Gujarat Natural Resources Ltd (GNRL) — share price & stock analysis
From losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 to record profits — the comeback is real, the price knows it.
Gujarat Natural Resources Ltd (GNRL) trades at ₹107 as of 1 July 2026, up 54% over the past year — beating NIFTY 500 for 2 weeks. The machine reads this as turnaround: from losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 to record profits — the comeback is real, the price knows it. the price is in Stage 2 — advancing, 93 weeks in; the business cycle reads DEEP CYCLICAL / EXPANSION. Fundamentals-momentum score: 94/100 (mostly improving).
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹1,635 Cr
- P/E
- 165×
- ROE
- 5.5%
- Book value / share
- ₹13.6
- Revenue (FY26)
- ₹31 Cr
- Profit after tax (FY26)
- ₹10 Cr
- Weinstein stage
- Stage 2 (93 weeks)
- Data as of
- 1 July 2026
Profits swing violently in this business — real losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 100% of their historical range, margins are near the top of their band, and valuation history is thin. That reads as EXPANSION — the comfortable middle — but the records are already on the table; from here the bet is that they keep coming.net_profit
4 of the 5 things we track are currently moving the right way — nearly everything is pulling in the same direction.
Where the levels actually stand: ROCE 7% — weak; effectively no debt; margins near the top of their band. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double.
The price is in a confirmed uptrend — 93 weeks and counting
STAGE 2 · ADVANCING · 93 WEEKSStock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 93 weeks in, confirmed.stage
The price sits above its rising 200-day average (₹88 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 2 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 16 | 44.5 | 63.4 | 49.0 | 4 |
| May 16 | 37.1 | 59.9 | 44.8 | 4 |
| Jul 16 | 45.7 | 53.5 | 43.3 | 4 |
| Sep 16 | 37.5 | 48.6 | 37.4 | 4 |
| Nov 16 | 31.7 | 45.1 | 36.5 | 4 |
| Jan 17 | 30.4 | 41.2 | 32.3 | 4 |
| Mar 17 | 27.5 | 37.0 | 29.1 | 4 |
| Jun 17 | 24.1 | 33.5 | 26.3 | 4 |
| Aug 17 | 25.0 | 30.5 | 24.5 | 4 |
| Oct 17 | 17.8 | 27.9 | 21.6 | 4 |
| Dec 17 | 22.7 | 26.3 | 22.3 | 4 |
| Feb 18 | 19.5 | 25.4 | 22.1 | 4 |
| May 18 | 20.9 | 24.0 | 19.9 | 4 |
| Jul 18 | 18.7 | 23.5 | 21.3 | 4 |
| Sep 18 | 14.4 | 22.0 | 18.1 | 4 |
| Dec 18 | 11.8 | 20.5 | 15.2 | 4 |
| Feb 19 | 10.6 | 17.9 | 11.8 | 4 |
| Apr 19 | 13.1 | 15.8 | 10.6 | 4 |
| Jun 19 | 7.4 | 15.0 | 10.3 | 4 |
| Oct 19 | 6.4 | 14.0 | 9.0 | 4 |
| Dec 19 | 6.6 | 12.8 | 7.8 | 4 |
| Mar 20 | 7.8 | 11.9 | 8.9 | 4 |
| Jun 20 | 9.3 | 11.2 | 8.5 | 4 |
| Aug 20 | 9.0 | 10.9 | 9.7 | 4 |
| Oct 20 | 8.9 | 10.3 | 9.2 | 4 |
| Dec 20 | 8.7 | 9.7 | 8.8 | 4 |
| Feb 21 | 15.0 | 10.1 | 11.0 | 4 |
| Apr 21 | 10.9 | 10.7 | 11.2 | 2 |
| Jun 21 | 10.3 | 10.6 | 10.5 | 4 |
| Aug 21 | 9.5 | 10.4 | 10.0 | 4 |
| Oct 21 | 9.9 | 9.9 | 9.3 | 4 |
| Dec 21 | 8.9 | 9.7 | 9.2 | 4 |
| Feb 22 | 14.6 | 11.9 | 14.9 | 2 |
| Apr 22 | 17.2 | 13.6 | 16.8 | 2 |
| Jul 22 | 13.1 | 14.1 | 14.9 | 2 |
| Sep 22 | 12.8 | 13.4 | 12.7 | 4 |
| Nov 22 | 12.2 | 13.5 | 13.3 | 3 |
| Jan 23 | 12.4 | 13.4 | 13.1 | 4 |
| Mar 23 | 11.7 | 12.8 | 11.9 | 4 |
| May 23 | 11.4 | 12.3 | 11.6 | 4 |
| Jul 23 | 10.3 | 11.8 | 10.9 | 4 |
| Sep 23 | 11.3 | 11.5 | 10.9 | 4 |
| Nov 23 | 12.8 | 11.6 | 11.5 | 1 |
| Jan 24 | 17.9 | 12.9 | 15.2 | 2 |
| Mar 24 | 12.0 | 14.9 | 17.3 | 2 |
| May 24 | 15.1 | 14.5 | 14.6 | 4 |
| Jul 24 | 10.7 | 13.4 | 11.8 | 4 |
| Sep 24 | 17.3 | 13.8 | 14.6 | 4 |
| Nov 24 | 19.3 | 15.6 | 18.4 | 2 |
| Feb 25 | 18.9 | 16.6 | 18.2 | 2 |
| Apr 25 | 32.9 | 18.6 | 22.6 | 2 |
| Jun 25 | 54.9 | 27.9 | 43.0 | 2 |
| Aug 25 | 75.5 | 42.3 | 64.8 | 2 |
| Oct 25 | 79.9 | 51.5 | 69.6 | 2 |
| Dec 25 | 87.0 | 64.7 | 86.0 | 2 |
| Feb 26 | 105 | 76.5 | 97.5 | 2 |
| May 26 | 95.9 | 86.3 | 97.2 | 2 |
| Jun 26 | 102 | 87.5 | 93.9 | 2 |
| Jul 26 | 107 | 88.2 | 95.6 | 2 |
From losing money in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 to record profits
Over 12 years, sales went from ₹13.0 Cr to ₹31.0 Cr (about 8% a year), and profit from ₹4.0 Cr to ₹10.0 Cr.revenuenet_profit
The books show real losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 (worst: ₹−27.0 Cr). Everything about today’s cheap-looking numbers must be read against that history — the recovery is what you are buying.net_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY14 | 13 |
| FY15 | 14 |
| FY16 | 10 |
| FY17 | 8 |
| FY18 | 7 |
| FY19 | 8 |
| FY20 | 11 |
| FY21 | 8 |
| FY22 | 8 |
| FY23 | 13 |
| FY24 | 27 |
| FY25 | 20 |
| FY26 | 31 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY14 | 4 |
| FY15 | 3 |
| FY16 | 0 |
| FY17 | 0 |
| FY18 | 0 |
| FY19 | -2 |
| FY20 | -27 |
| FY21 | -4 |
| FY22 | -4 |
| FY23 | -6 |
| FY24 | -4 |
| FY25 | -4 |
| FY26 | 10 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY14 | 36.1 |
| FY15 | 46.7 |
| FY16 | 36.1 |
| FY17 | 28.7 |
| FY18 | 17.5 |
| FY19 | 32.2 |
| FY20 | 15.5 |
| FY21 | 1.9 |
| FY22 | -9.9 |
| FY23 | 7.5 |
| FY24 | 20.2 |
| FY25 | 7.6 |
| FY26 | 35.8 |
Sales exploded 159% last quarter
Mar 26 sales were ₹11.2 Cr, up 159% on the same quarter last year.revenue
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 6.0 | – |
| Sep 23 | 7.0 | – |
| Dec 23 | 6.0 | – |
| Mar 24 | 8.0 | – |
| Jun 24 | 6.0 | 4.6 |
| Sep 24 | 5.0 | -29.6 |
| Dec 24 | 4.0 | -31.8 |
| Mar 25 | 4.0 | -44.8 |
| Jun 25 | 3.0 | -47.7 |
| Sep 25 | 9.0 | 75.5 |
| Dec 25 | 7.0 | 67.1 |
| Mar 26 | 11.0 | 158.7 |
Margins are widening — −66% → 20% in a year
Of every ₹100 of sales, the company keeps ₹20.2 as operating profit (a year ago it kept ₹−65.8).opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at −9.9% in FY22 and has been rebuilt to 35.8% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
The gross margin barely moved (100% → 58%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Jun 23 | 100 | 44.9 | 19.6 |
| Sep 23 | 99.7 | -5.3 | -43.0 |
| Dec 23 | 100 | 35.1 | 10.9 |
| Mar 24 | 99.6 | 11.4 | -35.3 |
| Jun 24 | 99.5 | 39.9 | 12.5 |
| Sep 24 | 99.4 | 34.5 | -9.3 |
| Dec 24 | 100 | 2.7 | -59.1 |
| Mar 25 | 99.5 | -65.8 | -36.7 |
| Jun 25 | 101 | 8.1 | 57.6 |
| Sep 25 | 99.8 | 56.0 | 44.4 |
| Dec 25 | 99.7 | 48.5 | 41.9 |
| Mar 26 | 58.0 | 20.2 | 9.4 |
The bottom line changed sign — read this one carefully
Mar 26 profit after tax was ₹1.1 Cr, up 166% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 1.0 | – |
| Sep 23 | -3.0 | – |
| Dec 23 | 1.0 | – |
| Mar 24 | -3.0 | – |
| Jun 24 | 1.0 | -33.3 |
| Sep 24 | 0.0 | 84.7 |
| Dec 24 | -3.0 | -470.0 |
| Mar 25 | -2.0 | 42.6 |
| Jun 25 | 2.0 | 141.3 |
| Sep 25 | 4.0 | 934.8 |
| Dec 25 | 3.0 | 218.5 |
| Mar 26 | 1.0 | 166.0 |
The single biggest driver was keeping more of each sale.
Data: Where the profit change came from (Mar 25 → Mar 26)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Mar 25 | -2 |
| More sales | −5 |
| Fatter margins | +10 |
| Other income | +0 |
| Depreciation | −2 |
| Interest | +3 |
| Tax | −3 |
| PAT Mar 26 | 1 |
Does the profit turn into cash?
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY14 | 19.0 | 4.0 |
| FY15 | 1.0 | 3.0 |
| FY16 | -4.0 | 0.0 |
| FY17 | 2.0 | 0.0 |
| FY18 | 7.0 | 0.0 |
| FY19 | 3.0 | -2.0 |
| FY20 | -49.0 | -27.0 |
| FY21 | 1.0 | -4.0 |
| FY22 | -18.0 | -4.0 |
| FY23 | 9.0 | -6.0 |
| FY24 | -2.0 | -4.0 |
| FY25 | -30.0 | -4.0 |
| FY26 | 67.0 | 10.0 |
The cash cycle is tightening — money comes home faster
One rupee now takes about -112 days to go out the door as materials and come back as collected cash — down from 36 days the year before.cash_conversion_cycle
The biggest mover: customers taking longer to pay (36 → 45 days).debtor_days
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) | Stock on shelf (inventory days) (days) | We owe suppliers (payable days) (days) |
|---|---|---|---|
| FY14 | 275 | – | – |
| FY15 | 244 | – | – |
| FY16 | 345 | – | – |
| FY17 | 433 | – | – |
| FY18 | 466 | – | – |
| FY19 | 444 | – | – |
| FY20 | 122 | 386 | 1,295 |
| FY21 | 130 | 712 | 2,300 |
| FY22 | 281 | – | – |
| FY23 | 50.2 | – | – |
| FY24 | 34.6 | – | – |
| FY25 | 36.2 | – | – |
| FY26 | 45.0 | 856 | 1,014 |
Building hard — new capacity is under construction
The productive asset base has gone from ₹40.0 Cr (FY14) to ₹57.0 Cr, with another ₹68.0 Cr of capacity under construction right now.fixed_assetscwip
Work-in-progress is 119% of the existing asset base — that is a serious bet on future demand. Capacity like this shows up in sales with a lag; it is tomorrow’s growth being paid for today.cwip
The build is bigger than the cash engine: investing outflows (₹79.0 Cr) exceeded operating cash (₹34.4 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY14 | 40.0 | 44.0 |
| FY15 | 35.0 | 56.0 |
| FY16 | 35.0 | 59.0 |
| FY17 | 50.0 | 43.0 |
| FY18 | 45.0 | 42.0 |
| FY19 | 42.0 | 42.0 |
| FY20 | 42.0 | 38.0 |
| FY21 | 41.0 | 38.0 |
| FY22 | 38.0 | 39.0 |
| FY23 | 46.0 | 39.0 |
| FY24 | 56.0 | 21.0 |
| FY25 | 51.0 | 22.0 |
| FY26 | 57.0 | 68.0 |
Almost no debt — this company cannot be killed by a bad year
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹6.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY14 | 8.0 |
| FY15 | 15.0 |
| FY16 | 19.0 |
| FY17 | 19.0 |
| FY18 | 43.0 |
| FY19 | 23.0 |
| FY20 | 17.0 |
| FY21 | 24.0 |
| FY22 | 20.0 |
| FY23 | 36.0 |
| FY24 | 41.0 |
| FY25 | 12.0 |
| FY26 | 13.0 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY14 | 0.1 |
| FY15 | 0.2 |
| FY16 | 0.2 |
| FY17 | 0.2 |
| FY18 | 0.5 |
| FY19 | 0.2 |
| FY20 | 0.2 |
| FY21 | 0.2 |
| FY22 | 0.2 |
| FY23 | 0.3 |
| FY24 | 0.4 |
| FY25 | 0.1 |
| FY26 | 0.1 |
Every ₹100 kept in the business earns just ₹7
Return on capital employed is 7.3% (a year ago: −0.6%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Rising returns on capital while growing is the rarest combination in investing — it means the new projects earn more than the old ones.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY14 | 6.0 |
| FY15 | 8.1 |
| FY16 | 2.6 |
| FY17 | 1.4 |
| FY18 | -2.5 |
| FY19 | -1.5 |
| FY20 | -1.7 |
| FY21 | -2.4 |
| FY22 | -2.7 |
| FY23 | -0.7 |
| FY24 | -1.1 |
| FY25 | -0.6 |
| FY26 | 7.3 |
The owners aren’t moving
Promoters hold 2.3%, essentially unchanged. Foreign funds own 0.3%, domestic funds null%.promoters_pctfiis_pctdiis_pct
Data: Who holds the shares, quarterly
| Period | Promoters (%) | Foreign funds (%) |
|---|---|---|
| Jun 23 | 10.8 | 0.0 |
| Sep 23 | 9.5 | 0.0 |
| Dec 23 | 9.5 | 0.0 |
| Mar 24 | 9.5 | 0.0 |
| Jun 24 | 3.0 | 0.0 |
| Sep 24 | 3.0 | 0.0 |
| Dec 24 | 2.3 | 0.0 |
| Mar 25 | 2.3 | 0.2 |
| Jun 25 | 2.3 | 0.3 |
| Sep 25 | 2.3 | 1.2 |
| Dec 25 | 2.3 | 0.9 |
| Mar 26 | 2.3 | 0.3 |
- Promoters are not selling. Their stake has moved 0.7 points or less in 8 quarters — it sits at 2.3%.promoters_pct
- There is no debt story here. Borrowings are ₹6 per ₹100 of shareholders’ money — too small to matter, in either direction.borrowings
Worth studying deeper — with eyes open
The numbers lean positive, and the price is roughly fair to the delivery so far.
Best thing in the data: returns on capital rising (−0.6% → 7.3%).roce_pct
One dissent worth hearing: our catalysts lens reads negative — “2 earnings trigger(s): operating_leverage, market_share_gains. 2 risk factor(s): Small absolute revenue base, Limited operational transparency. Management rated”. When a lens disagrees with the committee, it is usually pointing at the thing that breaks first.
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Gujarat Natural Resources Ltd do?
Incorporated in 1991, Gujarat Natural Resources Ltd is in the business of Oil & Gas exploration and trading of goods[1]. It is listed in the Oil Exploration/Allied Services sector with a market capitalisation of ₹1,635 Cr.
What is Gujarat Natural Resources Ltd's share price?
As of 1 July 2026, Gujarat Natural Resources Ltd trades at ₹107, up 54% over the past year, with a market capitalisation of ₹1,635 Cr. Beating NIFTY 500 for 2 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Gujarat Natural Resources Ltd's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Gujarat Natural Resources Ltd's intrinsic value at ₹20.0 per share under base assumptions (bear ₹7.0, bull ₹20.0), against the current price of ₹107 — a 79% premium to model value. The current price already implies roughly 46% annual earnings growth. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
What did Gujarat Natural Resources Ltd report in its latest quarterly results?
In its most recent reported quarter (Q4 FY26, quarter ended March 2026): Mar 26 sales were ₹11.2 Cr, up 159% on the same quarter last year. Mar 26 profit after tax was ₹1.1 Cr, up 166% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Gujarat Natural Resources Ltd growing?
Sales exploded 159% last quarter. Mar 26 sales were ₹11.2 Cr, up 159% on the same quarter last year.
Are Gujarat Natural Resources Ltd's profits growing?
The bottom line changed sign — read this one carefully. Mar 26 profit after tax was ₹1.1 Cr, up 166% year on year.
What are Gujarat Natural Resources Ltd's operating margins?
Margins are widening — −66% → 20% in a year. In the most recent quarter, of every ₹100 of sales, the company keeps ₹20.2 as operating profit (a year ago it kept ₹−65.8).
What is Gujarat Natural Resources Ltd's long-term growth record?
Revenue grew from ₹13 Cr in FY14 to ₹31 Cr in FY26 — a 7.5% compound annual growth rate over 12 years. Profit after tax compounded at 7.9% over the same period (₹4 Cr → ₹10 Cr).
Is Gujarat Natural Resources Ltd stock in an uptrend?
The price is in a confirmed uptrend — 93 weeks and counting. Gujarat Natural Resources Ltd is in Stage 2 — advancing, 93 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Gujarat Natural Resources Ltd stock rising?
The price is up 54% over the past year, in a confirmed Stage 2 uptrend (93 weeks), and has beaten NIFTY 500 for 2 weeks.
Is Gujarat Natural Resources Ltd beating the NIFTY 500?
Yes — beating NIFTY 500 for 2 weeks, as of 1 July 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Gujarat Natural Resources Ltd in its business cycle?
The data reads Gujarat Natural Resources Ltd as a deep cyclical business currently in its expansion phase — earnings at an all-time high for this company. Profits swing violently in this business — real losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Does Gujarat Natural Resources Ltd have too much debt?
Almost no debt — this company cannot be killed by a bad year. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹6.
What is the bull case for Gujarat Natural Resources Ltd?
From losses in FY19 and FY20 and FY21 and FY22 and FY23 and FY24 and FY25 to record profits — the comeback is real, the price knows it. Best thing in the data: returns on capital rising (−0.6% → 7.3%). Sales exploded 159% last quarter.
What is the bear case for Gujarat Natural Resources Ltd — what could break the story?
Two quarters of margins reversing would kill this story. The nearest-term thing to watch: if quarterly growth slips below 79%, the story weakens. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Gujarat Natural Resources Ltd a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: worth studying deeper — with eyes open. The numbers lean positive, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is study deeper at 59% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.