GTL Limited (GTL)
₹6.45 +1.26% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, GTL's revenue was ₹58.0 Cr (-17.1% year on year, +5.5% on the previous quarter), and net profit ₹609 Cr; the operating margin was -43.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹58.0 | -17.1% | +5.5% |
| Operating profit | ₹-25.0 | to loss | to loss |
| Net profit | ₹609 | — | from loss |
| EPS (₹) | 38.72 | — | from loss |
| Operating margin | -43.1% | — | — |
GTL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.53% of the GTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 72.54%. That is lower than usual for this stock. Turnover was only ₹12 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 67.9% · 72.8% · 78.3% · 66.4% · 56.5%
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
GTL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate was received from the company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, dated October 12, 2026. This is a standard regulatory submission confirming the processing of share dematerialization and rematerialization requests. It contains no operational or financial updates.
- Filing pertains to the quarter ended September 30, 2026
- Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Certificate received from Bigshare Services Private Limited dated October 12, 2026
- Submitted to BSE and NSE on October 13, 2026
GTL Limited has issued a compliance intimation under Regulation 36(1)(b) of SEBI Listing Regulations, sending a web-link of the 38th Annual Report for FY26 to shareholders without registered email addresses. The company's 38th Annual General Meeting is scheduled to be held virtually on September 30, 2026, at 2:00 PM IST. This is a purely administrative communication with zero impact on operational or financial performance.
- 38th Annual General Meeting scheduled for September 30, 2026, at 2:00 PM IST
- Meeting to be held via Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
- Communication sent under Regulation 36(1)(b) for FY26 ended March 31, 2026
- Sample letter to physical/unregistered holders dated September 8, 2026
GTL Limited announced its 38th Annual General Meeting (AGM) scheduled for September 30, 2026, to be held via Video Conferencing. Key agenda items include adopting the FY26 audited financial statements and noting the retirement of Non-Executive Director Mrs. Siddhi M. Thakur, who is not seeking re-appointment. The Board has proposed not to fill the resulting vacancy forthwith. The company continues to operate under severe financial distress with a negative net worth of Rs -5,446 Cr and total debt of Rs 4,890 Cr.
- 38th Annual General Meeting to be held on Wednesday, September 30, 2026, at 02:00 p.m. (IST)
- Remote e-voting facility arranged via CDSL for members
- Non-Executive Director Mrs. Siddhi M. Thakur, on the board since March 31, 2015, will retire and not seek re-appointment
- The vacancy arising from the retirement is proposed not to be filled up at the AGM
GTL Limited has scheduled its 38th Annual General Meeting (AGM) for Wednesday, September 30, 2026, via Video Conferencing. Mrs. Siddhi Thakur, a Non-Executive & Non-Independent Director liable to retire by rotation, will not be seeking re-appointment. As a result, she will cease to be a Director on the Board effective September 30, 2026. The announcement represents a routine board rotation without immediate operational or financial impact.
- 38th Annual General Meeting scheduled for Wednesday, September 30, 2026
- Mrs. Siddhi Thakur (DIN: 07142250) not seeking re-appointment upon retirement by rotation
- Cessation as Non-Executive & Non-Independent Director effective September 30, 2026
GTL Limited reported a net profit of ₹322.18 Cr for Q1 FY27, a massive jump from ₹15.60 Cr YoY, almost entirely due to an exceptional gain of ₹334.30 Cr from debt settlements. Revenue from operations saw a modest 7.7% YoY increase to ₹60.02 Cr. Despite the accounting profit, the company remains under 'Material Uncertainty relating to Going Concern' with a negative net worth and current liabilities exceeding assets by a significant margin. Auditors have qualified the results, noting that the profit is inflated by ₹47.03 Cr because the company stopped providing for interest on unsettled debt.
- Reported a Net Profit of ₹322.18 Cr, primarily driven by ₹334.30 Cr in exceptional items related to debt restructuring.
- Exceptional gain includes ₹315.85 Cr from the accounting impact of One-Time Settlements (OTS) with lenders.
- Revenue from operations grew to ₹60.02 Cr from ₹55.73 Cr in the previous year's corresponding quarter.
- Auditors highlighted that non-provision of interest on unsettled debt resulted in an overstatement of profit by ₹47.03 Cr.
- The company has successfully settled with 12 lenders, while approvals from the remaining 2 lenders are still pending.
GTL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 2026. The certificate, provided by Bigshare Services Private Limited (the Registrar and Share Transfer Agent), confirms that share certificates received for dematerialization were processed and the depositories' names were updated in the register of members. This is a standard administrative filing required by SEBI and does not reflect any change in the company's financial position or business operations.
- Compliance certificate submitted for the quarter ended June 30, 2026
- Certificate issued by Registrar and Share Transfer Agent, Bigshare Services Private Limited
- Filing submitted to BSE and NSE on July 07, 2026
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018
GTL Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting July 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons, including directors and officers, until 48 hours after the results are declared. This is a standard regulatory procedure followed by listed companies every quarter.
- Trading window closure begins on Wednesday, July 1, 2026
- Applies to all Directors, Officers, and designated employees including immediate relatives
- Window to reopen 48 hours after the declaration of financial results for the quarter ended June 30, 2026
- Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015 and BSE/NSE circulars dated April 2, 2019
GTL Limited responded to a clarification request from the National Stock Exchange regarding its financial results for the year ended March 31, 2026. The exchange questioned the signatories on the Statement of Impact of Audit Qualifications, which is required when an auditor provides a modified opinion. GTL clarified that because it lacks a formal CEO or Managing Director, the statement was signed by the Whole-time Director and the Audit Committee Chairman to ensure regulatory compliance. This filing confirms that the company's FY26 audit report contained modified opinions.
- NSE sought clarification on May 25, 2026, regarding the filing of the Statement of Modified Opinion.
- GTL confirmed it currently does not have a designated CEO or Managing Director position.
- The Statement of Impact of Audit Qualification was signed by Mrs. Rufina Fernandes (Whole-time Director) and Dr. Mahesh Borase (Audit Committee Chairman).
- The clarification pertains to the annual audited financial results for the period ending March 31, 2026.
GTL Limited reported a net profit of ₹582.55 crore for FY26, a sharp turnaround from a loss of ₹8.38 crore in FY25, primarily due to a massive exceptional gain of ₹610.44 crore related to debt settlements. Core operations remained weak as revenue from operations declined by 11.6% to ₹224.37 crore compared to the previous year. The company's net worth remains deeply negative at ₹(5,446) crore, and auditors have issued a modified opinion on the financial statements. While the One Time Settlement (OTS) progress is a positive step, the underlying business continues to struggle with high exchange losses and negative operating margins.
- Net Profit for FY26 stood at ₹582.55 crore compared to a loss of ₹8.38 crore in FY25.
- Exceptional gain of ₹610.44 crore includes ₹739.91 crore from OTS accounting impact, offset by other claims.
- Revenue from operations dropped to ₹224.37 crore in FY26 from ₹253.88 crore in the previous year.
- Net worth remains severely eroded at negative ₹5,446.05 crore as of March 31, 2026.
- Exchange losses surged significantly to ₹111.05 crore for the full year compared to ₹32.37 crore in FY25.
GTL Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the announcement of financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons, including directors and officers, and will reopen 48 hours after the results are declared.
- Trading window closure effective from Wednesday, April 1, 2026.
- Closure pertains to the financial results for the quarter and year ended March 31, 2026.
- The window will reopen 48 hours after the official declaration of financial results.
- Applicable to all Directors, Officers, and designated employees including their immediate relatives.
GTL Limited has received a favorable judgment from the Bombay High Court, which quashed a CBI FIR (RC2192023E0003) dated January 21, 2023. The court ruled that no offence was made out to warrant the continuation of the investigation against the company. This decision removes a significant legal and regulatory overhang that has been present since early 2023. The company has confirmed that there are no financial implications associated with this specific judicial order.
- Bombay High Court quashed CBI FIR RC2192023E0003 dated January 21, 2023
- Judgment dated February 27, 2026, ruled that no offence was made out for investigation
- The legal challenge was filed via a Writ Petition by GTL Limited
- Company reports NIL financial implications or penalties following this court order
GTL Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events and information for stock exchange disclosures. This update, effective from February 15, 2026, is in compliance with Regulation 30(5) of SEBI (LODR) Regulations, 2015. The designated personnel include the Whole-time Director, Chief Financial Officer, and Company Secretary. This is a standard administrative filing and does not impact the company's operational or financial fundamentals.
- Updated list of KMPs authorized for materiality determination effective February 15, 2026
- Authorized personnel include Mrs. Rufina J. Fernandes (WTD), Mr. Harshad P. Kulkarni (CFO), and Mr. Pratik R. Toprani (CS)
- Disclosure made under Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Contact details for the authorized personnel have been officially updated with the exchanges
GTL Limited has announced a transition in its Key Managerial Personnel following a Board meeting on February 12, 2026. Mr. Deepak A. Keluskar has resigned from the role of Company Secretary and Compliance Officer effective February 14, 2026, citing better prospects. To fill the vacancy, the Board has appointed Mr. Pratik R. Toprani, who possesses 15 years of experience in corporate secretarial functions, effective February 15, 2026. This change ensures continued adherence to SEBI listing regulations and corporate governance standards.
- Mr. Deepak A. Keluskar resigns as Company Secretary and Compliance Officer effective February 14, 2026.
- Mr. Pratik R. Toprani appointed as the new Company Secretary and KMP effective February 15, 2026.
- Incoming officer Mr. Toprani has 15 years of experience in Corporate Secretariat, including 9 years post-qualification.
- The Board meeting for these approvals lasted 2 hours and 45 minutes, concluding at 16:45 IST on February 12, 2026.
GTL Limited reported a Q3 revenue of ₹5,499.84 lakhs, a 7.8% increase YoY, and a narrowed reported net loss of ₹262.92 lakhs. However, the financial health is critical as the company did not account for interest costs of ₹9,367.79 lakhs, which would have increased the loss to ₹9,655.50 lakhs. Auditors have raised a 'Going Concern' warning due to eroded net worth and liabilities exceeding assets. Additionally, balance confirmations for bank loans and accounts totaling ₹3,35,554.53 lakhs are pending.
- Revenue from operations stood at ₹5,499.84 lakhs for Q3 FY26, up from ₹5,103.34 lakhs YoY.
- Reported net loss of ₹262.92 lakhs, but adjusted loss would be ₹9,655.50 lakhs if interest was provided.
- Auditors issued a modified opinion regarding the non-provision of interest and going concern uncertainty.
- Missing balance confirmations for bank loans and accounts amounting to ₹3,35,554.53 lakhs.
- Company is awaiting OTS sanctions from four remaining lenders to address its debt situation.
GTL Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ending December 31, 2025. The company's Registrar and Share Transfer Agent, Bigshare Services Private Limited, confirmed that all dematerialization requests were processed within the mandated 15-day window. The filing ensures that physical share certificates received were properly mutilated, cancelled, and replaced by the depository's name in the register of members. This is a standard administrative procedure to maintain accurate electronic shareholding records.
- Compliance certificate for the quarter ended December 31, 2025, submitted to BSE and NSE.
- Confirms processing of dematerialization requests within the statutory 15-day period.
- Verification that physical certificates were mutilated and cancelled as per SEBI guidelines.
- Issued by Bigshare Services Private Limited, the company's Registrar and Share Transfer Agent.
Financial Performance
Revenue Growth by Segment
Total income from operations for Q2 FY26 was INR 56.05 Cr, representing a significant decline of 24.8% compared to INR 74.54 Cr in Q2 FY25. For the half-year ended September 30, 2025, revenue was INR 112.31 Cr, down 18.8% from INR 138.37 Cr in the previous year's corresponding period.
Geographic Revenue Split
Not specifically disclosed in the provided documents; however, the company is headquartered in Navi Mumbai, Maharashtra, and operates as a Network Services Company focused on the Indian Telecom sector.
Profitability Margins
The company reported a Net Loss of INR 39.47 Cr for Q2 FY26, a sharp reversal from a Net Profit of INR 9.34 Cr in Q2 FY25. Net Profit Margin is deeply negative. If the unprovided interest of INR 93.41 Cr were included, the loss would have escalated to INR 132.44 Cr.
EBITDA Margin
Operating profitability is severely impacted by high fixed costs and exchange losses. Profit before exceptional items and tax for Q2 FY26 was a loss of INR 32.44 Cr, compared to a profit of INR 19.12 Cr in Q2 FY25, representing a margin swing of over 80% of revenue.
Capital Expenditure
Depreciation and amortization expense for Q2 FY26 was INR 1.77 Cr, down 39% from INR 2.91 Cr in Q2 FY25, suggesting limited new capital investment and aging infrastructure.
Credit Rating & Borrowing
The company faces severe credit stress with current borrowings of INR 5,141.94 Cr. It has ceased providing for interest on these borrowings; had it done so, finance costs for Q2 FY26 would have increased by INR 93.41 Cr.
Operational Drivers
Raw Materials
Cost of Material Consumed and Services rendered accounted for INR 5.99 Cr in Q2 FY26, representing 10.7% of total revenue.
Capacity Expansion
No expansion plans disclosed; the company is currently focused on managing a massive liquidity crisis with current liabilities of INR 5,848.67 Cr against current assets of only INR 133.39 Cr.
Raw Material Costs
Raw material and service costs were INR 5.99 Cr in Q2 FY26, down 20.4% from INR 7.53 Cr in Q2 FY25, tracking the overall decline in revenue.
Manufacturing Efficiency
Not applicable as a service provider; however, employee benefit expenses of INR 20.18 Cr represent 36% of revenue, indicating high overhead relative to current scale.
Strategic Growth
Expected Growth Rate
0%
Growth Strategy
The company currently lacks a growth strategy as it is under 'Material Uncertainty relating to Going Concern.' The focus is on debt restructuring and maintaining existing telecom network service operations while operating with a negative net worth of INR 6,052.56 Cr.
Products & Services
Telecom Network Services, including operations and maintenance for telecom towers and infrastructure.
Brand Portfolio
GTL Limited.
New Products/Services
None disclosed; focus is on survival and existing service contracts.
Market Expansion
No expansion plans; the company is currently in a defensive posture due to its financial position.
Strategic Alliances
Not disclosed; currently operating under the supervision of lenders.
External Factors
Industry Trends
The telecom network services industry is evolving toward 5G infrastructure, but GTL's ability to participate is severely limited by its financial distress and negative net worth.
Competitive Landscape
Competes with other telecom infrastructure and managed service providers in a highly consolidated Indian market.
Competitive Moat
The company's moat has been effectively destroyed by its debt burden; current liabilities exceed current assets by INR 5,715.28 Cr, casting significant doubt on its competitive sustainability.
Macro Economic Sensitivity
Highly sensitive to the financial health of the Indian telecom sector and interest rate environments, although it has stopped accruing interest on its INR 5,141.94 Cr debt.
Geopolitical Risks
Not specifically mentioned, but forex volatility indicates exposure to global macroeconomic shifts.
Regulatory & Governance
Industry Regulations
Operations are subject to Department of Telecommunications (DoT) norms and telecom infrastructure regulations in India.
Taxation Policy Impact
The company recognized a deferred tax credit of INR 3.30 Cr in Q2 FY26.
Legal Contingencies
The company faces significant legal and financial risk from lenders. A charge on shares held by the promoter company, previously considered a contingent liability, has now crystallized. The company is also operating under a modified auditor's opinion due to non-provision of interest.
Risk Analysis
Key Uncertainties
The primary risk is the 'Going Concern' status. With a negative net worth of INR 6,052.56 Cr and current liabilities of INR 5,848.67 Cr, the company faces an existential threat if lenders initiate insolvency proceedings.
Geographic Concentration Risk
Concentrated in the Indian market, specifically within the telecom circles where its managed services are deployed.
Third Party Dependencies
Highly dependent on lenders for continued operation and on major telecom operators for revenue.
Technology Obsolescence Risk
Risk of being unable to upgrade service capabilities to meet 5G standards due to lack of capital (INR 0 Cr planned Capex disclosed).
Credit & Counterparty Risk
The company itself is a high credit risk, having defaulted on interest provisions for its INR 5,141.94 Cr debt.
