Gujarat State Fertilizers & Chemicals Limited (GSFC.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+423.0%

₹712.19

vs ₹136.17 price

Levered DCF

₹63.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.14

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.25×	12.22×	15.08×	3.75×	7.19×	7.19×	13.29×	8.6×
P/B	0.45×	0.6×	0.67×	0.39×	0.55×	0.35×	0.21×	0.58×
P/S	0.51×	0.76×	1.51×	0.86×	0.71×	0.42×	0.19×	0.72×
EV / EBITDA	4.98×	7.31×	8.93×	2.1×	4.08×	4.02×	6.98×	6.18×
Gross margin	14.8%	36.1%	-6.6%	-27.8%	-18.9%	26.6%	8.8%	19.6%
Operating margin	5.4%	4.6%	-55.4%	-79.0%	-23.0%	-22.2%	2.7%	12.0%
Net margin	6.1%	6.2%	10.0%	22.8%	9.9%	5.9%	1.4%	8.3%
Current ratio	4.83×	4.34×	4.37×	4.97×	3.39×	3.4×	1.89×	1.85×
Debt / equity	0×	0×	0×	0×	0×	0×	0.23×	0.15×
Interest coverage	40.66×	43.6×	-277.91×	-291.46×	-213.79×	-39.38×	1.81×	11.68×
Dividend yield	3.6%	2.2%	4.7%	2.1%	1.4%	1.5%	7.3%	2.5%
Payout ratio	29.5%	26.8%	70.5%	7.9%	9.9%	10.8%	97.0%	21.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.5%	4.9%	4.4%	10.5%	7.6%	4.9%	1.6%	6.7%
Return on invested capital	3.5%	2.6%	-18.1%	-28.0%	-11.2%	-14.0%	1.8%	5.9%
Return on assets	4.7%	4.1%	3.7%	9.1%	6.4%	4.0%	1.1%	4.7%
Free cash flow yield	1.3%	-4.1%	-6.0%	16.5%	2.2%	52.3%	-21.3%	4.9%
Earnings yield	12.1%	8.2%	6.6%	26.7%	13.9%	13.9%	7.5%	11.6%
Enterprise value	₹53.8B	₹69.4B	₹79.8B	₹36.5B	₹61.4B	₹30.4B	₹29.8B	₹52.7B
Net debt / EBITDA	-0.16×	-0.3×	-0.59×	-0.63×	-0.21×	-0.26×	3.57×	1.2×
Cash conversion cycle (days)	129	121	156	194	91	60	196	187