NSE: GFLLIMITED · BSE: 500173
GFL LIMITED
Acts as a holding company in the financial services sector, with consolidated profit after tax of Rs 4,502 lakhs in FY26 driven primarily by a Rs 5,073 lakhs share of profit from associate PVR INOX Limited (a theatrical exhibition business). On a standalone basis the entity is small, generating revenue of Rs 368 lakhs in FY26 with a profit after tax of Rs 163 lakhs and no material input costs. Standalone cost structure is dominated by employee costs at 21.6% of revenue and other operating expenses at 30.9% of revenue, with negligible capex. Segment-level reporting from the period ended September 2020 showed Wind Energy Business at 98.8% of segment revenue, Power at 1.0%, and Theatrical Exhibition at 0.2%, though no current segment-level operating detail is disclosed in the FY26 filings. A wholly-owned subsidiary, INOX Infrastructure Limited (real estate and property development), is being merged into the company via a scheme of merger by absorption; INOX had a net worth of Rs 5,517.11 lakhs as of September 30, 2025, compared to the listed entity's net worth of Rs 2,60,487 lakhs. The business sits within the INOX Group, whose founder was redesignated as Chairman and Managing Director in February 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone operations, Share of associate profit (PVR INOX Limited), Wind Energy Business (99%), Power (1%), Theatrical Exhibition (0%). Holding company; consolidated earnings dominated by share of associate profit, with minimal standalone operating activity.
Exhibit 1: Financial summary, FY20–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,704 | 3 | 3 | 3 | 4 |
| EBITDA (ex other income) | 477 | 2,451 | 2 | 2 | 2 |
| margin % | 17.7 | 76019.0 | 52.5 | 54.0 | 47.5 |
| Owners' profit | (123) | 2,248 | (8) | (76) | 45 |
| EPS, as reported (₹) | (21.53) | 203.46 | (0.69) | (6.88) | 4.10 |
| ROE % · ROCE % | (7.4) · 2.8 | 85.9 · 89.5 | (0.3) · — | (3.0) · — | 1.8 · — |
| Debt / equity (x) | 0.25 | 0.00 | — | — | — |
| Cash from operations | — | 402 | 0 | 0 | 0 |
| Capex | — | 0 | (0) | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before tax | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 0 |
| Net profit | (35) | 5 | (18) | (8) | 15 | 13 | 26 | 7 |
| EPS (₹) | (3.22) | 0.42 | (1.67) | (0.74) | 1.33 | 1.18 | 2.33 | 0.68 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINSERV LTD. | 2,64,611 | 26.0 | 1.88 | — | 14.0 | — | 20.0 | 40.8 |
| BAJAJ HOLDINGS & INVS LTD | 1,16,414 | 13.1 | 1.41 | — | 11.9 | — | 21.8 | 92.9 |
| CHOICE INTERNATIONAL LTD | 16,267 | 62.9 | 8.92 | 39.9 | 13.0 | 13.9 | 46.0 | 36.8 |
| EDELWEISS FIN SERV LTD | 11,971 | 16.8 | 2.01 | — | 11.4 | — | 2.2 | 29.3 |
| JM FINANCIAL LIMITED | 10,849 | 10.4 | 0.96 | — | 10.6 | — | 5.1 | 60.3 |
| RANE HOLDINGS LIMITED | 2,078 | 24.6 | 1.46 | 6.0 | 9.6 | 11.7 | 23.7 | 7.5 |
| BF INVESTMENT LIMITED | 1,486 | 3.8 | 0.17 | — | 3.3 | — | 36.0 | 90.4 |
| BALMER LAWRIE INVSTS. L | 1,384 | 10.7 | 0.62 | — | 12.4 | — | 12.2 | 18.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 9.5 | 10.7 | 5 of 13 | 67% |
| P/B | 0.2 | 1.4 | 2 of 14 | 92% |
| ROE | 1.8 | 10.1 | 12 of 14 | 15% |
| EBITDA margin | 36.2 | 29.6 | 6 of 14 | 62% |
| Revenue growth | 12.3 | 18.6 | 11 of 15 | 29% |
| Profit growth | 191.2 | 18.1 | 3 of 15 | 86% |
| Market cap | 577 | 1203 | 11 of 16 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · GFL gets NCLT final order copy for INOX Infrastructure merger | strategic transactions | high | — | — |
| 9 Oct 2026 · Routine quarterly RTA compliance certificate for September 2026 quarter | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closes 1 Oct 2026 ahead of Q2 results announcement | compliance | minimal | — | — |
| 28 Sept 2026 · NCLT approves merger of INOX Infrastructure into GFL Limited | strategic transactions | high | — | — |
| 24 Sept 2026 · GFL Limited 39th AGM results: All resolutions passed with over 99.99% support | compliance | minimal | — | — |
| 24 Sept 2026 · GFL Limited 39th AGM held on Sep 23 2026 - voting results pending | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · GFL Limited files FY26 Annual Report, 39th AGM on 23 September 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · GFL Limited 39th AGM notice on 23 September 2026 via VC/OAVM | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Promoter Siddharth Jain acquires 30% stake in GFL via family gift transfer | ownership changes | medium | — | — |
| 25 Aug 2026 · GFL Limited promoters transfer 30 percent stake off-market | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.