Gujarat Natural Resources Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Gujarat Natural Resources Ltd trades at ₹111, in a confirmed uptrend and 99 weeks into that stage. That is +22.0% against its own 200-day average. It sits at 100% of a 52-week range of ₹63 to ₹111. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 99 of stage 2, confirmed. At ₹111 it trades +22.0% versus its 200-day average and sits at 100% of its 52-week range (₹63–₹111).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +150% while the NIFTY 500 moved +278% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Gujarat Natural Resources Ltd trades at 88.4× P/E, near the bottom of its own range — cheaper only 20% of the time. Its long-run median P/E is 184.2×, measured across 9.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 88.4× is near the bottom of its own range — cheaper only 20% of the time, against a long-run median of 184.2× measured over 9.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Gujarat Natural Resources Ltd was priced for profit growth of about 46.0% a year. The market pays that at 88.4× P/E, the 20th percentile of its own 9-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is the whole of what a buyer is backing. Both readings sit on the same earnings, so they are one reading rather than two.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Gujarat Natural Resources Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

64.1/100 — rank 1 of 2 in Oil Exploration/Allied Services · 71% evidence confidence

Gujarat Natural Resources Ltd scores 64.1 out of 100 against the 2 companies it is compared with in Oil Exploration/Allied Services, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 31.5 + 5.6 + 10 + 17 = 64.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Gujarat Natural Resources Ltd reported ₹6.0 Cr of revenue in the Jun 26 quarter, +100.0% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.0% a year. The last full year, FY26, came in at ₹31.0 Cr. The last four reported quarters add to ₹33.0 Cr.

FY26 revenue came in at ₹31.0 Cr (+55.0% on the year), capping 10 years at 12.0% compound. The latest quarter (Jun 26) printed ₹6.0 Cr, +100.0% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +107.5% growth against the decade's 12.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +106.3% over the last 4 quarters against +10.6%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Gujarat Natural Resources Ltd's operating margin is 202.0% in the Jun 26 quarter, +194.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −10.0% to 47.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 202.0%, +194.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −10.0%–47.0%.

Why the margin moved: operating margin went +194.0 pp year on year while gross margin went +167.6 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Gujarat Natural Resources Ltd earned ₹11.0 Cr of net profit in the Jun 26 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. Full-year FY26 profit was ₹10.0 Cr. That is 183.3% of the quarter's revenue. The same quarter a year earlier earned ₹2.0 Cr.

Jun 26 profit was ₹11.0 Cr, +450.0% year on year. On the full year, FY26 printed ₹10.0 Cr (null).

🚨 Read this profit with care: at ₹11.0 Cr it is larger than the whole quarter's revenue of ₹6.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at 202.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 502% of Gujarat Natural Resources Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹67.0 Cr of operating cash against ₹10.0 Cr of profit. After ₹58.0 Cr of capital spending, ₹9.0 Cr was left as free cash.

FY26: operating cash of ₹67.0 Cr against reported profit of ₹10.0 Cr, leaving free cash of ₹9.0 Cr after ₹58.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 502% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 502%: the cash cycle stretched 1,346 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Gujarat Natural Resources Ltd's cash conversion cycle runs −112 days in FY26, up from −1,458 days in FY21. Capital spending ran ₹59.0 Cr over the last 3 years. At FY26 sales of ₹31.0 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹−10.0 Cr sits inside the business at any moment.

FY26: debtors at 45 days, inventory at 856 days — roughly 28.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −112 days, looser than FY21's −1,458.

The full loop: cash goes out to suppliers and production on day 0; stock waits 856 days to sell; customers pay about 45 days after that; and suppliers themselves are paid at 1,014 days — netting out to the −112-day cycle.

In money terms: at FY26 sales of ₹31.0 Cr, each day of the cycle holds about ₹0.1 Cr — so the −112-day loop keeps roughly ₹−10.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹59.0 Cr over the last 3 fiscal years against ₹19.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹68.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Gujarat Natural Resources Ltd earns a ROCE of 7% in FY26. That is up from a trough of −3% in FY22. Return on invested capital clears the cost of that capital by −6.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 32.3% net margin on 0.13× asset turns.

FY26 ROCE is 7%, recovered from a FY22 trough of −3% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 32.3% net margin × 0.13× asset turns × 1.17× balance-sheet leverage ≈ 4.9% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 5.2% − 12.0% = a −6.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Gujarat Natural Resources Ltd carries total debt of ₹13.0 Cr against shareholder equity of ₹208 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.17 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹13.0 Cr against shareholder equity of ₹208 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.17 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 1.1 points of Gujarat Natural Resources Ltd over 8 quarters, the biggest move on the register. That takes promoters to 1.9% of the company. Foreign institutions moved +1.1 points over the same window, to 1.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −1.1 points over 8 quarters to 1.9%; Foreign institutions: +1.1 points over 8 quarters to 1.1%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.

🚨 Why the register moved: promoters drove it (−1.1 points), absorbed on the other side by foreign institutions (+1.1 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Gujarat Natural Resources Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions