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Gujarat Ambuja Exports Limited (GAEL) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹72.9B

GA Gujarat Ambuja Exports Limited GAEL · NSE
Price₹165.36
Fair Value₹112.78
Upside-31.8%
Quality57/100
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Expensive Growth
Thin margins · 5.3% net margin
Low debt · negative free cash flow
0.19% dividend yield
Mixed vs. peers (7/13)
Narrow moat 42/100
Evidence: High Range ₹84.58 – ₹142.98 Share as image

Fair value as of: Aug 2, 2026

From 17 valuation models · updated 11 days ago

Share price +10.9% over the past month.

A solid business, but screening 32% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (₹142.98). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹204.89 ₹62.79 Fair Value ₹112.78 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹62.79 – ₹204.89 · fair‑value band ₹84.58 – ₹142.98 · the ₹165.36 price screens above the ₹112.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Gujarat Ambuja Exports Limited (GAEL) currently trades at ₹165.36, while our model-based Fair Value estimate is ₹112.78, implying the stock looks roughly 31.8% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Gujarat Ambuja Exports Limited generated revenue of ₹57.3B at a net margin of 5.3%. Revenue grew 15.8% year over year. It earns a return on equity of 9.7%. Net debt stands at ₹4.3B. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹84.58 (bear case) to ₹142.98 (bull case); at ₹165.36, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 63% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -11% fair-value upside, at -32%, GAEL screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹61.55 ₹67.59 ₹100.76 76
ROIC Compounder ₹46.98 ₹54.89 ₹61.81 72
Gordon GGM ₹2.30 ₹4.77 ₹7.57 70
All 17 models by family
DCF Models
Owner Earnings ₹14.27 ₹22.63 ₹35.46 31
Earnings-Based
Graham-Dodd ₹45.11 ₹143.22 ₹190.85 54
Lynch FV ₹31.53 ₹45.04 ₹58.56 50
PEG = 1.0 ₹31.53 ₹45.04 ₹58.56 46
EPV ₹46.98 ₹54.89 ₹61.81 59
Dividend Discount
Gordon GGM ₹2.30 ₹4.77 ₹7.57 70
DDM Multi-Stage ₹2.30 ₹3.83 ₹5.01 61
Multiples
P/E Multiple ₹104.48 ₹139.31 ₹174.14 63
P/S Multiple ₹84.58 ₹112.78 ₹140.97 58
P/B Multiple ₹84.58 ₹112.78 ₹140.97 55
EV/EBIT ₹90.89 ₹121.35 ₹151.81 53
EV/EBITDA ₹98.67 ₹131.72 ₹164.77 54
EV/Revenue ₹64.73 ₹92.68 ₹120.63 43
Asset-Based
NCAV (Graham) ₹35.92 ₹48.13 ₹71.84 50
Economic Profit
Residual Income ₹61.55 ₹67.59 ₹100.76 76
ROIC Compounder ₹46.98 ₹54.89 ₹61.81 72
Growth Earnings
Growth-Adj P/E ₹86.99 ₹124.28 ₹161.56 68

Widest divergence: Growth Earnings (₹124.28) versus Dividend Discount (₹3.83). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹57.3B
Revenue growth (YoY) +15.8%
Net margin 5.3%
Return on equity 9.7%
Free cash flow −₹919M FY2026
P/E ratio 24.0
More key figures
Operating margin 11.0%
EPS (TTM) ₹6.63
Dividend yield 0.2%
EPS growth (YoY) +321%
Net debt ₹4.3B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 77

Profitability 55
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 18
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Gujarat Ambuja Exports Limited primarily engages in the agro processing activities in India and internationally. It operates through the Agro, Spinning, Maize, and Power segments.

Full company description

Gujarat Ambuja Exports Limited primarily engages in the agro processing activities in India and internationally. It operates through the Agro, Spinning, Maize, and Power segments. The company offers starch derivatives, including maize starch, liquid glucose, dextrose monohydrate powder, maltodextrin, sorbitol 70% solution, dextrose anhydrous powder, pregelatinized starch, maltitol syrup, glucose syrup solids, high maltose corn syrup and dextrose syrup; soya derivatives that consist of defatted soya flour/flakes/grits, full fat soya flour/flakes/grits, liquid soya lecithin, and soya granules and soya nuggets; feed ingredients, such as corn gluten meal, cattle feed, rapeseed extraction meal, soybean meal, maize germ, corn steep liquor, maize fiber, and CSL fiber; edible oils, which include filtered groundnut, filtered mustard, refined corn, refined cotton seed, refined palm, refined soybean, and refined sunflower oils; and agro based products comprising bakery shortening, Vanaspati ghee, and wheat flour. The company also manufactures cotton and polyester yarn. In addition, it operates windmills with a capacity of 10 megawatts, solar plants with a capacity of 10 megawatts, biogas engines with a capacity of 8 megawatts, and rice husk boilers with a capacity of 16 megawatts. The company serves the pharmaceuticals, confectionery, bakery, animal feed, paint, baby food, cosmetic, toothpaste, paper, edible oil, textile, and industrial adhesive industries. Gujarat Ambuja Exports Limited was founded in 1986 and is based in Ahmedabad, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Gujarat Ambuja Exports Limited reported revenue of ₹57.3B in FY2026 versus ₹46.7B in FY2022, a compound +5.2%/yr. Reported net income was ₹3.0B in FY2026, compounding −10.6%/yr from FY2022.

Growth Quality 34/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹57.3B
Latest YoY
+24.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Revenue +5.2%/yr
FY22 ₹46.7B
FY23 ₹49.1B
FY24 ₹49.3B
FY25 ₹46.1B
FY26 ₹57.3B
Net income −10.6%/yr
FY22 ₹4.8B
FY23 ₹3.3B
FY24 ₹3.5B
FY25 ₹2.5B
FY26 ₹3.0B
Character of growth · EPS growth decomposed (2015-2026) +5.1 % p.a.
Revenue per share +0.8 pp

of which total revenue +6.6 pp · buybacks/dilution −5.8 pp

EBIT margin +2.3 pp
Tax rate −1.0 pp
Residual (interest, one-offs) +3.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

GAEL screens 32% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Gujarat Ambuja Exports Limited Fair Value". https://www.fairvalue-calculator.com/stock/GAEL

Peer Group

Packaged Foods · 651 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside −32% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 5% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 16% · Top 25%
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.01× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 24.0× · Pricier than median
P/B 2.21× · Pricier than median
P/S (TTM) 1.27× · Pricier than median
EV/EBITDA 15.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 27
FUTURE 79 · sector 19
PAST 39 · sector 27
HEALTH 99 · sector 96
DIVIDEND 4 · sector 47

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Uni-President Enterprises Corp 1216 79.00 TWD 68.72 TWD -13%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%

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Frequently asked questions

Is Gujarat Ambuja Exports Limited (GAEL) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹112.78 versus a price of ₹165.36, about −32% (overvalued).
What is the fair value of GAEL?
Our model-based fair value for Gujarat Ambuja Exports Limited is ₹112.78 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹165.36.
What is the quality score of GAEL?
Gujarat Ambuja Exports Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Gujarat Ambuja Exports Limited (GAEL)?
Gujarat Ambuja Exports Limited reported trailing-twelve-month revenue of about ₹57.3B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of GAEL?
The net profit margin of Gujarat Ambuja Exports Limited is about 5.3%, meaning it keeps roughly 5.3% of revenue as net income. Based on the latest reported figures.
Does Gujarat Ambuja Exports Limited pay a dividend?
Gujarat Ambuja Exports Limited currently shows a dividend yield of about 0.19% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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