GPIL GEL Merger Cleared by NCLT; Stock Movement Signals Market Impact in 2026

Godawari Power and Ispat Limited (GPIL) said its merger with Godawari Energy Limited (GEL) took effect. The update followed clearance from the National Company Law Tribunal (NCLT). GPIL told exchanges that GEL, a wholly owned unit, was now combined into GPIL under a Scheme of Amalgamation.

On 24 March 2026 at 2:40 PM IST, GPIL shares traded at Rs 264.10 on NSE. The price rose 4.86% from the prior close of Rs 251.85. The session range stayed wide, moving from Rs 251.45 to Rs 264.80. The intraday peak implied a 5.14% rise.

In its filing, GPIL said the NCLT Cuttack Bench approved the scheme on March 12, 2026. A certified copy of the order reached the Registrar of Companies on March 23, 2026. With that filing, the scheme became effective on March 23, 2026. The appointed date for the merger remained April 1, 2025.

GPIL also reported a corrigendum order dated March 11, 2026. It corrected minor typographical and non-material issues in the March 10, 2026 ruling. With the steps completed, GEL’s absorption into GPIL was expected to simplify the group structure. GPIL operates as the flagship steel and power firm of the Hira Group.

Marketsmojo data showed GPIL gained 0.98% over the past week. In the same period, the Sensex fell 3.72%. Over one month, GPIL fell 6.20% versus Sensex at -12.72%. Year-to-date, GPIL was down 5.36% while Sensex fell 14.70%. One-year returns were 35.93% for GPIL and -5.47% for Sensex.

The longer view also favoured GPIL over the broader index. Over three years, the stock rose 246.29% versus Sensex at 25.50%. Over five years, GPIL gained 610.05% while Sensex returned 45.24%. Key trading and performance figures are listed below for quick comparison.

Metric	GPIL	Sensex
24 March 2026 price (2:40 PM IST)	Rs 264.10	—
Previous close	Rs 251.85	—
Day low / high	Rs 251.45 / Rs 264.80	—
1-week return	0.98%	-3.72%
1-month return	-6.20%	-12.72%
Year-to-date return	-5.36%	-14.70%
1-year return	35.93%	-5.47%
3-year return	246.29%	25.50%
5-year return	610.05%	45.24%

GPIL is an integrated steel company based in Raipur and started in 1999. The firm is part of the HIRA Group. Its operations include iron ore mining, pellets, sponge iron, steel billets, and ferroalloys. The company is described as a leading secondary steel maker in India.

The NCLT approval and RoC filing meant GEL legally merged into GPIL from March 23, 2026. GPIL also flagged minor corrections through the March 11, 2026 corrigendum. Trading data on March 24, 2026 showed a sharp move in GPIL shares, alongside longer-term return comparisons versus the Sensex.