GSFC’s 6.49% margin trails commodity peers by 11.92 points
The consolidated quarter produced Rs 158.54 cr of net profit, but GSFC ranked fourth from the bottom among 72 commodity peers reporting.
Filed 12 Aug 2026, 17:06 IST · after market close · Gujarat State Fertilizers & Chemicals Ltd (GSFC)
Key takeaways
- GSFC’s consolidated Q1FY27 operating margin was 6.49%, 11.92 percentage points below the 18.41% median for 72 reporting commodity peers.
- Operating profit of Rs 232.68 cr translated into net profit of Rs 158.54 cr after interest of Rs 10.19 cr, depreciation of Rs 54.04 cr and tax of Rs 46.6 cr.
- Other income contributed Rs 36.69 cr, while the reported tax rate was 22.72%, leaving operating performance as the main measure of the quarter.
Price around the results
Operating margin sits near the bottom of the commodity pack
GSFC’s consolidated Q1FY27 operating profit was Rs 232.68 cr on revenue of Rs 3583.15 cr, resulting in a 6.49% operating margin. That was 11.92 percentage points below the 18.41% median among 72 commodity peers that had reported, placing GSFC fourth from the bottom.
Below-operating-line items did not change the core read-through
Other income was Rs 36.69 cr, while interest and depreciation were Rs 10.19 cr and Rs 54.04 cr respectively. Tax was Rs 46.6 cr at a 22.72% rate, but the quarter’s central issue remains the operating margin rather than the below-operating-line items.
No post-results market reaction after the late filing
GSFC filed the consolidated results at 17:06 IST on 12 August 2026, after market close. The stock therefore had no reported post-results reaction in this note.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹3,583 cr |
| Other income | ₹37 cr |
| Expenses | ₹3,350 cr |
| Operating profit | ₹233 cr |
| Operating margin (%) | 6.49% |
| Interest | ₹10 cr |
| Depreciation | ₹54 cr |
| Profit before tax | ₹205 cr |
| Tax | ₹47 cr |
| Net profit | ₹159 cr |
| EPS (₹) | ₹3.98 |
Operating margin of 6.49% compares with a Commodities sector median of 18.41% across 72 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves up from 6.49% in the next reported quarter.
- Whether net profit remains above Rs 158.54 cr as operating performance changes.
- Whether the tax rate stays near 22.72%.