GUBRF Chemicals & Fertilizers
🏢 Company Profile
Chemical fertilizer production and sales (Turkey's first chemical fertilizer factory): solid, drip irrigation-foliar, slow-release and organic fertilizers; ~2.700 sales points. Source: Midas company cards, 24.10.2026.
- TARIM KREDİ KOOP. MERKEZ BİRLİĞİ GENEL MÜDÜRLÜĞÜ — 78.73%
- Last quarter (2026/6): sales 37831188332 TL, net profit margin 11.9% (normal)
- Sales growth: YoY %+21.6 (increase).
- Net profit growth: YoY +89.6% (increase).
- Owners' Equity Growth: YoY %+9.4 (increase)
- Asset turnover 2.0 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 21.1% (moderate leverage); total liabilities (short+long) / owners' equity 70.9%.
- Net financial debt NONE - cash 5306600205 TL more than gross debt.
- Current ratio (current assets / short-term debt) 1.6 — balanced liquidity.
- Current ratio (TradingView balance sheet section) 1.6 — balanced liquidity.
- Multiples: P/E 18.1 · P/B 3.5 · EV/EBITDA 10.0.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 78.7 mlr TL | Total Debt | 32.7 mlr TL |
| Current Assets | 49.0 billion TL | Equity | 46.1 billion TL |
| Financial Debt | 9.7 billion TL | Net Profit | 4.5 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 37.8 (+ 21.6% YoY) | 4.5 (+ 89.6% YoY) | 11.9% | 78.7 | 46.1 | 9.7 | 21.1% |
| 2026/3 | 22.4 (+ 23.3% YoY) | 3.7 (+ 447.1% YoY) | 16.5% | 71.7 | 42.1 | 9.8 | 23.2% |
| 2025/12 | 61.8 (- 2.5% YoY) | 5.8 (+ 868.7% YoY) | 9.4% | 75.9 | 42.4 | 11.4 | 26.9% |
| 2025/9 | 36.8 (+ 28.7% YoY) | 3.8 (- 233.6% YoY) | 10.4% | 61.5 | 33.8 | 8.6 | 25.5% |
| 2025/6 | 31.1 (+ 70.9% YoY) | 2.4 (- 169.5% YoY) | 7.7% | 52.6 | 29.4 | 9.4 | 32.1% |
| 2025/3 | 18.2 (+ 18.2% YoY) | 0.7 (- 131.0% YoY) | 3.7% | 49.9 | 26.7 | 10.8 | 40.4% |
| 2024/12 | 63.4 | 0.6 | 1.0% | 57.4 | 30.5 | 13.3 | 43.7% |
| 2024/9 | 28.6 | -2.9 | %-10.0 | 42.7 | 21.4 | 9.1 | 42.4% |
| 2024/6 | 18.2 | -3.4 | %-18.8 | 36.9 | 19.5 | 8.0 | 41.3% |
| 2024/3 | 15.4 | -2.2 | %-14.1 | 37.4 | 18.2 | 8.1 | 44.7% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 63.80 billion TL, EBITDA 13.99 billion TL — EBITDA margin 21.9% (solid EBITDA margin).
- Net profit margin 12% (normal net profit margin).
- EV/EBITDA 6.7 — reasonable EV/EBITDA.
- Net financial debt NONE - cash 5.31 billion TL more than gross debt.
- Current ratio 1.63 — balanced liquidity.
- Dividend yield 1.6%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: -16.1%
| Market value | 87.6 billion TL |
| Equity (2026/6) | 46.1 billion TL |
| Net profit (last 12 months) | 8.0 billion TL |
| P/E (last 12 months) | 11.0 |
| P/B | 1.90 |
| ROE (last 12 months) | 17.3% |
| Financial debt / equity | 21% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 14.0 billion TL |
| EBITDA margin | 21.9% |
| EV / EBITDA | 6.7 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Chemical & Fertilizer sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | positive |
| Score | +1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | SELL |
| Short term (EMA 5-8-13-21) | SELL |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY AT THE BOTTOM |
| Channel position | %-5 |
| Trend strength (r) | -0.73 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- KAP *** BORSA İSTANBUL BISTECH CIRCUIT BREAKER APPLICATION *** GUBRF *** Circuit Breaker Notification by Share — GZT · 30.10
- Gübretaş repurchased its share with a nominal value of 600 bin TL — hibya.com · 26.10
- Gübretaş share buyback program launched — Bloomberght · 26.10
- Gübretaş launched a 4 milyar TL share buyback program — Investing.com Turkey · 26.10
- GUBRF: Gübretaş's 4 Milyar TL Buyback Decision — Finance Line · 26.10
- Gübretaş's 4 billion TL share repurchase decision — Paratic Haber · 26.10
📋 KAP Notifications
- 26 October 12:10 — Notification Regarding Share Buyback→
- October 22 18:55 — Special Situation Disclosure (General)→
- October 22 17:55 — Circuit Breaker Notification on a Share Basis→
- October 16 16:58 — Share Capital Right Exercise Transaction - Cash Payment→
- October 15 16:49 — Announcement of Conversion to Traded Type→
- October 14 09:09 — BISTECH Share Market Trading System Announcement →
- October 13 16:49 — Exercise of Rights →
- October 7 16:04 — Notification Regarding Dividend Distribution→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Gübre Fabrikaları rose by 2.33% to 450.25 TL on September 23, 2026. However, medium-term EMA and Wave Trend are in SELL position; short/long-term is WAIT — table at 0/4 STRONG SELL level. Channel position is at 27%, trading in the lower band of the channel; although trend strength (r) of 0.51 shows a short-term recovery attempt, the main direction has not yet been confirmed. The stock is priced 39% above the 60-day low of 323.00 TL and 14% below the high of 523.50 TL; intraday purchases are of a corrective nature.
🌍 Macroeconomic Evaluation
The profitability of the fertilizer sector is sensitive to the spread between natural gas costs and global fertilizer prices; while stable natural gas prices support the cost side, normalization in product prices narrows margins. The strategic importance of agricultural production and food security priorities provide a structural demand base for the sector; government support and subsidy policies are parameters to monitor. The decline in inflation to 31.5% and interest rate cut expectations have limited financial impact due to the company's low leverage structure; the main channel is farmer purchasing power through agricultural credit conditions. USD/TL trading at 48.83 level partially balances import raw material costs with export revenues. With gold at 6.786 TL and risk appetite selective, defensive balance sheet industrial stocks are relatively sheltered. Main risks; decline in global urea/ammonia prices and shock in energy costs.
🧾 Balance Sheet Evaluation
Gübre Fabrikaları increased sales by 21.6% in the first half of 2026 while recording a 89.6% increase in net profit; however, the second quarter alone with 15.4 billion TL sales (+19.1) and 0.8 billion TL net profit (-51.2) indicates a sharp decline in margins. Quarterly net margin of 5.4% is significantly below the four-quarter average of 11.6; natural gas costs and normalization in fertilizer prices are pressuring profitability. The company, which generated 68.5 billion TL sales and 8.0 billion TL net profit in the last four quarters, has a market cap of ~150 billion TL; P/E ~18.8x, P/B ~3.3x, EV/EBITDA ~11.4x. These multiples are above historical averages priced at peak fertilizer cycle profitability; the market is rewarding the strengthened financial structure after Razi asset sale and petrochemical investments. Financial debt/equity is low at 21.1%; the company has ~5.3 billion TL net cash position. ROE is reasonable at 17.3%. There is a risk of multiple expansion if profitability remains pressured as in 2Q. In summary, GUBRF is sheltered with its strong balance sheet but requires a cautious stance in the short term due to operational margin pressure and demanding multiples.
This section is manually updated; for informational purposes only, not investment advice.