GSFC Shareholders Approve Manoj Kumar Das as New Chairman with 92.74% Votes

Gujarat State Fertilizers & Chemicals Limited (GSFC) has successfully concluded its postal ballot process, with shareholders overwhelmingly approving the appointment of Mr. Manoj Kumar Das, IAS, as the company's new Director and Chairman. The resolution was passed with a decisive 92.74% of votes in favor, as announced on December 22, 2025.

Postal Ballot Results

The voting results demonstrate strong shareholder confidence in the new leadership appointment:

Category:	Total Votes	Votes in Favor	Votes Against	Approval Rate
Overall Result:	236,977,760	219,759,141	17,202,619	92.74%
Promoter Group:	150,799,905	150,799,905	0	100.00%
Public Institutional:	85,867,109	68,715,590	17,151,519	80.03%
Public Non-Institutional:	320,746	259,646	61,100	80.95%

Key Appointment Details

The appointment of Mr. Manoj Kumar Das follows the earlier announced parameters:

Parameter:	Details
Appointee:	Mr. Manoj Kumar Das, IAS (DIN: 06530792)
Position:	Director and Chairman (Non-Executive, Non-Independent)
Effective Date:	November 1, 2025
Tenure:	As decided by Government of Gujarat, not exceeding five years
Predecessor:	Mr. Pankaj Joshi, IAS (Retd.)

E-Voting Process Completion

The postal ballot was conducted entirely through remote e-voting, managed by Central Depository Services (India) Limited (CDSL). The voting process ran from November 21, 2025, at 9:00 a.m. to December 20, 2025, at 5:00 p.m. Mr. Niraj Trivedi, Practicing Company Secretary (FCS No.: 3844), served as the appointed Scrutinizer and submitted his report confirming the results.

About the New Chairman

Mr. Manoj Kumar Das brings extensive administrative experience to GSFC:

Currently serving as the 33rd Chief Secretary to the Government of Gujarat
Holds a B.Tech in Computer Science from IIT Kharagpur
Specializes in Revenue administration, Urban Management & Civic Issues, Law & Order, and Disaster Management
Born on December 20, 1966

Corporate Governance

The appointment follows an order from the Energy & Petrochemicals Department, Government of Gujarat. The company has fulfilled all regulatory requirements under Sections 108 and 110 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The voting results and scrutinizer's report are available on the company's website ( www.gsfclimited.com ) and CDSL's website ( www.evotingindia.com ).

This leadership transition marks a significant milestone for GSFC, with the strong shareholder approval reflecting confidence in the new chairman's ability to guide the company's strategic direction.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.25%	-2.61%	+3.65%	-14.48%	-11.64%	+109.49%

Gujarat State Fertilizers & Chemicals Limited (GSFC) has reported a strong financial performance for the second quarter of fiscal year 2026, with significant growth in both revenue and profitability.

Financial Highlights

GSFC posted consolidated revenue of Rs. 3,187.00 crores in Q2 FY26, marking a 21% year-on-year increase. The company's profit after tax (PAT) rose by 9% to Rs. 324.00 crores, driven by higher fertilizer sales volumes and improved performance in the industrial products segment.

Metric	Q2 FY26	Q2 FY25	YoY Change
Revenue	Rs. 3,187.00 crores	Rs. 2,635.00 crores	+21%
PAT	Rs. 324.00 crores	Rs. 298.00 crores	+9%

Segment Performance

Fertilizer Business

The fertilizer business saw a 21% gain in revenue, with sales volume increasing from 5.47 lakh metric tons to 6.08 lakh metric tons. This growth was primarily driven by significant DAP trading. However, due to sharp rises in the cost of imported raw materials, EBIT moderated to Rs. 224.00 crores from Rs. 257.00 crores in the corresponding quarter last year.

Industrial Products Segment

The Industrial Products segment registered a strong turnaround, with sales up 13% year-on-year to Rs. 618.00 crores. EBIT improved from a loss of Rs. 17.00 crores to a profit of Rs. 54.00 crores. This improvement was led by higher sales of traded products such as ammonia and increased production volume of HX Crystal.

Operational Updates

The company maintained a healthy performance in Q2, demonstrating resilience against raw material volatility.
GSFC continues to maintain a strong balance sheet with no long-term debt.
The Sulfuric Acid V project is slated to be commissioned in the coming quarter, which is expected to provide both incremental capacity and cost efficiency benefits.

Market Outlook

Healthy demand for agri inputs is expected to sustain in the upcoming quarter, supported by an ever-normal southwest monsoon and higher minimum support prices for key Rabi crops.
The government has announced NBS subsidy rates for the second half of FY25-26 with a 10% increase in phosphorus and sulphur nutrients.
The caprolactam benzene spread is expected to remain under pressure in the coming quarter amid oversupply conditions.

GSFC anticipates stable demand and turnover in the Industrial Products segment in the next quarter, while the fertilizer segment is well-positioned to achieve sales in line with availability built up through its domestic manufacturing capacities.

The company's strategic focus on cost optimization, product mix management, and export opportunities in products like melamine has contributed to its improved performance, setting a positive tone for the remainder of the fiscal year.