GFL Ltd Net Profit Surges 97% YoY to ₹28.7 Crore Driven by Associate PVR INOX Income

Key numbers

PE TTM	10.65Sector PE 22.48
Market Cap	₹645.81 CrHolding Co
Promoter Holding	68.72%No pledge
RSI	63.07Bullish zone

Key highlights

• Consolidated net profit reached ₹28.7 crore, up 96.6% from ₹14.6 crore in the same period last year
• Share of profit from associate PVR INOX Limited contributed ₹41.99 crore to the bottom line
• Revenue from operations remained stable at ₹1.1 crore, matching the previous quarter's performance
• The company reported an exceptional loss of ₹6.88 crore due to tendering shares in the PVR INOX buyback offer
• Net profit saw a sequential surge of 287.8% compared to the ₹7.4 crore reported in Q1 FY27
• The merger of INOX Infrastructure Limited into GFL Limited was completed during the quarter

Associate Income Bolsters Net Profit

GFL Limited reported a significant increase in its consolidated net profit for the second quarter of fiscal year 2027. The company's net profit rose to ₹28.7 crore, marking a 96.6% increase compared to the ₹14.6 crore reported in the same quarter of the previous year. This growth was achieved despite revenue from operations remaining steady at ₹1.1 crore.

The primary driver for the bottom-line expansion was the share of profit from its associate, PVR INOX Limited, which contributed ₹41.99 crore to the consolidated numbers. On a sequential basis, the net profit surged by 287.8% from the ₹7.4 crore recorded in the June 2026 quarter, highlighting the reliance on associate performance within the holding company structure.

Key Consolidated Performance Metrics

• Consolidated Profit Before Tax (PBT) stood at ₹35.5 crore for the September quarter
• Operating revenue was stable at ₹1.1 crore compared to ₹1.1 crore in Q1-27
• Standalone operations reported a net loss of ₹8.29 crore for the period
• Total consolidated expenses were contained at ₹0.65 crore
• The company recorded a high operating margin of 3,227.3% due to high associate income relative to revenue
• Deferred tax adjustments for the quarter resulted in a credit of ₹2.86 crore

Strategic Merger of INOX Infrastructure Completed

The corporate landscape for GFL Limited shifted during the quarter with the completion of a significant internal reorganization. The National Company Law Tribunal, Mumbai Bench, sanctioned the merger of INOX Infrastructure Limited, a wholly-owned subsidiary, into GFL Limited via an order dated September 28, 2026. This merger, which became effective on November 13, 2026, was accounted for using the pooling of interest method.

All assets and liabilities of the transferor company, which operated in the real estate and property development business, have been recognized at their carrying amounts. The consolidation is intended to streamline the holding company's operational structure and was effective from the appointed date of April 1, 2026.

PVR INOX Buyback and Exceptional Items

Pursuant to a buyback offer made by the Company's associate, PVR INOX Limited, the Company had tendered 3,00,114 equity shares and the resulting loss is disclosed as an exceptional item in the above results.

Valuation Snapshot and Technical Trends

GFL Limited currently trades at a price-to-earnings (P/E) ratio of 10.65, which is notably lower than the industry average P/E of 22.61. The company's price-to-book value is adjusted at 0.25, suggesting the market values the entity at a significant discount to its underlying assets. Market capitalization remains at approximately ₹645.81 crore.

Technically, the stock is showing momentum with a Daily RSI of 63.07 and the price trending above its 200-day Simple Moving Average (SMA) of 49.19. Despite a 1-year price change of -3.8%, the stock has experienced a 13.12% recovery over the past week, following the announcement of these quarterly gains.

What to watch next

• Implementation of restated financial figures following the effective merger date of November 13, 2026
• Q3 FY27 financial results announcement expected in February 2027
• Performance of associate PVR INOX Limited, which remains the primary driver of GFL's consolidated earnings

GFL · financial snapshot

Share price	₹58.79
Market capitalisation	₹645.81 Cr
Revenue (annual)	₹3.68 Cr
Net profit (annual)	₹45.02 Cr
Revenue (latest quarter)	₹1.03 Cr+15.08% vs previous quarter
Net profit (latest quarter)	₹7.44 Cr-70.88% vs previous quarter
P/E (TTM)	10.65×Sector 22.48×
Promoter holding	68.72%0.00% QoQ
FII holding	0.18%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.