Gujarat State Fertilizers & Chemicals (500690) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue was ₹3,187.37 crore and net profit ₹324.11 crore, versus ₹2,635.17 crore and ₹298.23 crore YoY.

• H1 FY26 consolidated revenue was ₹5,371.78 crore and net profit ₹462.71 crore, versus ₹4,797.70 crore and ₹385.55 crore YoY.

Financial highlights

• Q2 FY26 standalone operating revenue was ₹3,139.91 crore, operating EBITDA ₹333 crore, PBT ₹423.54 crore and PAT ₹320.08 crore; respective year-ago figures were ₹2,622.90 crore, ₹289 crore, ₹391.43 crore and ₹302.67 crore.

• Q2 FY26 consolidated PBT was ₹428.49 crore, versus ₹387.14 crore YoY.

• H1 FY26 standalone operating revenue was ₹5,311.56 crore, operating EBITDA ₹534 crore, PBT ₹609 crore and PAT ₹460.11 crore; all exceeded H1 FY25 levels.

• H1 FY26 consolidated revenue and net profit were ₹5,371.78 crore and ₹462.71 crore, versus ₹4,797.70 crore and ₹385.55 crore YoY.

Outlook and guidance

• Expansion schedule: Sulphuric Acid V project in Q3 FY26; Sikka C-Train APS modification in Q4 FY26; Sikka PA and SA project in Q1 FY27, with 198 KTPA PA and 594 KTPA SA capacity shown for FY27-28.

• Sikka C-Train modification is listed at 1,200 MTPD; Sulphuric Acid V project at 198 KTPA.