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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
NSE:GSFC's Price-to-Net-Net-Working-Capital is ranked worse than 54.12% of 85
companies
in the Agriculture industry
Industry Median: 8.2
vs NSE:GSFC: 8.79
Gujarat State Fertilizers & Chemicals (NSE:GSFC) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Gujarat State Fertilizers & Chemicals Net-Net Working Capital Related Terms
Gujarat State Fertilizers & Chemicals Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Gujarat State Fertilizers & Chemicals Net-Net Working Capital Chart
NSE:GSFC vs CTVA, CF, MOS: Net-Net Working Capital Comparison
For the Agricultural Inputs subindustry, Gujarat State Fertilizers & Chemicals's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Gujarat State Fertilizers & Chemicals Price-to-Net-Net-Working-Capital vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, Gujarat State Fertilizers & Chemicals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Gujarat State Fertilizers & Chemicals's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ₹18.28 mean?
Gujarat State Fertilizers & Chemicals (NSE:GSFC) has a Net-Net Working Capital of ₹18.28 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Gujarat State Fertilizers & Chemicals According to the industry distribution chart, Gujarat State Fertilizers & Chemicals ranks #46 out of 85 companies in the Agriculture industry, placing it in the top 54.1%.
Is Gujarat State Fertilizers & Chemicals' Net-Net Working Capital too high?
Gujarat State Fertilizers & Chemicals' current Net-Net Working Capital is ₹18.28. Based on the distribution chart, Gujarat State Fertilizers & Chemicals ranks #46 out of 85 companies in the Agriculture industry, which is below the industry midpoint. Overall, Gujarat State Fertilizers & Chemicals has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Gujarat State Fertilizers & Chemicals' Net-Net Working Capital compare to CTVA and CF?
According to the Agriculture industry distribution chart, Gujarat State Fertilizers & Chemicals ranks #46 out of 85 companies for Net-Net Working Capital. This places Gujarat State Fertilizers & Chemicals in the lower half of its industry. The industry median Net-Net Working Capital is 8.20. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Agriculture company?
The median Net-Net Working Capital among Agriculture companies is 8.20, based on 85 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Gujarat State Fertilizers & Chemicals For the Agriculture industry, the median Net-Net Working Capital is 8.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gujarat State Fertilizers & Chemicals's current Net-Net Working Capital is ₹18.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gujarat State Fertilizers & Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Gujarat State Fertilizers & Chemicals (NSE:GSFC) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹225.19, compared to a current price of ₹160.81 — trading 28.6% below its estimated fair value. The current Net-Net Working Capital is ₹18.28. Gujarat State Fertilizers & Chemicals' overall GF Score™ is 74/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Gujarat State Fertilizers & Chemicals (NSE:GSFC), the current Net-Net Working Capital is ₹18.28 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Gujarat State Fertilizers & Chemicals (NSE:GSFC) Overvalued in 2026?
Based on GuruFocus' analysis, Gujarat State Fertilizers & Chemicals stock appears to be undervalued.
The current stock price of ₹160.81 is trading 28.6% below its estimated GF Value™ of ₹225.19.
GuruFocus considers Gujarat State Fertilizers & Chemicals to be Modestly Undervalued.
Key valuation signals for NSE:GSFC:
Net-Net Working Capital: ₹18.28
GF Value™: ₹225.19 vs. price of ₹160.81 (28.6% below fair value)
No single metric tells the full story. See the NSE:GSFC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gujarat State Fertilizers & Chemicals Ltd is a manufacturer of fertilizers and chemicals. It is structured into two operating business segments: Fertilizer Products and Industrial Products. The company operates mainly in the Indian market and there are no reportable geographical segments. It derives the majority of its revenue from the Fertilizer products segment. The products and services covered under its Fertilizer segment include Urea, Ammonium Sulphate, Di-ammonium Phosphate, Ammonium Phosphate Sulphate, and traded fertilizer products. The Industrial Products consist of Caprolactam, Nylon-6, Nylon Filament Yarn, Nylon Chips, Melamine, Methanol, and Polymer products.
74GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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