GOCL Corporation Limited reported a consolidated net profit of ₹1,522 crore for FY26, a significant rise from ₹157 crore in the previous year. The company held its 65th Annual General Meeting on September 29, 2026, where shareholders adopted these financial statements and approved a dividend of ₹30 per share.

The sharp increase in profitability was primarily driven by the sale of land assets and the divestment of its wholly owned subsidiary, IDL Explosives. Consolidated total income rose to ₹2,180 crore in FY26 from ₹1,030 crore in FY25. Earnings per share (EPS) stood at ₹307, up from ₹32 in the prior year.

Strategic portfolio realignment

The presentation highlighted a year of transformation focused on portfolio re-alignment and unlocking value from legacy assets. Key activities included:

• Disengagement from the Energetics business.
• Divestment of wholly owned subsidiary IDL Explosives Limited.
• Commencement of a new Electronic Manufacturing Services (EMS) plant at Gummadidala, near Hyderabad.
• Progress on monetisation of Hyderabad land and the Ecopolis project in Bengaluru.
• Ongoing merger process with Hinduja National Power Corporation Limited (HNPCL).

Financial performance overview

The following table summarizes the consolidated financial performance for FY26 compared to FY25:

Business segment updates

Electronics and EMS: The company is expanding its EMS capabilities through the new facility in Telangana. It aims to move up the value chain from contract manufacturing to Original Design Manufacturing (ODM), targeting sectors like automotive, electric mobility, aerospace, and IoT.

Realty: GOCL has completed the sale of 157 acres of land at Kukatpally, Hyderabad. Proceeds have been temporarily deployed in inter-corporate loans. Additionally, the Ecopolis project in Bengaluru is under sale to Tata Group SPVs, with GOCL’s share of consideration estimated at approximately ₹815 crore.

Merger with HNPCL

A major strategic move involves the proposed merger with HNPCL, which owns a 1,040 MW thermal power plant near Visakhapatnam. Upon completion, this acquisition is expected to add approximately ₹3,000 crore to GOCL’s top line and significantly increase book value per share. HNPCL reported income from operations of ₹2,931 crore and net profit of ₹229 crore in FY26.

Dividend declaration

Shareholders approved a dividend of ₹30 per share (1500% of face value) for FY26. This payout will be credited to eligible shareholders' bank accounts within 30 days of declaration, subject to applicable tax deductions.

What the numbers show

The FY26 financials reflect a transition from operational earnings to asset-monetization gains. With PBT at ₹1,827 crore and PAT at ₹1,522 crore, the effective tax rate appears low, consistent with capital gains treatment or specific tax structures on asset sales. The net worth nearly doubled to ₹3,143 crore, indicating that the primary driver of shareholder value in FY26 was balance sheet strengthening via divestments rather than core operational growth.

GOCL Corporation Limited received a favorable order from the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, on September 25, 2026. The tribunal set aside the earlier dismissal of the merger scheme with Hinduja National Power Corporation Limited (HNPCL) and directed the National Company Law Tribunal (NCLT) to proceed with shareholder meetings.

The NCLT Amravati Bench had previously dismissed the First Motion Company Scheme Application on July 30, 2026. The primary grounds for rejection included the appointed date of April 1, 2025, being more than one year prior to the application filing without adequate justification under MCA General Circular No. 09/2019. Additionally, the tribunal noted discrepancies in financial statements and late filing of the application.

NCLAT directives for shareholder meetings

In its order dated September 25, 2026, the NCLAT allowed the appeal filed under Section 421 of the Companies Act, 2013. The appellate tribunal observed that the issues raised by the NCLT at the First Motion stage were premature. It emphasized that the process should advance to allow shareholders and creditors to consider the scheme on its merits.

The NCLAT directed the NCLT to:

• Appoint the Chairman and Scrutinizers for the meetings.
• Fix their respective remuneration.
• Prescribe a schedule for the meetings.

These steps must be completed within one week from the date of the NCLAT order, and in any event, not later than October 5, 2026.

Regulatory compliance and timeline

The NCLAT noted that GOCL, as a listed entity, was required to obtain observations from stock exchanges and SEBI before approaching the tribunal. These requisite observations were received in May 2026, leading to the filing of the First Motion Company Scheme Application on June 22, 2026. The appellate body clarified that this procedural sequence did not warrant the dismissal of the application.

The merger involves the absorption of HNPCL into GOCL Corporation Limited under Sections 230 to 232 of the Companies Act, 2013. The company stated it will make further disclosures as required under SEBI Listing Regulations upon receipt of subsequent directions from the NCLT.

What the numbers show

The timeline reveals a tight regulatory window: the NCLAT order was issued on September 25, 2026, mandating compliance by October 5, 2026. This leaves only ten days for the NCLT to appoint officials and fix meeting schedules. The reversal highlights that procedural delays in obtaining exchange observations (May 2026) were not sufficient grounds to reject the scheme's substantive consideration, shifting the focus back to shareholder approval.