GOCL Corporation Limited (GOCLCORP)
₹365.20 +0.83% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)GOCL Corporation Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, GOCL's revenue was ₹2.0 Cr (-98.6% year on year, +10.0% on the previous quarter), and net profit ₹75.0 Cr (+224.4% year on year); the operating margin was -400.0%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹2.0 | -98.6% | +10.0% |
| Operating profit | ₹-8.0 | loss widened | loss narrowed |
| Net profit | ₹75.0 | +224.4% | -64.3% |
| EPS (₹) | 15.16 | +224.6% | -64.3% |
| Operating margin | -400.0% | — | — |
GOCLCORP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 41.53% of the GOCLCORP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.84%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 50.5% · 42.7% · 41.9% · 42.2% · 41.5%
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
GOCL Corporation has received an order from the NCLT Amaravati Bench dated October 08, 2026, directing it to convene meetings of its equity shareholders and unsecured creditors. The meetings concern the proposed Scheme of Merger by Absorption of Hinduja National Power Corporation Limited into GOCL Corporation. This step moves the company closer to completing its strategic pivot into the thermal power sector. Further meeting details and timelines will be disclosed to the exchanges in subsequent filings.
- NCLT Amaravati Bench issued order dated October 08, 2026, directing shareholder and creditor meetings
- Scheme involves merger by absorption of Hinduja National Power Corporation Limited into GOCL Corporation
- Proceeds under Sections 230 to 232 of the Companies Act, 2013
- Advances GOCL's planned business transition into thermal power generation
GOCL Corporation Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent KFin Technologies confirms that all share dematerialisation requests received during the quarter ended September 30, 2026, were processed within 15 days. Confirmed shares remain listed on the stock exchanges, and physical certificates were cancelled accordingly. This is a routine administrative filing with no financial or operational impact.
- Compliance certificate submitted for the quarter ended September 30, 2026
- RTA KFin Technologies confirmed dematerialisation actions handled within 15 days of receipt
- RTA letter dated October 05, 2026, followed by corporate filing on October 06, 2026
GOCL Corporation Limited disclosed the scrutinizer's report and voting results for its 65th Annual General Meeting held on September 29, 2026. All four ordinary resolutions—including the adoption of standalone and consolidated financial statements for FY26, declaration of dividend, and re-appointment of retiring director Mr. M. V. Jagadeshi Rao—were approved with near 100% majority. A total of 34,925,172 valid votes were cast across remote e-voting and instapoll. The outcome indicates seamless shareholder consent with no contested agendas.
- All four ordinary resolutions passed with approximately 100.00% votes cast in favor
- A total of 34,925,172 valid votes were polled across remote e-voting and instapoll
- Only 68 to 86 votes were cast against each respective resolution
- AGM was conducted on September 29, 2026, with cut-off date for eligibility on September 22, 2026
At its 65th AGM, GOCL Corporation detailed its strategic transformation following the divestment of IDL Explosives and disengagement from the energetics business. The company is advancing the merger of Hinduja National Power Corporation Limited (HNPCL), which operates a 1,040 MW thermal plant (FY26 revenue of ₹2,931 crore and net worth of ₹8,309 crore) and is expected to add about ₹3,000 crore to GOCL's top line. In real estate, GOCL completed the sale of 157 acres at Kukatpally and expects approximately ₹815 crore from the sale of its Bengaluru Ecopolis project to Tata Group SPVs. A dividend of ₹30 per share (1500%) was proposed for FY26.
- Proposed merger with HNPCL (1,040 MW operating capacity) expected to add ~₹3,000 crore to top line
- HNPCL reported ₹2,931 crore in operating income and ₹229 crore PAT for FY26
- GOCL share of consideration from Bengaluru Ecopolis sale to Tata Group SPVs is approx. ₹815 crore
- Completed sale of 157 acres out of 264 acres MoU at Kukatpally, Hyderabad
- Proposed dividend of ₹30 per share (1500%) for FY26 following asset monetization
GOCL Corporation received a favourable ruling from the NCLAT Chennai Bench on September 25, 2026, setting aside an earlier NCLT dismissal of its Scheme of Merger with Hinduja National Power Corporation Limited (HNPCL). The NCLAT held that NCLT's dismissal at the First Motion stage was premature and directed the NCLT Amravati bench to appoint chairpersons, scrutinizers, and fix shareholder meeting schedules by October 5, 2026. This revival is critical for GOCL, which is pivoting into the thermal power sector following divestments in its explosives business. The merger process will now proceed to shareholder and creditor voting stages.
- NCLAT set aside NCLT Amravati's July 30, 2026 dismissal order on appeal Company Appeal (AT) (CH) No. 88/2026.
- NCLT directed to prescribe shareholder meeting schedule and appoint chairpersons/scrutinizers not later than October 5, 2026.
- Scheme of Merger maintains an Appointed Date of April 1, 2025, which was previously contested by NCLT.
- First Motion application had been originally filed on June 22, 2026, following receipt of stock exchange/SEBI observations in May 2026.
GOCL Corporation provided an update on its Kukatpally land monetization, confirming that about 157 acres out of a total 264.50 acres have been monetized so far. The monetization of the remaining ~107.5 acres is partly delayed because it is mortgaged as security for a loan taken by group entity Hinduja National Power Corporation Limited (HNPCL). HNPCL has repaid most of the loan and is negotiating with lenders to release the land. Once released, the company intends to expedite monetization of the remaining parcel.
- Monetized ~157 acres out of 264.50 acres of land at Kukatpally, Hyderabad to date
- Remaining ~107.5 acres partly encumbered under mortgage obligation for HNPCL loan
- HNPCL has repaid most of its loan and is discussing releasing the land with lenders
- Expedited monetization of remaining acreage planned immediately upon mortgage release
GOCL Corporation provided an update on its Kukatpally (Hyderabad) land monetization process. The company has completed the monetization of approximately 157 acres out of its total 264.50 acres. The remaining land includes portions currently mortgaged as security for a loan taken by Hinduja National Power Corporation Limited (HNPCL). HNPCL has repaid most of the loan and is negotiating with lenders to release the mortgage, after which monetization will be expedited.
- Monetization completed for about 157 acres out of 264.50 acres total land parcel
- Balance ~107.50 acres remaining to be fully monetized
- Part of remaining land under mortgage obligation for HNPCL loan
- HNPCL has repaid most of the loan and is in discussions with lenders to release the land
GOCL Corporation Limited has announced the closure of its trading window effective October 01, 2026, pursuant to SEBI Insider Trading Regulations. The window will remain shut for designated persons and their immediate relatives until 48 hours following the declaration of financial results. The financial results pertain to the quarter and half-year ending September 30, 2026. The specific date for the Board Meeting to consider these results will be intimated separately.
- Trading window closes starting October 01, 2026
- Applies for un-audited results for the quarter and half-year ending September 30, 2026
- Window to reopen 48 hours after financial results declaration
- Board meeting date to consider results to be communicated later
GOCL Corporation has issued a communication to shareholders whose email addresses are not registered, providing weblinks for the FY2025-26 Annual Report and AGM Notice. The 65th Annual General Meeting is scheduled for September 29, 2026, at 12:30 p.m. IST via video conference. The cut-off date to determine e-voting entitlement is set for September 22, 2026, with remote e-voting running from September 24 to September 28, 2026. This is a standard statutory disclosure with no impact on business operations or financials.
- 65th Annual General Meeting scheduled for Tuesday, September 29, 2026, at 12:30 p.m. IST via VC/OAVM
- Cut-off date for e-voting eligibility set as Tuesday, September 22, 2026
- Remote e-voting window opens September 24, 2026 (9:00 a.m.) and closes September 28, 2026 (5:00 p.m.)
- Letter sent in accordance with Regulation 36(1)(b) of SEBI LODR Regulations
GOCL Corporation Limited has released standard tax deduction at source (TDS) guidelines regarding its recommended final dividend of ₹30 per equity share (1500% on ₹2 face value) for FY26. The dividend payout is subject to shareholder approval at the upcoming 65th Annual General Meeting scheduled for September 29, 2026. The record date for determining eligible shareholders is September 22, 2026. Eligible resident and non-resident investors must submit tax exemption certificates and declarations by September 22, 2026, to determine applicable withholding rates.
- Final dividend recommended at ₹30 per equity share of face value ₹2 each (1500%) for FY26
- Record date fixed as Tuesday, September 22, 2026, to determine dividend entitlement
- 65th Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026
- Submission deadline for tax declaration documents (such as Form 121 / 10F) is September 22, 2026, 17:00 IST
- TDS rate of 20% applies for inoperative or invalid PANs unlinked with Aadhaar
GOCL Corporation Limited has fixed Tuesday, September 22, 2026, as the Record Date to determine shareholder eligibility for a final dividend of ₹30.00 per equity share (1500% on ₹2 face value) for FY 2025-26. The Register of Members and Share Transfer Books will remain closed from September 23, 2026, to September 29, 2026. Upon approval at the ensuing Annual General Meeting (AGM), the dividend will be credited to eligible shareholders within 30 days.
- Final dividend declared at ₹30.00 per equity share (1500% of ₹2 face value) for FY26.
- Record date established as Tuesday, September 22, 2026.
- Book closure period scheduled from September 23, 2026, to September 29, 2026 (both days inclusive).
- Dividend payout to be executed within 30 days from the date of shareholder approval at the AGM.
GOCL Corporation Limited has issued notice for its 65th Annual General Meeting (AGM), scheduled to take place on Tuesday, September 29, 2026, at 12:30 PM IST via Video Conferencing. The cut-off date and record date for voting eligibility have been set for Tuesday, September 22, 2026. The remote e-voting period opens on September 24, 2026, and concludes on September 28, 2026. This is a routine annual compliance filing accompanied by the FY2025-26 Annual Report.
- 65th Annual General Meeting scheduled for September 29, 2026, at 12:30 p.m. (IST)
- Record date and cut-off date fixed as Tuesday, September 22, 2026
- Register of Members and Share Transfer Books closed from September 23 to September 29, 2026
- Remote e-voting window runs from September 24, 2026 (9:00 AM IST) to September 28, 2026 (5:00 PM IST)
GOCL Corporation reported a consolidated PAT of Rs 30.67 Cr for Q1 FY27, a significant drop from Rs 1,222.54 Cr in Q1 FY26 which was inflated by massive land sale gains. Revenue from continuing operations fell to Rs 4.28 Cr from Rs 29.29 Cr YoY as the company continues to transition its business model. A major strategic setback occurred on July 30, 2026, when the NCLT rejected the proposed merger with Hinduja National Power (HNPCL), which the company is now appealing. Meanwhile, the monetization of the 'Ecopolis' property for Rs 815 Cr remains in progress, representing a significant value unlock relative to the company's market cap.
- Consolidated PAT for Q1 FY27 stood at Rs 30.67 Cr, down from Rs 1,222.54 Cr YoY due to the absence of large land sale recognitions this quarter.
- NCLT rejected the 'Scheme of Merger' with Hinduja National Power Corporation Limited (HNPCL) on July 30, 2026; company is appealing to NCLAT.
- Agreement to sell 'Ecopolis' property in Bengaluru for Rs 815 Cr is active, with Rs 1 Cr advance received so far.
- Total land sold at Kukatpally, Hyderabad reached 157.21 acres out of the 264.50 acres planned under the Rs 3,418 Cr MOU.
- Disclosed a regulatory lapse involving Rs 1,316.10 Cr in corporate guarantees issued without prior Related Party Transaction (RPT) approvals.
GOCL Corporation Limited has issued a reminder to shareholders holding securities in physical form to update their KYC details, including PAN, bank account information, and nominations. This action follows mandatory SEBI circulars from 2023 and 2024 aimed at streamlining investor records. Shareholders who fail to update these details will face restrictions on service requests and will not receive dividends or other payments, which have been restricted to electronic mode since April 1, 2024. The process is being managed by the company's Registrar and Transfer Agent (RTA), KFin Technologies Limited.
- Mandatory update of PAN, contact details, bank account info, and specimen signatures for physical holders.
- Compliance with SEBI circulars dated March 16, 2023, and May 07, 2024.
- Dividend and other payments restricted to electronic mode only since April 1, 2024.
- Folios without updated KYC will be ineligible for RTA service requests or grievances until compliant.
GOCL Corporation Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document, issued by KFin Technologies Limited, confirms that all share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within the mandated 15-day window. This involves the mutilation and cancellation of physical certificates and updating depository records. As a standard administrative filing, it has no impact on the company's financial health or operational performance.
- Compliance certificate for the quarter ended June 30, 2026.
- Confirmation that dematerialization requests were handled within 15 days of receipt.
- Verification provided by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
- Confirms the substitution of depository names as registered owners in company records.
Financial Performance
Revenue Growth by Segment
The company's revenue is primarily driven by Manufacturing of Explosives Accessories (Detonators), which accounts for 90.33% of turnover (approx. INR 515.87 Cr in FY25), while Real Estate activities contribute 9.67% (approx. INR 55.22 Cr). Total operating income saw a decline of 8.9% from INR 626.92 Cr in FY24 to INR 571.09 Cr in FY25, reflecting a contraction in the core explosives business due to intense competition and market dynamics.
Geographic Revenue Split
GOCL is a 'Star House' exporter shipping to over 20 countries across the Middle East, Southeast Asia, and North America. In FY24, the company achieved export sales of INR 41.57 Cr, despite facing a 15-20% headwind from foreign exchange shortages in African markets and subdued global demand.
Profitability Margins
Net Profit Margin (PAT) saw a substantial increase from 5.08% in FY24 to 15.26% in FY25 (a 1,018 bps improvement), largely driven by the disinvestment of IDL Explosives Limited for INR 107 Cr. However, the Operating Profit Margin declined from -3.96% to -13.65% (a 969 bps drop), indicating that core operations are currently loss-making before accounting for exceptional gains.
EBITDA Margin
EBITDA margin deteriorated from -0.97% in FY24 to -1.77% in FY25. This negative trend is attributed to the rising costs of volatile raw materials and a shift in the competitive landscape where smaller, unorganized players are undercutting prices, reducing industry-wide margins.
Capital Expenditure
While specific annual CAPEX figures were not disclosed, the company is executing a massive land monetization strategy with a Memorandum of Understanding (MOU) valued at INR 3,418 Cr. As of June 30, 2025, the company has already realized INR 1,750 Cr from these transactions to strengthen its liquidity and fund new ventures.
Credit Rating & Borrowing
Infomerics Ratings reaffirmed the Long Term Bank Facilities at 'IVR A / RWDI' and Short Term Bank Facilities at 'IVR A1 / RWDI' on November 26, 2025. The 'Rating Watch with Developing Implications' (RWDI) reflects the ongoing transition from the IEL disinvestment and the proposed acquisition of thermal power operations from Hinduja National Power Corporation Limited.
Operational Drivers
Raw Materials
Specific raw materials include coating materials, chemicals, and metals. These materials are highly sensitive to global crude oil prices, which have fluctuated by over 15-20% due to geopolitical tensions in Russia and the Middle East, directly impacting the cost of goods sold for the energetics division.
Import Sources
Not explicitly disclosed in the documents, though the company notes vulnerability to global trade issues and Middle East instability, suggesting a reliance on international commodity markets for chemical precursors.
Capacity Expansion
The company maintains an annual manufacturing capacity of 270,000 MT of explosives and 192 million initiating devices. Future capacity is being pivoted through the proposed acquisition of thermal power operations to diversify away from the low-margin explosives sector.
Raw Material Costs
Raw material costs are a primary driver of the negative EBITDA, as prices for chemicals and metals are volatile. The company is attempting to mitigate this through a 'better price mechanism' with end-users to pass on cost increases, though intense competition limits this pricing power.
Manufacturing Efficiency
The company demonstrated a significant improvement in the Inventory Turnover ratio, which grew 139.05% from 4.07 in FY24 to 9.73 in FY25, indicating much faster movement of stock and improved production planning.
Strategic Growth
Expected Growth Rate
10.50%
Growth Strategy
Growth will be achieved through a three-pronged strategy: 1) Monetizing non-core land assets (INR 3,418 Cr MOU) to generate cash; 2) Disinvesting low-margin subsidiaries like IDL Explosives Limited (INR 107 Cr sale); and 3) Pivoting into the energy sector via the acquisition of thermal power operations from Hinduja National Power Corporation Limited.
Products & Services
Detonators (Explosives Accessories), commercial explosives, mining chemicals, and real estate development (residential and hospitality projects).
Brand Portfolio
GOCL (formerly Gulf Oil Corporation Limited), IDL (Indian Detonators Limited).
New Products/Services
The company is expanding into the thermal power sector and developing a Special Economic Zone (SEZ) in Bengaluru, which is expected to provide long-term recurring rental income.
Market Expansion
Targeting international markets in the Middle East and North America to offset domestic competition, while expanding the UK-based residential and hospitality project through HGHL Holdings Limited.
Market Share & Ranking
GOCL is described as a 'leader' and 'key player' in the energetics and commercial explosives industry with over six decades of experience.
Strategic Alliances
The company is part of the Hinduja Group and has a downstream joint venture project via 57 Whitehall Investments SARL for UK real estate development.
External Factors
Industry Trends
The explosives industry is seeing a 5-10% margin compression due to the entry of unorganized players. GOCL is positioning itself for the future by shifting from hazardous manufacturing to real estate and power generation.
Competitive Landscape
Intense competition from smaller, unorganized players in the explosives market and a buyer-dominated market structure.
Competitive Moat
The company's moat is built on its 60-year track record, its status as a 'Star House' exporter, and the strong financial backing of the Hinduja Group. However, this moat is being challenged by low-cost unorganized competitors in the explosives segment.
Macro Economic Sensitivity
Highly sensitive to global commodity cycles and crude oil prices. A 10% increase in crude prices typically leads to a direct increase in raw material costs for chemical-based explosives.
Consumer Behavior
Shift in demand toward more sustainable and ethically governed business practices, which GOCL is addressing through its Business Responsibility and Sustainability Reporting (BRSR).
Geopolitical Risks
The Russia-Ukraine war and Middle East instability are cited as major risks that drive up crude oil prices, impacting the Indian economy and GOCL's manufacturing costs.
Regulatory & Governance
Industry Regulations
Operations are subject to strict licensing requirements for explosives and detonators. Delays in these approvals are identified as a key operational risk that can hinder growth.
Environmental Compliance
The company is exiting hazardous industries (explosives/energetics) to mitigate environmental risks. It maintains an Environmental Management System (EMS) to ensure compliance with air, water, and land regulations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the successful integration of the thermal power acquisition and the completion of the INR 3,418 Cr land monetization, which is critical for debt reduction.
Geographic Concentration Risk
Significant exposure to the UK real estate market through HGHL Holdings Limited, which has extended loans of INR 2,482.45 Cr to 57 Whitehall Investments SARL.
Third Party Dependencies
High dependency on the Hinduja Group for financial support and strategic direction.
Technology Obsolescence Risk
The company is addressing technology risks through digital transformation and R&D in initiating devices to maintain its market leadership.
Credit & Counterparty Risk
The company maintains a moderate fund-based working capital limit utilization (below 45%), providing an adequate buffer for counterparty risks.
