BSE: 504028
GEE LTD.
Makes welding consumables — electrodes, SAW wire, and flux cored wires — from plants in Maharashtra and Kolkata, serving defence, nuclear, thermal power, railways and shipbuilding. Supplied welding consumables for the Indian Navy's INS Vikrant aircraft carrier and was sole supplier for three warships (INS Dunagiri, INS Agray, INS Sanshodhak) commissioned in June 2026. Holds NPCIL approval for nuclear power consumables and supplies P91/P92 grade creep-resistant electrodes developed for thermal power (including Adani Power). Plans to begin flux cored wire production in July 2026, targeting INR50+ crore annual revenue from this new line. Currently runs at 57-58% capacity utilization, with plans to scale to 80-90%. Exports to Europe run at over 250 tons per month. Separately, a ~13,000 sq m land parcel at Thane's Wagle Industrial Estate is being monetized under a development agreement to generate INR400 crore cash flow over five years. Materials at 69.3% of revenue are the largest cost item. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Defence and shipbuilding, Nuclear power, Thermal and hydropower, Railways, Exports. Specialty welding consumables manufacturer with growing defence and nuclear sector exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 323 | 396 | 369 | 334 | 369 |
| EBITDA (ex other income) | 28 | 23 | 30 | 1 | 30 |
| margin % | 8.8 | 5.9 | 8.0 | 0.2 | 8.1 |
| Owners' profit | 15 | 9 | 13 | (9) | 13 |
| EPS, as reported (₹) | 5.81 | 3.26 | 4.95 | 0.00 | 4.87 |
| ROE % · ROCE % | 8.1 · 12.6 | 4.4 · 9.9 | 6.3 · 12.0 | (4.8) · (1.5) | 6.0 · 11.2 |
| Debt / equity (x) | 0.41 | 0.45 | 0.40 | 0.42 | 0.30 |
| Cash from operations | 2 | 1 | 45 | 14 | (11) |
| Capex | (7) | (1) | (34) | (2) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 82 | 83 | 81 | 88 | 79 | 85 | 92 | 112 |
| Profit before tax | 4 | 3 | 2 | (20) | 1 | 6 | 6 | 6 |
| Net profit | 3 | 2 | 1 | (15) | 1 | 4 | 4 | 4 |
| EPS (₹) | 1.02 | 0.74 | 0.49 | 0.00 | 0.38 | 1.57 | 1.60 | 1.32 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APAR INDUSTRIES LTD. | 71,483 | 60.5 | 13.25 | 37.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| WAAREE ENERGIES LIMITED | 66,649 | 17.4 | 4.44 | 10.8 | 25.9 | 29.0 | — | 20.3 |
| PREMIER ENERGIES LIMITED | 40,159 | 23.8 | 9.32 | 16.4 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 24,146 | 180.9 | 29.35 | 128.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| EMMVEE PHOTOVOLTAIC PWR L | 20,798 | 15.6 | 5.63 | 11.6 | 29.3 | 31.2 | — | 36.3 |
| DIAMOND POWER INFRA LTD | 19,761 | 100.5 | — | 96.1 | (26.2) | 8.6 | — | 12.3 |
| AVALON TECHNOLOGIES LTD | 15,353 | 114.8 | 21.27 | 76.5 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,790 | 12.3 | 3.96 | 11.0 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.4 | 24.6 | 26 of 52 | 51% |
| P/B | 2.9 | 3.4 | 21 of 49 | 58% |
| ROCE | 7.8 | 12.4 | 38 of 55 | 32% |
| ROE | 6.0 | 12.4 | 37 of 50 | 27% |
| Debt / Equity | 0.3 | 0.3 | 27 of 50 | 47% |
| EBITDA margin | 8.0 | 12.6 | 39 of 51 | 24% |
| Revenue growth | 27.5 | 20.7 | 22 of 46 | 53% |
| Profit growth | 123.5 | 37.7 | 12 of 45 | 75% |
| Market cap | 618 | 611 | 28 of 56 | 51% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA compliance certificate for share demat activity in Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Intimation of Plant Visit by Analysts and Investors on 9 October in Kolkata | investor communications | low | — | — |
| 25 Sept 2026 · GEE Ltd to attend Arihant Capital virtual investor conference on Sep 30 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · GEE Ltd to meet investors and analysts in Mumbai on Sept 29 | board shareholder meetings | low | — | — |
| 12 Sept 2026 · GEE Ltd AGM results: All 3 resolutions passed with near-unanimous approval | compliance | minimal | — | — |
| 12 Sept 2026 · GEE Limited 65th AGM concluded via video conferencing on Sept 12 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · GEE Limited 65th AGM adjourned to 12 Sept 2026 due to lack of quorum | board shareholder meetings | low | — | — |
| 7 Sept 2026 · GEE Limited 65th AGM adjourned due to lack of quorum | board shareholder meetings | low | — | — |
| 13 Aug 2026 · GEE Limited fixes Sept 1 to Sept 7 as book closure for 65th AGM | board shareholder meetings | low | — | — |
| 13 Aug 2026 · GEE Limited files FY26 Annual Report; 65th AGM set for 7 September 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.