BSE: 512091
GLOBAL DEFENCE INDUSTRIES LIMI
Manufactures defence ammunition and weapons systems through subsidiaries, with a recently inaugurated manufacturing complex in Shirdi, Maharashtra. The flagship line is 155mm artillery shells at subsidiary Globe Forge Limited, with a stated annual capacity of 5,00,000 shells, claimed to be the largest in India's private sector for artillery shell manufacturing. Other lines include indigenous TNT and RDX explosives, the 'Suryastra' 300km universal rocket launching system and 'Skystriker' 100km loitering munition, plus a Space and Satellite Technologies division and a Bio-CNG and Hydrogen Fuel Plant. Revenue is small at ₹42.79 crore in FY26 and the group is in a heavy capex phase, with capex at 498% of revenue. The statutory auditors flagged a going-concern issue because subsidiary Nibe Maritime has negative net worth and current liabilities exceeding current assets. Q3 FY26 consolidated revenue jumped to ₹3,874.71 lakhs from ₹5.58 lakhs in Q3 FY25, reflecting ramp-up of the new plants. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Artillery shell manufacturing, Defence explosives, Rocket and loitering munition systems, Space and satellite technologies, Bio-CNG and hydrogen fuel. Early-stage, capex-heavy defence manufacturer that has just commissioned its flagship plants and is not yet generating meaningful revenue
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 0 | 43 |
| EBITDA (ex other income) | (2) | (4) |
| margin % | (1400.3) | (10.2) |
| Owners' profit | 0 | (6) |
| EPS, as reported (₹) | 9.15 | (36.02) |
| ROE % · ROCE % | 0.5 · 0.8 | (2.2) · (1.5) |
| Debt / equity (x) | 0.04 | 1.11 |
| Cash from operations | 16 | (162) |
| Capex | 0 | (213) |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 39 | 4 |
| Profit before tax | (0) | 0 | 1 | 0 | 0 | (3) | 2 | (5) |
| Net profit | (0) | 0 | 1 | 0 | (0) | (2) | 1 | (4) |
| EPS (₹) | (0.82) | 1.88 | 5.55 | 2.95 | 0.52 | (14.68) | 0.45 | (22.33) |
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. % |
|---|---|---|---|---|---|---|---|---|
| KHAZANCHI JEWELLERS LTD | 1,792 | 12.6 | 5.61 | — | 28.0 | 37.7 | — | 6.8 |
| UDAY JEWELLERY INDS. LTD. | 753 | 28.5 | 3.63 | — | 17.2 | 23.1 | — | 8.3 |
| PNGS GARGI FASHION JEWELLERY L | 540 | 11.4 | 3.81 | — | 22.1 | 27.0 | — | 30.4 |
| KD GREEN INDUSTRIES LTD | 284 | 18.1 | 3.95 | 31.7 | 7.0 | 8.6 | — | 16.5 |
| GOLKUNDA DIAMONDS & JEWELLERY | 246 | 18.0 | 3.07 | — | 17.1 | 20.7 | — | 9.0 |
| AJC Jewel Manufacturers Limite | 198 | 47.5 | — | — | — | 28.7 | — | — |
| ASHAPURI GOLD ORNAMENT L | 192 | 9.3 | 1.15 | — | 11.1 | 15.0 | — | 11.4 |
| Patdiam Jewellery Limited | 147 | 7.8 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 0.0 | 1.0 | 1 of 37 | 100% |
| ROCE | (1.7) | 4.7 | 45 of 50 | 10% |
| ROE | (2.2) | 2.3 | 33 of 37 | 11% |
| Debt / Equity | 1.1 | 0.1 | 32 of 37 | 14% |
| EBITDA margin | (113.9) | 6.8 | 33 of 35 | 6% |
| Profit growth | (1254.8) | 1.4 | 32 of 34 | 6% |
| Market cap | 2 | 25 | 54 of 54 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Routine Compliance: Registrar Certificate for Q2 FY27 Dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · 41st AGM voting results: All 14 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Proceedings of the 41st Annual General Meeting of the Company | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closure for Q2 and H1 FY26 Results | compliance | minimal | — | — |
| 8 Sept 2026 · 41st AGM notice and remote e-voting details published | compliance | minimal | — | — |
| 7 Sept 2026 · Annual Report access and 41st AGM details sent to shareholders | compliance | minimal | — | — |
| 7 Sept 2026 · Global Defence Industries files 41st Annual Report for FY 2025-26 with AGM on September 29, 2026 | results | high | — | — |
| 7 Sept 2026 · Notice of 41st AGM on September 29, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Newspaper publication of 41st AGM notice | compliance | minimal | — | — |
| 4 Sept 2026 · 41st AGM on Sep 29, 2026 at 11 AM via video conferencing | board shareholder meetings | low | — | — |
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.