ratio (%) 79.6546.7093.1291.8792.38
Interest Coverage Ratio (X) 93.8479.50115.58153.7317.55
Interest Coverage Ratio (Post Tax) (X) 58.4350.6185.0592.7911.45
Enterprise Value (Cr.) 5168.585497.063303.696123.583028.40
EV / Net Operating Revenue (X) 0.540.600.290.670.39
EV / EBITDA (X) 5.466.181.904.084.01
MarketCap / Net Operating Revenue (X) 0.740.850.410.710.42
Retention Ratios (%) 73.0329.3592.1390.2489.37
Price / BV (X) 0.580.610.390.540.35
Price / Net Operating Revenue (X) 0.740.850.410.710.42
EarningsYield 0.080.070.260.130.13

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Gujarat State Fertilizer & Chemicals Ltd. is a Public Limited Listed company incorporated on 15/02/1962 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L99999GJ1962PLC001121 and registration number is 001121. Currently Company is involved in the business activities of Manufacture of straight mixed, compound or complex inorganic fertilizers. Company's Total Operating Revenue is Rs. 9428.71 Cr. and Equity Capital is Rs. 79.70 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
FertilisersFertilizernager, Vadodra District Gujarat 391750Contact not found
Management
NamePosition Held
Mr. Pankaj JoshiChairman
Mr. Sanjeev KumarManaging Director
Mr. S J HaiderDirector
Dr. T NatarajanDirector
Prof. Ravindra DholakiaDirector
Mr. Tapan RayDirector
Mrs. Gauri KumarDirector
Dr. Sudhir Kumar JainDirector

FAQ

What is the intrinsic value of Gujarat State Fertilizer & Chemicals Ltd and is it undervalued?

As of 05 April 2026, Gujarat State Fertilizer & Chemicals Ltd's intrinsic value is ₹183.85, which is 24.22% higher than the current market price of ₹148.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (4.68 %), book value (₹309), dividend yield (3.37 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Gujarat State Fertilizer & Chemicals Ltd?

Gujarat State Fertilizer & Chemicals Ltd is trading at ₹148.00 as of 05 April 2026, with a FY2026-2027 high of ₹221 and low of ₹139. The stock is currently near its 52-week low. Market cap stands at ₹5,914 Cr..

How does Gujarat State Fertilizer & Chemicals Ltd's P/E ratio compare to its industry?

Gujarat State Fertilizer & Chemicals Ltd has a P/E ratio of 8.75, which is below the industry average of 192.60. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Gujarat State Fertilizer & Chemicals Ltd financially healthy?

Key indicators for Gujarat State Fertilizer & Chemicals Ltd: ROCE of 6.12 % is on the lower side compared to the industry average of 13.03%; ROE of 4.68 % is below ideal levels (industry average: 10.58%). Dividend yield is 3.37 %.

Is Gujarat State Fertilizer & Chemicals Ltd profitable and how is the profit trend?

Gujarat State Fertilizer & Chemicals Ltd reported a net profit of ₹573 Cr in Mar 2025 on revenue of ₹9,429 Cr. Compared to ₹891 Cr in Mar 2022, the net profit shows a declining trend.

Does Gujarat State Fertilizer & Chemicals Ltd pay dividends?

Gujarat State Fertilizer & Chemicals Ltd has a dividend yield of 3.37 % at the current price of ₹148.00. This is a relatively attractive yield for income-seeking investors.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Gujarat State Fertilizer & Chemicals Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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