GFL Ltd (GFLLIMITED) AI Stock Analysis

• Market Cap: ₹5.36B
• Dividend Yield: N/A
• Average Volume (3M): 18.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 4
• Sector: Services
• Sector Strength: N/A
• Industry: Entertainment
• EPS (TTM): 1.33
• Shares Outstanding: 109,850,000
• 10 Day Avg. Volume: 5,292
• 30 Day Avg. Volume: 18,976
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 267.49
• P/FCF Ratio: 1.20K
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: ₹48.00 ▼(-17.38% Downside)

The score is primarily held down by extreme net losses and volatility in fundamentals, with technicals also soft (negative MACD and trading below key moving averages). Valuation adds additional pressure due to a negative P/E and lack of dividend support, partially offset by strong gross margins, improved operating profitability, and low/zero reported debt in recent years.

Positive Factors

High gross and operating margins

Sustained high gross margins and a sizable positive EBIT margin signal a business model with meaningful pricing power or low variable costs. Durable operating profitability provides internal funds for reinvestment, supports margins through cycles, and makes the core business economically viable even if below‑line issues persist.

Conservative reported leverage and large equity base

A strong equity cushion and zero reported debt reduce refinancing and solvency risk, giving management flexibility to fund operations, capex, or strategic moves without near‑term debt pressure. This structural balance‑sheet strength enhances resilience to downturns and supports long‑term planning.

Positive operating and free cash flow trend

Recovering and positive operating and free cash flows indicate the company converts sales into liquid resources, enabling working capital needs and limited reinvestment without external financing. Persistent cash generation improves financial optionality despite accounting losses.

Negative Factors

Extremely large net losses

Massive below‑the‑line losses overwhelm operating profits and erode retained earnings, reducing long‑term shareholder value. Such structural net losses complicate capital allocation, may constrain strategic investments, and signal material non‑operating or one‑off items that threaten sustainable profitability.

Revenue and cash flow volatility

High volatility in top‑line and cash flows undermines forecasting, weakens pricing leverage, and raises execution risk. Structural unpredictability makes it harder to commit to multi‑year projects, increases perceived risk for creditors and investors, and can amplify funding needs during adverse periods.

Historical balance sheet leverage volatility

Prior episodes of extreme leverage suggest the company has cycled through capital structure stress, raising concerns about recurring financing dependencies. Even with current low debt, historical leverage patterns imply governance or business risks that could reoccur under strain, affecting long‑term stability.

GFL Ltd Business Overview & Revenue Model

Company Description

GFL Limited operates and manages multiplex cinema theatres in India. The company operates and manages 154 multiplexes and 651 screens in 69 cities under the INOX brand name. It also engages in the real estate and property development activities. The company was formerly known as Gujarat Fluorochemicals Limited and changed its name to GFL Limited in July 2019. The company was incorporated in 1987 and is based in Mumbai, India. GFL Limited is a subsidiary of Inox Leasing and Finance Limited.

How the Company Makes Money

GFL Ltd Financial Statement Overview

Summary

Despite strong gross margins (~71%) and improved FY2025 operating profitability (EBIT margin ~31%) with low/zero reported debt in recent years, results are dominated by very large net losses in FY2024–FY2025 (FY2025 net margin ~-3,360%) and high volatility across revenue and cash flows, which raises earnings quality and sustainability concerns.

Income Statement

Revenue has been volatile: strong growth in FY2025 (+44.6%) but essentially flat versus FY2024 in absolute terms, and prior years show sharp declines. Profitability is mixed—gross margin is consistently high (~71% in FY2024–FY2025), and FY2025 shows positive operating profit (EBIT margin ~31%). However, net results are a major weakness, with FY2024 and FY2025 both reporting large net losses (FY2025 net margin ~-3,360%), indicating significant below-the-line charges or other non-operating headwinds that overwhelm operating performance.

Balance Sheet

The balance sheet is supported by a large equity base (FY2025 equity ~25.2B vs assets ~26.9B) and reported debt at zero in the most recent years (FY2023–FY2025), which reduces financial risk. That said, returns to shareholders are negative (FY2025 return on equity ~-3.0%) driven by heavy net losses. Earlier periods also show elevated leverage (FY2020–FY2021 debt-to-equity >7x), highlighting historical balance sheet volatility even if current reported leverage appears improved.

Cash Flow

Cash generation is positive recently, with FY2025 operating and free cash flow both around 5.0M, improving from FY2024 (~3.6M operating; ~3.5M free). Cash flow also looks supportive relative to reported earnings in FY2024–FY2025 (operating cash flow to net income near/above 1x, and free cash flow to net income ~1x), suggesting losses are not fully translating into cash burn. The main weakness is volatility across years (including negative operating and free cash flow in FY2021) and the small absolute cash flow level versus the scale of reported net losses in FY2025.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.50M	22.50M	22.54M	26.04M	15.44M	1.07B
Gross Profit	15.70M	15.90M	16.24M	25.18M	14.83M	-245.62M
EBITDA	6.40M	7.20M	22.00M	1.93M	-33.81M	860.59M
Net Income	-572.20M	-755.90M	-75.69M	22.48B	-1.11B	-2.32B
Balance Sheet
Total Assets	0.00	26.86B	27.32B	27.41B	40.35B	38.83B
Cash, Cash Equivalents and Short-Term Investments	4.70M	4.70M	193.80M	177.77M	2.23B	936.39M
Total Debt	0.00	0.00	0.00	0.00	29.48B	28.56B
Total Liabilities	-25.21B	1.65B	1.38B	1.39B	32.91B	31.75B
Stockholders Equity	25.21B	25.21B	25.94B	26.02B	3.53B	3.73B
Cash Flow
Free Cash Flow	0.00	5.00M	3.54M	4.02B	119.39M	-2.16B
Operating Cash Flow	0.00	5.00M	3.62M	4.02B	889.53M	-1.56B
Investing Cash Flow	0.00	-9.60M	-976.00K	-2.19B	-1.60B	738.01M
Financing Cash Flow	0.00	0.00	0.00	-1.84B	854.11M	560.07M

GFL Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KSE	72 Outperform	₹7.14B	5.61	―	―	―	―
STEL	67 Neutral	₹8.20B	26.29	―	―	―	―
RPPINFRA	60 Neutral	₹4.21B	6.85	―	0.47%	-7.32%	-26.92%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
GFLLIMITED	46 Neutral	₹5.36B	-72.43	―	―	―	―
WSI	44 Neutral	₹5.05B	-21.05	―	―	-53.39%	-147.25%

GFL Ltd Corporate Events

GFL Limited Announces Demise of MD, CEO and Chairperson Devendra Kumar Jain

GFL Limited has announced the death of its Managing Director, Chief Executive Officer and Chairperson, Devendra Kumar Jain, who passed away on 29 December 2025, a loss the board described as irreparable given his pivotal role in the company’s growth and development. The company has sought to reassure investors and other stakeholders that day-to-day operations and management remain stable and are continuing smoothly under the guidance of the existing board and senior leadership team, even as it complies with regulatory disclosure requirements related to the leadership change.

GFL Clarifies Board-Authorised Signing of FY25 Financial Results to NSE

GFL Limited has informed the National Stock Exchange that its standalone and consolidated audited financial results for the quarter and financial year ended 31 March 2025 have been duly approved by the board and signed by director Pavan Kumar Jain, who has been formally authorised for this purpose under SEBI’s listing regulations. The clarification responds to an exchange query over discrepancies related to the signing of the financial results, with GFL submitting a certified copy of the relevant board resolution and requesting NSE to accept and approve the filed results, aiming to resolve any compliance concerns under Regulation 33 of the SEBI (LODR) Regulations, 2015.