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Gujarat State Fertilizers & Chemicals Limited (GSFC) Fair Value & Analysis

Basic Materials · IN · Market cap ₹64.5B (≈ $683M) · ISIN INE026A01025

What is Gujarat State Fertilizers & Chemicals Limited really worth?

GS Gujarat State Fertilizers & Chemicals Limited GSFC · BSE
Price₹162.85
Fair Value₹250.52
Upside+53.8%
Quality62/100

A solid business, trading 35% below our fair value of ₹250.52.

As of Aug 20, 2026, the fair value of Gujarat State Fertilizers & Chemicals Limited is ₹250.52 per share against a price of ₹162.85, so the fair value sits 54% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Risks

!Expensive Growth (revenue 5y +7.5 %/yr)
!Thin margins · 6.6% net margin
!Low debt · negative free cash flow
!Narrow moat 36/100
Evidence: High Range ₹215.27 – ₹325.67

Fair value as of: Aug 20, 2026

From 15 valuation models · updated 17 days ago

Share price +0.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price is below even our cautious bear case (₹215.27). The market is more pessimistic than our downside scenario.
  • Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

₹297.58 ₹86.38 Fair Value ₹250.52 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range ₹86.38 – ₹297.58 · fair‑value band ₹215.27 – ₹325.67 · the ₹162.85 price screens below the ₹250.52 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

Gujarat State Fertilizers & Chemicals Limited (GSFC) currently trades at ₹162.85, while our model-based Fair Value estimate is ₹250.52, implying the stock looks roughly 35.0% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Basic Materials sector. Bull case: the DCF Models group reads highest at a median of ₹297.27 per share, and 11 of the 15 models we run sit above the ₹162.85 price. Bear case: the Economic Profit group reads lowest at ₹91.71, and 4 of the 15 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Gujarat State Fertilizers & Chemicals Limited generated revenue of ₹101B at a net margin of 6.6%. Revenue grew 21.0% year over year. It earns a return on equity of 5.2%. Net debt stands at ₹15.3B. Fundamentals as of Aug 20, 2026

Our scenario range runs from ₹215.27 (bear case) to ₹325.67 (bull case); at ₹162.85, the current price sits below 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 24% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at 9% fair-value upside, at 54%, GSFC screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ₹11.43 per share, which is 6.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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 best evidence ₹239.24 ₹244.24 ₹240.47 76
Owner Earnings ₹178.19 ₹297.27 ₹492.26 74
EPV ₹79.29 ₹91.71 ₹102.57 74
All 15 models by family
DCF Models
Owner Earnings ₹178.19 ₹297.27 ₹492.26 74
Earnings-Based
Graham-Dodd ₹114.81 ₹450.35 ₹611.28 64
Lynch FV ₹110.98 ₹158.54 ₹206.10 61
PEG = 1.0 ₹110.98 ₹158.54 ₹206.10 57
EPV ₹79.29 ₹91.71 ₹102.57 74
Multiples
P/E Multiple ₹215.27 ₹287.02 ₹358.78 63
P/S Multiple ₹215.27 ₹287.02 ₹358.78 58
P/B Multiple ₹215.27 ₹287.02 ₹358.78 55
EV/EBIT ₹159.86 ₹211.54 ₹263.22 66
EV/EBITDA ₹153.92 ₹203.63 ₹253.33 67
EV/Revenue ₹139.18 ₹196.77 ₹254.36 54
Asset-Based
NCAV (Graham) ₹153.92 ₹206.25 ₹307.83 54
Economic Profit
Residual Income best evidence ₹239.24 ₹244.24 ₹240.47 76
ROIC Compounder ₹79.29 ₹91.71 ₹102.57 72
Growth Earnings
Growth-Adj P/E ₹175.36 ₹250.52 ₹325.67 67

Widest divergence: DCF Models (₹297.27) versus Economic Profit (₹91.71). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 9.7
P/S ratio 0.60 P/E × margin
EPS (TTM) ₹16.76 price ÷ EPS = P/E 9.7
Dividend yield 3.1% payout 30.0%
Net margin 6.1% FY2025
Return on equity 5.2% TTM
More key figures
Profitability
Return on assets (EBIT) 5.6% avg 5y
Operating margin 9.0% TTM
Growth
Revenue (TTM) ₹101B TTM
Revenue growth (YoY) +21.0% 3y avg −1.3%
EPS growth (YoY) +8.5%
Balance sheet & cash flow
Free cash flow −₹1.7B FY2025
Net debt ₹15.3B FY2019

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 58 · Market factors (momentum, volatility) 47

Profitability 40
Margins and returns on capital today
Quality Growth 74
Are margins and returns improving?
Cashflow 7
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 21
Distance to the 52-week high (market factor)
Net Issuance 82
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Gujarat State Fertilizers & Chemicals Limited manufactures and sells fertilizers and chemicals in India. The company operates in two segments, Fertilizer Products and Industrial Products.

Full company description

Gujarat State Fertilizers & Chemicals Limited manufactures and sells fertilizers and chemicals in India. The company operates in two segments, Fertilizer Products and Industrial Products. It offers fertilizers, including neem urea, di-ammonium phosphate, boronated NPK, ammonium phosphate sulphate, ammonium sulphate, APS, muriate of potash, gypsum, and micro mix. The company provides industrial products, such as v, nylon-6, anhydrous ammonia, cyclohexanone, sulphuric acid, technical grade urea, melamine, methyl ethyl ketoxime, hydroxylamine sulphate crystal, cyclohexane, argon gas, oleum, as well as methanol, nitric acid, ammonium sulphate, anone-anol mixture, melamine cyanurate, and potassium dihydrogen phosphate. In addition, the company offers water soluble fertilizers; sulphur based products; plant tissue culture products; micro nutrients; soil conditioners; organic products; and seeds. Further, it is involved in the provision of agro services; trading of agro input products; provision of port and logistics related services; and treatment and supply of waste water. The company was incorporated in 1962 and is based in Vadodara, India.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Gujarat State Fertilizers & Chemicals Limited reported revenue of ₹109B in FY2025 versus ₹90.8B in FY2021, a compound +4.8%/yr. Reported net income was ₹6.7B in FY2025, compounding −7.0%/yr from FY2021.

Growth Quality 43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
₹109B
Latest YoY
+14.8%
Avg. revenue 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.
−1.3%
Avg. revenue 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.
+7.5%
Avg. revenue growth/yr (9Y) 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.
+8.0%
Value creation/yr (5Y, in INR) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.5% · in INR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+8.4%
Dividend yield3.1%
Trend Two data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 8.4% vs 10Y 4.7%, picking up
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5.5% (2020) → 5.4% (2025) · steady
Worst earnings drop81% (2019) · in INR
Revenue +4.8%/yr
FY21 ₹90.8B
FY22 ₹114B
FY23 ₹91.5B
FY24 ₹95.3B
FY25 ₹109B
Net income −7.0%/yr
FY21 ₹9.0B
FY22 ₹12.7B
FY23 ₹5.6B
FY24 ₹5.9B
FY25 ₹6.7B

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Cite: Fair Value Calculator (2026). "Gujarat State Fertilizers & Chemicals Limited Fair Value". https://www.fairvalue-calculator.com/stock/GSFC.BSE

Peer Group

Agricultural Inputs · 176 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 61 · Top 25%
Fair Value upside +56% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 3% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 9% · Above median
Revenue growth 21% · Above median
Dividend yield (TTM) 3.1% · Above median

Valuation Multiples vs Agricultural Inputs median · lower = cheaper

P/E (TTM) 9.7× · Cheaper than 75% of peers
P/B 0.53× · Cheaper than 75% of peers
P/S (TTM) 0.64× · Cheaper than median
EV/EBITDA 7.7× · Pricier than median

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

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Frequently asked questions

Is Gujarat State Fertilizers & Chemicals Limited (GSFC) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of ₹250.52 versus a price of ₹162.85, about +54% upside (undervalued).
What is the fair value of GSFC?
Our model-based fair value for Gujarat State Fertilizers & Chemicals Limited is ₹250.52 (as of Aug 20, 2026), built from audited fundamentals. The current price: ₹162.85.
What is the quality score of GSFC?
Gujarat State Fertilizers & Chemicals Limited has a Quality Score of 62/100. 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 price target for Gujarat State Fertilizers & Chemicals Limited (GSFC)?
Our model-based price target is the fair value of ₹250.52 (as of Aug 20, 2026) from 15 valuation models. Cautious scenario ₹215.27, optimistic scenario ₹325.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Gujarat State Fertilizers & Chemicals Limited stock forecast for 2026?
Our models put fair value at ₹250.52, about +54% upside versus a price of ₹162.85 (undervalued). Cautious scenario ₹215.27, optimistic scenario ₹325.67. The calculation is refreshed regularly with new filings.
What is the revenue of Gujarat State Fertilizers & Chemicals Limited (GSFC)?
Gujarat State Fertilizers & Chemicals Limited reported trailing-twelve-month revenue of about ₹101B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of GSFC?
The net profit margin of Gujarat State Fertilizers & Chemicals Limited is about 6.6%, meaning it keeps roughly 6.6% of revenue as net income. Based on the latest reported figures.
Does Gujarat State Fertilizers & Chemicals Limited pay a dividend?
Gujarat State Fertilizers & Chemicals Limited currently shows a dividend yield of about 3.08% relative to its recent price (as of Aug 20, 2026).
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