Skip to content
Menu

Sağlama record · BIST: GEREL

Gersan Elektrik

Gersan Elektrik (GEREL) shares are on Borsa Istanbul's participation index list (BIST Participation All Shares) for the period from October 1, 2026 to April 30, 2027. Source: Borsa Istanbul's list of participation index constituents, Oct 1, 2026. The shares are also in the BIST Participation 100 index.

Dated October 17, 2026No. SGL-2025Y-GEREL

The reading of all three ratios in the financial statements for the full year 2025 is not complete; the ratios rest on the items read. The statements will be read again, and the record's result will be given after that.

This is a measurement, not a religious ruling.

MEASUREMENT TABLE

Interest-bearing loans

statements to be read again
21.1%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 1,109,727,273÷TRY 5,263,067,826 (total assets)× 100

RatioInterest-bearing loans / total assets

Debts proven not to count (line 6J of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Note 7; Note 9: “Alınan depozito ve teminatlar [Kısa vadeli]” TRY 6,333,770: undetermined, kept in the numerator; “Diğer çeşitli borçlar” TRY 0: undetermined, kept in the numerator; “Ortaklara borçlar” TRY 0: undetermined, kept in the numerator. Note 4: “Banka kredileri” TRY 689,611,850: undetermined, kept in the numerator. Note 4: “Finansal kiralama işlemlerinden doğan borçlar” TRY 17,976,090: not counted (proven); “Ertelenmiş finansal kiralama borçları” TRY -2,795,646: not counted (proven); “Uzun vadeli kredilerin anapara taksitleri ve faizleri” TRY 254,554,056: counted in the ratio (proven). Note 4: “Banka kredileri” TRY 159,227,597: undetermined, kept in the numerator; “Finansal kiralama işlemlerinden doğan borçlar” TRY 36,745,823: not counted (proven); “Ertelenmiş finansal kiralama borçları” TRY -4,302,441: not counted (proven). On the items read, the measured range is 4.84% to 21.09%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Alınan depozito ve teminatlar [Kısa vadeli] · Other payables, note 7, 96,333,770undetermined, kept in the numeratorTKBB Guideline 6.1
Diğer çeşitli borçlar · Other payables, note 7, 90undetermined, kept in the numeratorTKBB Guideline 4.1
Ortaklara borçlar · Other payables, note 7, 90undetermined, kept in the numeratorTKBB Guideline 6.1
Banka kredileri · Short-term borrowings, note 4689,611,850undetermined, kept in the numeratorTKBB Guideline 6.1
Finansal kiralama işlemlerinden doğan borçlar · Current portion of long-term borrowings, note 417,976,090not counted (proven)TKBB Guideline 6.2
Ertelenmiş finansal kiralama borçları · Current portion of long-term borrowings, note 4-2,795,646not counted (proven)TKBB Guideline 6.2
Uzun vadeli kredilerin anapara taksitleri ve faizleri · Current portion of long-term borrowings, note 4254,554,056counted in the ratio (proven)TKBB Guideline 6.1
Banka kredileri · Long-term borrowings, note 4159,227,597undetermined, kept in the numeratorTKBB Guideline 6.1
Finansal kiralama işlemlerinden doğan borçlar · Long-term borrowings, note 436,745,823not counted (proven)TKBB Guideline 6.2
Ertelenmiş finansal kiralama borçları · Long-term borrowings, note 4-4,302,441not counted (proven)TKBB Guideline 6.2

KAFİF declaration 25.4% (first half 2026) · Sağlama measurement on the items read 4.8% to 21.1% (full year 2025) · the statements will be read again · View the form on KAP

Source: company financial report, full year 2025 statements · Dec 31, 2025

View the documentMethod

Interest-bearing assets

statements to be read again
0.6%

Measured on the items read

Calculation and source

Calculation: numerator ÷ denominatorTRY 29,836,046÷TRY 5,263,067,826 (total assets)× 100

RatioInterest-bearing cash and securities / total assets

Assets proven not to count (line 5G of the KAFİF form) were deducted as far as the notes prove them; items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Note 3: “Kasa” TRY 1,793,858: not counted (proven); “Bankalar” TRY 27,565,670: undetermined, kept in the numerator; “Diğer hazır değerler” TRY 2,270,376: undetermined, kept in the numerator. On the items read, the measured range is 0.00% to 0.57%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Kasa · Cash and cash equivalents, note 31,793,858not counted (proven)TKBB Guideline 5.2
Bankalar · Cash and cash equivalents, note 327,565,670undetermined, kept in the numeratorTKBB Guideline 5.1
Diğer hazır değerler · Cash and cash equivalents, note 32,270,376undetermined, kept in the numeratorTKBB Guideline 4.1

KAFİF declaration 0.0% (first half 2026) · Sağlama measurement on the items read 0.0% to 0.6% (full year 2025) · the statements will be read again · View the form on KAP

Source: company financial report, full year 2025 statements · Dec 31, 2025

View the documentMethod

Excluded income

statements to be read again
13.4%

On the items read: 0.0% to 13.4%

Calculation and source

Calculation: numerator ÷ denominatorTRY 417,208,855÷TRY 3,120,530,378 (total income)× 100

RatioExcluded income / total income

On the KAP form this item is titled “Katılım Finans İlkelerine Uygun Olmayan Gelir”, which means income not in line with participation finance principles.

This range rests on the items read from the financial statements, and the statements will be read again.

Income that the notes prove does not count (line 4D of the KAFİF form) was deducted. Items that could not be separated stayed in the numerator, as a precaution. The ratio rests on the items read from the financial statements; the statements will be read again. Excluded income from business activities (line 4B of the KAFİF form) does not appear in the financial statements; it is only in the company's KAFİF declaration on KAP. This measurement sets it to 0. If there is a declaration, the record shows it separately, with a link. Note 26: “Faiz gelirleri [Nakit ve nakit benzerlerine ait]” TRY 0: counted in the ratio (proven); “Kambiyo karı [Nakit ve nakit benzerlerine ait]” TRY 10,064,913: not counted (proven). Note 25: “Menkul kıymet satış karı” TRY 3,258,252: undetermined, kept in the numerator; “Yatırım faaliyetlerinden gelirler” TRY 302,457: undetermined, kept in the numerator. Notes that could not be used: Note 24 (Other income from operating activities): the note's amounts could not be matched to this item automatically. On the items read, the measured range is 0.00% to 13.37%.

Breakdown from the notes
Item, as written in the company's reportAmount (TRY)ClassBasis
Faiz gelirleri [Nakit ve nakit benzerlerine ait] · Finance income, note 260counted in the ratio (proven)TKBB Guideline 4.1
Kambiyo karı [Nakit ve nakit benzerlerine ait] · Finance income, note 2610,064,913not counted (proven)TKBB Guideline 4.2
Menkul kıymet satış karı · Income from investing activities, note 253,258,252undetermined, kept in the numeratorTKBB Guideline 4.1
Yatırım faaliyetlerinden gelirler · Income from investing activities, note 25302,457undetermined, kept in the numerator

KAFİF declaration 0.0% (first half 2026) · Sağlama measurement on the items read 0.0% to 13.4% (full year 2025) · the statements will be read again · View the form on KAP

Source: company financial report, full year 2025 statements · Dec 31, 2025

View the documentMethod

The three ratios are calculated from the financial statements, and each bar is scaled to its own threshold. The measurement uses the company's latest published statements, and every record states the period. The official review uses audited six- and twelve-month statements (Standard 3.4), so the periods can differ. Method

This record is produced by Sağlama's calculation from the financial statements the company publishes. The method and the corrections log are public. Responsible for this record: Savaş Tutumlu, founder.

Official list record

Official list
On the BIST Participation All Shares list · Index period from October 2026 to April 2027Source: Borsa Istanbul's list of constituents, Oct 1, 2026
In these sub-indices
BIST Participation 100
Changes this period
These shares are not among the changes Borsa Istanbul announced for this period.Source: Borsa Istanbul announcement, Sep 29, 2026
Next period
Starts on May 1, 2027. Borsa Istanbul is expected to announce the new list by April 29, 2027 at the latest (Ground Rules 2.17). Sağlama's expectation for each member is on the Review forecast page. This is a forecast, not the official list.

Status history

4 entries

Each period's record and every correction are kept with their dates. Method

  1. Earlier measurementTKBB rules, August 2025, version 1 · full year 2025: at least one ratio above the threshold. Income 13.69% · assets 0.60% · loans 21.99%.
  2. Earlier measurementTKBB rules, August 2025, version 1 · full year 2025: depends on the company's declaration. Income 13.37% · assets 0.57% · loans 21.29%.
  3. Earlier measurementTKBB rules, August 2025, version 2 · full year 2025: depends on the company's declaration. Income 13.37% · assets 0.57% · loans 21.29%.
  4. MeasurementTKBB rules, August 2025, version 3 · full year 2025: statements to be read again. Income 0.00% to 13.37% · assets 0.00% to 0.57% · loans 4.84% to 21.09%. The ratios rest on the items read.THIS RECORD

Documents and sources

Source links lead to documents published by the company and by Borsa Istanbul. We do not copy KAP documents. Method

  • GEREL financial report, Dec 31, 2025 (company investor relations site)Dec 31, 2025 · Fingerprint caf7555a3f37…View the document
  • Sağlama's calculation and methodTKBB rules, August 2025, version 3Read the method

If a figure looks wrong, write to bilgi@saglama.com. We correct it and record the correction with its date in the corrections log.

What this measurement covers

This record's financial statements will be read again. The ratios rest on the items read; the record's result will be given after the new reading. Method

The company's KAFİF declaration

The company's declaration on the KAP form (first half 2026): excluded income 0.0%, interest-bearing assets 0.0%, interest-bearing loans 25.4%. The three declared ratios are within the thresholds. View the form on KAP

The company's answers to the four yes/no questions on the form:

Do the articles of association of the company, its corporate shareholders or its affiliates include an activity that does not follow participation finance principles?
No
Do the company's articles of association grant a privilege that does not follow participation finance principles?
No
Has the company made a statement or decision supporting the actions defined in Standard 1.5 and TKBB Guideline 1.D?
No
Does the company have activities or income directly contrary to participation finance principles?
No

Purification calculation

Dividend-based method · CALCULATOR (DIVIDEND-BASED METHOD)

Purification calculator

A company within the threshold can still have a small amount of excluded income (interest income and other income the standard excludes). Under the TKBB standard, the part of this income that falls to your shares is given to charitable causes. This duty applies whether the company made a profit or a loss, and whether or not it paid a dividend. The amount set aside does not replace zakat or sadaqa.

CALCULATION SLIPGEREL · full year 2025
Number of shares
500
Gross dividend per share
TRY 2.40
Gross dividend (500 × 2.40)
TRY 1,200.00
Excluded income ratio
13.4%
Purification amount
TRY 160.44

Purification amount = gross dividend × excluded income ratio

The number of shares and the dividend are sample inputs. The ratio comes from the company's measurement. To calculate with your own figures, use the purification page.

Purification amount = gross dividend × excluded income ratio (dividend-based method). Under TKBB Standard 3.6.1, purification is needed even if the company makes a loss or pays no dividend. The method page quotes TKBB Standard 3.6, including the inflation deduction under 3.6.2. The ratio rests on the items read; the statements will be read again, so the ratio and the amount may change. On the items read, the measured range is 0.00% to 13.37%; the purification amount is calculated with the 13.37% found from the items read.

  • Excluded income is the part of a company's earnings that is not in line with participation finance principles. On the KAP form it is called “income not in line with participation finance principles.”
  • Purification is done even if the company makes a loss.
  • Purification is needed even if no dividend is paid. The calculation here uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method), which this calculator does not do yet.
  • The purification amount does not replace zakat or sadaqa. Under the TKBB standard, it is given away, not kept.
  • You give the amount yourself, to a charitable cause of your choice. Sağlama does not direct donations.

This calculation uses the dividend-based method. TKBB Standard 3.6 also counts how long you held the shares (the share-days method). The standard is quoted on the method page.

Get an alert if it changes

Your address is kept so that we can tell you when the status of GEREL changes. Alerts start when the sending service goes live. At most one or two e-mails a month. You can unsubscribe with one click.

Your address is used only for these alerts.

Companies in the same index

The 12 companies just before and after this one in alphabetical order in BIST Participation 100.