About Gujarat State Financial Services Ltd
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Gujarat State Financial Services Ltd is a public limited state government company based in Ahmedabad, Gujarat, India. It operates in the non-banking financial services (NBFC) segment of the financial services sector. It was incorporated on 20 November 1992 and has been in existence for over 34 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U65910GJ1992SGC018602. Its GSTIN is 24AAACG5581B1Z0 (Gujarat). The company holds 3 GST registrations, of which 2 are active.
The company has an authorised share capital of ₹300 Cr and a paid-up capital of ₹188 Cr. It was formerly known as State Finance Corporation of Gujarat Ltd. It is led by directors including Thiruvenkadam Natarajan (Managing Director) and Vikramaditya Singh Khichi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at Wingb 3 Rdfloor Khanijbhavan 132Ft.Ringroad Nearuniversityground Vastrapur, Ahmedabad, Gujarat, India – 380052.
As per the financials filed for FY 2022, the company reported a revenue of ₹2,840.58 Cr, a decline of 9.72% compared to the previous year.
The company has about 19 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Gujarat State Financial Services. Court records list 233 cases involving the company, including 160 filed by the company and 73 filed against it; 8 cases are pending. The company has 5 deals on record (3 funding rounds, 2 rights issues), with disclosed funding of ₹1,487.22 Cr; the latest was in March 2024. Its 6 peer companies in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities) are compared by revenue, 3 larger and 3 smaller; the largest is India Infoline Finance Limited with revenue of ₹3,856.96 Cr.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website gsfs.co.in.
Company details
Contact details
Gujarat State Financial Services Ltd's registered office is in Ahmedabad, Gujarat. Its website is gsfs.co.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressWingb 3 Rdfloor Khanijbhavan 132Ft.Ringroad Nearuniversityground Vastrapur, Ahmedabad, Gujarat, India – 380052
- IndustryFinancial Services, NBFC, Investment & Credit NBFC
To see the full contact details of Gujarat State Financial Services Ltd, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Gujarat State Financial Services operates one associated brand: Gujarat State Financial Services. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Offers fund management and financial services to Gujarat government entities. | gsfs.co.in |
Business activity
Gujarat State Financial Services operates primarily in the financial and insurance service sector. One business activity is registered with the MCA.
| Main activity group | Business activity | Share of turnover |
|---|---|---|
| Financial and insurance Service | Other financial activities |
To see the full business activity and turnover split of Gujarat State Financial Services Ltd, buy the company report.
Financials of Gujarat State Financial Services Ltd
FY 2025 filings availableGujarat State Financial Services Ltd reported revenue of ₹2,840.58 Cr (down 9.72% YoY) for FY 2022.
Compounded Annual Growth Rate (CAGR)
Revenue fell 9.72% in the latest year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
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| Total Revenue | ₹2,840.58 Cr | ||||
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Financial Ratios
| Metrics | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 | FY 2017-18 |
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To see the full financial statements and ratios of Gujarat State Financial Services Ltd, buy the company report.
Board of directors and KMP of Gujarat State Financial Services Ltd
Gujarat State Financial Services Ltd currently reports 3 directors and 1 key managerial person. 36 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ishwarbhai Dahyabhai Chaudhari | Nominee Director | 04 Mar 2023 | 3 Years 8 Months | Current |
| Sapna Irfan Mansuri | Cfo | 26 Aug 2025 | 1 Years 2 Months | Current |
| Thiruvenkadam Natarajan Also directs: Gujarat Alkalies and Chemicals Limited, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Gujarat Energy Limited and 5 more | Managing Director | 10 Sep 2024 | 2 Years 2 Months | Current |
| Vikramaditya Singh Khichi | Director | 29 Nov 2023 | 2 Years 11 Months | Current |
Peer comparison
Gujarat State Financial Services Ltd is compared with the 6 companies closest to it by revenue in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| India Infoline Finance Limited | ₹3,856.96 Cr (FY 2018) | 22.0% | Mumbai, Maharashtra, India | |||
| Capri Global Capital Limited | ₹3,250.84 Cr (FY 2025) | 40.0% | Mumbai, Maharashtra, India | |||
| Tamilnadu Power Finance and Infrastructure Development Corporation Limited | ₹3,035.58 Cr (FY 2019) | 15.0% | Chennai, Tamil Nadu, India | |||
| K L B Securities Pvt Ltd | ₹3,007.65 Cr (FY 2025) | 17.0% | Ahmedabad, Gujarat, India | |||
| TMF Holdings Limited | ₹2,875.53 Cr (FY 2018) | 51.0% | Mumbai, Maharashtra, India | |||
| Gujarat State Financial Services Ltdthis company | ₹2,840.58 Cr (FY 2022) | -9.7% | Ahmedabad, Gujarat, India | |||
| L&T Infrastructure Finance Company Limited | ₹2,734.42 Cr (FY 2018) | 2.0% | Mumbai, Maharashtra, India |
To see the full peer comparison of Gujarat State Financial Services Ltd, buy the company report.
Auditor
Gujarat State Financial Services Ltd is audited by J N GUPTA for the financial year 2019.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| J N GUPTA | FY 2019 | 006569C |
Shareholding
The shareholding of Gujarat State Financial Services Ltd is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Gujarat State Financial Services Ltd, buy the company report.
Deals & funding
Gujarat State Financial Services Ltd has 5 deals on record (3 funding rounds, 2 rights issues), with disclosed funding of ₹1,487.22 Cr; the latest was in March 2024.
Deals on record (5 of 5)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2024 | Rights issue | ₹50 Cr | Investors: an individual |
| Mar 2019 | Funding round | ₹1,427.22 Cr | Investors: Gujarat State Investment Limited |
| Sep 2017 | Rights issue | ₹20 Cr | Investors: an individual |
| Dec 2012 | Funding round | ₹50 Cr | Investors: an individual |
| Dec 2008 | Funding round | ₹10 Cr | Investors: an individual |
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Gujarat State Financial Services Ltd has 233 court cases on record: 160 filed by Gujarat State Financial Services, 73 filed against it. 8 cases are pending and 225 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 129 | 5 | 0 |
| High courts | 96 | 60 | 7 |
| Supreme Court | 8 | 8 | 1 |
Cases on record (5 of 233)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court, GUJARAT | Appeal | Filed by the company against M/S Monarch Dyestuffs Industries and Exports Ltd | Pending |
| High Court, GUJARAT | Special civil application | Filed by the company against M/S Hytaisun Magnetics Ltd. | Disposed |
| High Court, GUJARAT | Special civil application | Filed by the company against M/S Hynoup Foods and Oil Industries Ltd. and 1 other | Disposed |
| District court, Ahmedabad, Gujarat | Court case (SMST S) | Filed by the company against M/S. Karishma Plastics Pvt. Ltd. | Disposed |
| District court, Ahmedabad, Gujarat | Court case (SMST S) | Filed by the company against M/S. Jilichem Laboratories (India) Limited | Disposed |
To see the full case history of Gujarat State Financial Services Ltd, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Gujarat State Financial Services Ltd; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
Gujarat State Financial Services has 3 GST registrations: 2 active and 1 cancelled or inactive.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAACG5581B1Z0 | Gujarat | Active | 01 Jul 2017 |
| 24AAACG5581B1D9 | Gujarat | Active | 03 Feb 2019 |
To see the full GST registrations and return filing status of Gujarat State Financial Services Ltd, buy the company report.
Recent activity
Gujarat State Financial Services Ltd has 70 board changes on record since 2000: 37 appointments and 33 cessations. The latest: Arti Kanwar ceased to be Nominee Director on 29 Dec 2025.
61 earlier events are in the company report.
Frequently asked questions
Gujarat State Financial Services is an active public limited state government company based in Ahmedabad, Gujarat, India. The company works in nbfc, within the financial services industry. It was incorporated on 20 November 1992 (34+ years old) and is registered under CIN U65910GJ1992SGC018602.
Gujarat State Financial Services has 4 current directors and KMP:
- Thiruvenkadam Natarajan - Managing Director
- Ishwarbhai Dahyabhai Chaudhari - Nominee Director
- Vikramaditya Singh Khichi - Director
- Sapna Irfan Mansuri - Cfo
The latest financial statements of Gujarat State Financial Services on record with the MCA are for the year ended 31 March 2025. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Gujarat State Financial Services is 24AAACG5581B1Z0, registered in Gujarat. The company has 3 GST registrations in all, of which 2 are active and 1 is cancelled or inactive. Other active GSTINs include 24AAACG5581B1D9 (Gujarat).
The CIN (Corporate Identification Number) of Gujarat State Financial Services is U65910GJ1992SGC018602. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Gujarat State Financial Services has 233 court cases on record: 160 filed by the company and 73 filed against it. 8 are pending. Most are in the district courts.
Gujarat State Financial Services was incorporated on 20 November 1992, making it 34+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Gujarat State Financial Services has 5 deals on record (3 funding rounds, 2 rights issues), with disclosed funding of ₹1,487.22 Cr; the latest was in March 2024.
The peers of Gujarat State Financial Services by revenue are India Infoline Finance Limited, Capri Global Capital Limited, Tamilnadu Power Finance and Infrastructure Development Corporation Limited, K L B Securities Pvt Ltd, TMF Holdings Limited and 1 more, all in the BFSI industry (Large NBFC, NBFC Investment and Credit Companies, Systemically Important Non Deposit NBFC), with the same principal business activity (other financial activities).
Arti Kanwar ceased to be Nominee Director on 29 Dec 2025. Bhadresh Vinaychandra Mehta ceased to be Director on 30 Nov 2025. Sapna Irfan Mansuri was appointed as CFO on 26 Aug 2025. Gujarat State Financial Services has 70 board changes on record in total.
Gujarat State Financial Services can be reached through the website gsfs.co.in. Its registered office is in Ahmedabad, Gujarat, India.
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