504028
GEE financials
- Market cap
- ₹686 Cr
- Sector
- Capital Goods
- Calls analysed
- 2
GEE Q1 FY27
What went well
- Revenue increased by 30% year-on-year from INR 79 crores to INR 103 crores in Q1 FY27.
- EBITDA grew by 77% from INR 4.5 crores to INR 8 crores, with EBITDA margin expanding 204 basis points from 5.7% to 7.8%.
- PBT increased by 318% year-on-year from INR 1 crore to INR 5.5 crores, and PBT margin improved from 1.6% to 5.3%.
What to watch
- Revenue in Q1 FY27 was slightly lower than the previous quarter, attributed to seasonality due to monsoons affecting construction work.
- Past 2-3 years saw stagnant revenues, though management expressed confidence in overcoming this for future growth.
What GEE does
GEE Limited manufactures welding consumables — covered electrodes, TIG/MIG/GMAW wires, SAW wires & fluxes, flux-cored wires and brazing wires — at two plants in Kalyan (Maharashtra) and Kolkata (West Bengal). It sells through a B2B channel (high-margin tenders to infrastructure, oil & gas, defense, railways and engineering customers) and a B2C channel via a network of 500+ domestic dealers and 25+ international distributors spread across 20+ countries. In-house R&D develops proprietary flux formulations and application-specific products for sectors such as shipbuilding, defense/naval, nuclear and heavy engineering.
Segments
- B2B (Institutional/Tenders)
- B2C (Dealer network)
- Manufacturing plants
- 2 (Kalyan, Maharashtra & Kolkata, West Bengal)
- Installed capacity
- ~59,075 MTPA (FY26)
- Capacity utilization
- 57% (FY26)
- Product portfolio
- 500+ consumable SKUs
- Domestic dealer network
- 500+ dealers
- Export distributors
- 25+ distributors across 20+ countries
Guidance record · Q1 FY27
what the last two calls moved 14 tracked 0 delivered 1 missed 13 open- Defense Project Revenue went quiet said Q4 FY26 Promised: more than double (from INR 10-12 cr) for FY27 Q1 FY27: The company also contributed welding consumables to the commissioning of three naval warships (INS Dunagiri, INS Agray, INS Sanshodhak), marking its role in India's defence ramp-up journey. However, the specific target to 'double' revenue was not reiterated.
- Top Line Revenue on track said Q4 FY26 Promised: INR 500 crore plus for FY27 Q1 FY27: Revenue increased by 30% year-on-year from INR 79 crores to INR 103 crores in Q1 FY27. While the specific INR 500 cr target was not reiterated, the strong YoY growth in a seasonally weak quarter keeps the company on the path to achieving this annual target.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 29.9%, net profit up 599.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 83 | 81 | 88 | 79 | 85 +3% | 92 +14% | 112 +27% | 103 +30% |
| EBITDA | 6 | 5 | -16 | 5 | 9 +61% | 9 +78% | 11 +169% | 8 +76% |
| Net profit | 2 | 1 | -15 | 1 | 4 +120% | 4 +231% | 4 +123% | 7 +599% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −24.9% 1Y
1Y: ₹175.75 on 10 Sept 2025 → ₹132. High ₹175.75 (10 Sept 2025), low ₹53.99 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +5.0%
- 7 Aug
- Q4 FY26
- −1.3%
- 18 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.3% a year over 3 years, FY23 to FY26. Operating margin widened to 9.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹396 Cr | ₹369 Cr | ₹334 Cr | ₹369 Cr |
| Operating profit | ₹23 Cr | ₹30 Cr | ₹1 Cr | ₹33 Cr |
| Operating margin | 5.9% | 8.0% | 0.2% | 9.0% |
| Interest | ₹9 Cr | ₹8 Cr | ₹9 Cr | ₹8 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Net profit | ₹9 Cr | ₹13 Cr | ₹-9 Cr | ₹13 Cr |
| Net margin | 2.1% | 3.5% | -2.8% | 3.5% |
| Cash from operations | ₹1 Cr | ₹45 Cr | ₹14 Cr | ₹-11 Cr |
| Free cash flow | ₹0 Cr | ₹11 Cr | ₹12 Cr | ₹7 Cr |
| ROCE | 8.0% | 9.0% | -1.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹10 Cr | ₹10 Cr |
| Reserves | ₹166 Cr | ₹181 Cr | ₹188 Cr | ₹199 Cr | ₹188 Cr | ₹205 Cr |
| Borrowings | ₹60 Cr | ₹77 Cr | ₹87 Cr | ₹82 Cr | ₹79 Cr | ₹61 Cr |
| Other liabilities | ₹33 Cr | ₹35 Cr | ₹39 Cr | ₹38 Cr | ₹39 Cr | ₹40 Cr |
| Total liabilities | ₹264 Cr | ₹298 Cr | ₹320 Cr | ₹324 Cr | ₹316 Cr | ₹315 Cr |
| Fixed assets | ₹137 Cr | ₹147 Cr | ₹143 Cr | ₹171 Cr | ₹168 Cr | ₹128 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹126 Cr | ₹150 Cr | ₹176 Cr | ₹152 Cr | ₹148 Cr | ₹186 Cr |
| Total assets | ₹264 Cr | ₹298 Cr | ₹320 Cr | ₹324 Cr | ₹316 Cr | ₹315 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.75 pp while promoters trimmed −0.39 pp. The shareholder count grew 39% to 6,318.
- Promoters
- 63.6%
- FIIs
- 1.1%
- Public
- 35.3%
Since Jun 2025
- Public +0.75 pp
- Promoters −0.39 pp
- FIIs −0.22 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 64.0%, FIIs 1.0%, DIIs 0.0%, Public 35.0%.Dec '23: Promoters 64.0%, FIIs 1.0%, DIIs 0.0%, Public 35.0%.Mar '24: Promoters 64.0%, FIIs 1.2%, DIIs 0.0%, Public 34.9%.Jun '24: Promoters 64.0%, FIIs 1.2%, DIIs 0.0%, Public 34.9%.Sep '24: Promoters 64.0%, FIIs 1.4%, DIIs 0.0%, Public 34.7%.Dec '24: Promoters 64.0%, FIIs 1.4%, DIIs 0.2%, Public 34.5%.Mar '25: Promoters 64.0%, FIIs 1.4%, DIIs 0.2%, Public 34.5%.Jun '25: Promoters 64.0%, FIIs 1.4%, DIIs 0.2%, Public 34.5%.Sep '25: Promoters 64.0%, FIIs 1.4%, DIIs 0.2%, Public 34.5%.Dec '25: Promoters 64.0%, FIIs 1.4%, Public 34.7%.Mar '26: Promoters 64.0%, FIIs 1.4%, Public 34.7%.Jun '26: Promoters 63.6%, FIIs 1.1%, Public 35.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of GEE above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Payal Agarwal | 24.92% | unchanged |
| Jyoti Agarwal | 22.83% | unchanged |
| Umesh Agarwal | 10.37% | −0.39 pp |
| Omprakash Agarwal | 5.46% | unchanged |
| Anirudh Mohta | 1.98% | unchanged |
| Jiten Mahasukhlal Shah | 1.68% | unchanged |
| Ginni Finance Private Limited | 1.52% | unchanged |
| Kishan Gopal Mohta | 1.21% | unchanged |
| Meru Investment Fund Pcc-Cell 1 FPI fund | 1.15% | −0.22 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse GEE
Guides on how to read this kind of business and the numbers that matter.