Gujarat State Fertilizers & Chemicals Limited (GSFC) reported robust Q3 FY 25-26 financial results. Sales grew by 5% YoY, with PBT up 18% and PAT rising 32% in Q3. For the 9M period, Operating Revenue reached Rs. 8206 Cr. (9% increase), and EPS stood at Rs. 15.49. The company highlighted record production volumes for fertilizers and APS, alongside commissioning a new Sulphuric Acid plant in January 2026.
Q3 and 9M Financial Performance Summary (FY 25-26)
Gujarat State Fertilizers & Chemicals Limited (GSFC) announced its financial results for the third quarter and nine months ending December 31, 2025. The results demonstrate resilience against fluctuating input costs.
Quarterly Highlights (Q3 FY 25-26 vs Q3 FY 24-25):
- Sales expanded by 5% (Rs. 139 crore).
- Profit Before Tax (PBT) grew by 18% (Rs. 28 crore).
- Profit After Tax (PAT) increased by 32% (Rs. 38 crore).
Nine Months Highlights (9M FY 25-26 vs 9M FY 24-25):
- Operating Revenue was Rs. 8206 Crore, marking a 9% increase.
- Earnings Per Share (EPS) reached Rs. 15.49, compared to Rs. 12.92 previously.
Operational Performance Milestones
The company achieved several volume milestones over the last five years:
- Highest Fertilizers production in Q3 (5.07 LMT) and 9M (13.30 LMT) of the last five years.
- Highest production and sale of APS in Q3 and 9M of the last five years.
- The cost of Natural Gas was lower by 2% in Q3 YoY and 6% in 9M YoY.
Segment Deep Dive
Fertilizer Segment
Revenue grew from Rs. 2172 Cr. to Rs. 2298 Cr. YoY in Q3. However, Segment EBIT moderated to Rs. 119 Cr. due to sharp increases in raw material costs: Phosphoric Acid up 34%, Sulphur up 130%, and Sulphuric Acid up 91%.
Industrial Products Segment
This segment showed steady performance, with sales rising from Rs. 583 Cr. to Rs. 596 Cr. in Q3, and EBIT improving to a profit of Rs. 9 Cr. Profitability was boosted by stronger realizations from Melamine exports.
Capital Expenditure and Expansion
The company confirmed that the 198 KTPA Sulphuric Acid (SA-V) plant was successfully commissioned on January 7, 2026. Future pipeline projects include:
- C – Train Modification for APS Production at Sikka Unit: Targeting 1200 MTPD in FY 26-27 Q2.
- Phosphoric Acid (PA) and Sulphuric Acid (SA) Project at Sikka Unit: Planning for 198 KTPA PA & 594 KTPA SA in FY 27-28.
Market Outlook
The outlook suggests favorable seasonal conditions for a strong harvest, though incremental fertilizer demand for hot weather crops is expected to be limited. The company remains focused on disciplined margin management despite anticipated input cost pressures. For Industrial Products, realization improvements in Caprolactam-Benzene spreads and steady demand for Melamine and HX Crystal are anticipated to ensure stable turnover in Q4 FY 25-26.
Shareholding Update (as of 31.12.2025)
The shareholding pattern shows the Promotors (GSIL) holding steady at 37.84%. The largest shareholder category remains Indian Public & Non Institutional Investors at 42.97%, reflecting a 0.92% increase. FII/FPI saw a slight decrease to 11.91%.
Source: BSE
