GSFC Reports Strong Q3 FY26 Results with 32% PAT Growth and Record Production
Gujarat State Fertilizers & Chemicals Limited delivered robust Q3 FY26 performance through its regulatory filing, reporting 5% revenue growth to Rs. 2,894 crore and impressive 32% PAT growth to Rs. 157 crore. The company achieved record fertilizer production of 5.07 LMT, the highest in five years, while successfully commissioning its 198 KTPA Sulphuric Acid plant and maintaining strong operational momentum despite raw material cost pressures.
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Gujarat state fertilizers & chemicals Limited announced strong financial results for Q3 FY26 through its regulatory filing under Regulation 30, showcasing robust growth across key performance metrics. The company reported revenue expansion of 5% and a significant 32% surge in profit after tax, demonstrating operational resilience amid challenging market conditions.
Financial Performance Highlights
The company delivered impressive financial results for the quarter ended December 31, 2025. Operating revenue increased by 5% to Rs. 2,894 crore compared to Rs. 2,755 crore in Q3 FY25. Profit before tax grew by 18% to Rs. 181 crore, while profit after tax surged by 32% to Rs. 157 crore from Rs. 119 crore in the corresponding quarter last year.
| Financial Metric: | Q3 FY25 | Q3 FY26 | Growth (%) |
|---|---|---|---|
| Operating Revenue: | Rs. 2,755 crore | Rs. 2,894 crore | +5% |
| Total Revenue: | Rs. 2,811 crore | Rs. 2,950 crore | +5% |
| Operating EBITDA: | Rs. 149 crore | Rs. 177 crore | +19% |
| PBT: | Rs. 153 crore | Rs. 181 crore | +18% |
| PAT: | Rs. 119 crore | Rs. 157 crore | +32% |
| EPS (Rs/Share): | Rs. 3.00 | Rs. 3.94 | +31% |
For the nine-month period ended December 31, 2025, operating revenue reached Rs. 8,206 crore, representing a 9% increase, with earnings per share of Rs. 15.49.
Record Fertilizer Production and Segment Performance
The fertilizer segment achieved remarkable operational milestones during Q3 FY26. The company recorded its highest fertilizer production of 5.07 LMT in Q3, marking the best performance in the last 5 years. Additionally, it achieved the highest production and sales of Ammonium Phosphate Sulphate (APS) in both Q3 and nine-month periods over the past five years.
| Product Category: | Q3 FY25 Production (LMT) | Q3 FY26 Production (LMT) | Q3 FY25 Sales (LMT) | Q3 FY26 Sales (LMT) |
|---|---|---|---|---|
| UREA: | 0.95 | 1.03 | 0.90 | 1.06 |
| Ammonium Sulphate: | 1.56 | 1.45 | 1.44 | 1.48 |
| APS: | 1.57 | 1.78 | 1.51 | 1.76 |
| DAP: | - | 0.77 | 0.03 | 0.80 |
| Total Manufactured: | 4.10 | 5.06 | 3.92 | 5.12 |
Fertilizer segment revenue increased from Rs. 2,172 crore to Rs. 2,298 crore in Q3 on a year-on-year basis, with sales volumes remaining stable at approximately 6.27 lakh MT. However, segment EBIT moderated to Rs. 119 crore from Rs. 126 crore due to sharp escalation in key raw material prices.
Industrial Products and Raw Material Challenges
The industrial products segment delivered steady performance despite market headwinds. Sales increased from Rs. 583 crore to Rs. 596 crore in Q3 FY26, with EBIT improving to a profit of Rs. 9 crore. The segment benefited from strategic focus on higher Melamine exports, where realizations were stronger than domestic markets, along with increased traded Ammonia sales.
The company faced significant cost pressures from raw material price escalations:
- Phosphoric Acid prices increased by 34%
- Sulphur prices surged by 130%
- Sulphuric Acid prices rose by 91%
Despite these challenges, the company benefited from a 2% reduction in natural gas rates in Q3 year-on-year and a 6% decrease in the nine-month period.
Expansion Projects and Future Outlook
GSFC successfully commissioned its 198 KTPA Sulphuric Acid (SA-V) plant on January 7, 2026, marking a significant milestone in its expansion strategy. The company has additional projects in the pipeline:
| Project: | Capacity | Expected Timeline |
|---|---|---|
| C-Train Modification for APS Production: | 1,200 MTPD | Q1 FY27 |
| Phosphoric Acid Project: | 198 KTPA | Q2 FY27 |
| Sulphuric Acid Project: | 594 KTPA | Q2 FY27 |
The company maintains a positive outlook for the upcoming quarters, anticipating consistent demand conditions and stable performance across both fertilizer and industrial product segments. With favorable seasonal conditions and healthy Rabi sowing, the agricultural sector is well-positioned for strong harvest outcomes.
Historical Stock Returns for Gujarat State Fertilizers & Chemicals
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.01% | +0.32% | +2.18% | -11.67% | -6.98% | +131.57% |
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