GOCL Corporation reported a consolidated net profit of ₹40.50 crore for the quarter ended September 30, 2026, marking a 189% year-on-year increase from ₹14.03 crore in the corresponding period last year.

The company's total income for the quarter stood at ₹66.76 crore, driven primarily by other income of ₹62.65 crore. Revenue from operations contributed ₹4.11 crore to the top line. On a standalone basis, GOCL posted a net profit of ₹33.57 crore for Q2FY27.

Financial Performance Overview

The surge in bottom line was supported by higher other income and lower finance costs compared to the previous year. The company also recorded exceptional items worth ₹2.46 crore during the quarter.

Merger Update and Regulatory Approvals

The Board of Directors noted an Order dated October 8, 2026, passed by the National Company Law Tribunal (NCLT), Amaravati Bench. This order directs the convening of meetings for Equity Shareholders and Unsecured Creditors regarding the proposed Scheme of Merger by Absorption of Hinduja National Power Corporation Limited with GOCL Corporation Limited.

Key developments in the merger process include:

• The NCLAT allowed the company's appeal on September 25, 2026, setting aside a previous NCLT observation.
• Meetings are scheduled for November 24, 2026, via video conferencing.
• Pending final approvals, no effect of the scheme has been reflected in the current financial results.

What the Numbers Show

A significant portion of GOCL's profitability is derived from non-operating sources. For Q2FY27, other income constituted approximately 94% of total income, while revenue from operations accounted for only 6%. This highlights the company's current reliance on investment returns and asset monetization rather than core operational activities for profit generation.

Additionally, the company disclosed that corporate guarantees aggregating ₹1,316.10 crore were not processed as Related Party Transactions initially. These guarantees, extended to Hinduja National Power Corporation Limited and Hinduja Energy India Limited, were subsequently ratified by the Board and shareholders through postal ballot in July 2026. The auditors noted this as an Emphasis of Matter but stated it is not expected to have a material impact on the financial statements.

GOCL Corporation has received an order from the National Company Law Tribunal (NCLT) directing it to convene meetings of its equity shareholders and unsecured creditors. This procedural step is required to consider and approve the proposed scheme of merger by absorption of Hinduja National Power Corporation Limited.

The order was passed by the Hon'ble NCLT, Amaravati Bench, on October 8, 2026. The tribunal's directive follows the company's earlier intimation regarding the scheme, which involves the transfer of Hinduja National Power Corporation Limited (the Transferor Company) into GOCL Corporation Limited (the Transferee Company).

Regulatory framework and scope

The merger is being executed under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. The NCLT's order specifically mandates the convening of separate meetings for two distinct groups: equity shareholders and unsecured creditors of the company. These stakeholders must vote on the scheme for it to proceed further.

Next steps in the merger process

Following the receipt of the NCLT order, the company is obligated to organize the specified meetings. The outcome of these votes will determine whether the scheme receives the necessary approval from the relevant classes of shareholders and creditors.

GOCL Corporation stated that it will make further disclosures to the stock exchanges regarding subsequent developments in the matter. These disclosures will be made in accordance with applicable laws and regulations, ensuring transparency for market participants as the merger process advances.

Key details of the order