GFL Ltd.

•

gfllimited.co.inBSE: 500173NSE: GFLLIMITED

Market Cap₹ 643 Cr.

Current Price

High / Low₹ 81 / 37

Stock P/E431.7

Book Value₹ 237

Price to Book0.22

Dividend Yield0.00 %

ROCE0.1 %

ROE-1.3 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2017 • Poly Tetrafluoroethylene (PTFE): 34.5% • Caustic Soda (Caustic Soda Lye & Flakes): 24.9% • Chloromethane (Methylene Chloride, Chloroform, and Carbon Tetrachloride): 17.2%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Company has a healthy return on capital (ROCE) of 55.8%
Company has a good return on equity (ROE) track record: 3 Years ROE 52.1%
Asset quality is healthy - gross NPA of just 0.0%
Operating margins have improved to 61.5% from 47.6%
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Capital adequacy is tight at 0.0% - limited headroom to grow
Company's sales have been declining over the last five years
Thin net interest margin of 0.0%
Company's return on assets is weak at -1.2%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1990.00	31.43	318810.21	0.08	6296.67	18.15	42036.90	92.22	11.88	40.79
2.	AIIL	510.20	20.65	43327.49	0.00	11082.20	1075.19	14695.40	1109.37	30.27	88.91
3.	CHOLAHLDNG	1487.10	10.46	27924.39	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13055.20	13.41	26413.42	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	256.20	21.86	24650.38	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13572.20	55.69	15511.08	1.62	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11458.70	92.58	12718.73	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	129.45	11.91	12387.85	2.51	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	403.15	18.39	8954.12	2.77	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	247.65	155.41	8537.33	0.00	-46.98	-674.86	2353.40	1051.76	-1.28	-2.08
11.	KAMAHOLD	2341.45	8.07	7513.85	1.77	584.02	10.80	4657.56	7.07	20.86	22.01
12.	GFLLIMITED	58.56	10.61	643.28	0.00	7.44	109.12	1.03	11.96	-1.89	837.86

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1	1	1	1	1	1	1	1	1	1	1	1	1
	0	0	0	0	0	0	0	0	0	0	0	1	1
Operating Profit	0	1	0	0	1	1	0	0	1	1	1	0	0
OPM %	47.62%	63.41%	63.51%	60.76%	64.20%	67.06%	59.76%	54.76%	59.78%	64.13%	63.16%	34.83%	34.95%
Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
	0	1	0	1	1	1	0	0	1	1	1	0	0
Tax %	27.50%	25.00%	25.53%	25.71%	26.92%	6266.67%	20.41%	23.91%	20.00%	22.03%	20.00%	19.35%	16.67%
Net Profit	0	0	0	1	0	-35	0	0	0	0	0	0	0
	0	0	0	0	0	-3	0	0	0	0	0	0	0
Equity Capital	11	11	11	11	11	11	11	11	11	11	11	11	11
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,334	1,428	2,056	0	8	1	2	3	3	3	4
	1,062	1,127	1,477	0	3	3	1	2	1	1	2
Operating Profit	331	371	682	48	5	-2	1	1	2	2	—
OPM %	25	26	33	—	64	-170	48	30	65	62	—
Other Income	59	71	103	48	0	0	0	0	0	0	0
Interest	46	35	48	0	0	0	0	0	0	0	0
Depreciation	144	149	152	0	0	0	0	0	0	0	0
	142	192	636	48	5	-3	1	2,468	2	2	2
Tax %	33	24	23	35	1	-0	34	6	26	1,771	20
Net Profit	95	146	487	31	5	-3	1	2,324	2	-34	1
EPS	9	13	44	116	2	-3	0	212	0	-3	—
Dividend Payout %	40	26	8	124	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	9	13	44	3	0	-0	0	212	0	-3	—

COMPOUNDED SALES GROWTH

10 Years:: -45%
5 Years:: -16%
3 Years:: 24%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: -2%
3 Years:: -11%
1 Year:: -3%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 31%
3 Years:: 52%
Last Year:: -1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	11	11	11	11	11	11	11	11	11	11
	2,876	3,025	3,468	4,698	1,163	300	301	2,625	2,627	2,593
	257	464	630	0	0	0	0	0	0	0
Trade Payables	80	75	204	0	18	2	2	0	0	0
	511	505	538	1,011	76	12	2	145	144	180
Total Liabilities	3,734	4,080	4,852	5,720	1,268	325	316	2,781	2,783	2,784
ASSETS	-	-	-	-	-	-	-	-	-	-
	1,977	1,900	1,898	2,183	145	0	0	0	0	0
Capital Work in Progress	42	139	344	229	38	0	0	0	0	0
	582	686	816	894	328	300	313	2,780	2,781	2,783
	321	316	346	530	0	0	0	0	0	0
	0	0	0	0	0	0	0	0	0	0
Cash & Bank	22	13	22	33	3	3	1	1	1	0
	790	1,026	1,426	1,851	754	22	1	0	0	0
Total Assets	3,734	4,080	4,852	5,720	1,268	325	316	2,781	2,783	2,784
Total Debt	478	632	750	0	0	1	0	0	0	0
Net Working Capital	369	385	357	700	428	12	12	13	15	17
Contingent Liabilities	170	437	790	554	313	129	0	0	0	0
Book Value per Share	262.77	276.41	316.72	428.67	106.89	28.33	28.42	240.00	240.15	237.05
Face Value	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	300	300	352	579	-1	-45	13	-1	1	1
Cash from Investing	-238	-438	-362	-640	35	46	-13	1	-0	-1
Cash from Financing	-387	130	19	73	-47	1	-1	-0	0	0
	-325	-8	9	11	-13	1	-1	0	0	-0
Free Cash Flow	300	132	-3	248	-1	-45	13	-1	1	1
OCF / Net Profit	3.15	2.05	0.72	18.59	-0.28	16.34	13.25	-0.00	0.38	-0.02
Cumulative 5-Year FCF	0	0	0	0	676	330	211	213	-34	-32

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	8.68	13.32	44.36	2.83	0.45	-0.25	0.09	211.57	0.14	-3.10
Book Value (₹)	262.77	276.41	316.72	428.67	106.89	28.33	28.42	240.00	240.15	237.05
Dividend per Share (₹)	3.50	3.50	3.50	3.50	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	21.76	26.87	58.21	2.83	0.45	-0.25	0.09	211.57	0.14	-3.10
PROFITABILITY
Operating Margin %	24.83%	26.00%	33.18%	0.00%	63.97%	-169.80%	47.65%	30.29%	58.67%	61.54%
Net Margin %	7.15%	10.25%	23.71%	0.00%	63.37%	-265.90%	55.04%	0.00%	48.38%	-1026.11%
ROE %	3.32%	4.94%	14.96%	0.76%	0.17%	-0.37%	0.31%	157.64%	0.06%	-1.30%
ROCE %	5.41%	6.47%	17.32%	1.07%	0.17%	-0.37%	0.49%	167.38%	0.08%	0.08%
	2.45%	3.74%	10.91%	0.59%	0.14%	-0.35%	0.30%	150.08%	0.06%	-1.22%
EFFICIENCY
Debtor Days	104	95	82	0	0	7223	2350	69	27	24
Inventory Days	94	81	59	0	0	0	0	0	0	0
Payable Days	82	86	101	0	0	0	0	0	0	0
	117	91	40	0	0	7223	2350	69	27	24
FINANCIAL HEALTH
Debt to Equity (x)	0.17x	0.21x	0.22x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	4.12x	6.47x	14.36x	0.00x	0.00x	-599.76x	24.18x	0.00x	0.00x	0.00x
	1.86x	1.58x	1.35x	1.61x	9.49x	1.98x	4.94x	9.68x	18.52x	29.88x
GROWTH
Revenue Growth %	1.02%	6.98%	44.00%	-100.00%	0.00%	-86.79%	69.01%	83.31%	-0.92%	3.80%
Operating Profit Growth %	-0.90%	12.02%	83.76%	-92.98%	-89.47%	-135.08%	147.43%	16.51%	114.13%	-2.41%
Net Profit Growth %	-75.05%	53.34%	233.12%	-93.61%	-83.97%	-155.45%	134.98%	0.00%	-99.93%	-2301.66%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-99.93%	-2301.56%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	482.37x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.28x	0.22x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	355.98x	277.38x

Shareholding Pattern

Numbers in percentages

	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
	0.23	0.27	0.22	0.25	0.22	0.23	0.20	0.17	0.20
	2.05	1.97	1.97	1.79	1.53	1.39	0.42	0.06	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	29.00	29.03	29.09	29.23	29.53	29.66	30.65	31.05	31.07

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Shareholders meeting

2026-09-01 - GFL Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 23, 2026

2026-08-27

Disclosure under SEBI Takeover Regulations

2026-08-27 - Mr. Siddharth Jain has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.

2026-08-17

Disclosure under SEBI Takeover Regulations

2026-08-17 - Siddharth Jain has Submitted to the Exchange a copy of Disclosure under Regulation 10 (5) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

2026-08-10

Outcome of Board Meeting

2026-08-10 - GFL Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-07

Shareholders meeting

2026-08-07 - GFL Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

2026-07-14

Copy of Newspaper Publication

2026-07-14 - Please find attached herewith Newspaper Publication for Notice of Hearing of Company Petition.

2026-07-09

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-09 - GFL Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-06

Shareholders meeting

2026-07-06 - GFL Limited has informed the Exchange regarding Notice of undefined to be held on August 05, 2026

2026-06-29

Trading Window

2026-06-29 - GFL Limited has informed the Exchange regarding the Trading Window closure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015

News

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Free 5nance Account

Name

BAJAJFINSV

1990.00

31.43

318810.21

0.08

6296.67

18.15

42036.90

92.22

11.88

40.79

AIIL

510.20

20.65

43327.49

0.00

11082.20

1075.19

14695.40

1109.37

30.27

88.91

CHOLAHLDNG

1487.10

10.46

27924.39

0.09

1788.99

42.04

11113.57

42.92

10.52

57.53

TVSHLTD

13055.20

13.41

26413.42

0.66

1173.58

73.77

17076.18

40.01

19.39

16.25

CGCL

256.20

21.86

24650.38

0.08

353.38

102.04

1576.47

62.12

11.68

68.54

MAHSCOOTER

13572.20

55.69

15511.08

1.62

3.32

-90.61

5.41

-81.52

1.06

84.10

JSWHL

11458.70

92.58

12718.73

0.00

24.54

-92.74

34.58

14.97

0.58

92.45

JMFINANCIL

129.45

11.91

12387.85

2.51

368.57

-19.66

1200.53

9.69

11.91

58.30

TSFINV

403.15

18.39

8954.12

2.77

124.95

-92.11

305.57

102.23

3.47

53.35

RELIGARE

247.65

155.41

8537.33

0.00

-46.98

-674.86

2353.40

1051.76

-1.28

-2.08

KAMAHOLD

2341.45

8.07

7513.85

1.77

584.02

10.80

4657.56

7.07

20.86

22.01

GFLLIMITED

58.56

10.61

643.28

0.00

7.44

109.12

1.03

11.96

-1.89

837.86

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

OPM %

47.62%

63.41%

63.51%

60.76%

64.20%

67.06%

59.76%

54.76%

59.78%

64.13%

63.16%

34.83%

34.95%

Other Income

Interest

Depreciation

Tax %

27.50%

25.00%

25.53%

25.71%

26.92%

6266.67%

20.41%

23.91%

20.00%

22.03%

20.00%

19.35%

16.67%

Net Profit

-35

-3

Equity Capital

Reserves

Promoter Pledge %

0.00%

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

1,334

1,428

2,056

1,062

1,127

1,477

Operating Profit

331

371

682

-2

—

OPM %

—

-170

—

Other Income

103

Interest

Depreciation

144

149

152

142

192

636

-3

2,468

Tax %

-0

1,771

Net Profit

146

487

-3

2,324

-34

EPS

116

-3

212

-3

—

Dividend Payout %

124

—

Minority Interest

Share of Associates

Adjusted EPS

-0

212

-3

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

2,876

3,025

3,468

4,698

1,163

300

301

2,625

2,627

2,593

257

464

630

Trade Payables

204

511

505

538

1,011

145

144

180

Total Liabilities

3,734

4,080

4,852

5,720

1,268

325

316

2,781

2,783

2,784

ASSETS

1,977

1,900

1,898

2,183

145

Capital Work in Progress

139

344

229

582

686

816

894

328

300

313

2,780

2,781

2,783

321

316

346

530

Cash & Bank

790

1,026

1,426

1,851

754

Total Assets

3,734

4,080

4,852

5,720

1,268

325

316

2,781

2,783

2,784

Total Debt

478

632

750

Net Working Capital

369

385

357

700

428

Contingent Liabilities

170

437

790

554

313

129

Book Value per Share

262.77

276.41

316.72

428.67

106.89

28.33

28.42

240.00

240.15

237.05

Face Value

1.00

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

300

352

579

-1

-45

-1

Cash from Investing

-238

-438

-362

-640

-13

-0

-1

Cash from Financing

-387

130

-47

-1

-0

-325

-8

-13

-1

-0

Free Cash Flow

300

132

-3

248

-1

-45

-1

OCF / Net Profit

3.15

2.05

0.72

18.59

-0.28

16.34

13.25

-0.00

0.38

-0.02

Cumulative 5-Year FCF

676

330

211

213

-34

-32

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

8.68

13.32

44.36

2.83

0.45

-0.25

0.09

211.57

0.14

-3.10

Book Value (₹)

262.77

276.41

316.72

428.67

106.89

28.33

28.42

240.00

240.15

237.05

Dividend per Share (₹)

3.50

0.00

Cash EPS (₹)

21.76

26.87

58.21

2.83

0.45

-0.25

0.09

211.57

0.14

-3.10

PROFITABILITY

Operating Margin %

24.83%

26.00%

33.18%

0.00%

63.97%

-169.80%

47.65%

30.29%

58.67%

61.54%

Net Margin %

7.15%

10.25%

23.71%

0.00%

63.37%

-265.90%

55.04%

0.00%

48.38%

-1026.11%

ROE %

3.32%

4.94%

14.96%

0.76%

0.17%

-0.37%

0.31%

157.64%

0.06%

-1.30%

ROCE %

5.41%

6.47%

17.32%

1.07%

0.17%

-0.37%

0.49%

167.38%

0.08%

2.45%

3.74%

10.91%

0.59%

0.14%

-0.35%

0.30%

150.08%

0.06%

-1.22%

EFFICIENCY

Debtor Days

104

7223

2350

Inventory Days

Payable Days

101

117

7223

2350

FINANCIAL HEALTH

Debt to Equity (x)

0.17x

0.21x

0.22x

0.00x

Interest Coverage (x)

4.12x

6.47x

14.36x

0.00x

-599.76x

24.18x

0.00x

1.86x

1.58x

1.35x

1.61x

9.49x

1.98x

4.94x

9.68x

18.52x

29.88x

GROWTH

Revenue Growth %

1.02%

6.98%

44.00%

-100.00%

0.00%

-86.79%

69.01%

83.31%

-0.92%

3.80%

Operating Profit Growth %

-0.90%

12.02%

83.76%

-92.98%

-89.47%

-135.08%

147.43%

16.51%

114.13%

-2.41%

Net Profit Growth %

-75.05%

53.34%

233.12%

-93.61%

-83.97%

-155.45%

134.98%

0.00%

-99.93%

-2301.66%

0.00%

-99.93%

-2301.56%

VALUATION

P/E (x)

0.00x

482.37x

0.00x

P/B (x)

0.00x

0.28x

0.22x

Dividend Yield %

0.00%

0.00x

355.98x

277.38x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.72

0.23

0.27

0.22

0.25

0.22

0.23

0.20

0.17

0.20

2.05

1.97

1.79

1.53

1.39

0.42

0.06

0.00

Government

0.00

29.00

29.03

29.09

29.23

29.53

29.66

30.65

31.05

31.07

GFL Ltd.

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Quarterly Results

Profit & Loss

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GFL Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI