GFL Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

GFL Ltd trades at ₹57.3, in a downtrend and 86 weeks into that stage. That is +10.1% against its own 200-day average. It sits at 77% of a 52-week range of ₹39 to ₹63. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 8 straight weeks.

Today the stock is in a downtrend — week 86 of stage 4. At ₹57.3 it trades +10.1% versus its 200-day average and sits at 77% of its 52-week range (₹39–₹63).

Against the market, two honest reads. Cumulative: over the last 10.6 years the stock moved −9% while the NIFTY 500 moved +268% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 8 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

GFL Ltd trades at 10.4× P/E, at the pricey end of its own range (93rd percentile). Its long-run median P/E is 2.1×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.4× is at the pricey end of its own range (93rd percentile), against a long-run median of 2.1× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

The price move, decomposed: over 10y, of the −3.1%/yr price move, ~−18.6%/yr came from earnings growth and ~+15.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, GFL Ltd was paying for profit growth of about 4.2% a year. Profit itself has compounded −22.9% a year over the past 10 years. Today the market pays 10.4× P/E, the 93rd percentile of its own 11-year range.

What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 25 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

GFL Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — GFL Ltd is score temporarily unavailable — [mlaSectorData] ambiguous sector slug "chemicals-organic": Chemicals - Organic, Chemicals Organic for undefined.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

GFL Ltd reported ₹1.0 Cr of revenue in the Jun 26 quarter, +12.0% year on year. That is the 8th straight quarter of year-on-year growth. Over 10 years it has compounded at −52.6% a year. The last full year, FY26, came in at ₹4.0 Cr. The last four reported quarters add to ₹3.8 Cr.

FY26 revenue came in at ₹4.0 Cr (+0.0% on the year), capping 10 years at −52.6% compound. The latest quarter (Jun 26) printed ₹1.0 Cr, +12.0% year on year — the 8th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +10.5% growth against the decade's −52.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +10.5% over the last 4 quarters against +9.3%/yr over the last 8 — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

GFL Ltd's operating margin is 28.2% in the Jun 26 quarter, +1,064.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −1,325.0% to 99.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 28.2%, +1,064.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −1,325.0%–99.0%.

Why the margin moved: operating margin went +1,064.0 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

GFL Ltd earned ₹7.4 Cr of net profit in the Jun 26 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. Full-year FY26 profit was ₹45.0 Cr. The 10-year compound rate is −22.9%. That is 722.3% of the quarter's revenue.

Jun 26 profit was ₹7.4 Cr, null year on year. On the full year, FY26 printed ₹45.0 Cr (null), and the 10-year compound rate is −22.9%.

🚨 Read this profit with care: at ₹7.4 Cr it is larger than the whole quarter's revenue of ₹1.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at 28.2% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 39% of GFL Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹0.0 Cr of operating cash against ₹45.0 Cr of profit. After ₹0.0 Cr of capital spending, ₹0.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹0.0 Cr against reported profit of ₹45.0 Cr, leaving free cash of ₹0.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 39% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 39%: the cash cycle stretched 6,353 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 6,353 days — the next section's job is to find where the cash is stuck.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

GFL Ltd's cash conversion cycle runs 27 days in FY26, up from −6,326 days in FY21. Capital spending ran ₹−1.0 Cr over the last 3 years. At FY26 sales of ₹4.0 Cr each day of that cycle holds about ₹0.0 Cr, so roughly ₹0.0 Cr sits inside the business at any moment.

FY26: debtors at 27 days (an asset-light business — no inventory to speak of) — for a full cycle of 27 days, looser than FY21's −6,326.

In money terms: at FY26 sales of ₹4.0 Cr, each day of the cycle holds about ₹0.0 Cr — so the 27-day loop keeps roughly ₹0.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−1.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

GFL Ltd earns a ROCE of 2% in FY26. That is up from a trough of −2% in FY21. Return on invested capital clears the cost of that capital by −12.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 1,125.0% net margin on 0.00× asset turns.

FY26 ROCE is 2%, recovered from a FY21 trough of −2% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 1,125.0% net margin × 0.00× asset turns × 1.07× balance-sheet leverage ≈ 0.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 0.0% − 12.0% = a −12.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

GFL Ltd carries ₹0.0 Cr of borrowings against ₹2,565 Cr of equity in FY26, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹2,856 Cr to ₹0.0 Cr. Capital spending ran ₹−1.0 Cr across the last 3 of those years.

FY26: borrowings of ₹0.0 Cr against equity of ₹2,565 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹2,856 Cr to ₹0.0 Cr while capital spending ran ₹−1.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 2.0 points of GFL Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 0.0% of the company. Promoters moved +0.0 points over the same window, to 68.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −2.0 points over 8 quarters to 0.0%; Promoters: +0.0 points over 8 quarters to 68.7%; Foreign institutions: +0.0 points over 8 quarters to 0.2%.

🚨 Why the register moved: domestic institutions drove it (−2.0 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

GFL Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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