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GFL Limited (GFLLIMITED)

₹61.32 +4.30% last close, 16 Oct

📊 NSE: GFLLIMITED 🏢 Finance & Investments 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, GFL's revenue was ₹1.0 Cr (+0.0% year on year, +0.0% on the previous quarter), and net profit ₹26.0 Cr (against a loss a year earlier); the operating margin was 0.0%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹1.0	+0.0%	+0.0%
Operating profit	₹0.0	loss narrowed	-100.0%
Net profit	₹26.0	from loss	+100.0%
EPS (₹)	2.33	from loss	+97.5%
Operating margin	0.0%	—	—

Full quarterly financials → Results calendar →

GFLLIMITED delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 52.9% of the GFLLIMITED shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.58%. That is close to its usual level. It traded 2.5 times its average daily volume.

52.9%Delivery, 16 Oct

57.58%Own 20-session average

2.5×Volume vs its average

₹61.32NSE close · +4.30%

Delivery in the last 5 sessions: 55.8% · 49.0% · 56.1% · 51.4% · 52.9%

Delivery across the market →Unusual volume today →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

GFL Limited Receives Certified NCLT Order for Merger of INOX Infrastructure; Appointed Date April 1

🟢 POSITIVE ⭐ 9/10

M&A 📅 16 Oct 2026, 04:45 PM

GFL Limited has received the certified true copy of the final NCLT Mumbai Bench order sanctioning the Scheme of Merger by Absorption of INOX Infrastructure Limited into GFL Limited. The hearing was held on September 28, 2026, and the certified order was received on October 15, 2026. The Appointed Date of the amalgamation is fixed as April 1, 2026. This formalizes the group entity consolidation into GFL Limited, which currently has a market capitalization of Rs 650 Cr and a net worth of Rs 2,606 Cr.

Received certified true copy of final NCLT Mumbai order on October 15, 2026
NCLT hearing and sanction occurred on September 28, 2026
Appointed Date of the Scheme set as April 1, 2026
Involves merger by absorption of INOX Infrastructure Limited into GFL Limited under Sections 230 to 232 of the Companies Act, 2013

💡 Track the filing of the certified order with the Registrar of Companies (RoC) to determine the effective date of the scheme and subsequent balance sheet integration disclosures.

GFL Limited Submits Regulation 74(5) Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 04:47 PM

GFL Limited submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended 30th September 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 03-10-2026. It confirms that share certificates received for dematerialisation during the quarter were duly processed, verified, and cancelled within prescribed timelines. This is a standard quarterly administrative filing with no financial impact.

Regulation 74(5) compliance certificate submitted for the quarter ended 30th September 2026
Issued by RTA MUFG Intime India Private Limited dated 03-10-2026
Company filing submitted to BSE and NSE on 09th October, 2026

💡 No action required; this is a routine administrative compliance report. Investors should look out for the upcoming Q2 FY27 earnings release.

NCLT Approves Merger of Wholly Owned Subsidiary INOX Infrastructure with GFL Limited

🟡 NEUTRAL ⭐ 5/10

M&A 📅 28 Sep 2026, 08:50 PM

The Mumbai Bench of the National Company Law Tribunal (NCLT) has sanctioned the Scheme of Merger by Absorption of INOX Infrastructure Limited into its parent entity, GFL Limited. Because INOX Infrastructure is a 100% wholly owned subsidiary, all its shares will be cancelled with no new shares issued or cash consideration paid. The merger aims to eliminate an intermediate corporate layer, streamline group compliance, and rationalize administrative costs. The Scheme will become fully effective upon filing the certified order in e-form INC-28 with the Registrar of Companies within 30 days.

NCLT Mumbai Bench sanctioned the Scheme of Merger on September 28, 2026
Zero share issuance or cash consideration as INOX Infrastructure is a 100% wholly owned subsidiary
Certified order must be filed via Form INC-28 with the RoC within 30 days to make the Scheme effective
Stamp duty adjudication documents must be submitted to authorities within 60 working days

💡 Track the filing of Form INC-28 with the Registrar of Companies, which marks the formal Effective Date of the merger.

GFL Limited AGM: FY26 Accounts and Director Re-Appointment Approved with Over 99.99% Votes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Sep 2026, 07:32 PM

GFL Limited announced the voting results and scrutinizer report for its 39th Annual General Meeting held on September 23, 2026. Both ordinary resolutions—adoption of the FY26 audited financial statements and the re-appointment of Director Mr. Siddharth Jain—were passed with requisite majority. Out of 7,58,45,811 total votes polled (representing 69.04% of outstanding shares), over 99.99% were cast in favor of each resolution. The promoter group, holding 7,54,92,611 shares, participated at 100% and voted entirely in favor.

Resolution 1 (Adoption of FY26 financial statements) passed with 99.9994% votes in favor
Resolution 2 (Re-appointment of Director Siddharth Jain) passed with 99.9992% votes in favor
Total votes polled stood at 7,58,45,811, representing 69.0449% of the 10,98,50,000 outstanding shares
Promoter and promoter group polled 7,54,92,611 votes (100% turnout of promoter holding), all in favor
A total of 58 shareholders attended the AGM held via video conferencing

💡 Track the performance and valuation of key underlying associate investments (Inox Wind and cinema businesses), which drive the holding company's underlying net asset value.

GFL Limited Schedules 39th AGM for Sept 23, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 03:37 PM

GFL Limited has issued notice for its 39th Annual General Meeting (AGM), scheduled for September 23, 2026, via video conferencing. The cut-off date to determine e-voting eligibility is September 15, 2026, with remote e-voting open from September 19 to September 22, 2026. Along with the AGM notice, the company circulated its complete Annual Report for FY 2025-26. The filing is a standard annual compliance requirement with no new operational or structural business updates.

39th Annual General Meeting scheduled for September 23, 2026 at 01:00 PM IST
Cut-off date for e-voting entitlement set as Tuesday, September 15, 2026
Remote e-voting window active from September 19 (09:00 AM) to September 22, 2026 (05:00 PM)
Assets held for sale include investment in Megnasolace City Pvt Ltd carried at Rs 3,200.00 lakhs

💡 Shareholders seeking to vote on AGM resolutions should verify their shareholding as of the September 15, 2026 cut-off date.

Promoter Siddharth Jain Acquires 30.00% Stake in GFL via Gift from Pavan Kumar Jain

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 11:21 AM

Promoter Mr. Siddharth Jain has acquired 3,29,55,000 equity shares, representing 30.00% of the diluted share capital of GFL Limited, from existing promoter Mr. Pavan Kumar Jain. The transaction was executed on August 24, 2026, as an inter-se gift without any financial consideration. The transfer is exempt from open offer requirements under Regulation 10(1)(a)(i) of SEBI SAST Regulations as a transfer amongst immediate relatives. Overall promoter group shareholding remains unchanged.

Transfer of 3,29,55,000 equity shares representing 30.00% of diluted share capital
Acquisition completed by promoter Mr. Siddharth Jain from promoter Mr. Pavan Kumar Jain
Executed on 24.08.2026 via gift with zero monetary consideration
Exempt from SEBI open offer obligations under Regulation 10(1)(a)(i) (immediate relatives)

💡 Monitor upcoming quarterly shareholding patterns for the updated distribution among individual promoter entities.

Promoter Siddharth Jain to Acquire 30.00% Stake in GFL Limited via Inter-Se Gift

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 17 Aug 2026, 07:08 PM

Promoter Siddharth Jain has submitted a disclosure under Regulation 10(5) of SEBI SAST Regulations to acquire 3,29,55,000 equity shares, representing a 30.00% stake in GFL Limited. The proposed acquisition is an inter-se transfer by way of gift from promoter Pavan Jain with nil monetary consideration. The transaction is scheduled to take place on August 24, 2026, and is exempt from an open offer under Regulation 10(1)(a)(i). Overall promoter group shareholding remains unchanged following this transaction.

Proposed acquisition of 3,29,55,000 equity shares representing 30.00% of the total share capital
Inter-se promoter transfer via gift from Mr. Pavan Jain to Mr. Siddharth Jain
Nil consideration involved with no cash outflow or inflow
Proposed execution date scheduled for 24/08/2026
Exempted from open offer obligations under SEBI SAST Regulation 10(1)(a)(i)

💡 Monitor subsequent Regulation 10(6) disclosure filings post August 24, 2026, to verify completion of the promoter transfer.

GFL Limited Reports Q1 FY27 Consolidated PAT of ₹7.44 Cr; Turnaround from YoY Loss

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 10 Aug 2026, 04:51 PM

GFL Limited reported a consolidated net profit of ₹7.44 Cr for the quarter ended June 30, 2026, marking a significant recovery from a loss of ₹8.16 Cr in the same period last year. The turnaround was primarily driven by the company's share in the profit of its associate (PVR INOX), which contributed ₹8.34 Cr compared to a loss of ₹10.04 Cr in Q1 FY26. Standalone operations remain minimal with revenue of ₹1.03 Cr. The company also confirmed an NCLT hearing date of September 3, 2026, for the merger of its wholly-owned subsidiary, Inox Infrastructure Limited.

Consolidated PAT turned positive at ₹7.44 Cr vs a loss of ₹8.16 Cr in Q1 FY26.
Share of profit from associate companies improved to ₹8.34 Cr from a loss of ₹10.04 Cr YoY.
Standalone revenue from operations increased to ₹1.03 Cr from ₹0.92 Cr in the previous year's quarter.
NCLT hearing for the merger of Inox Infrastructure Limited is scheduled for September 3, 2026.
Consolidated EPS improved to ₹0.68 for the quarter, up from a negative ₹0.74 in Q1 FY26.

💡 Investors should monitor the quarterly performance of PVR INOX and Inox Wind, as GFL's consolidated earnings are almost entirely dependent on these associates. Track the NCLT merger outcome on September 3 for progress on corporate restructuring.

GFL Limited Shareholders Approve 5-Year Re-appointment of Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 07 Aug 2026, 04:06 PM

Shareholders of GFL Limited have approved the re-appointment of Mr. Shashi Kishore Jain as a Non-Executive Independent Director for a second consecutive five-year term, effective from May 30, 2026, to May 29, 2031. The resolution was passed via postal ballot with an overwhelming 99.99% majority of the votes cast. Total voting participation stood at 69.5% of the company's outstanding shares, primarily driven by 100% promoter participation. Public non-institutional participation remained low at approximately 2.5% of their total shareholding.

Re-appointment of Mr. Shashi Kishore Jain for a 5-year term ending May 29, 2031
Resolution passed with 99.9978% of total votes in favor
Total votes polled reached 7,63,51,385 out of 10,98,50,000 total shares (69.5%)
Promoter group cast 7,54,92,611 votes, all 100% in favor of the resolution
Public non-institutional shareholders cast 8,58,774 votes, representing 2.51% of their category

💡 This is a routine administrative matter ensuring board continuity; investors should continue to monitor the performance of the company's underlying investments in Inox Leisure and Inox Wind.

GFL Limited Submits Q1 FY27 Compliance Certificate under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 11:53 AM

GFL Limited has filed its quarterly compliance certificate for the period ended June 30, 2026, as mandated by SEBI (Depositories and Participants) Regulations. The certificate, provided by RTA MUFG Intime India Private Limited, confirms that all dematerialization requests were processed within prescribed timelines. It further verifies that physical share certificates were mutilated and cancelled after verification, with depository names updated in the register of members. This is a standard administrative filing with no impact on business operations or financials.

Compliance certificate issued for the quarter ended June 30, 2026
RTA MUFG Intime India Private Limited confirmed processing of all demat requests within timelines
Physical security certificates were mutilated and cancelled after due verification by depository participants
Filing submitted to BSE and NSE on July 9, 2026, in accordance with Regulation 74(5)

💡 This is a routine procedural filing. No action is required from investors; focus should remain on upcoming quarterly financial results for operational insights.

GFL Limited seeks shareholder approval for re-appointment of 77-year-old Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 06 Jul 2026, 05:21 PM

GFL Limited has issued a postal ballot notice for the re-appointment of Mr. Shashi Kishore Jain as a Non-Executive Independent Director for a second five-year term. As Mr. Jain is 77 years old, a special resolution is required under SEBI regulations to continue his directorship beyond the age of 75. The proposed term runs from May 30, 2026, to May 29, 2031. Shareholders can cast their votes electronically between July 7 and August 5, 2026, with results to be announced by August 7, 2026.

Proposed re-appointment of Mr. Shashi Kishore Jain for a second 5-year term starting May 30, 2026
Director is 77 years old, necessitating a special resolution under SEBI Regulation 17(1A)
E-voting period scheduled for 30 days from July 7, 2026, to August 5, 2026
Mr. Jain's last drawn remuneration was ₹1.40 lakhs
The director has attended 5 out of 5 board meetings during the previous year

💡 Investors should monitor the voting results on August 7, 2026, to confirm board continuity and regulatory compliance regarding independent directorships.

GFL Limited: Trading Window Closure from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 06:15 PM

GFL Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are submitted to the stock exchanges. This procedural filing has no impact on the company's financial operations or long-term valuation.

Trading window closure effective from July 1, 2026
Closure pertains to the unaudited financial results for the quarter ending June 30, 2026
Window to reopen 48 hours after the results are submitted to the exchanges
Applies to all directors, officers, and designated employees of the company

💡 Educational: This is a routine administrative filing. Investors should monitor for the upcoming board meeting date announcement to know when the Q1 FY27 results will be declared.

GFL Limited Reports FY26 Turnaround with ₹1.63 Cr Net Profit; Re-appoints Independent Director

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 29 May 2026, 05:19 PM

GFL Limited reported a standalone net profit of ₹163 Lakhs for the full year ended March 31, 2026, recovering from a loss of ₹3,403 Lakhs in the previous year which was heavily impacted by a one-time deferred tax charge. Total revenue from operations saw a modest increase to ₹368 Lakhs from ₹332 Lakhs year-on-year. The company's balance sheet is primarily composed of investments valued at ₹2,784.83 Crore. Additionally, the board has approved the re-appointment of Mr. Shashi Kishore Jain as an Independent Director for a second five-year term.

Standalone FY26 Net Profit stood at ₹163 Lakhs compared to a Net Loss of ₹3,403 Lakhs in FY25.
Total Revenue from operations grew 10.8% year-on-year to ₹368 Lakhs in FY26.
Total Financial Assets as of March 31, 2026, reached ₹2,785.62 Crore, largely driven by investments.
Q4 FY26 standalone profit was ₹25 Lakhs, down from ₹35 Lakhs in the corresponding quarter of the previous year.
Board approved the re-appointment of Mr. Shashi Kishore Jain as Independent Director for a term until May 2031.

💡 As GFL Limited operates primarily as an investment holding company, investors should evaluate the stock based on the Net Asset Value (NAV) of its ₹2,785 Crore investment portfolio rather than its small operating revenues.

GFL Limited Files Quarterly SEBI Compliance Certificate for March 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 09:37 AM

GFL Limited has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The certificate, issued by Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, confirms that all securities received for dematerialization were processed within mandated timelines. The RTA verified that physical certificates were mutilated and cancelled after due verification, ensuring the integrity of the company's shareholding records. This is a standard administrative filing required by Indian market regulators.

Compliance certificate submitted for the quarter ended March 31, 2026.
Issued by RTA MUFG Intime India Private Limited (formerly Link Intime India).
Confirms dematerialization requests were processed and listed on stock exchanges within prescribed timelines.
Verification that physical security certificates were mutilated and cancelled after depository substitution.

💡 This is a routine regulatory filing with no impact on company fundamentals. No immediate action is required from investors.

GFL Limited Shareholders Approve Pavan Kumar Jain as CMD with 99.99% Majority

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 27 Mar 2026, 10:14 PM

GFL Limited has successfully passed two key resolutions via postal ballot with near-unanimous shareholder support. Shareholders approved the appointment of Mrs. Ishita Jain as a Non-Executive Director and the change in designation of Mr. Pavan Kumar Jain to Chairman and Managing Director, even as he is beyond 70 years of age. Both resolutions received over 99.99% of the votes cast, with a total voter turnout of approximately 69.48% of the company's outstanding shares. This move ensures leadership continuity and formalizes the roles of key promoter-group members in the company's governance.

Resolution to appoint Mrs. Ishita Jain as Non-Executive Director passed with 99.9920% votes in favour.
Special Resolution to appoint Mr. Pavan Kumar Jain as Chairman and Managing Director passed with 99.9968% approval.
Total votes polled amounted to 76,327,467, representing 69.48% of the total 109,850,000 shares.
Promoter and Promoter Group, holding 75,492,611 shares, voted 100% in favour of both resolutions.
Public institutional participation was approximately 47.10% of their holding, with high support for the management changes.

💡 Investors should view this as a routine governance update that ensures leadership stability; no immediate portfolio changes are recommended based on this announcement.

View All GFLLIMITED Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: 'Investments and allied activities'. Standalone revenue for H1 FY26 was INR 1.84 Cr, representing a 10.84% growth compared to INR 1.66 Cr in H1 FY25. This growth was driven by a 9.65% increase in fees and commission income (INR 1.25 Cr vs INR 1.14 Cr) and a 13.46% increase in net gains on fair value changes (INR 0.59 Cr vs INR 0.52 Cr).

Geographic Revenue Split

Not specifically disclosed in available documents, though the company is registered in Mumbai, India, and its primary associates (Inox Wind and Inox Leisure) operate within the Indian market.

Profitability Margins

Standalone Net Profit Margin for H1 FY26 was 48.91% (INR 0.90 Cr profit on INR 1.84 Cr revenue). This is a significant recovery from H1 FY25, which saw a net loss of INR 34.77 Cr due to a one-time deferred tax charge. Standalone Operating Profit Margin (before working capital changes) was 29.89% in H1 FY26, slightly down from 34.34% in H1 FY25.

EBITDA Margin

Operating profit before working capital changes for H1 FY26 was INR 0.55 Cr, yielding a margin of 29.89% on total revenue. This represents a slight decline from the 34.34% margin (INR 0.57 Cr) recorded in H1 FY25, primarily due to a 21.88% increase in employee benefit expenses (INR 0.39 Cr vs INR 0.32 Cr).

Capital Expenditure

Standalone capital expenditure is minimal; the company spent INR 0.77 Lakhs on property, plant, and equipment in FY25 and INR 0 in H1 FY26. The company primarily functions as an investment holding entity.

Credit Rating & Borrowing

The Group's credit profile is described as sustained by substantial cash accrual and healthy debt protection metrics. The standalone entity is described as 'almost debt free', with no interest expenses reported in the quarterly results.

⚙️ Operational Drivers

Raw Materials

Not applicable for an investment holding company. However, the broader group consumes materials for wind turbine manufacturing (fiberglass, steel) and chemicals.

Capacity Expansion

Not applicable for the standalone investment business. The company's value is tied to the capacity of its associates, Inox Wind and Inox Leisure.

Raw Material Costs

Not applicable for the standalone entity. Total standalone expenses for H1 FY26 were INR 0.70 Cr, up 22.81% YoY from INR 0.57 Cr.

Manufacturing Efficiency

Not applicable for the standalone entity. Group efficiency is driven by the operating performance of the wind turbine and chemical businesses.

📈 Strategic Growth

Growth Strategy

The company's growth strategy is centered on the performance and consolidation of its two major listed associates: Inox Leisure Limited (cinema exhibition) and Inox Wind Limited (wind energy). Growth is achieved through the appreciation of these investments and fees from investment product distribution. The stock currently trades at a deep discount of 0.25 times its book value, suggesting potential value unlocking if associate performance improves.

Products & Services

Investment holding services and distribution of investment products.

Brand Portfolio

Inox Leisure, Inox Wind.

Market Share & Ranking

Not disclosed for the holding company; however, its associates are major players in the Indian cinema exhibition and wind turbine manufacturing sectors.

Strategic Alliances

Strategic holdings in Inox Leisure Limited and Inox Wind Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward consolidation in the cinema sector and increased capacity in renewable energy (wind). The company's positioning as a holding entity allows it to benefit from these macro shifts without direct operational exposure.

Competitive Landscape

The company competes with other financial holding companies and investment firms. Its associates compete with major cinema chains (like PVR) and wind turbine OEMs (like Suzlon).

Competitive Moat

The company's moat is derived from its significant stakes in established brands like Inox. This advantage is sustainable as long as the underlying businesses maintain their market leadership in cinema and wind energy.

Macro Economic Sensitivity

Highly sensitive to Indian fiscal policy and capital gains taxation. The 2024 tax rate hike on long-term capital gains directly reduced the company's book value through deferred tax remeasurement.

Consumer Behavior

Demand for cinema exhibition is highly dependent on content quality and movie-going trends, which indirectly affects GFL's investment valuation.

⚖️ Regulatory & Governance

Industry Regulations

The company complies with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It maintains internal financial controls as verified by auditors Patankar & Associates.

Environmental Compliance

Not disclosed for the standalone entity; associate Inox Wind is subject to renewable energy regulations.

Taxation Policy Impact

The company is subject to Indian corporate tax and capital gains tax. The Finance (No. 2) Act, 2024, resulted in a remeasurement of deferred tax liabilities, causing a charge of INR 33.86 Cr on a consolidated basis.

Legal Contingencies

The company reports INR 0 in pending litigations that would impact its financial position as of March 31, 2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility in the market value of its investments (FVTPL), which fluctuated by INR 0.59 Cr in H1 FY26. Another risk is the potential for further changes in tax laws affecting capital gains.