---
title: "Gujarat State Financial Corporation (GUJSTATFIN) — Share Price, Financials & Analysis"
symbol: "GUJSTATFIN"
company: "Gujarat State Financial Corporation"
canonical: "https://tapetide.com/stocks/GUJSTATFIN"
bse_code: "532160"
sector: "Financial Services"
industry: "Finance"
generated_at: "2026-09-13T19:16:05.492Z"
---

# Gujarat State Financial Corporation (GUJSTATFIN)

Canonical page: https://tapetide.com/stocks/GUJSTATFIN

## Company

- **BSE Code:** 532160
- **Sector:** Financial Services
- **Industry:** Finance
- **Macro Sector:** Financial Services
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** gsfc.gujarat.gov.in

## About

Incorporated in 1960, Gujarat State Financial Corporation is a term lending development financial institution mandated to provide finance to small and medium scale enterprises.

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Earnings include an other income of Rs.11.8 Cr.
- Company's cost of borrowing seems high

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | 10% | -1% | -1% |
| revenue growth | — | 17% | 8% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 1 | 0 | 1 | 1 | 0 | -1 | 0 | 0 | 0 | 0 | 4 | 0 |
| Expenses | 3 | -1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 |
| Financing Profit | -36 | -34 | -34 | -35 | -36 | -37 | -35 | -36 | -36 | -36 | -32 | -24 |
| Financing Margin % | -3736 | -168750 | -5524 | -6558 | -10462 | 3813 | -14056 | -39456 | -72320 | — | -776 | — |
| Other Income | 5 | 3 | 5 | 4 | 4 | 5 | 4 | 4 | 4 | 4 | -1 | 4 |
| Interest | 35 | 35 | 34 | 35 | 35 | 35 | 35 | 35 | 36 | 36 | 35 | 23 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -31 | -30 | -30 | -31 | -31 | -32 | -31 | -31 | -32 | -32 | -32 | -20 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Profit | -31 | -30 | -30 | -31 | -31 | -32 | -31 | -31 | -32 | -32 | -32 | -20 |
| EPS in Rs | -3.47 | -3.41 | -3.32 | -3.5 | -3.53 | -3.55 | -3.48 | -3.48 | -3.59 | -3.58 | -3.63 | -2.21 |
| Gross NPA % | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | — | 100 |
| Net NPA % | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | — | 100 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 15 | 12 | 13 | 11 | 10 | 10 | 18 | 15 | 16 | 4 |
| Expenses | 7 | 8 | 6 | 5 | 5 | 4 | 3 | 3 | 2 | 2 |
| Financing Profit | -118 | -124 | -123 | -126 | -128 | -129 | -123 | -127 | -127 | -128 |
| Financing Margin % | -802 | -1049 | -937 | -1149 | -1246 | -1272 | -696 | -829 | -776 | -3092 |
| Other Income | 3 | 10 | 6 | 3 | 1 | 4 | 4 | 2 | 0 | 12 |
| Interest | 126 | 128 | 130 | 132 | 134 | 136 | 137 | 139 | 141 | 129 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -116 | -115 | -117 | -123 | -128 | -125 | -119 | -125 | -127 | -116 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Net Profit | -116 | -115 | -117 | -123 | -128 | -125 | -119 | -125 | -127 | -116 |
| EPS in Rs | -12.96 | -12.89 | -13.18 | -13.79 | -14.34 | -14.04 | -13.38 | -14.07 | -14.28 | -13.01 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 | 94 |
| Reserves | -2184 | -2299 | -2414 | -2531 | -2654 | -2782 | -2907 | -3029 | -3154 | -3282 |
| Borrowing | 662 | 662 | 662 | 662 | 662 | 662 | 662 | 662 | 662 | 662 |
| Other Liabilities | 1558 | 1683 | 1812 | 1941 | 2073 | 2207 | 2342 | 2479 | 2619 | 2760 |
| Total Liabilities | 129 | 139 | 153 | 165 | 174 | 180 | 190 | 206 | 220 | 234 |
| Fixed Assets | 4 | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 126 | 141 | 153 | 163 | 170 | 179 | 194 | 206 | 221 |
| Other Assets | 123 | 10 | 8 | 9 | 8 | 7 | 9 | 10 | 12 | 11 |
| Total Assets | 129 | 139 | 153 | 165 | 174 | 180 | 190 | 206 | 220 | 234 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | -2 | 3 | 5 | 2 | -1 | -14 | -8 | -12 | -14 | -17 |
| Cash from Investing Activity | 9 | -2 | -7 | -2 | 1 | 9 | 9 | 11 | 14 | 16 |
| Cash from Financing Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Flow | 7 | 1 | -2 | 0 | 0 | -4 | 1 | -1 | 1 | -1 |
| Free Cash Flow | -2 | 3 | 5 | 2 | -1 | -14 | -8 | -12 | -14 | -17 |
| CFO/OP | -141 | 38 | 123 | 26 | -21 | -258 | -125 | -79 | -111 | -122 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% |
| DIIs | 1.58% | 1.58% | 1.58% | 1.55% | 1.55% | 1.44% | 1.44% | 1.44% | 1.44% | 1.13% | 1.13% |
| Government | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 2.1% | 2.1% |
| Public | 10.27% | 10.27% | 10.27% | 10.3% | 10.3% | 10.41% | 10.41% | 10.41% | 10.42% | 12.83% | 12.82% |
| No. of Shareholders | 8319 | 8358 | 8347 | 8378 | 8701 | 12257 | 12261 | 14385 | 22944 | 23196 | 22642 |

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% | 83.95% |
| DIIs | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | 1.44% | 1.38% | 1.13% | 1.13% | 1.13% |
| Government | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 4.2% | 2.1% | 2.1% | 2.1% |
| Public | 10.41% | 10.4% | 10.41% | 10.41% | 10.4% | 10.41% | 10.42% | 10.41% | 10.48% | 12.82% | 12.83% | 12.82% |
| No. of Shareholders | 12445 | 12625 | 14385 | 17782 | 19691 | 22371 | 22944 | 23126 | 23044 | 23108 | 23196 | 22642 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 7 / 11

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 9.92 | Buy |
| EMA (10) | 9.96 | Sell |
| SMA (20) | 10.16 | Sell |
| EMA (20) | 10.09 | Sell |
| SMA (50) | 10.37 | Sell |
| EMA (50) | 10.31 | Sell |
| SMA (100) | 10.58 | Sell |
| EMA (100) | 10.57 | Sell |
| SMA (200) | 10.91 | Sell |
| EMA (200) | 11.33 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 42.63 | Neutral |
| MACD (12,26,9) | -0.16 | Sell |
| Stochastic (14,3,3) | 23.78 | Neutral |
| ADX (14) | 17.06 | Neutral |
| Williams %R (14) | -67.44 | Neutral |
| ATR (14) | 0.47 | High Volatility |
| ROC (12) | -3.4 | Sell |
| Stoch RSI (14) | 56.04 | Neutral |
| UO (7,14,28) | 30.86 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 4 Aug - Board meeting on August 10, 2026 to consider Q1 FY27 unaudited results. | [Board Meeting Intimation for Board Meeting Intimation For Considering Unaudited Financial Results For The Quarter Ended June 30, 2026 4 Aug - Board meeting on August 10, 2026 to consider Q1 FY27 unaudited results.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a12cf93d-d177-486e-944d-c69960bcc14f.pdf) |
| 17 Aug - SIDBI nominated Abhay Kumar Jain as director on August 17, 2026; Dinesh Kumar ceased August 16, 2026. | [Announcement under Regulation 30 (LODR)-Change in Directorate 17 Aug - SIDBI nominated Abhay Kumar Jain as director on August 17, 2026; Dinesh Kumar ceased August 16, 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=65e1b562-4be0-492f-9420-9a7f469b5a84.pdf) |
| 11 Aug - Pursuant to submission of unaudited financial results for the quarter ended June 30, 2026 vide letter dated August 10, 2026, extract of the said results … | [Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Pursuant to submission of unaudited financial results for the quarter ended June 30, 2026 vide letter dated August 10, 2026, extract of the said results …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7fce4c6a-38b8-4187-b468-3ca184f0802a.pdf) |
| 10 Aug - Q1 FY27 results: net loss Rs1,967.66 lakh; board discontinued delayed interest from April 1, 2026. | [The Quarter Ended June 30, 2026 10 Aug - Q1 FY27 results: net loss Rs1,967.66 lakh; board discontinued delayed interest from April 1, 2026.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a9e30a81-9428-4f44-9c28-a33c262f9df2.pdf) |
| 10 Aug - GSFC approved Q1 FY27 unaudited results on 10 Aug 2026; net loss ₹1,967.66 lakh. | [Board Meeting Outcome for Outcome Of Board Meeting 10 Aug - GSFC approved Q1 FY27 unaudited results on 10 Aug 2026; net loss ₹1,967.66 lakh.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=662c4dc1-09f4-4eed-b240-f30c5043d3f5.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2026 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/003fd712-f97a-4a67-a227-ff6852e4cc37.pdf) |
| from bse | [Annual Report 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/475d6d23-673b-43ad-811e-dff20bdb20fb.pdf) |
| from bse | [Annual Report 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8b973861-0310-4328-81ca-275091cd9629.pdf) |
| from bse | [Annual Report 2023 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1fc6dcb8-dd6b-41ae-8d5e-d43cf42242c7.pdf) |
| from bse | [Annual Report 2022 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/73273532160.pdf) |
| from bse | [Annual Report 2021 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/70800532160.pdf) |
| from bse | [Annual Report 2020 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/64938532160.pdf) |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/5321600319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/5321600318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/532160/5321600317.pdf) |

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Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:16:05.492Z.