GEE Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript GEE Ltd filed with BSE on 21 May 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 Q4 FY26 turnover of INR112 crores, taking FY26 revenue to around INR370 crores from INR334 crores in FY25, with a 9% EBITDA margin and 3.5% PAT margin for the year. Management attributed the growth to a realignment of the promoter management structure since May 2025 and highlighted new approvals and orders in defence, nuclear power, railways and export markets. The company also described a development agreement signed for a land parcel in Thane and set out a target to grow revenue to around INR1,000 crore by FY29-30.
Numbers mentioned
Turnover: INR 112 crores (Q4 FY26)
p. 8
“the key financial highlights for the Q4 FY26 and the company went up, turnover went up to INR 112 crores for Q4 FY26, taking up the turnover for FY26 to around INR 370 crores from INR 334 crores last year FY25.”
Payal Agarwal, page 8 of the filed PDF · View the filing
EBITDA margin: 9% (FY26)
p. 8
“we are standing at around INR33 crores of EBITDA, which is a 9% EBITDA margin.”
Payal Agarwal, page 8 of the filed PDF · View the filing
PAT margin: 3.5% (FY26)
p. 8
“the PAT stands at around INR13 crores, which is a 3.5% PAT margin.”
Payal Agarwal, page 8 of the filed PDF · View the filing
Capacity utilization: 57% (FY26)
p. 10
“the utilization has come down, did come down last year to 48%, which has gone up to around 57%”
Payal Agarwal, page 10 of the filed PDF · View the filing
Q4 EBITDA: INR11 crore (Q4 FY26)
p. 18
“we did INR11 crore EBITDA in fourth quarter.”
Keshav Garg, page 18 of the filed PDF · View the filing
Defence-linked revenue: around INR25 crores (FY26)
p. 14
“Around INR25 crores is what?”
Payal Agarwal, page 14 of the filed PDF · View the filing
Cobalt alloy business: more than INR10 cr. (FY26)
p. 14
“for cobalt alloy itself, we have done the business of more than INR10 cr.”
Umesh Agarwal, page 14 of the filed PDF · View the filing
Domestic revenue: around INR350-plus crores (FY26)
p. 22
“the majority of the revenue is coming, I think, hardly out of INR370 crores, around INR350-plus crores comes from domestic.”
Payal Agarwal, page 22 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 — INR1,000 crore · FY29-30
stated as an aspiration by Payal Agarwal
p. 8
“the target revenue is to grow and take this company in the short term to a INR 1,000 crore company. We are looking at a 25% to 30% target revenue growth CAGR till FY29.”
Payal Agarwal, page 8 of the filed PDF · View the filing
EBITDA margin — 10% plus, then 13% plus
stated as an aspiration by Payal Agarwal
p. 9
“We're also targeting to take this up even higher to double digit EBITDA margins, going up from 10% to 11% to 12%, and then 13% plus EBITDA margins, stabilized and sustainable EBITDA margins.”
Payal Agarwal, page 9 of the filed PDF · View the filing
Revenue — INR 500 crore plus · FY27
stated as an aspiration by Payal Agarwal
p. 12
“We are looking at a double digit plus actually. We are looking at a 10% plus margin EBITDA margin and we are looking at a INR 500 crore plus top line as well.”
Payal Agarwal, page 12 of the filed PDF · View the filing
Flux cored wire production — July
stated firmly by Umesh Agarwal
p. 6
“So, soon in July, we will commence our own production.”
Umesh Agarwal, page 6 of the filed PDF · View the filing
EBITDA — INR45 crores · FY27
stated as an aspiration by Payal Agarwal
p. 18
“So INR45 crores of EBITDA, of course, is something that we are looking at for this year as well.”
Payal Agarwal, page 18 of the filed PDF · View the filing
Flux cored wire revenue — more than INR50 cr. · per annum
stated as an aspiration by Umesh Agarwal
p. 17
“we are planning to get around more than INR50 cr. revenue from flux core wires every annum.”
Umesh Agarwal, page 17 of the filed PDF · View the filing
Export business — more than three times · within two years
stated as an aspiration by Umesh Agarwal
p. 11
“it's going to also, I think, within two years, we will grow our export business more than three times.”
Umesh Agarwal, page 11 of the filed PDF · View the filing
Capex — INR20 crores to INR30 crores
stated firmly by Payal Agarwal
p. 24
“we are looking at shifting those to another facility where we've already identified around INR20 crores to INR30 crores of capex on ancillary and these flux code wire lines and everything.”
Payal Agarwal, page 24 of the filed PDF · View the filing
Combined revenue via acquisitions — INR2,000 cr. · next five to six years
stated as an aspiration by Umesh Agarwal
p. 25
“So in next five to six years, we are planning that companies will be INR2,000 cr. by acquiring such companies.”
Umesh Agarwal, page 25 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 pointed to power, railways, exports and defence as the key growth drivers.
Answered by Umesh Agarwal
Asked by Ankit Gupta: Which sectors will drive the 25-30% top-line growth target through FY29?
p. 12
“So, these three sectors and power, railway, export, all these three centres are going to drive. And fourth is the defence.”
Umesh Agarwal, page 12 of the filed PDF · View the filing
Management guided to double-digit EBITDA margin and INR500 crore-plus revenue for FY27.
Answered by Payal Agarwal
Asked by Ankit Gupta: What margin should be expected for FY27?
p. 12
“We are looking at a double digit plus actually. We are looking at a 10% plus margin EBITDA margin and we are looking at a INR 500 crore plus top line as well.”
Payal Agarwal, page 12 of the filed PDF · View the filing
Management said the Indian welding industry is a large, under-penetrated market and GEE is only targeting a small share of it.
Answered by Payal Agarwal
Asked by Rahul Jain: What gives confidence in achieving 25-30% growth when peers are not projecting similar growth?
p. 15
“Currently, the market, the Indian welding industry is split into the organized and the unorganized sector.”
Payal Agarwal, page 15 of the filed PDF · View the filing
Management confirmed a similar EBITDA run rate is expected but noted Q1 seasonality due to monsoon and labour shortages.
Answered by Umesh Agarwal
Asked by Keshav Garg: Can Q4 EBITDA be annualized to estimate FY27 EBITDA, or is there seasonality?
p. 18
“Q1 is something very slow driven compared to all other quarters.”
Umesh Agarwal, page 18 of the filed PDF · View the filing
Management said GEE prices are lower in retail but at par in project-oriented business.
Answered by Umesh Agarwal
Asked by Keshav Garg: How does GEE's pricing compare with ESAB and Ador in the domestic market?
p. 19
“I think we can say we are 6%, 7% lower.”
Umesh Agarwal, page 19 of the filed PDF · View the filing
Management said price increases are passed on to customers with about a month's lag.
Answered by Umesh Agarwal
Asked by Majid Ahmed: How will GEE manage gross margins given commodity price inflation for FY27?
p. 20
“we are able to pass it over all our whatever increase in price to our end customers. It takes a month to transfer.”
Umesh Agarwal, page 20 of the filed PDF · View the filing
Management said exports are currently a small share of revenue, with the majority from domestic sales, though new export approvals are expected to contribute more going forward.
Answered by Payal Agarwal
Asked by Harshad P: What is the revenue split between domestic and exports?
p. 22
“Export currently, of course, doesn't even constitute 10% in the few years back it did.”
Payal Agarwal, page 22 of the filed PDF · View the filing
Management indicated proceeds may fund a dividend as well as acquisitions to expand into new product categories.
Answered by Umesh Agarwal
Asked by Ankit Gupta: How will proceeds from the Thane land sale be used, and will they be distributed to shareholders?
p. 25
“a dividend is one thing which we may think or which we are planning.”
Umesh Agarwal, page 25 of the filed PDF · View the filing
Risks flagged
Seasonal slowdown in Q1 due to monsoon and labour shortage
p. 18
“Q1 is something very slow driven compared to all other quarters. As you know, the Q1 where there is extreme shortage of labour across all the sectors.”
Umesh Agarwal, page 18 of the filed PDF · View the filing
Lag in passing on commodity price inflation to customers
p. 20
“whatever the inflation happening, of course, it does take time to pass on it over, but we are able to pass it over all our whatever increase in price to our end customers.”
Umesh Agarwal, page 20 of the filed PDF · View the filing
Loss of export markets due to turbulence in USA market
p. 22
“The last two years have been turbulent. And of course, that market is not there currently with us.”
Payal Agarwal, page 22 of the filed PDF · View the filing
Difficulty and uncertainty in completing acquisitions
p. 25
“We do know that acquiring such companies is also not very easy, but we are already in the process to speak of one or two companies and we are getting a good feedback from them.”
Umesh Agarwal, page 25 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.