GEE Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript GEE Ltd filed with BSE on 10 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
GEE Limited reported Q1 FY27 revenue of INR 103 crores, up 30% year-on-year, with EBITDA rising 77% and EBITDA margin expanding to 7.8%. Management attributed the growth to higher electrode utilization and cited a recent NPCIL empanelment as a strategic milestone for the nuclear power sector. The company also discussed plans to expand into SAW wire, SAW flux and flux cored wire products, and outlined a target to reach INR 1,000 crores in revenue by FY29-30.
Numbers mentioned
Turnover: INR 103 crores (Q1 FY27)
p. 5
“The turnover, of course, went up by 30% year-on-year from INR 79 crores to INR 103 crores Q1 FY27.”
Payal Agarwal, page 5 of the filed PDF · View the filing
EBITDA: INR 8 crores (Q1 FY27)
p. 5
“EBITDA again went up by around 77% from INR 4 crores, INR 4.5 crores to INR 8 crores.”
Payal Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin: 7.8% (Q1 FY27)
p. 5
“And the EBITDA margin going up by 204 basis points from 5.7% to 7.8%.”
Payal Agarwal, page 5 of the filed PDF · View the filing
PBT: INR 5.5 crores (Q1 FY27)
p. 5
“Again, the PBT went up drastically from INR 1 crore to INR 5.5 crores.”
Payal Agarwal, page 5 of the filed PDF · View the filing
PBT margin: 5.3% (Q1 FY27)
p. 5
“And the PBT margin again going up by 365 bps from 1.6% to 5.3% of turnover.”
Payal Agarwal, page 5 of the filed PDF · View the filing
Adjusted PAT: INR 3.2 crores (Q1 FY27)
p. 5
“The adjusted PAT again going up by 223% year-on-year from INR 1 crore to INR 3.2 crores.”
Payal Agarwal, page 5 of the filed PDF · View the filing
Adjusted PAT margin: 3.1% (Q1 FY27)
p. 5
“And the adjusted PAT margin going up from 1.2% to 3.1%, a growth of 183 bps.”
Payal Agarwal, page 5 of the filed PDF · View the filing
Working capital limits: INR 100 crores
p. 20
“So currently, the working capital limits are around INR 100 crores.”
Payal Agarwal, page 20 of the filed PDF · View the filing
Promoter personal loan: INR 40 crores
p. 21
“It's INR 40 crores.”
Payal Agarwal, page 21 of the filed PDF · View the filing
Flux cored wire current capacity: 300 metric tons
p. 15
“right now we have already set up a production line of flux cored wire around 300 metric tons.”
Umesh Agarwal, page 15 of the filed PDF · View the filing
Niche product share: 27% to 30%
p. 18
“So currently around 27% to 30% would come from the niche product category.”
Payal Agarwal, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR 1,000 crores · 2029-30
stated as an aspiration by Payal Agarwal
p. 5
“of course, the company looks at growing to INR 1,000 crores by 2029-'30.”
Payal Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin — 13%
stated as an aspiration by Payal Agarwal
p. 5
“Target margins are to stabilize and take the EBITDA margins to a sustainable double digit, grow it from a 10% to 11% and going up to 13% and keep it sustainably consistent at those levels.”
Payal Agarwal, page 5 of the filed PDF · View the filing
EBITDA margin — 10% · FY27
stated conditionally by Umesh Agarwal
p. 9
“So hopefully, yes, we can go up to -- we are trying to get into 10% this year.”
Umesh Agarwal, page 9 of the filed PDF · View the filing
Thane land monetization cash flow — approximately INR 400 crores · next five years
stated as an aspiration by Payal Agarwal
p. 6
“So, the cash flow is coming from it approximately INR 400 crores over the next five years is where the company looks at going ahead and doing some inorganic growth”
Payal Agarwal, page 6 of the filed PDF · View the filing
Capex for the year — INR 5 crores to INR 10 crores · FY27
stated firmly by Payal Agarwal
p. 14
“This year, I think we're looking at around INR 5 crores to INR 7 crores, because as I mentioned -- or going up to INR 10 crores, because as I mentioned, we've already set up two product vertical lines, and we're also looking at expanding the MIG wire product line.”
Payal Agarwal, page 14 of the filed PDF · View the filing
Incremental capex to reach INR 1,000 crores — INR 30 crores to INR 40 crores · next three to four years
stated firmly by Payal Agarwal
p. 12
“and going up to INR 1,000 crores over the next three to four years.”
Payal Agarwal, page 12 of the filed PDF · View the filing
Flux cored wire capacity — 1000 tons · FY29
stated conditionally by Umesh Agarwal
p. 15
“Our plan, once it is properly set, our plan is to go up to 1000 tons.”
Umesh Agarwal, page 15 of the filed PDF · View the filing
Peak revenue from 71,000 metric ton capacity — INR 850 crores
stated as an aspiration by Payal Agarwal
p. 15
“So, from this itself, we are looking at around INR 850 crores of revenue.”
Payal Agarwal, page 15 of the filed PDF · View the filing
Revenue from flux cored wire vertical — more than INR 150 crores · FY29
stated conditionally by Umesh Agarwal
p. 16
“Yes, this 1000 metric ton itself will give you more than INR 150 cr. turnover.”
Umesh Agarwal, page 16 of the filed PDF · View the filing
Revenue from nuclear business — at least 10%
stated as an aspiration by Umesh Agarwal
p. 20
“At least I would say, we should be doing at least 10% of our business from nuclear.”
Umesh Agarwal, page 20 of the filed PDF · View the filing
Revenue from shipbuilding business — 3% to 5%
stated as an aspiration by Umesh Agarwal
p. 20
“So once that should also will take care of around 3% to 5% of our revenue.”
Umesh Agarwal, page 20 of the filed PDF · View the filing
Thane plant shifting — end of September
stated firmly by Umesh Agarwal
p. 19
“Oh, we are already in process. I think by end of September, it will be completed.”
Umesh Agarwal, page 19 of the filed PDF · View the filing
Flux cored wire commercial production start — Q2
stated firmly by Payal Agarwal
p. 7
“We'll be starting with commercial production in Q2.”
Payal Agarwal, page 7 of the filed PDF · View the filing
First saw wire line commercial production — September end or early October
stated conditionally by Umesh Agarwal
p. 16
“The first line is already in process. I think by within by September end or early October, it should start the production.”
Umesh Agarwal, page 16 of the filed PDF · View the filing
Growth from INR 1,000 crores to INR 2,000 crores — INR 2,000 crores
stated as an aspiration by Umesh Agarwal
p. 18
“So later on, from the journey from INR 1,000 crores to INR 2,000 crores are primarily coming from Brownfield, where we are looking at inorganic growth opportunities and acquiring few of the tier 2 players.”
Umesh Agarwal, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management named D&H Sécheron and Ador as the other certified players and said several major vendors have already inspected the factory and orders have been received.
Answered by Payal Agarwal
Asked by Darshil Pandya: Who else is empanelled with NPCIL and what is the bid pipeline?
p. 8
“Yes. So, currently, I would say with NPCIL, I think it is D&H Sécheron and Ador who are certified and GEE.”
Payal Agarwal, page 8 of the filed PDF · View the filing
Management said the last 2-3 years were a rough patch that has been overcome and that the INR 1,000 crore target is achievable given capacity and capability.
Answered by Umesh Agarwal
Asked by Darshil Pandya: Given stagnant revenue in recent years, what gives confidence in 30% growth this year?
p. 9
“See, last 2-3 years was a rough patch for the management as it is known, and it is all known to everyone.”
Umesh Agarwal, page 9 of the filed PDF · View the filing
Management clarified the capacities are independent and electrode capacity is partly unutilized while MIG wire capacity is almost exhausted.
Answered by Umesh Agarwal
Asked by Praneeth Bommisetti: Can electrode and wire capacities be used interchangeably?
p. 10
“No, we cannot inter use these capacities. Both are independent.”
Umesh Agarwal, page 10 of the filed PDF · View the filing
Management said this year they are targeting export markets and have already received orders from Vietnam, Saudi Arabia, Russia and Middle Eastern countries.
Answered by Umesh Agarwal
Asked by Praneeth Bommisetti: Is export an opportunity for electrodes?
p. 10
“No, no, no. Actually, this year you will see we are actually targeting export market and we are getting good feedback.”
Umesh Agarwal, page 10 of the filed PDF · View the filing
Management clarified peak revenue from existing capacity is around INR 850 crores, with the balance coming from new SAW wire and flux cored wire verticals not yet included in that capacity figure.
Answered by Payal Agarwal
Asked by Nishita Sanklesha: What is the peak revenue achievable from the 71,000 metric ton capacity and how does that reconcile with the INR 1,000 crore target?
p. 15
“So, from this itself, we are looking at around INR 850 crores of revenue.”
Payal Agarwal, page 15 of the filed PDF · View the filing
Management confirmed the industry is seasonal due to monsoon effects on construction, making quarter-on-quarter comparisons with Q4 unfair.
Answered by Payal Agarwal
Asked by Tanisha Sonkia: Is there seasonality in GEE's revenue related to monsoon or construction slowdowns?
p. 17
“So, in this case, the industry itself, of course, a very pertinent question, Tanisha, but the industry itself is slightly seasonal in nature, because of course, the first quarter and the second quarter, because of the onset of monsoons, the construction work is likely stalled or delayed, I would say.”
Payal Agarwal, page 17 of the filed PDF · View the filing
Management said currently 27-30% comes from niche products, with the rest from commodity products, and this share is expected to increase due to NPCIL approval and infrastructure development.
Answered by Payal Agarwal
Asked by Nishant Bhat: What percentage of revenue comes from specialized vs commodity products?
p. 18
“So currently around 27% to 30% would come from the niche product category.”
Payal Agarwal, page 18 of the filed PDF · View the filing
Management said interest costs have already declined year-on-year and there is no existing term loan, only a working capital limit with comfortable headroom.
Answered by Payal Agarwal
Asked by Soham Pullul: What is the company's debt reduction plan and timeline for comfortable leverage?
p. 19
“So, the company's debt reduction plan and you will be pleased to know that already from Y-on-Y numbers, the debt, the interest costs have actually come down from last year from around 2.2% to 1.8%.”
Payal Agarwal, page 19 of the filed PDF · View the filing
Management said current working capital limits are around INR 100 crores with comfortable headroom, and they do not envisage needing incremental working capital facilities in the next year.
Answered by Payal Agarwal
Asked by Harshad T: What incremental working capital is required to reach the INR 1,000 crore target?
p. 20
“So currently, the working capital limits are around INR 100 crores.”
Payal Agarwal, page 20 of the filed PDF · View the filing
Management said the pledge relates to a personal loan of INR 40 crores taken by promoters for a settlement, and it will be freed over the next three to four years.
Answered by Payal Agarwal
Asked by Parimal Mithani: What is the reason for the share pledge and its timeline?
p. 21
“So, the pledge has been done for personal, regarding the settlement of personal loan that the promoters had to take.”
Payal Agarwal, page 21 of the filed PDF · View the filing
Risks flagged
Seasonality from monsoon affecting construction-related demand
p. 17
“So, of course, this industry, of course, does depend and monsoons does affect the work, the nature of work that is there, monsoons affect it.”
Payal Agarwal, page 17 of the filed PDF · View the filing
Practical production capacity is lower than nameplate capacity due to product mix changes
p. 15
“Yes. 100% utilization really doesn't happen, because see what happens, obviously, in practically the placard capacity and actually utilizable capacity always will be different, because when you're changing different sizes and different .as and everything, diameters of the wire, obviously, the production, actual production capacity goes down.”
Payal Agarwal, page 15 of the filed PDF · View the filing
Difficulty projecting shipbuilding revenue due to dependence on government orders
p. 20
“Difference, it's very difficult to say at the moment, because there's all an order basis of the government and very difficult to project.”
Umesh Agarwal, page 20 of the filed PDF · View the filing
Past rough patch affected the company's growth
p. 9
“See, last 2-3 years was a rough patch for the management as it is known, and it is all known to everyone.”
Umesh Agarwal, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.