Gfl Limited (GFLLIMITED)

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Gfl Limited (GFLLIMITED) · mywealthgrid

About

Gfl Limited is a financial holding company with minimal operating revenue (₹0.9–1.03 Cr per quarter) and ₹558.18 Cr market capitalization. It generates returns primarily from its portfolio of holdings rather than direct operations.

Face value: ₹1

Market cap

₹607 Cr

P/E

10.0×

P/B

0.2×

Dividend yield

ROE

1.8%

ROCE

—

Debt / equity

OPM

47.6%

EPS (TTM)

₹5.5

Book value

₹233.4

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility despite stable revenue: net profit ranges from ₹0.25–25.55 Cr in identical quarters while revenue stays near ₹0.9–1.03 Cr, indicating dependence on holdings' market-sensitive performance
Capital inefficiency: ROE of 1.77% against an operating margin of 47.55% suggests capital is deployed inefficiently; verify the composition of holdings and their return profiles
Institutional investor absence (FII 0.2%, DII 0.01%) combined with 18% negative 1-year return signals shareholder skepticism; identify structural issues driving this confidence gap
Minimal revenue base (₹0.9–1.03 Cr quarterly against ₹558 Cr market cap) limits operational scale and competitive positioning

Generated analysis · source review pending

Growth drivers

ROE of 1.77% is substantially below holding-company sector norms; capital efficiency gains through better allocation or consolidation of underperforming holdings could unlock shareholder value
Dividend resumption: company paid dividends through 2019 but none since; reinstatement would signal management confidence in capital adequacy and holdings' performance
Quarterly profit swings (₹0.25–25.55 Cr despite ₹0.9–1.03 Cr stable revenue) suggest holdings carry timing or valuation gains; rebalancing or selective liquidation could accelerate returns

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹55.2-0.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 47.6%
+Almost debt-free (debt/equity 0)
+High promoter holding of 68.7% with no pledge

Cons

−Low return on equity of -0.5% (3-yr avg)
−Profit declined 72.8% a year over the last 3 years
−Revenue shrank over the last 5 years (-49% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 67
Growth: 25
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bajaj Holdings & Investment LimitedBAJAJHLDNGBAJAJHLDNG	₹1,18,713 Cr	₹1,18,713 Cr	₹1,139 Cr	₹965 Cr	84.8%	₹8,993 Cr	915.2%	—	14.2%	—
Choice International LimitedCHOICEINCHOICEIN	₹16,028 Cr	₹16,912 Cr	₹1,194 Cr	₹421 Cr	35.8%	₹251 Cr	21.3%	21.9%	16.1%	117
Edelweiss Financial Services LimitedEDELWEISSEDELWEISS	₹13,052 Cr	₹31,557 Cr	₹10,517 Cr	₹2,903 Cr	29.7%	₹602 Cr	6.5%	—	12.1%	—
Jm Financial LimitedJMFINANCILJMFINANCIL	₹11,809 Cr	₹23,331 Cr	₹4,180 Cr	₹2,360 Cr	61.4%	₹1,040 Cr	29.4%	—	11.8%	—
Kama Holdings LimitedKAMAHOLDKAMAHOLD	₹7,264 Cr	—	₹38 Cr	₹37 Cr	97.7%	₹38 Cr	100.6%	—	7.1%	—
Rane Holdings LimitedRANEHOLDINRANEHOLDIN	₹2,172 Cr	₹3,053 Cr	₹6,129 Cr	₹442 Cr	7.4%	₹84 Cr	2.3%	14.8%	8.7%	49
Bf Investment LimitedBFINVESTBFINVEST	₹1,616 Cr	₹1,616 Cr	₹78 Cr	₹66 Cr	83.9%	₹390 Cr	369.5%	—	3.7%	—
Balmer Lawrie Investments LimitedBLILBLIL	₹1,443 Cr	—	₹124 Cr	—	—	₹31 Cr	25%	—	16.7%	—
Abans Financial Services LimitedAFSLAFSL	₹1,021 Cr	₹1,765 Cr	₹25,747 Cr	₹206 Cr	0.7%	₹128 Cr	0.4%	12.2%	8.3%	-0
Max India LimitedMAXINDMAXIND	₹856 Cr	₹858 Cr	₹214 Cr	₹-112 Cr	-55.6%	₹-132 Cr	-63.9%	-22.2%	-31.8%	-59
Gfl LimitedGFLLIMITEDGFLLIMITED	₹607 Cr	₹607 Cr	₹4 Cr	₹2 Cr	47.6%	₹61 Cr	—	—	1.8%	—
Nisus Finance Services Co LtdNISUSNISUS	₹384 Cr	—	₹561 Cr	₹139 Cr	24.7%	₹70 Cr	12.5%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,704	107	686	3	3	3	4
Interest	445	253	258	0	0	0	0
Expenses	2,226	59	476	2	2	2	2
Financing profit	32	-205	-48	1	2	2	2
Financing margin %	1.2%	-191.4%	-7%	25.2%	52.4%	53.9%	47.6%
Other income	45	43	23	0	1	0	0
Depreciation	354	283	294	0	0	0	0
Exceptional items	0	-5	1	2,450	0	0	0
Profit before tax	-278	-538	-317	2,372	-8	-48	53
Tax	-41	-108	-73	137	-1	27	8
Tax %	-14.9%	-20.1%	-23.1%	5.8%	-7.5%	56.2%	14.7%
PAT	-236	-430	-244	2,235	-8	-76	45
EPS (₹)	-21.5	-39.1	-22.2	203.5	-0.7	-6.9	4.1
EPS adjusted (₹)	-11.2	-21.1	-10.1	204.6	-0.7	-6.9	4.1
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	11	11	11	11	11	11	11	11	11	11
Reserves	4,141	4,507	4,756	5,966	2,168	362	342	2,591	2,583	2,510	2,554
Minority interest	—	—	—	—	—	336	391	—	—	—	—
	2,350	3,000	1,668	972	791	115	86	0	0	0	0
	2,686	3,460	3,485	4,597	6,616	3,060	3,205	139	138	165	172
Total equity & liabilities	9,189	10,979	9,920	11,546	9,586	3,883	4,035	2,741	2,732	2,686	2,737
	4,000	3,495	3,803	2,050	2,329	965	949	0	0	0	0
CWIP	403	410	724	522	150	57	26	—	—	0	0
Investments	63	322	116	130	110	7	0	2,707	2,696	2,650	2,701
	4,723	6,753	5,277	8,844	6,998	2,855	3,059	34	36	35	35
Total assets	9,189	10,979	9,920	11,546	9,586	3,883	4,035	2,741	2,732	2,686	2,737

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2020 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Theatrical Exhibition	1,897.44	332.65	—	3,033.2
Wind Energy Business	800.22	-181.76	—	2,155.83
Power	6.82	-9.16

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	84.6%	92.6%	93.8%	—	—	—	—
EBITDA margin %	17.7%	44.6%	30.6%	25.2%	52.4%	53.9%	47.6%
EBIT margin %	4.6%	-220.1%	-12.2%	24.5%	51.7%	53.3%	47%
PAT margin %	-8.8%	-401.9%	-35.5%	69,409.6%	-237.3%	-2,276.8%	1,223.4%
Working capital
Receivable days	187	61	16	27	—	—	—
Inventory days	1,062	479	122	0	0	0	0
Payable days	16	—	—	24	—	—	—
NWC days	1,232	—	—	3	—	—	—
Leverage
Current ratio	—	0.51	0.79	12.08	—	—	—
Debt to EBITDA	1.66	2.41	0.41	0	0	0	0
Debt to equity	0.36	0.31	0.25	0	0	0	0
Interest coverage	0.4	-0.8	-0.2	—	—	—	—
Asset turnover	0.28	0.03	0.17	0	0	0	0
Return ratios
Return on assets %	-2.5%	-11.1%	-6%	81.5%	-0.3%	-2.8%	1.6%
Return on capital employed %	2%	-3.2%	-1.7%	0%	—	—	—
Return on equity %	-10.9%	-115.4%	-69%	85.9%	-0.3%	-3%	1.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%	68.72%
	0.39%	0.39%	0.45%	0.23%	0.27%	0.22%	0.25%	0.21%	0.23%	0.2%	0.16%	0.2%
	2.05%	2.07%	2.06%	2.06%	1.97%	1.97%	1.79%	1.54%	1.39%	0.43%	0.06%	0.01%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	28.84%	28.82%	28.77%	28.99%	29.04%	29.09%	29.24%	29.53%	29.66%	30.65%	31.06%	31.07%
No. of shareholders	—	—	—	—	—	—	—	—	29,077	29,641	29,056	28,941

Promoter holding up 0 percentage points since Sep 2023.

30 deals · 22 Sept 2021 – 23 Sept 2021

Date	Client	Type	Venue	Side	Quantity	Price	Value
23 Sept 2021	VIVEK KUMAR JAIN	Block	BSE	Buy	66,62,360	₹77.75	₹51.80 Cr
23 Sept 2021	DEVANSH TRADEMART LLP	Block	BSE	Sell	66,62,360	₹77.75	₹51.80 Cr
23 Sept 2021	VIVEK KUMAR JAIN	Bulk	BSE	Buy	66,62,360	₹77.75	₹51.80 Cr
23 Sept 2021	DEVANSH TRADEMART LLP	Bulk	BSE	Sell	66,62,360	₹77.75	₹51.80 Cr
23 Sept 2021	SIDDHAPAVAN TRADING LLP	Bulk	BSE	Sell	55,76,440	₹77.75	₹43.36 Cr
23 Sept 2021	SIDDHAPAVAN TRADING LLP	Block	BSE	Sell	30,42,261	₹77.75	₹23.65 Cr
23 Sept 2021	PAVAN KUMAR JAIN	Block	BSE	Buy	30,42,261	₹77.75	₹23.65 Cr
23 Sept 2021	PAVAN KUMAR JAIN	Bulk	BSE	Buy	30,42,261	₹77.75	₹23.65 Cr
23 Sept 2021	NAYANTARA JAIN	Block	BSE	Buy	25,34,179	₹77.75	₹19.70 Cr
23 Sept 2021	SIDDHAPAVAN TRADING LLP	Block	BSE	Sell	25,34,179	₹77.75	₹19.70 Cr

1–10 of 30

1 / 3

Mr. PAVAN KUMAR JAINExecutive Director-Chairperson related to Promoter-MD
Mr. SIDDHARTH JAINNon-Executive - Non Independent Director
Ms. ISHITA JAINNon-Executive - Non Independent Director
Mr. SHASHI KISHORE JAINNon-Executive - Independent Director
Ms. GIRIJA BALAKRISHNANNon-Executive - Independent Director
Mr. SUDIP MULLICKNon-Executive - Independent Director
Mr. Dhiren AsherChief Financial Officer
Mr. Lakhan ShamalaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Gfl Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

20

Dividend dividend11 Sept 2019 · ex-date₹3.5
Dividend dividend23 Aug 2018 · ex-date₹3.5
Dividend dividend14 Sept 2017 · ex-date₹3.5
Interim dividend17 Mar 2016 · ex-date₹3.5
Final dividend21 Sept 2015 · ex-date₹3.5
Dividend dividend1 Sept 2014 · ex-date₹3.5
Final dividend14 Aug 2013 · ex-date₹2
Interim dividend8 Feb 2013 · ex-date₹1.5
Final dividend19 Jul 2012 · ex-date₹1.5
Interim dividend16 Dec 2011 · ex-date₹2
Final dividend7 Jul 2011 · ex-date₹2.5
Interim dividend10 Feb 2011 · ex-date₹1
Final dividend6 Jul 2010 · ex-date₹1.5
Interim dividend5 Feb 2010 · ex-date₹1
Interim dividend13 Nov 2009 · ex-date₹1
Final dividend18 Jun 2009 · ex-date₹3.5
Dividend dividend11 Sept 2008 · ex-date₹1
Interim dividend10 Apr 2008 · ex-date₹1
Interim dividend3 Jan 2008 · ex-date₹3
Final dividend20 Sept 2007 · ex-date₹1

1

Board meeting to consider results10 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

17 announcementsExport CSV

29 Sept 2026, 10:55 amInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

28 Sept 2026, 8:47 pmCompany Update

Announcement under Regulation 30 (LODR)-Scheme of Arrangement

Scheme of Arrangement PDF

1 Sept 2026, 3:23 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

1 Sept 2026, 3:16 pmAGM/EGM

Notice Of Annual General Meeting (AGM) And Annual Report For FY 2025-26

AGM PDF

27 Aug 2026, 12:25 pmInsider Trading / SAST

Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 10(6) of SEBI (SAST) Regulations, 2011 PDF

25 Aug 2026, 5:30 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

25 Aug 2026, 5:29 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

25 Aug 2026, 5:27 pmInsider Trading / SAST

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 PDF

Date	Category	Subject	Filing
29 Sept 2026, 10:55 am	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 8:47 pm	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	84.6%	92.6%	93.8%	—	—	—	—
EBITDA margin %	17.7%	44.6%	30.6%	25.2%	52.4%	53.9%	47.6%
EBIT margin %	4.6%	-220.1%	-12.2%	24.5%	51.7%	53.3%	47%
PAT margin %	-8.8%	-401.9%	-35.5%	69,409.6%	-237.3%	-2,276.8%	1,223.4%
Working capital
Receivable days	187	61	16	27	—	—	—
Inventory days	1,062	479	122	0	0	0	0
Payable days	16	—	—	24	—	—	—
NWC days	1,232	—	—	3	—	—	—
Leverage
Current ratio	—	0.51	0.79	12.08	—	—	—
Debt to EBITDA	1.66	2.41	0.41	0	0	0	0
Debt to equity	0.36	0.31	0.25	0	0	0	0
Interest coverage	0.4	-0.8	-0.2	—	—	—	—
Asset turnover	0.28	0.03	0.17	0	0	0	0
Return ratios
Return on assets %	-2.5%	-11.1%	-6%	81.5%	-0.3%	-2.8%	1.6%
Return on capital employed %	2%	-3.2%	-1.7%	0%	—	—	—
Return on equity %	-10.9%	-115.4%	-69%	85.9%	-0.3%	-3%	1.8%

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	379	732	952	996	1,214	-156	89	402	0	1	0
	-1,471	-674	589	-956	-568	74	-160	-219	-0	-1	-0
	136	51	-1,668	-79	-629	56	85	-184	0	0	0
Net cash flow	-956	110	-127	-40	17	-26	15	-1	0	-0	0
Free cash flow	—	—	—	—	—	-215	16	402	0	1	0
CFO / Operating profit %	—	—	—	—	254.4%	-326.2%	42.4%	—	21.6%	27.9%	23.4%

Gfl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

20

1

Announcements

20

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Others, Un-allocable and Corporate · revenue

Gfl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends20

Board meetings1

Announcements

Dividends20

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Others, Un-allocable and Corporate · revenue

20

1

20

1