GFL Limited is a prominent investment holding company with significant stakes in its associate, PVR INOX Limited, and its subsidiary, INOX Infrastructure Limited. The company is also involved in the distribution of investment products, registered as a sub-broker. Formerly known as Gujarat Fluorochemicals Limited, it officially changed its name to GFL Limited in July 2019. Incorporated in 1987, GFL Limited is headquartered in Mumbai, India.
As a key entity within the INOX Group, which encompasses companies like INOX Leisure Limited, INOX Infrastructure Limited, INOX Air Products Private Limited, and INOX India Limited, GFL Limited strategically demerged its Chemical Business in FY20. This resulted in the formation of Gujarat Fluorochemicals Limited, allowing GFL Limited to focus on its role as an investment vehicle.
GFL Limited primarily operates as an investment holding entity, strategically managing diverse business interests through its associated and subsidiary companies. The company holds substantial stakes in the entertainment sector, notably in PVR INOX Limited, which operates multiplexes and cinema theatres under the INOX brand across India. Additionally, it engages in real estate and property development activities.
The enterprise, through its associations, operates and manages a considerable network of 154 multiplexes and 651 screens spread across 69 towns under the INOX brand. The company's strategic evolution has seen it transition from its initial chemical manufacturing roots to a focused investment vehicle, leveraging its significant holdings in the entertainment and infrastructure sectors.
GFL Limited's financial performance has experienced recent pressures, particularly with fluctuating profitability. As of April 2, 2025, the company's market capitalization stood at ₹607 crore, reflecting a decline of 17.3% over the preceding year. Classified as a Small Cap company by Value Research, its performance metrics indicate a challenging period.
- Q1 FY25 (ended June 2024): The company reported a Net Loss of ₹26.52 crore, an increase from the ₹12.21 crore loss in the same quarter of the previous year. Sales declined by 3.57% to ₹0.81 crore from ₹0.84 crore in Q1 FY24.
- Q2 FY25 (ended September 2024): GFL Limited incurred a Net Loss of ₹35.35 crore, contrasting with a Net Profit of ₹23.69 crore in Q2 FY24. Sales saw a modest increase of 3.66% to ₹0.85 crore from ₹0.82 crore in the prior year's quarter.
- Q3 FY25 (ended December 2024): The company registered a Net Profit of ₹0.39 crore, slightly up from ₹0.35 crore in Q3 FY24. Sales increased by 10.81% to ₹0.82 crore compared to ₹0.74 crore in the previous year's quarter.
For the quarter ended 2025, GFL Ltd reported a consolidated loss of ₹18.29 crore on a total income of ₹0.92 crore. For the full financial year 2024, the company posted a loss of ₹7.57 crore on a total income of ₹3.52 crore.
- Revenue & Profitability: The company reported revenue of ₹3.32 crore and a loss of ₹75.6 crore in the recent financial period.
- Return on Equity (ROE): The last 3-year average ROE is -1.71%, indicating negative returns for shareholders over the period.
- Valuation Ratios: The P/E (Price-to-Earnings) ratio stands at -80.09, and the P/B (Price-to-Book) ratio is 0.23.
- Debt Position: The company is almost debt-free, which is a positive indicator for its financial structure.
- Liquidity: However, GFL Limited exhibits a low interest coverage ratio, suggesting potential challenges in servicing its debt obligations if any arise.
- Promoter Holding: The promoter holding in GFL Ltd has remained stable at approximately 68.72% as of March 2025, consistent with 68.7% recorded in June 2024.
- Chairman: Devendra Kumar Jain
- Managing Director: Devendra Kumar Jain
- Company Secretary & Compliance Officer: Vineesh Vijayan Thazhumpal
GFL Limited has confirmed full regulatory compliance for the financial year ended March 31, 2025, as per its Annual Secretarial Compliance Report. The company has appointed Dhrumil M. Shah & Co. as its secretarial auditor for a five-year term commencing from FY 2025-26, ensuring continued adherence to corporate governance standards.
GFL Limited's strategic transformation from a chemical manufacturing entity to an investment holding company highlights its repositioning within the INOX Group ecosystem. The company's intrinsic value is primarily derived from its substantial investments in PVR INOX Limited and INOX Infrastructure Limited, offering investors an indirect exposure to India's dynamic entertainment and infrastructure sectors. Potential investors should carefully assess the company's recent financial challenges and profitability trends in conjunction with the long-term potential of its investment portfolio.
