GFL Ltd (GFLLIMITED)

Financial Services · Finance · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹55.86 ↓ 8.35% (1Y)

🎯 Key Takeaways

GFL Limited operates in the financial services sector with a market cap of ₹594 crore and a low P/E of 9.8, reflecting market skepticism about its profitability.
Revenue grew 15.7% QoQ to ₹1 in Q1FY27.
⚠️ 1) The pending merger with INOX Infrastructure remains unresolved and could be rejected by NCLT, leaving the company without a clear strategic rationa

Market Cap

₹614

P/E Ratio

10.1

P/B Ratio

0.24

ROE

2.4%

ROCE

2.8%

Debt/Equity

0.00

Promoter

68.7%

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📖 The Story

GFL Limited operates in the financial services sector with a market cap of ₹594 crore and a low P/E of 9.8, reflecting market skepticism about its profitability. Despite a ROE of 2.4% and ROCE of 2.8%, the company maintains a debt-free balance sheet but shows minimal earnings growth, with consolidated profit after tax at just ₹744 lakhs in Q1FY27. Management has not provided forward guidance, and the business appears to be in a stagnant or transitional phase, likely constrained by limited operational scale and muted investor confidence.

📰 What's Happening

In Q1FY27 (June 2026), GFL approved unaudited financial results showing consolidated profit of ₹744 lakhs, driven by a merger-related capital structure review involving INOX Infrastructure Limited, which remains pending NCLT approval with a hearing scheduled for 3 September 2026. The board reappointed Shashi Kishore Jain as a Non-Executive Independent Director and initiated a postal ballot to secure shareholder approval for his continued role. Additionally, promoter Siddharth Jain proposed acquiring 30% of the company from relative Pavan Jain via a gift transaction to maintain control at 42.16% post-acquisition, a move that avoids triggering SEBI open offer obligations.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1	1	1	1
Operating Profit	1	1	0	0
OPM %	57.6%	56.8%	19.1%	27.2%
Net Profit	15	13	26	7
EPS	₹1.33	₹1.18	₹2.33	₹0.68

The company's financial performance shows erratic profitability, with consolidated profit declining from ₹13 lakhs in December 2025 to ₹7 lakhs in June 2026, despite stable revenue and high operating margins in prior quarters. The sharp drop in NP and EPS in the latest quarter contrasts with earlier stability, suggesting potential one-time or structural pressures. The merger with INOX Infrastructure may be contributing to financial complexity, including deferred tax impacts noted in earlier filings, though no revenue or margin improvements have been disclosed to justify the initiative yet.

🔮 Management Outlook & What's Next

Management has not provided explicit forward guidance on earnings or growth expectations in recent filings. The only forward-looking element is the pending NCLT hearing on the INOX Infrastructure merger, which management appears to be actively pursuing as part of a potential strategic realignment. No commentary on future profitability, margins, or capital allocation strategy was included in the latest board resolution or press releases, indicating limited visibility into near-term performance drivers.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	11	11	11	11
Reserves	2,522	2,510	2,516	2,554
Borrowings	0	0	0	0
Total Liabilities	2,700	2,686	2,693	2,737
Fixed Assets	2	0	2	2
Investments	2,664	2,653	2,657	2,701
Total Assets	2,700	2,686	2,693	2,737

The balance sheet remains extremely conservative, with zero borrowings and equity of ₹11 crore offset by substantial reserves of over ₹2,500 crore, resulting in total assets of ₹2,737 crore as of March 2026. This suggests a capital-rich but underutilized structure, where retained earnings are not being reinvested aggressively. The lack of debt and high reserve base may reflect past losses absorbed over time, but there is no evidence of active capital deployment or shareholder returns to unlock value.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+0
Investing	-1
Financing	0
Net Cash Flow	-0

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	68.7%	68.7%	68.7%	68.7%
FII	0.2%	0.2%	0.2%	0.2%
DII	1.4%	0.4%	0.1%	0.0%
Public	22.9%	23.7%	24.1%	24.2%
# Shareholders	29,077	29,641	29,056	28,941

Promoter holding remains stable at 68.72% over the last four quarters, with no dilution observed. FII and DII holdings are negligible (<0.25%), indicating minimal institutional interest, while public shareholding has slightly declined. The recent proposal by promoter Siddharth Jain to acquire an additional 30% from a relative further consolidates control but does not signal new investor confidence. The shareholder voting results show overwhelming approval for key governance changes, reflecting strong promoter influence and limited dissent.

⚖️ Peer Comparison — Finance

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
BAJFINANCE	6.56 L Cr	32.2	10.4%	18.1%	3.82
BAJAJFINSV	3.15 L Cr	31.0	11.4%	26.5%	5.50
SHRIRAMFIN	2.49 L Cr	18.7	11.5%	17.1%	3.80
TATACAP	1.56 L Cr	28.6	8.4%	12.3%	5.28
JIOFIN	1.56 L Cr	73.3	2.3%	1.6%	0.17
CHOLAFIN	1.55 L Cr	26.7	9.3%	18.9%	6.93
ICICIAMC	1.50 L Cr	30.0	111.5%	83.6%	0.00
BAJAJHLDNG	1.26 L Cr	14.3	12.4%	12.3%	0.00
MUTHOOTFIN	1.17 L Cr	10.3	14.4%	29.3%	3.88
SBIFUNDS	1.16 L Cr	—	—	—	0.00

🔗 Peer Stock Analyses

BAJFINANCE BAJAJFINSV SHRIRAMFIN TATACAP JIOFIN

⚠️ Risk Factors

1) The pending merger with INOX Infrastructure remains unresolved and could be rejected by NCLT, leaving the company without a clear strategic rationale. 2) Persistent low profitability and declining NP in recent quarters raise concerns about operational sustainability. 3) Minimal institutional ownership and low trading liquidity could lead to high volatility and limited exit options. 4) The gift transaction to consolidate promoter control, while legal, may raise governance concerns among minority investors.

📋 Recent Filings

🧠 Analyst's Read

GFL is a financially stable but strategically stagnant company with a debt-free balance sheet and concentrated promoter control, but its lack of growth initiatives, declining profitability, and unresolved merger plans create significant uncertainty. Investors should monitor the NCLT outcome on the INOX Infrastructure merger and any future capital allocation signals, as the current trajectory offers little upside without a clear transformation.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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