GTL Infrastructure Limited

Technology — Communication Equipment · NSE

₹1.05+₹0.02 (+1.94%)

DalalBaazaar Score

16 / 100

🔴 Poor

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, micro-cap size, which brings thin liquidity.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth, but sales are shrinking. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

GTL Infrastructure Limited, an independent and neutral telecom tower company, owns, builds, operates, and maintains telecom towers and related infrastructure, supporting multiple technologies including 2G, 3G, 4G, 5G, IoT, and enterprise data systems primarily in India.

IndustryCommunication Equipment

SectorTechnology

Employees646

Annual revenue₹1,372 Cr

How does it make money?

Turns over ₹1,372 Cr a year. Of every ₹100 of sales, about ₹57 reaches shareholders as profit, with ₹26 left at the operating level before interest, tax and depreciation. Each of its 646 employees supports ₹2.12 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.12 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -6% while net margin moved -146% 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-6%

Margin effect-146%

DalalBaazaar Score

16/ 100

Poor

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

15/ 100

Weak

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

Valuation

30/ 100

Expensive

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

Weak on business quality and not cheap enough to compensate.

Historical Valuation

Current P/E

1.3x

Sector Median

16.5x

median of 4 sector peers

🟢Against its sector it trades 92% below the peer median of 16.5x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

16.5x median of 4 peers · -92%

vs. generic bands

N/A

Multiples unreliable — equity base is negative

EV/EBITDA

20.3x

PEG

—

Red Flags

4 items require attention · 2 high · 2 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Debt is increasingFinancial
Total debt is up 38% over 3 years.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.10 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 92% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
The debt load needs earnings to hold up
Debt is 16.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1EBITDA margin holds above 24%✓ 25.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 16.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Interest cover stays above 3x✗ 2.4x
How much operating profit can fall before interest stops being comfortably covered.
4Free cash flow remains positive✓ ₹474 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

5 / 9 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✓ 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

4 good · 4 neutral · 3 weak

Market Cap

₹1,345 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

1.3x

Cheap

Cheap against the generic band

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹0.82

Profitable

Profitable on a per-share basis

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

-2.2%

Shrinking

Sales are contracting

Profit Growth (YoY)

189.0%

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

₹474 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

13.9%

Average

Average margins

Net Margin

79.2%

Good

Strong bottom-line conversion

Current Ratio

0.10

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.65

Defensive

Steadier than the market

52W Range Position

13%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

1.1 / 1.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

27.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,458 Cr	₹1,372 Cr	₹1,344 Cr	₹1,372 Cr	-2.0%
EBITDA	₹365 Cr	₹373 Cr	₹291 Cr	₹351 Cr	-1.3%
EBITDA Margin	25.1%	27.2%	21.6%	25.6%	—
PAT (Net Profit)	-₹1,817 Cr	-₹681 Cr	-₹875 Cr	₹779 Cr	—
EPS	₹-1.41	₹-0.52	₹-0.67	₹0.6	—
Total Debt	₹4,281 Cr	₹3,901 Cr	₹3,715 Cr	₹5,898 Cr	+11.3%
Free Cash Flow	₹428 Cr	₹161 Cr	₹585 Cr	₹474 Cr	+3.4%

🔴 Revenue has shrunk at 2.0% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (-1.3% a year).

🟡 EBITDA Margin has held roughly flat at 25.6% over 3 years.

🟢 PAT (Net Profit) has turned positive, from -₹1,817 Cr to ₹779 Cr.

🟢 EPS has turned positive, from ₹-1.41 to ₹0.6.

🔴 Total Debt has grown at 11.3% a year over 3 years.

🟢 Free Cash Flow has grown at 3.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3,125 Cr

Total Liabilities

₹8,340 Cr

Cash & Equivalents

₹116 Cr

Operating Cash Flow

₹535 Cr

Capex

-₹62 Cr

Shareholding (proxy)

Institutional Holding

2.8%

Insider Holding

31.2%

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 mixed5 general

GTL Infrastructure Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

GTL Infrastructure Bull Case vs Bear Case for 2026

Univest, 11 Sept

GTL Infra Standalone June 2026 Net Sales at Rs 327.31 crore, down 2.16% Y-o-Y

Moneycontrol.com, 10 Aug

There's No Escaping GTL Infrastructure Limited's (NSE:GTLINFRA) Muted Revenues

Simply Wall Street, 21 Jan

GTL Infrastructure turns profitable in Q1FY27 with ₹6,939 lakh net profit

scanx.trade, 06 Aug

GTL Infrastructure Posts Q1 Net Profit Of ₹69.4 Crore Reversing ₹232 Crore YoY Loss

Sahi, 07 AugResults

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

Watch Items

Revenue growth is negative (-2.2%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

WeakBusiness Quality · Financial Health · Growth · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

GTL Infrastructure Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 4 tripwires tripped — Debt / EBITDA falls below 3x; Interest cover stays above 3x · see Key things to watch ↑