---
title: "GSAL (India) Ltd(Merged) (513321) — Share Price, Financials & Analysis"
symbol: "513321"
company: "GSAL (India) Ltd(Merged)"
canonical: "https://tapetide.com/stocks/513321"
isin: "INE653F01017"
bse_code: "513321"
generated_at: "2026-10-13T11:01:26.835Z"
---

# GSAL (India) Ltd(Merged) (513321)

Canonical page: https://tapetide.com/stocks/513321

## Company

- **BSE Code:** 513321
- **ISIN:** INE653F01017
- **Stock Type:** DELISTED
- **Face Value:** ₹10
- **F&O Eligible:** No

## Latest Price

## Key Insights

### Weaknesses

- Company has low interest coverage ratio.
- Company has high debtors of 758 days.

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 299 | 306 | 334 | 351 | 375 | 395 | 421 | 450 | 484 | 520 | 544 | 554 |
| Expenses | 55 | 45 | 56 | 59 | 61 | 61 | 68 | 67 | 75 | 81 | 91 | 99 |
| Operating Profit | 243 | 260 | 277 | 293 | 313 | 334 | 353 | 383 | 409 | 439 | 453 | 455 |
| OPM % | 82 | 85 | 83 | 83 | 84 | 85 | 84 | 85 | 84 | 84 | 83 | 82 |
| Other Income | 12 | 10 | 11 | 13 | 13 | 10 | 14 | 9 | 15 | 10 | 10 | 15 |
| Interest | 78 | 85 | 96 | 98 | 109 | 120 | 128 | 143 | 150 | 160 | 165 | 162 |
| Depreciation | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before tax | 176 | 183 | 190 | 205 | 215 | 222 | 237 | 246 | 271 | 286 | 294 | 304 |
| Tax % | 23 | 22 | 22 | 23 | 24 | 23 | 23 | 22 | 24 | 23 | 23 | 22 |
| Net Profit | 135 | 142 | 148 | 158 | 164 | 172 | 182 | 190 | 207 | 219 | 227 | 236 |
| EPS in Rs | 2.72 | 2.86 | 2.97 | 3.16 | 3.29 | 3.44 | 3.64 | 3.81 | 4.14 | 4.39 | 4.53 | 4.72 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Jun 2009 | Mar 2010 9m |
| --- | --- | --- | --- |
| Sales | 27.45 | 34.25 | 7.62 |
| Expenses | 34.15 | 159.64 | 7.66 |
| Operating Profit | -6.7 | -125.39 | -0.04 |
| OPM % | -24.41 | -366.1 | -0.52 |
| Other Income | 2.31 | 0 | 0 |
| Interest | 6.4 | 0.01 | 0.01 |
| Depreciation | 0 | 4.93 | 3.7 |
| Profit before tax | -10.79 | -130.33 | -3.75 |
| Tax % | -5.1 | 0 | 0 |
| Net Profit | -10.24 | -130.33 | -3.75 |
| Dividend Payout % | 0 | 0 | 0 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Jun 2009 | Mar 2010 |
| --- | --- | --- | --- |
| Equity Capital | 104.35 | 59.77 | 59.77 |
| Reserves | -209.37 | -249.64 | -253.38 |
| Borrowings | 278.42 | 226.76 | 240.47 |
| Other Liabilities | 24.11 | 31.06 | 17.52 |
| Total Liabilities | 197.51 | 67.95 | 64.38 |
| Fixed Assets | 183.96 | 39.17 | 35.47 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other Assets | 13.55 | 28.78 | 28.91 |
| Total Assets | 197.51 | 67.95 | 64.38 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Jun 2009 | Mar 2010 |
| --- | --- | --- | --- |
| Cash from Operating Activity | 6.63 | — | — |
| Cash from Investing Activity | -0.17 | — | — |
| Cash from Financing Activity | -6.64 | — | — |
| Net Cash Flow | -0.18 | — | — |
| Free Cash Flow | 6.46 | — | — |
| CFO/OP | -99 | — | — |

### Ratios

| Item | Mar 2006 | Jun 2009 | Mar 2010 |
| --- | --- | --- | --- |
| Debtor Days | 2.53 | 168.91 | 758.26 |
| Inventory Days | 27.48 | 0 | 0 |
| Days Payable | 0 | — | — |
| Cash Conversion Cycle | 30.01 | 168.91 | 758.26 |
| Working Capital Days | -284.82 | -139.82 | 20.12 |

## Shareholding Pattern

### annual

| Category | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- |
| Promoters | 62.35% | 62.21% | 61.1% | 52.99% | 23.86% |
| FIIs | 11.4% | 14.06% | 19.58% | 27.74% | 33.19% |
| DIIs | 20.38% | 2.59% | 5.11% | 9.88% | 27.29% |
| Public | 5.88% | 21.15% | 14.22% | 9.4% | 15.65% |
| No. of Shareholders | 140814 | 131365 | 129415 | 155270 | 166729 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 62.21% | 62.21% | 62.13% | 62.1% | 61.1% | 54.09% | 53.9% | 52.99% | 52.99% | 40.37% | 23.87% | 23.86% |
| FIIs | 14.06% | 14.15% | 14.83% | 15.42% | 19.58% | 22.81% | 22.45% | 21.86% | 27.74% | 30.41% | 35.36% | 33.19% |
| DIIs | 2.59% | 2.96% | 2.78% | 5.21% | 5.11% | 9.14% | 9.48% | 9.68% | 9.88% | 16.04% | 25.87% | 27.29% |
| Public | 21.15% | 20.68% | 20.27% | 17.28% | 14.22% | 13.96% | 14.16% | 15.47% | 9.4% | 13.19% | 14.89% | 15.65% |
| No. of Shareholders | 131365 | 138492 | 136988 | 142117 | 129415 | 130289 | 153109 | 164387 | 155270 | 164752 | 160741 | 166729 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 3 / 7 / 9

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 4241.06 | Sell |
| EMA (10) | 4190.74 | Sell |
| SMA (20) | 4239.26 | Sell |
| EMA (20) | 4220.64 | Sell |
| SMA (50) | 4275.42 | Sell |
| EMA (50) | 4237.86 | Sell |
| SMA (100) | 4276.38 | Sell |
| EMA (100) | 4202.24 | Sell |
| SMA (200) | 4028.37 | Buy |
| EMA (200) | 4025.17 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 46.71 | Neutral |
| MACD (12,26,9) | -29.34 | Sell |
| Stochastic (14,3,3) | 27.89 | Neutral |
| ADX (14) | 16.14 | Neutral |
| Williams %R (14) | -68.08 | Neutral |
| ATR (14) | 186 | High Volatility |
| ROC (12) | 1.51 | Buy |
| Stoch RSI (14) | 35.57 | Neutral |
| UO (7,14,28) | 51.25 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-03-03 | [Announcement Under Regulation 30 (LODR)-Allotment Of ESOP / ESPS](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cddfa815-fba2-4d0c-b042-c93dff9ffa98.pdf) |
| 2026-02-19 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/953c5b45-1f45-40cb-8e84-9f8fe922ab39.pdf) |
| 2026-02-19 | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8cbeb2fb-60a6-4bc1-add1-c57e078ecd52.pdf) |
| 2026-02-18 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8620baf4-c054-4027-b8b6-f87ba682bb19.pdf) |
| 2026-02-18 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b35daa6d-a41b-4614-9790-692e8a8c4b57.pdf) |
| 2026-02-16 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8d85cc94-7a10-48ca-b431-c69c0f48a382.pdf) |
| 2026-02-12 | [Announcement under Regulation 30 (LODR)-Allotment](https://www.bseindia.com/xml-data/corpfiling/AttachLive/1dab2852-6507-422e-be7a-815241617b5b.pdf) |
| 2026-02-12 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/xml-data/corpfiling/AttachLive/db87fdf2-86a7-493f-91f1-c8ed41694e70.pdf) |
| 2026-02-05 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b17f4c77-882c-48ed-8b95-cb9d87b820c3.pdf) |
| 2026-02-05 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/xml-data/corpfiling/AttachHis/375f36d9-769e-484a-acea-ac727612d230.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9a8beb67-ea29-40a0-9d58-3f1fcb91817a.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d2688f90-a7bf-4a65-ada0-165ce02aeb94.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/c07bafc0-e9ac-4202-96aa-847db822c851.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/543335/73938543335.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/543335/72356543335.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Feb 2026 | Concall - Feb 2026 |
| Nov 2025 | Concall - Nov 2025 |
| Aug 2025 | Concall - Aug 2025 |
| May 2025 | Concall - May 2025 |
| Feb 2025 | Concall - Feb 2025 |
| Nov 2024 | Concall - Nov 2024 |
| Aug 2024 | Concall - Aug 2024 |
| May 2024 | Concall - May 2024 |
| Feb 2024 | Concall - Feb 2024 |
| Nov 2023 | Concall - Nov 2023 |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-08-13 | Credit rating update — ICRA |
| 2025-07-03 | Credit rating update — CARE Ratings |
| 2025-05-20 | Credit rating update — CARE Ratings |
| 2025-03-07 | Credit rating update — CARE Ratings |
| 2024-12-16 | Credit rating update — CARE Ratings |
| 2024-09-13 | Credit rating update — CARE Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:01:26.835Z.