Gujarat State Fertilizers & Chemicals (GSFC) announced robust financial results for Q3 FY 25-26, showing a 5% YoY growth in sales and a 32% rise in PAT (₹38 crore) for the quarter. Performance highlights include the highest fertilizer production in 5 years for Q3 and 9M. The company also commissioned its 198 KTPA Sulphuric Acid (SA-V) plant on January 7, 2026, signaling progress on its Capex-led growth plan.
Q3 FY 25-26 Financial Performance Highlights
Gujarat State Fertilizers & Chemicals Limited (GSFC) reported strong performance for the quarter ending December 31, 2025 (Q3 FY 25-26). For the quarter, the company achieved year-on-year sales growth of 5% (₹139 crore), a PBT growth of 18% (₹28 crore), and a PAT growth of 32% (₹38 crore).
Looking at the nine-month period (9M) ending December 31, 2025, Operating Revenue reached ₹8,206 Crore (a 9% increase), and Earnings Per Share (EPS) stood at ₹15.49. The table below summarizes key financial metrics:
Financial Snapshot (Rs Crores)
The following data compares the current fiscal year (FY 25-26) results against the previous year (FY 24-25):
Q3 Comparison
- Operating Revenue: ₹2,894 Cr. (FY 25-26 Q3) vs. ₹2,755 Cr. (FY 24-25 Q3)
- PBT: ₹181 Cr. (FY 25-26 Q3) vs. ₹153 Cr. (FY 24-25 Q3)
- PAT: ₹157 Cr. (FY 25-26 Q3) vs. ₹119 Cr. (FY 24-25 Q3)
9M Comparison
- Operating Revenue: ₹8,206 Cr. (FY 25-26 9M) vs. ₹7,522 Cr. (FY 24-25 9M)
- EPS (not annualised): ₹15.49 (FY 25-26 9M) vs. ₹12.92 (FY 24-25 9M)
Operational Performance Highlights
Performance was marked by several multi-year highs:
- 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 both Q3 and 9M over the last five years.
- Favorable input cost environment with a lower rate of Natural Gas by 2% YoY in Q3 and 6% in 9M.
The Fertilizer segment saw revenue rise to ₹2,298 Cr. in Q3 (YoY), despite raw material cost pressures like a 34% increase in Phosphoric Acid and a 130% jump in Sulphur costs.
The Industrial Products segment showed resilience, with sales increasing from ₹583 Cr. to ₹596 Cr. in Q3, supported by strategic higher Melamine exports. The Caprolactam–Benzene spread narrowed to USD 495 per MT from USD 588 per MT.
Capex and Expansion Update
GSFC’s growth strategy is advancing, highlighted by the commissioning of the 198 KTPA Sulphuric Acid (SA-V) plant on January 7, 2026. Other ongoing projects include:
- C – Train Modification for APS Production at Sikka Unit: Scheduled for 1200 MTPD in Q1 FY 26-27.
- Phosphoric Acid (PA) and Sulphuric Acid (SA) Project at Sikka Unit: Planned capacity of 198 KTPA PA & 594 KTPA SA, expected in FY 27-28.
Outlook and Market Environment
Management anticipates a strong harvest positioning the country well, though incremental fertilizer demand from short-duration crops is expected to be limited. The company remains focused on disciplined margin management amidst cost pressures from Phosphoric Acid and Sulphur. For the Industrial Products segment, GSFC anticipates consistent demand and stable turnover in Q4 25-26, supported by expected improvements in Caprolactam–Benzene spreads and stronger realizations in the Melamine market.
Shareholding Pattern (as on 31.12.2025)
The ownership structure remains stable, with Promoters (GSIL) holding 37.84% (No Change). The Indian Public & Non-Institutional Investors segment saw an increase of 0.92%, now accounting for 42.97% of the total.
Equity Capital Details
Total Equity Share Capital consists of 39.84 Crores Shares at ₹2 per share, valuing total equity at Rs. 79.69 Crores.
Source: BSE
