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Revenue
₹2,941 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GSFC reported a mixed Q3 FY26 with revenue up 5% YoY and PAT up 32% YoY, driven by record fertilizer production of 5.07 lakh MT and improved operational efficiency. EBITDA margin expanded to 6.11% from 5.40% YoY. However, raw material cost pressures from phosphoric acid (+34%) and sulfur (+140%) weighed on fertilizer margins. The industrial segment turned around to a profit of ₹9 crore, aided by higher melamine exports and improved caprolactam-benzene spreads. Management guided for a lean Q4 but expects caprolactam spreads to improve further, with the new sulfuric acid plant (commissioned Jan 2026) providing ~₹100 crore annual savings. Risks include sustained high input costs and potential dumping of chemicals in India. The company is working with BCG on a 10-year growth strategy and expects operational efficiency gains of ~₹40 crore.
Colored figures show movement against the previous available record.
Guidance to track
- The new 2 lakh MT sulfuric acid plant commissioned in Jan 2026 will provide cost savings of about ₹100 crore per annum through captive consumption and steam generation.
- Management expects caprolactam-benzene spreads to improve in Q4 FY26, providing a supportive margin environment for the industrial segment.
- BCG has identified operational efficiency schemes worth approximately ₹40 crore, with low-hanging fruits being implemented and mid-term schemes to be executed in 6-12 months.
- One DAP production line is being converted to produce ammonium phosphate sulfate (APS), expected to be completed by end of September 2026.
Risks flagged
- Phosphoric acid, sulfur, and ammonia prices remain elevated, compressing fertilizer margins. Management noted that phosphoric acid prices are up 34% and sulfur up 140% YoY.
- Management raised concerns about dumping of melamine, caprolactam, and nylon 6 by other countries, which depresses domestic realizations. They have requested government protection.
- Q4 is typically a lean season for fertilizers, with lower sales and margins. Management confirmed this trend, which could impact sequential performance.
- The government has not yet revised fixed cost norms for urea, and the new energy consumption norms reimbursement is only extended for 3 years. Any adverse change could impact profitability.
Key quotes
- We have also taken up with the government of India that for protection of our industry... there should be some protection available otherwise we are manufacturing and exporting the product and on other side the other countries are dumping into India.
- Even if there is a little negative contribution in the caprolactam we do not stop the operation because it cuts the production of the ammonium sulfate also.
- The sulfuric acid 5 project was commissioned on 7th January 2026 providing both incremental capacity and cost efficiency benefits.
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