GLFL Q2 FY27 Profit at ₹2.54 Lakhs; Non-Going Concern Basis
Gujarat Lease Financing Limited reported a profit of ₹2.54 lakhs for Q2 FY27, up from ₹2.12 lakhs in Q2 FY26. The company is operating on a non-going concern basis due to accumulated losses exceeding net worth and liabilities surpassing assets. Financial statements are prepared accordingly.
The declaration of operating on a non-going concern basis has a significant impact on the company's financial health and future prospects, warranting a 'HIGH' impact assessment.
The company is preparing its financial statements on a non-going concern basis due to accumulated losses exceeding its net worth and liabilities exceeding its assets, indicating a negative financial outlook.
Gujarat Lease Financing Limited (GLFL) announced its unaudited financial results for the quarter and half-year ended September 30, 2026. The Board of Directors, in a meeting held on October 28, 2026, approved these results.
For the quarter ended September 30, 2026, the company reported a profit of ₹2.54 lakhs, an increase from the ₹2.12 lakhs profit in the corresponding quarter of the previous year. Total income for the quarter was ₹10.76 lakhs, while total expenses were ₹8.22 lakhs.
However, the company is preparing its financial statements on a non-going concern basis. As of September 30, 2026, accumulated losses exceeded its net worth, and total liabilities exceeded total assets. GLFL has no business plan or intention for future business activity in the near future, leading to financial assets being stated at their realizable value or cost, whichever is lower.
The limited review report by the statutory auditors, G. K. Choksi & Co., highlighted these factors. The company has unabsorbed depreciation and carry-forward losses under the Income Tax Act, 1961, for which deferred tax assets have not been recognized due to the absence of certainty regarding future taxable income.
The statement of assets and liabilities as of September 30, 2026, shows total assets of ₹643.82 lakhs and total liabilities of ₹1,045.21 lakhs, resulting in total equity of (₹401.39) lakhs. The cash flow statement for the six months ended September 30, 2026, indicates a net cash outflow from operating activities of (₹592.22) lakhs.
What to do with a filing like this
Gujarat Lease Financing Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Gujarat Lease Financing Limited. Read the original for the full detail.