NSE: GEEKAYWIRE
GEEKAY WIRES LIMITED
Manufactures galvanized steel wire, wire products, collated nails, and stainless steel nuts and bolts. The business reports two Iron & Steel segments — Domestic and Export — with Domestic contributing Rs 245.14 crore (55.6% of segment revenue) and Export contributing Rs 195.68 crore (44.4%) in FY26. The export channel is concentrated in a US related party that is 100% owned by director Ashish Kandoi, which absorbed Rs 178.32 crore of exports in FY25; shareholder approval is being sought to raise this related-party export ceiling to Rs 350 crore. Materials are the dominant input, taking 77.8% of revenue, while employees account for 5.6% and other operating expenses 9.0%. Capex was 4.1% and depreciation 2.1% of revenue. EBITDA margin came in at 13.0% in FY26, on total revenue of Rs 440.81 crore and net profit of Rs 30.11 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron & Steel (Domestic) (56%), Iron & Steel (Export) (44%). Asset-light, materials-driven steel wire and fastener manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 258 | 399 | 412 | 458 | 441 |
| EBITDA (ex other income) | 10 | 24 | 36 | 22 | 40 |
| margin % | 3.7 | 6.1 | 8.9 | 4.8 | 9.0 |
| Owners' profit | 0 | 24 | 39 | 36 | 30 |
| EPS, as reported (₹) | 8.61 | 23.37 | 7.37 | 6.93 | 2.88 |
| ROE % · ROCE % | — · — | 33.2 · 33.5 | 35.2 · 45.8 | 25.0 · 30.4 | 17.5 · 18.1 |
| Debt / equity (x) | — | 1.25 | 0.67 | 0.77 | 0.84 |
| Cash from operations | (7) | 53 | 62 | 31 | 21 |
| Capex | (4) | (18) | (18) | (45) | (18) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 124 | 113 | 124 | 92 | 124 | 115 | 109 | 95 |
| Profit before tax | 12 | 13 | 9 | 10 | 11 | 11 | 9 | 8 |
| Net profit | 9 | 10 | 7 | 7 | 8 | 8 | 7 | 6 |
| EPS (₹) | 1.76 | 1.84 | 1.41 | 1.38 | 1.60 | 0.75 | 0.65 | 5.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Iron & Steel (Domestic) | 119 | 26.7 |
| Iron & Steel (Export) | 82 | 18.3 |
| Domestic | 134 | 30.0 |
| Foreign | 111 | 24.9 |
| Total, before eliminations | 446 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 3.1 | 15.4 | 9 of 105 | 92% |
| P/B | 1.6 | 1.5 | 56 of 101 | 45% |
| ROCE | 15.4 | 9.1 | 25 of 115 | 79% |
| ROE | 17.5 | 8.6 | 12 of 103 | 89% |
| Debt / Equity | 0.8 | 0.2 | 92 of 101 | 9% |
| EBITDA margin | 12.2 | 11.0 | 43 of 100 | 58% |
| Revenue growth | 3.5 | 13.7 | 65 of 97 | 33% |
| Profit growth | (19.8) | 29.3 | 80 of 105 | 24% |
| Market cap | 278 | 216 | 56 of 122 | 55% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · Compliance certificate for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading Window Closure - Geekay Wires | compliance | minimal | — | — |
| 11 Sept 2026 · Promoter group relative sells 147 shares for Rs4,439 | ownership changes | minimal | — | — |
| 10 Sept 2026 · Geekay Wires AGM 2026 results: all 6 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 9 Sept 2026 · 37th AGM held on Sep 9, 2026; six resolutions including final dividend | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Geekay Wires: Promoter Group Acquires 4,126 Shares on Market | ownership changes | low | — | — |
| 29 Aug 2026 · Promoter Group entity acquires 6,968 shares on market | ownership changes | low | — | — |
| 25 Aug 2026 · Promoter group relative receives 5.44 lakh shares as gift | ownership changes | medium | — | — |
| 24 Aug 2026 · Newspaper publication of 37th AGM notice | compliance | minimal | — | — |
| 20 Aug 2026 · Promoter group relative receives 4.35 lakh shares as gift | ownership changes | high | — | — |
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.