GOCL Corporation Ltd(GOCLCORP)

NSE: GOCLCORPBSE: 506480

₹ 316.85-1.42%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,571 crWebsite: www.goclcorp.comUpdated: 27 Oct 2026

About

GOCL Corporation Limited, established in 1961 as Indian Detonators Limited and part of the Hinduja Group, is moving from its legacy explosives business into Electronics Manufacturing Services (EMS) and, through a proposed merger with HNPCL, thermal power generation. It has exited the Energetics business and divested its wholly owned explosives subsidiary IDL Explosives in Nov 2025. FY26 consolidated total income was ₹2,180 cr, mainly from a land sale and the IDL Explosives divestment, so it does not recur. Continuing operations are EMS manufacturing near Hyderabad and the sale of land in Hyderabad and Bengaluru.^[1][2]

Business segments

Discontinued Operation (IDL Explosives): ₹1,753.94 Cr revenue, 80.5% of segment total, EBIT margin 84.4% in FY26. This reflects the divestment, not ongoing trading.^[3]
Realty: ₹44.18 Cr revenue, 2.0% of segment total, EBIT margin 74.6% in FY26, from selling land in Hyderabad and Bengaluru.^[3]
Unallocable income: ₹378.13 Cr, 17.3% of segment total in FY26, mainly from inter-corporate loans funded by land sale proceeds.^[3]

Products and services

GOCL-EMS provides end-to-end electronics manufacturing services: design and engineering, PCB assembly, box build integration, testing and validation, direct fulfilment, and Original Design Manufacturing (ODM).^[1]
EMS work covers plain contract manufacturing, design, ODM, cost optimisation, product localisation, box build assembly and final testing.^[4]
As of Q1 FY27, the EMS business plans to move up the value chain into ODM and design, and to grow the share of ODM-led business.^[2]

Operations

A new electronics manufacturing plant has started at Gummadidala, near Hyderabad (reported Q1 FY27). The site has MES, SAP, 3D Automated Optical Inspection and 3D Solder Paste Inspection.^[2][1]
HNPCL (proposed merger target) runs a 1,040 MW (2×520 MW) coal-based thermal plant near Visakhapatnam, Andhra Pradesh. It was commissioned around 2016 and has a residual life of over 20 years.^[1][2]
HNPCL's plant is coastal, which lets it use imported coal. It is supported by long-term PPAs and coal supply agreements.^[1]
Kukatpally (Hyderabad): 157 of the 264 acres under the MoU had been sold as of Q1 FY27, for a total agreed consideration of ₹341,800 lakhs with Squarespace Builders.^[2][1]
Ecopolis, Bengaluru: a 38.15-acre mixed-use commercial project being sold to Tata Group SPVs (agreement signed March 27, 2026). GOCL's share of the consideration is about ₹815 cr.^[2][1]

Key operating numbers

EMS segment revenue: ₹822 lakhs in FY25.^[4]
HNPCL income from operations: ₹2,931 cr in FY26. Expected to add about ₹3,000 cr to GOCL's revenue once the merger completes.^[2]
HNPCL net profit: ₹26,054 lakhs in FY26, including ₹18,157 lakhs of regulatory and exceptional income. Net worth: ₹804,034 lakhs.^[1]
Export sales (GOCL and subsidiary combined): ₹3,903 lakhs in FY25, held back by weak economies and foreign exchange shortages in African markets.^[4]

Customers and distribution

GOCL-EMS serves Automotive, Industrial, Aerospace and Defence, Consumer Electronics, Electric Mobility (EV), IoT and Telecommunications customers. As of Q1 FY27 it is spreading its customer base across auto, EV, defence, telecom and IoT.^[1][2]

Expansion and capex

Proposed merger with HNPCL: considerable progress reported in Q1 FY27; expected to complete shortly, subject to approvals.^[2]
A 600 MW brownfield expansion is planned at the HNPCL plant (as of Q1 FY27; no target date given).^[2]

Recent developments

Nov 2025: completed the divestment of wholly owned subsidiary IDL Explosives and exited the Energetics business.^[2]
FY26: consolidated PAT was ₹1,522 cr (vs ₹157 cr), mainly from the land sale and the IDL Explosives divestment, so it does not recur.^[2]
Kukatpally land sale proceeds are held for now in inter-corporate loans (as of Q1 FY27).^[2]
November 26, 2025: Infomerics assigned GOCL a long-term rating of IVR A/RWDI and a short-term rating of IVR A1/RWDI (Rating Watch with Developing Implications).^[1]
FY26: Board recommended a final dividend of ₹30 per share (1500%), subject to shareholder approval.^[1]
The company approved moving its registered office from Telangana to Andhra Pradesh and filed the required regulatory forms.^[1]

Market Cap

₹1,571 Cr

High / Low

₹461 / 224

Stock P/E

4.7

Price / Book

0.6

Book Value

₹634

EPS

₹307.0

No. of Shares

4.96 Cr

ROCE

13.1%

ROE

64.5%

OPM

89.8%

Debt / Equity

0.00

Sales

₹10 Cr

Net Profit

₹1,522 Cr

Promoter holding

67.8%

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GOCL Corporation Ltd(GOCLCORP)

About

Business segments

Products and services

Operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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