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Grand Foundry Limited (GFSTEELS)

📊 NSE: GFSTEELS 🏢 Steel - Medium / Small 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Grand Foundry's revenue was ₹19.6 Cr, and net profit ₹2.1 Cr (against a loss a year earlier); the operating margin was 11.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹19.6	—	+86.6%
Operating profit	₹2.2	from loss	+104.8%
Net profit	₹2.1	from loss	+137.2%
EPS (₹)	0.69	from loss	+137.9%
Operating margin	11.3%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Grand Foundry Submits Dematerialisation Certificate for Quarter Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 04:28 PM

Grand Foundry Limited (now Tikona Communication Limited) has submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate from RTA Purva Sharegistry (India) Pvt. Ltd. covers dematerialisation requests processed for the quarter ended September 30, 2026. The RTA confirmed that share certificates received were verified, mutilated, cancelled, and substituted with depositories in the member register within stipulated timelines.

Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
Certificate issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Pvt. Ltd. dated October 1, 2026
Individual dematerialisation batches processed during the period include lots such as 700 shares on July 14, 2026, and 200 shares on July 25, 2026

💡 Track the company's upcoming Q2 FY27 earnings results and operational updates; no action required on this procedural filing.

Grand Foundry Calls EGM For Rs 88.45 Cr Warrant Issue And Name Change To Tikona Communication

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 06 Oct 2026, 05:35 PM

Grand Foundry Limited has issued an EGM notice for October 28, 2026, seeking shareholder approval to issue up to 8.845 crore convertible warrants at an issue price of Rs 10 each, potentially raising Rs 88.45 crore. Concurrently, the company is increasing its authorized share capital from Rs 30.10 crore to Rs 138.00 crore. The filing also documents the company's formal business transformation and proposed name change to Tikona Communication Limited, following a complete operational pivot to telecom infrastructure and broadband services, which generated 100% of revenues (Rs 10.53 crore) in Q4 FY26.

Proposed preferential issue of up to 8,84,50,000 convertible warrants at Rs 10 per share, representing an Rs 88.45 crore fundraise
Increase in authorized share capital from Rs 30.10 crore to Rs 138.00 crore
Pivot to telecommunications and broadband services generated 100% (Rs 1,052.56 lakhs) of revenue in Q4 FY26 after nil revenue in previous quarters
EGM scheduled for October 28, 2026, with remote e-voting cut-off date on October 21, 2026

💡 Track shareholder voting results from the October 28, 2026 EGM and subsequent regulatory approvals for the warrant allotment and corporate name change.

Grand Foundry Submits CA Certificate for Name Change to Tikona Communication

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 06 Oct 2026, 11:40 AM

Grand Foundry Limited has submitted a revised Chartered Accountant certificate under Regulation 45(3) of SEBI LODR for its proposed name change to 'Tikona Communication Limited'. Following a management change via open offer in 2025, the company diversified into telecommunications infrastructure and broadband services. After reporting zero revenue across the first three quarters of FY 2025-26, the company generated ₹10.53 crore (100% of revenue) from telecom services in Q4 FY 2025-26. The revised certificate will be included in the Explanatory Statement for the upcoming EGM to seek shareholder approval.

Proposed change of company name from Grand Foundry Limited to Tikona Communication Limited
Generated ₹1,052.56 lacs (100% of revenue) from telecom and allied activities in Q4 FY 2025-26
Nil revenue reported in Q1, Q2, and Q3 of FY 2025-26 prior to the telecom diversification
MCA approval for the new name was obtained on June 24, 2026
Object clause amendment to enter telecommunications was approved at EGM on February 10, 2026

💡 Track the upcoming EGM voting results regarding the name change and monitor whether quarterly telecom revenues sustain following the Q1 FY27 print (₹19.65 cr).

GFSTEELS to Acquire 90.82% in Fusionnet for ₹256.84 Cr & Raise ₹98.85 Cr via Preferential Issue

🔵 WATCH ⭐ 10/10

M&A 📅 01 Oct 2026, 06:41 PM

Grand Foundry Limited (Tikona Communication Limited) announced a transformative acquisition of a 90.82% stake in telecom infra player Fusionnet Web Services Limited for ₹256.84 crore. The consideration will be settled non-cash via the issuance of 8.56 crore 3.20% Redeemable Cumulative Non-Convertible Preference Shares (RNCPS) to SAR Televenture Limited. Additionally, the Board approved raising up to ₹98.85 crore through preferential allotment of 1.04 crore equity shares (₹10.40 crore) and 8.845 crore convertible warrants (₹88.45 crore) at ₹10 per unit. An Extra-Ordinary General Meeting (EGM) is scheduled for October 28, 2026, to seek shareholder approval.

Acquisition of 90.82% stake (1,28,09,761 shares) in Fusionnet Web Services for ₹256.84 crore at ₹200.50 per share
Acquisition consideration discharged via 8,56,11,902 3.20% RNCPS at ₹30 each (face value ₹10, premium ₹20)
Preferential issuance of 1.04 crore equity shares at ₹10 each, raising ₹10.40 crore
Preferential issuance of up to 8.845 crore warrants at ₹10 each, potentially raising ₹88.45 crore over 18 months
Fusionnet reported FY26 audited turnover of ₹132.73 crore, up from ₹68.15 crore in FY25

💡 Track shareholder voting results at the EGM on October 28, 2026, and watch for subsequent regulatory approvals alongside updates on the business integration of Fusionnet.

Sar Televenture Acquires 70.17% Stake; Erstwhile Promoters Seek Reclassification to Public

🟡 NEUTRAL ⭐ 7/10

M&A 📅 29 Sep 2026, 03:15 PM

Sar Televenture Limited has completed the acquisition of 2,13,51,740 shares, representing a 70.17% stake in Grand Foundry Limited (Tikona Communication Limited), formally concluding its open offer process on September 28, 2026. Following this change in control, outgoing promoters Mr. Gaurav Goyal (transferred 56.13%) and Mr. Rakesh Kumar Bansal (transferred 14.04%) have reduced their shareholdings to zero. Both erstwhile promoters have formally applied for reclassification from 'Promoter/Promoter Group' to the 'Non-Promoter/Public' category under Regulation 31A of SEBI LODR Regulations.

Sar Televenture Limited acquired 2,13,51,740 equity shares representing 70.17% of paid-up capital
Outgoing promoter Mr. Gaurav Goyal offloaded entire 1,70,80,288 shares (56.13%) to nil
Outgoing promoter Mr. Rakesh Kumar Bansal transferred entire 42,71,452 shares (14.04%) to nil
Open offer process completed on September 28, 2026, following the initial share purchase agreement dated March 3, 2026

💡 Track board and shareholder approval along with stock exchange clearance for the reclassification, and monitor subsequent disclosures on the new promoter's strategic business turnaround plans.

Grand Foundry Approves ₹99.22 Cr Acquisition of 62.01% in Tikona Infinet via NCDs

🔵 WATCH ⭐ 10/10

M&A 📅 17 Sep 2026, 04:20 PM

Grand Foundry Limited (Tikona Communication Limited) approved issuing up to ₹99.19 crore in unlisted secured NCDs to finance the acquisition of a 62.01% equity stake in Tikona Infinet Private Limited, which has a total consideration of ₹99.22 crore. The consideration comprises ₹86.80 crore in 36-month NCDs (1% coupon), ₹12.39 crore in 12-month NCDs (6% coupon), and ₹3.00 lakh in cash. This ₹99.22 crore acquisition is transformative compared to the company's current market cap of ₹75 crore and TTM revenue of ₹30 crore. Additionally, the board deferred a proposed fundraise via convertible warrants.

Acquisition of 62.01% equity stake in Tikona Infinet Private Limited for ₹99,22,00,380
Issuance of unlisted secured NCDs aggregating up to ₹99.19 crore as non-cash purchase consideration
NCD breakdown: ₹86.80 crore over 36 months at 1% p.a. and ₹12.39 crore over 12 months at 6% p.a.
Cash consideration limited to ₹3,00,380 payable at closing
Security pledged over identified assets of SAR Televenture Limited valued at approximately ₹99.19 crore

💡 Track shareholder and regulatory approvals for the Related Party Transaction (RPT), along with details on the deferred preferential allotment of warrants.

Grand Foundry to Acquire 62.01% of Tikona Infinet for Rs 99.22 Cr via NCDs

🔵 WATCH ⭐ 10/10

M&A 📅 12 Sep 2026, 06:09 PM

Grand Foundry Limited (now Tikona Communication Limited) has approved the acquisition of a 62.01% controlling stake in Tikona Infinet Private Limited for an aggregate consideration of Rs 99.22 crore. The transaction will be fully financed through the issuance of Non-Convertible Debentures (NCDs). The target entity reported FY25 revenue of Rs 218.86 crore, representing a massive shift relative to Grand Foundry's TTM revenue of Rs 30 crore and current market cap of Rs 62 crore. The deal marks a complete pivot from legacy steel operations into telecom and digital connectivity, targeted for completion by March 31, 2027.

Acquiring 62.01% stake (1,27,89,817 equity shares) in Tikona Infinet Private Limited
Total consideration is Rs 99.22 crore (INR 99,22,00,380) funded via Non-Convertible Debentures (NCDs)
Target company generated turnover of Rs 218.86 crore in FY25, up from Rs 175.22 crore in FY24
Deal completion target is set for March 31, 2027, subject to SPA conditions

💡 Watch for shareholder approvals, final execution terms of the SPA, and specific terms of the NCD issuance (coupon rate, tenure, and servicing obligations).

Grand Foundry Changes Corporate Name to Tikona Communication Limited Effective September 11, 2026

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 11 Sep 2026, 02:55 PM

Grand Foundry Limited has received approval from the Registrar of Companies, Ministry of Corporate Affairs, to change its name to 'Tikona Communication Limited' effective September 11, 2026. This administrative change follows previous board/shareholder intimations dated July 20, 2026, and August 13, 2026. The company recently reported Rs 19.65 crore in Q1 FY27 revenue after a prolonged shutdown, and this name change aligns with a broader shift in ownership and business focus following an open offer acquisition by new promoters.

Name changed from Grand Foundry Limited to Tikona Communication Limited effective September 11, 2026
Approval granted by Registrar of Companies, Ministry of Corporate Affairs (MCA)
Follows earlier corporate intimations on July 20, 2026, and August 13, 2026
Company reported turnaround revenue of Rs 19.65 crore in Jun 2026 quarter

💡 Monitor upcoming exchange ticker/symbol changes and disclosures regarding operational realignment or new business objectives under the communication services umbrella.

Grand Foundry EGM Approves New MD, Name Change, and Increased Borrowing Limits

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 13 Aug 2026, 05:42 PM

Grand Foundry Limited held an Extraordinary General Meeting (EGM) on August 13, 2026, passing 11 resolutions to restructure leadership and financial capabilities. Key approvals include the appointment of Deepak Chaudhary as Managing Director and Vikas Tandon as Whole-time Director. Shareholders also authorized the board to increase borrowing limits and create charges on company assets, which is critical given the company's current negative net worth of Rs -5 Cr and 0% capacity utilization. Additionally, a proposal to change the company's name was approved, signaling a potential rebranding as part of its turnaround strategy.

Appointment of Deepak Chaudhary as Managing Director and Vikas Tandon as Whole-time Director approved via special resolutions.
Shareholders approved increasing borrowing limits under Section 180(1)(c) and creating security on assets under Section 180(1)(a).
Approval granted for inter-corporate loans, guarantees, and investments under Sections 185 and 186 of the Companies Act.
Special resolution passed for a change in the company's name and consequential alteration of the Memorandum of Association.
The meeting was attended by 36 members via video conferencing, satisfying the quorum requirements.

💡 Investors should monitor subsequent filings for the specific new name of the company and any concrete debt-raising or capital infusion announcements following these approvals. The primary indicator of success will be the restart of production, which currently stands at 0% due to capital shortages.

11 Resolutions: Grand Foundry EGM Proposes Name Change and New Borrowing Limits

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 13 Aug 2026, 05:38 PM

Grand Foundry Limited held its 1st Extraordinary General Meeting (EGM) for FY 2026-27 on August 13, 2026, to seek shareholder approval for 11 key resolutions. These include the formal appointment of a Managing Director and Whole-time Director, a change in the company's name, and expanded borrowing limits under Section 180(1)(c). The company is also seeking powers to create mortgages on assets and provide inter-corporate loans/guarantees. This follows a recent operational restart where revenue jumped to Rs 10.53 Cr in Q4 FY26 after several quarters of zero revenue.

11 resolutions proposed including management appointments and structural changes
Approval sought for borrowing limits and creation of charges on company assets
Proposed change of the company name and consequential MOA/AOA alterations
36 members attended the meeting conducted via video conferencing
Remote e-voting was conducted between August 10 and August 12, 2026

💡 Monitor the upcoming voting results to confirm approval of borrowing limits and the name change, which will indicate the company's readiness to secure fresh capital for its production restart.

EGM on Aug 13: Grand Foundry to Pivot to Telecom as Tikona Communication Limited

🔵 WATCH ⭐ 7/10

MANAGEMENT 📅 20 Jul 2026, 04:46 PM

Grand Foundry Limited has convened an Extraordinary General Meeting (EGM) for August 13, 2026, to approve a fundamental shift in its business identity and leadership. The company proposes changing its name to 'Tikona Communication Limited,' reflecting a pivot from steel to telecom and allied activities, which accounted for 100% of its recent Rs 10.53 Cr revenue in March 2026. Additionally, the board seeks to appoint Mr. Vikas Tandon as Whole-time Director for five years with a monthly remuneration of Rs 50,000. This restructuring follows years of zero revenue and a current negative net worth of Rs -5 Cr.

Extraordinary General Meeting (EGM) scheduled for August 13, 2026, via video conferencing.
Proposed name change to 'Tikona Communication Limited' to align with new telecom business activities.
Appointment of Mr. Vikas Tandon as Whole-time Director with a monthly salary of Rs 50,000.
Auditor confirms 100% of revenue in the preceding year was derived from telecom-related activities.
Appointment of Mr. Arun Goel as a Non-Executive Independent Director for a 5-year term.

💡 Investors should monitor the EGM voting results and seek clarity on the company's new telecom business model, especially given its history of zero production in the steel sector and its current negative net worth.

GFSTEELS Q1 Revenue Hits ₹19.65 Cr vs Near-Zero YoY; Name Change to Tikona Communication Approved

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 20 Jul 2026, 01:47 PM

Grand Foundry (GFSTEELS) reported a massive turnaround in Q1 FY27, with revenue reaching ₹19.65 cr compared to just ₹0.0008 cr in the same quarter last year. This single quarter's revenue is approximately 178% of the entire TTM revenue of ₹11 cr. The company posted a net profit of ₹2.11 cr, reversing a loss of ₹0.15 cr YoY. This financial surge coincides with a strategic pivot to the telecom and communication equipment sector and a proposed name change to Tikona Communication Limited.

Revenue from operations surged to ₹19.65 cr in Q1 FY27 from ₹0.0008 cr in Q1 FY26.
Net profit stood at ₹2.11 cr for the quarter, compared to a loss of ₹0.15 cr in the previous year's corresponding quarter.
Promoters have agreed to sell a 70.17% stake (2,13,51,740 shares) to new acquirers.
An open offer for 26% of the capital is underway at ₹2.50 per share, significantly below the current market price of ₹14.3.
The board approved a name change to 'Tikona Communication Limited' to reflect the new business focus.

💡 Investors should monitor the completion of the open offer and the transition of management, while noting that the stock remains under Graded Surveillance Measures (GSM) Stage 3, which restricts trading liquidity.

SAR Televenture Takes Control of Grand Foundry; Appoints New MD, WTD, and CFO

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 09 Jul 2026, 01:52 PM

SAR Televenture Limited has successfully completed its Open Offer and assumed control of Grand Foundry Limited, resulting in a complete management overhaul. Effective July 9, 2026, Mr. Deepak Chaudhary has been appointed as Managing Director and Mr. Vikas Tandon as Whole-time Director for 5-year terms. This follows the resignation of the previous leadership team, including the MD, WTD, and CFO. The change is pivotal as the company currently operates at 0% capacity utilization with a negative net worth of -₹5 Cr.

SAR Televenture Limited acquired control following a successful Open Offer under SEBI Takeover Regulations.
Mr. Deepak Chaudhary appointed as Managing Director for a 5-year term starting July 9, 2026.
Mr. Vikas Tandon, currently WTD and CFO of SAR Televenture, joins as Whole-time Director.
Complete exit of previous management including MD Gaurav Goyal, WTD Rakesh Kumar Bansal, and CFO Nitin Gupta.
New management inherits a company with 0% manufacturing efficiency and ₹7 Cr in debt.

💡 Monitor for announcements regarding capital infusion or plans to restart production, as the company currently has no active manufacturing operations. Watch for the upcoming shareholder vote to confirm these appointments.

SAR Televenture Takes Control of Grand Foundry; New MD and CFO Appointed

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 09 Jul 2026, 01:50 PM

SAR Televenture Limited has successfully completed its Open Offer to acquire control of Grand Foundry Limited, leading to a total overhaul of the board and management. Mr. Deepak Chaudhary has been appointed as Managing Director and Mr. Vikas Tandon as Whole-time Director for 5-year terms effective July 9, 2026. This change is critical as the company currently reports 0% capacity utilization and a negative net worth of Rs -5 Cr. The new management, backed by SAR Televenture, is expected to address the liquidity crunch that has previously halted production.

SAR Televenture Limited successfully completed the Open Offer to acquire control and management of the company.
Mr. Deepak Chaudhary appointed as Managing Director for a 5-year term starting July 9, 2026.
Mr. Vikas Tandon, currently WTD and CFO of SAR Televenture, joins as Whole-time Director.
Resignation of the previous Managing Director, Whole-time Director, and CFO effective July 9, 2026.
Company faces a recovery challenge with TTM revenue of only Rs 11 Cr and a net worth of Rs -5 Cr.

💡 Monitor for upcoming announcements regarding capital infusion or a specific timeline to restart manufacturing operations, given the current 0% capacity utilization.

Grand Foundry Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jul 2026, 11:20 AM

Grand Foundry Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, issued by Purva Sharegistry (I) Private Limited, confirms the processing of dematerialization requests. This is a standard administrative filing and does not impact the company's operational status. Currently, the company reports 0% capacity utilization and a negative net worth of Rs -5 Cr.

Compliance certificate submitted for the quarter ended June 30, 2026
Registrar and Share Transfer Agent confirmed as Purva Sharegistry (I) Private Limited
Filing completed on July 6, 2026, in accordance with SEBI timelines
Company maintains a negative net worth of Rs -5 Cr as per latest financial context

💡 Focus on upcoming operational updates regarding the restart of production and the outcome of the open offer, as this filing is purely procedural.

View All GFSTEELS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Production revenue experienced a 100% decline as no income was generated through exports or sales due to a total halt in production. Current revenue is derived solely from commissions on sales passed to fellow industries to maintain marketing presence.

Geographic Revenue Split

Not disclosed in available documents, though the company historically operated in India and principal export markets.

Profitability Margins

Profitability was not satisfactory due to a liquidity crunch and stressed working capital. Specific gross, operating, and net margins are not disclosed but are implied to be negative or negligible due to zero production.

Capital Expenditure

Capital expenditure is effectively negative as the company sold machineries and assets to repay outstanding debts and manage a liquidity crunch.

Credit Rating & Borrowing

Not disclosed, but the company reports substantial defaults in payments to creditors, depositors, and debenture-holders.

⚙️ Operational Drivers

Raw Materials

Steel-related raw materials (scrap, billets) are the primary inputs, though specific names and cost percentages are not disclosed.

Capacity Expansion

Current capacity utilization is 0% due to the sale of machinery and lack of working capital. The company is seeking investors to restart production on a large scale.

Raw Material Costs

Raw material availability and prices are cited as critical risk factors, but specific cost percentages of revenue are not disclosed.

Manufacturing Efficiency

Manufacturing efficiency is currently 0% as production has ceased entirely due to machinery sales and capital shortages.

📈 Strategic Growth

Growth Strategy

The company aims to restart large-scale production by securing new potential investors. It plans to leverage the 'India opportunity' driven by rising infrastructure projects, government policy continuity, and a push for self-reliance, while also targeting export markets as a future driver.

Products & Services

Steel products (implied by company name and industry focus on the steel upcycle).

Brand Portfolio

Grand Foundry Limited (GFL).

Market Expansion

Targeting export markets and domestic infrastructure projects to drive future demand.

Strategic Alliances

The company has established commission-based arrangements with fellow industries to maintain its marketing strength during the production halt.

🌍 External Factors

Industry Trends

The company expects the steel upcycle to continue in the near-to-medium term, positioning itself to benefit from domestic infrastructure growth and global demand shifts.

Competitive Landscape

The industry is characterized by cutthroat competition and cyclical demand patterns.

Competitive Moat

The company's primary moat is its 'marketing strength' and industry relationships, which it maintains through commission-based sales despite having no active production.

Macro Economic Sensitivity

Highly sensitive to economic developments in India and international markets, particularly infrastructure spending and government self-reliance policies.

Consumer Behavior

Demand is primarily driven by government-led infrastructure projects and industrial self-reliance initiatives.

Geopolitical Risks

Exposed to trade barriers and economic shifts in the various countries where it conducts export business.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to changes in Government regulations and industrial policies within India and its export destinations.

Taxation Policy Impact

Changes in tax regimes are cited as a significant risk factor to operations.

Legal Contingencies

The company faces substantial defaults in payments to depositors, debenture-holders, shareholders (non-payment of dividends), and creditors.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to attract new investors to provide the working capital necessary to restart production. Other risks include raw material price volatility and cyclical market demand.