GOCL Corporation Limited (GOCL), formerly Gulf Oil Corporation, is a distinguished part of the Hinduja Group. It operates as a multi-division, multi-location company, holding leadership positions in the energetics, commercial explosives, and realty sectors. The company's diverse operations encompass commercial explosives, energetics, mining chemicals and accessories, and real estate development.
GOCL's journey began as Indian Detonators Limited (IDL) in Hyderabad in 1961. Over time, it underwent several name changes, becoming IDL Chemicals Limited, then IDL Industries Limited in October 1995, Gulf Oil Corporation Limited on August 28, 2002, and finally GOCL Corporation Limited on August 10, 2015.
As a proud member of the Hinduja Group – a conglomerate with a global presence across automotive, IT, media, energy, real estate, and healthcare – GOCL pioneered the manufacturing of detonators in India. Notably, it was the first company globally to develop slurry-based permitted explosives. Hinduja Capital Limited (HCL) serves as the promoter of the company.
GOCL Corporation Limited strategically diversifies its operations across three primary segments:
The Energetics Division specializes in manufacturing mining and infrastructure project accessories. Its expertise extends to Electronics Manufacturing Services (EMS) for OEMs, a Metal Cladding Division (MCD) catering to various industry needs, and a Special Projects Group focused on defence and space applications. The company is actively expanding its EMS capabilities, with plans for a new facility by Q3 FY26, following the divestment of its explosives business to sharpen its focus.
This segment involves the manufacturing and marketing of packaged and bulk explosives, along with blast initiating devices. IDL Explosives Limited (IDLEL), a wholly-owned subsidiary, produces and markets bulk and cartridge explosives for crucial mining and infrastructure projects. With an impressive manufacturing capacity of 270,000 MT explosives per annum and 192 million initiating devices, GOCL Corporation stands among the largest exporters of these products to 21 countries across Southeast Asia, North Africa, the Gulf, and Southern Europe. _Note: The company has recently initiated the process to divest its explosives business._
GOCL's Property Development Division is dedicated to developing properties in prime locations like Bangalore and Hyderabad. These developments include Special Economic Zones (SEZ), industrial parks, and commercial conglomerates. The company holds significant realty banks and commercial spaces. For instance, in its Ecopolis project in Bengaluru, which features 14.54 lakh square feet of commercial space, GOCL is actively exploring avenues to generate sustainable income.
As of May 19th, 2025, GOCL Corporation Ltd (GOCLCORP) boasts a market capitalization of ₹1,563.27 Crore. The company's valuation metrics include a P/E (price-to-earnings) ratio of 32.40 and a P/B (price-to-book) ratio of 1.10. The current dividend yield of GOCL Corporation Ltd is 1.27%.
The company's financial performance has shown notable fluctuations across recent quarters:
- Q4 FY25 (March 2025): Revenue stood at ₹140.01 Cr. Net Profit for the quarter jumped significantly by 368.02% year-on-year to ₹23.12 Cr. However, sequentially, net profits experienced a -74.98% fall from the previous quarter.
- Q3 FY25 (December 2024): Consolidated net profit surged to ₹92.40 Cr, a substantial increase compared to ₹15.44 Cr in Q3 FY24. Sales, however, declined by 17.29% to ₹138.20 Cr over Q3 FY24.
- Q2 FY25 (September 2024): Net profit declined by 65.39% to ₹5.44 Cr against ₹15.72 Cr in Q2 FY24. Sales also saw a decline of 21.76% to ₹127.74 Cr compared to ₹163.27 Cr in Q2 FY24.
- Revenue Growth: Over the last 5 years, GOCL's revenue has grown at a yearly rate of 9.64%, surpassing the industry average of 8.54%.
- Net Income Growth: The company's net income has grown at a yearly rate of 3.54% over the last 5 years, outperforming the industry average of 0.72%.
- Return on Equity: GOCL has recorded a low return on equity of 4.65% over the last 3 years.
- Dividend: In the quarter ending March 2024, GOCL Corporation Ltd declared a dividend of ₹4, translating to a dividend yield of 4.43%.
GOCL holds the prestigious status of a Star House exporter for energetic and commercial explosive products, serving over 20 countries worldwide. The company's extensive export reach includes Southeast Asia, North Africa, the Gulf region, and Southern Europe. GOCL maintains a strong multi-locational presence with factories and service centers strategically located across India, facilitating its robust domestic and international operations.
GOCL Corporation is currently undergoing significant strategic transformations. A key development is the divestment of its explosives business, shifting its focus towards expanding Electronics Manufacturing Services (EMS). A new EMS facility is projected to be operational by Q3 FY26. The consideration for the sale of the entire equity share capital of IDL Explosives Limited (IDLEL) is ₹107 crore, with the transaction expected to conclude within 2 to 3 months, subject to specific conditions outlined in the agreement.
As of December 2024, the company's promoters held a substantial 72.82% stake in GOCL Corporation, with no shares having been pledged. This promoter holding remained consistent at 72.82% from June 2024 to March 2025, indicating strong promoter confidence and commitment.
The market performance of GOCL Corporation Ltd (GOCLCORP) has seen fluctuations. The 52-week high for the stock is ₹516.80, while its 52-week low stands at ₹245. Over the last 30 days, the GOCL CORPORATION share price has seen a slight decline of 0.7%. Over the past year, the share price has decreased by 36.9%.
GOCL Corporation represents a diversified industrial conglomerate with a strong heritage in explosives manufacturing, an expanding presence in Electronics Manufacturing Services, and significant real estate holdings. While the company faces near-term challenges with volatile quarterly performance, its strategic pivot towards EMS and a sharpened focus on operational efficiency position it for potential growth in emerging sectors, aiming to leverage its strong foundation and Hinduja Group backing.
