Gujarat State Fertilizers & Chemicals Ltd (GSFC), a Gujarat government-promoted public sector undertaking (PSU) engaged in the manufacture of fertilizers and industrial chemicals, reported a 38 per cent year-on-year decline in consolidated net profit to ₹200 crore for the second quarter of FY27, despite a sharp increase in revenue.
Revenue from operations rose 49 per cent year-on-year to ₹4,741 crore in the September quarter, compared with the corresponding period last year. The growth was driven by a 53 per cent increase in revenue from fertilizer products to ₹3,837 crore and a 30 per cent rise in revenue from industrial products to ₹804 crore. The company, which operates from Vadodara, Gujarat, is promoted by the Government of Gujarat and is engaged in manufacturing and marketing fertilizers, petrochemicals and other industrial chemicals. Its product portfolio includes urea, ammonium sulphate, caprolactam, nylon-6 and various industrial chemicals.
In a separate development, GSFC’s board has approved steps to reduce its shareholding in Gujarat Port and Logistics Company Ltd (GPLCL) to 11 per cent from 60 per cent, following which the latter will cease to be its subsidiary. As part of the restructuring, GSFC will renounce its entitlement to 18 lakh equity shares in GPLCL’s rights issue. Of these, 13 lakh shares will be renounced in favour of Gujarat Industrial Development Corporation (GIDC) and five lakh shares in favour of Gujarat Rail Infrastructure Development Corporation Ltd (G-RIDE).
The company will also transfer 6.5 lakh equity shares of GPLCL to Gujarat Maritime Board (GMB), an existing shareholder, at ₹10 per share, aggregating to ₹65 lakh. Following the proposed transfer and renunciation of rights, GSFC’s holding in GPLCL will reduce to 5.5 lakh shares, representing 11 per cent of its equity. The move follows the Gujarat government’s approval in June 2026 for a change in GPLCL’s shareholding pattern and board composition.
GSFC clarified that GPLCL is not a material subsidiary under the SEBI Listing Regulations and that its cessation as a subsidiary will not affect the company’s revenue or business operations. GPLCL is yet to commence operations and reported nil turnover for FY26, according to the regulatory filing.
The shares are being transferred to Gujarat Maritime Board, which was constituted in 1982 under the Gujarat Maritime Board Act, 1981, and oversees port development along the state’s coastline. GMB reported revenue of ₹1,057 crore and profit after tax of ₹980 crore in FY25, according to the filing. The board meeting to approve the decisions was held on Monday.
Published on November 2, 2026
