GFL Limited

Financial Services — Asset Management · NSE

₹61.00+₹2.21 (+3.76%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Nothing obvious stands out as stretched — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of GFL Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GFL Limited operates multiplexes in India. It is also involved in real estate and property development activities, as well as the distribution of investment products, including mutual funds.

IndustryAsset Management

SectorFinancial Services

Employees4

Annual revenue₹3 Cr

How does it make money?

Turns over ₹3 Cr a year. Of every ₹100 of sales, about ₹1701 reaches shareholders as profit, with ₹-23 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹66.2 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹66.2 lakh

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC BANK LTD, ICICI BANK LTD., STATE BANK OF INDIA. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE16.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +2% while net margin moved -98% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+2%

Margin effect-98%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 0.5% — barely ahead of inflation
✗ Profit has declined at 72.8% a year

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

65/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

11.1x

3Y Median

0.4x

40 monthly readings · mean 1.7x · range 0.2x–15.0x

Sector Median

17.0x

median of 4 sector peers

⚠️Current valuation is approximately 2932% above its 3y median of 0.4x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 35% below the peer median of 17.0x.

vs. its own history

Expensive

0.4x median over 40 months · +2932%

vs. sector peers

Cheap

17.0x median of 4 peers · -35%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

—

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from -2112.9% to -23.0% over 3 years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 86.4% to 1.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 87.5% to 0.0% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 watch

🟡Profit is decliningFinancial
Net profit is down 98% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -2112.9% to -23.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 35% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The price already assumes success
The stock trades 2932% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Growth barely outpaces inflation
Revenue compounding at 0.5% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 86.4% to 1.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above -25%✓ -23.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✗ 1.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 4% a year✗ 0.5% CAGR
Latest reported year was 28.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Valuation vs its own median of 0.4x✗ 11.1x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

8 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹670 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.1x

Cheap

Cheap against the generic band

P/B Ratio

0.26x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹5.52

Profitable

Profitable on a per-share basis

ROE

1.8%

Weak

Weak capital efficiency

ROCE

0.0%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

28.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

159.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-4.2%

Weak

Thin margins leave little room for error

Net Margin

2157.3%

Good

Strong bottom-line conversion

Current Ratio

104.82

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.14

Defensive

Steadier than the market

52W Range Position

54%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

56.7 / 55.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

62.9

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹3 Cr	₹2 Cr	₹2 Cr	₹3 Cr	+0.5%
EBITDA	-₹55 Cr	-₹0 Cr	-₹1 Cr	-₹1 Cr	—
EBITDA Margin	-2112.9%	-13.8%	-30.6%	-23.0%	—
PAT (Net Profit)	₹2,248 Cr	-₹8 Cr	-₹76 Cr	₹45 Cr	-72.8%
EPS	₹203.46	₹-0.69	₹-6.88	₹4.1	-72.8%
ROE	86.4%	-0.3%	-3.0%	1.8%	—
ROCE	87.5%	0.0%	0.0%	0.0%	—
Free Cash Flow	₹402 Cr	₹0 Cr	₹0 Cr	₹0 Cr	-89.9%

🟡 Revenue has been broadly flat over 3 years (0.5% a year).

🟢 EBITDA Margin has risen from -2112.9% to -23.0% over 3 years (+2089.9 pts).

🔴 PAT (Net Profit) has shrunk at 72.8% a year over 3 years.

🔴 EPS has shrunk at 72.8% a year over 3 years.

🔴 ROE has fallen from 86.4% to 1.8% over 3 years (-84.7 pts).

🔴 ROCE has fallen from 87.5% to 0.0% over 3 years (-87.4 pts).

🔴 Free Cash Flow has shrunk at 89.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,737 Cr

Total Liabilities

₹172 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.3%

Corporate Actions

Ex-Dividend Date

11 Sept 2019

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC BANK LTD	15.9x	13.8%
ICICI BANK LTD.	18.1x	16.5%
STATE BANK OF INDIA	10.3x	15.2%

Recent News

1 positive3 mixed2 general

GFL Ltd. (GFLLIMITED) Share Price Rises 9.71% Today: Price Action and Stock Analysis

Univest, 13 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

MarketsMOJO Upgrades GFL Ltd Stock Rating to Hold Amid Technical and Financial Improvements

MarketsMojo, 16 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

GFL Stock 12‑Month Price Target Raised to $53.08, Implies 28% Upside

TradingView, 08 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Gujarat Fluorochemicals falls 6% after Q4 PAT miss; brokerages cut ratings

Business Standard, 27 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

105GFL28A Share price NSE | Gfl-10.5-20-9-28-pvt Stock price BSE Today

Samco, 10 Sept

GFL Environmental (TSX:GFL) Valuation Check After Recent Share Price Swings

Yahoo Finance, 09 Apr

Watch Items

This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Valuation

MiddlingBusiness Quality · Profitability

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you.

3 of 4 tripwires tripped — Return on equity stays above 8%; Revenue growth stays above 4% a year; Valuation vs its own median of 0.4x · see Key things to watch ↑