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GEE Overview

1. Business Overview

GEE Ltd. is an Indian company operating in the Electrodes & Welding Equipment sector. Its core business involves the manufacturing and supply of various types of welding electrodes, welding wires, and potentially related welding equipment and consumables. The company serves a diverse range of industrial customers across sectors such as infrastructure, heavy engineering, construction, automotive, power, and fabrication. It makes money by selling its manufactured products directly to industries, through a distribution network, and potentially through exports.

2. Key Segments / Revenue Mix

While specific revenue breakdowns are not publicly detailed in the provided information, GEE Ltd.'s revenue is primarily derived from two main categories inherent to its industry:

Welding Electrodes & Consumables: This would include various types of arc welding electrodes, MIG/MAG wires, TIG rods, and other specialized welding consumables.

Welding Equipment: This segment would encompass welding machines, power sources, automation solutions, and related accessories.

The exact proportion of revenue contributed by each segment is not available.

3. Industry & Positioning

The Electrodes & Welding Equipment industry in India is characterized by a mix of organized and unorganized players, including domestic manufacturers and international brands. It is a cyclical industry largely dependent on capital expenditure cycles in manufacturing, infrastructure development, and core industrial sectors. Competition is significant, with players often differentiating on product quality, specialization, pricing, and distribution reach. GEE Ltd. likely operates as an established domestic player, possibly with a regional stronghold or specialization in certain product types, competing with larger diversified companies and other focused manufacturers. Its positioning would depend on its market share, technological capabilities, and customer loyalty within specific industrial niches.

4. Competitive Advantage (Moat)

No explicit information suggests a wide, unassailable moat for GEE Ltd. However, potential competitive advantages (moats) in this sector could include:

Brand Reputation & Quality: A long-standing presence and consistent product quality can build trust and brand loyalty among industrial customers, leading to repeat business.

Distribution Network: An extensive and efficient distribution network across India is crucial for reaching diverse industrial clients and ensuring timely supply.

Cost Efficiency: Operational efficiencies, backward integration, or superior sourcing strategies could allow for competitive pricing.

Product Specialization/Innovation: Focusing on niche, high-performance electrodes or advanced welding solutions could provide a competitive edge.

Without specific details, GEE Ltd. likely relies on a combination of these factors to maintain its competitive standing rather than a single, dominant advantage.

5. Growth Drivers

Key factors that can drive growth for GEE Ltd. over the next 3-5 years include:

Infrastructure Development: Continued government push for infrastructure projects (roads, railways, ports, power) in India will directly fuel demand for welding consumables and equipment.

"Make in India" Initiative: Growth in the domestic manufacturing sector, including automotive, heavy engineering, and fabrication, will increase the consumption of welding products.

Technological Upgrades: Adoption of advanced welding technologies and automated solutions by industries to improve efficiency and quality.

Export Opportunities: Expanding into international markets, particularly in developing economies, could provide additional revenue streams.

Product Diversification & Innovation: Introducing new, specialized, or value-added products to cater to evolving industry needs.

6. Risks

Economic Downturns: As a cyclical industry, a slowdown in industrial activity or general economic recession in India can significantly impact demand.

Raw Material Price Volatility: Fluctuations in prices of key raw materials like steel, ferroalloys, and other chemicals can affect manufacturing costs and profitability if not adequately passed on to customers.

Intense Competition: The presence of numerous domestic and international players can lead to price wars and pressure on margins.

Technological Disruption: Rapid advancements in welding technology could require continuous investment in R&D, and failure to adapt could lead to obsolescence.

Import Competition: Cheaper imports from other countries can pose a threat to domestic manufacturers.

7. Management & Ownership

GEE Ltd., typical of many Indian listed companies, likely has a promoter-driven ownership structure, where the founding family or group holds a significant stake and plays a key role in strategic decision-making. Management quality would generally involve professionals overseeing day-to-day operations and business strategy. Specific details regarding the promoters, key management personnel, or detailed ownership breakdown (e.g., institutional vs. public holding percentages) are not provided in the given information.

8. Outlook

GEE Ltd. operates in a foundational industrial sector that is closely tied to India's economic growth and manufacturing prowess. The outlook presents a balanced view:

Bull Case: Continued robust infrastructure spending and growth in the "Make in India" initiative could provide a strong tailwind for increased demand. Successful product innovation, expansion into niche markets, and efficient cost management could lead to market share gains and improved profitability.

Bear Case: The cyclical nature of the industry makes it vulnerable to economic slowdowns or disruptions in the industrial CAPEX cycle. Intense price competition, volatile raw material costs, and the inability to quickly adapt to technological shifts or new environmental regulations could exert pressure on margins and growth.

Overall, GEE Ltd.'s performance will largely depend on the broader economic trajectory of India and its ability to maintain competitive pricing, product quality, and a strong distribution network in a highly competitive and evolving industrial landscape.

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GEE Key Financials

Market Cap ₹421 Cr.

Stock P/E -45.6

P/B 2.9

Current Price ₹81

Book Value ₹ 27.9

Face Value 2

52W High ₹97.9

Dividend Yield 0%

52W Low ₹ 53.6

GEE Share Price

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Volume
Price

GEE Quarterly Price

Show Value Show %

GEE Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 85 92 82 83 81 88 79 85 92 112
Other Income 0 0 0 0 0 -0 0 0 0 1
Total Income 85 92 82 83 81 88 79 85 92 113
Total Expenditure 76 88 76 77 76 104 75 76 84 101
Operating Profit 9 5 7 6 5 -16 5 9 9 12
Interest 3 2 2 2 2 2 2 2 2 2
Depreciation 1 1 1 1 1 1 1 1 1 1
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 -3
Profit Before Tax 5 2 4 3 2 -20 1 6 6 6
Provision for Tax 1 1 1 1 0 -5 0 1 1 3
Profit After Tax 4 1 3 2 1 -15 1 4 4 4
Adjustments 0 0 -0 0 -0 0 0 0 0 0
Profit After Adjustments 4 1 3 2 1 -15 1 4 4 4
Adjusted Earnings Per Share 0.7 0.2 0.5 0.4 0.2 -2.9 0.2 0.4 0.8 0.7

GEE Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 180 190 198 216 274 272 253 323 396 369 334 368
Other Income 1 3 1 1 1 1 2 2 1 1 0 1
Total Income 181 192 199 217 275 273 254 325 397 371 334 369
Total Expenditure 166 175 185 203 260 252 227 296 372 340 333 336
Operating Profit 15 17 14 14 15 22 27 29 25 30 1 35
Interest 7 7 5 5 7 7 5 6 9 8 9 8
Depreciation 4 3 3 4 4 4 4 4 4 4 4 4
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 -3
Profit Before Tax 4 7 6 5 5 11 18 20 12 18 -12 19
Provision for Tax 2 3 2 2 2 1 5 5 3 5 -3 5
Profit After Tax 2 5 3 3 3 10 13 15 9 13 -9 13
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 2 5 3 3 3 10 13 15 9 13 -9 13
Adjusted Earnings Per Share 0.5 0.9 0.7 0.7 0.5 1.9 2.4 2.9 1.6 2.5 -1.8 2.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -9% 1% 4% 6%
Operating Profit CAGR -97% -67% -46% -24%
PAT CAGR -169% NAN% NAN% NAN%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 22% 30% 30% 16%
ROE Average -7% 4% 8% 7%
ROCE Average -1% 7% 10% 11%

GEE Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 59 62 66 146 149 158 171 186 193 204 194
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 11 0 0 4 5 1 8 12 12 11 10
Other Non-Current Liabilities 5 5 6 6 7 5 4 3 3 3 0
Total Current Liabilities 62 74 70 70 90 91 81 100 116 110 107
Total Liabilities 137 142 142 227 250 254 264 302 323 328 311
Fixed Assets 48 47 49 126 127 125 122 123 119 147 143
Other Non-Current Assets 5 5 6 7 8 8 21 30 30 31 32
Total Current Assets 85 90 87 94 116 122 121 148 174 150 137
Total Assets 137 142 142 227 250 254 264 302 323 328 311

GEE Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 1 2 2 1 1 9 1 1 2 0
Cash Flow from Operating Activities 5 17 2 1 3 25 6 3 1 45 14
Cash Flow from Investing Activities -3 -1 -4 -4 -5 -4 -10 -14 -1 -34 -5
Cash Flow from Financing Activities -1 -14 2 2 2 -13 -4 11 2 -13 -9
Net Cash Inflow / Outflow 1 1 0 -1 -0 8 -8 -0 1 -2 -0
Closing Cash & Cash Equivalent 1 2 2 1 1 9 1 1 2 0 0

GEE Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.46 0.88 0.66 0.66 0.53 1.89 2.44 2.9 1.64 2.47 -1.78
CEPS(Rs) 1.15 1.5 1.3 1.35 1.3 2.68 3.23 3.7 2.45 3.24 -0.98
DPS(Rs) 0.14 0.14 0 0.14 0 0 0 0 0 0 0
Book NAV/Share(Rs) 11.18 11.89 12.56 13.22 13.61 15.49 17.89 20.79 22.79 25.26 23.5
Core EBITDA Margin(%) 7.28 6.83 6.12 5.77 5.27 7.48 10.11 8.56 5.9 7.8 0.25
EBIT Margin(%) 5.8 6.55 5.01 4.62 4.16 6.39 9.1 7.83 5.18 7.11 -0.91
Pre Tax Margin(%) 2.21 3.44 2.59 2.25 1.74 3.93 7.03 6.06 2.92 4.89 -3.58
PAT Margin (%) 1.18 2.18 1.58 1.55 1.01 3.6 5.01 4.66 2.15 3.48 -2.77
Cash Profit Margin (%) 2.99 3.71 3.08 3.18 2.46 5.11 6.64 5.95 3.21 4.57 -1.52
ROA(%) 1.83 3.28 2.43 1.86 1.16 3.89 4.89 5.33 2.72 3.95 -2.89
ROE(%) 4.13 7.63 5.44 5.11 3.97 12.97 14.6 15 7.51 10.29 -7.29
ROCE(%) 10.8 12.74 10.04 8.6 8.76 12.63 15.74 14.99 10.49 12.54 -1.47
Receivable days 55.75 59.27 60.39 65.1 61.75 72.85 82.66 64.06 58.9 61.08 51.8
Inventory Days 57.98 64.07 61.66 59.17 57.86 60.07 64.72 67.66 73.06 87.23 92.3
Payable days 28.66 48.49 47.01 35.91 37.89 50.16 50.89 34.39 29.87 33.91 35.07
PER(x) 21.97 21.05 40.03 28.45 29.89 5.61 7.26 10.94 19.87 26.48 0
Price/Book(x) 0.89 1.56 2.12 1.42 1.17 0.68 0.99 1.53 1.43 2.59 2.47
Dividend Yield(%) 1.36 0.74 0 0.73 0 0 0 0 0 0 0
EV/Net Sales(x) 0.57 0.71 0.92 0.7 0.53 0.38 0.59 0.74 0.64 1.14 1.14
EV/Core EBITDA(x) 6.69 7.95 12.85 10.92 9.52 4.75 5.52 8.16 10.28 13.93 344.11
Net Sales Growth(%) 7.61 5.24 4.44 9.12 27.03 -0.81 -7.19 28.04 22.34 -6.7 -9.56
EBIT Growth(%) -14.68 18.56 -20.4 -6.66 11.68 52.36 32.22 10.17 -19.13 28.04 -111.64
PAT Growth(%) -44.7 93.27 -24.43 -0.87 -19.24 254.42 29.14 19.06 -43.55 51.08 -171.88
EPS Growth(%) -44.7 93.27 -24.43 -0.87 -19.25 254.44 29.14 19.06 -43.55 51.07 -171.88
Debt/Equity(x) 0.91 0.7 0.74 0.81 0.93 0.73 0.65 0.71 0.74 0.62 0.67
Current Ratio(x) 1.35 1.22 1.24 1.34 1.28 1.34 1.5 1.48 1.51 1.36 1.27
Quick Ratio(x) 0.82 0.67 0.77 0.79 0.74 0.89 0.9 0.77 0.75 0.55 0.53
Interest Cover(x) 1.61 2.11 2.07 1.95 1.72 2.6 4.38 4.42 2.29 3.21 -0.34
Total Debt/Mcap(x) 1.02 0.45 0.35 0.57 0.79 1.07 0.65 0.47 0.52 0.24 0.27

GEE Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 63.97 63.97 63.97 63.97 63.97 63.97 63.97 63.97 63.97 63.97
FII 0.98 1.17 1.17 1.37 1.37 1.37 1.37 1.37 1.37 1.37
DII 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0
Public 35.05 34.86 34.86 34.66 34.66 34.66 34.66 34.66 34.67 34.67
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

GEE News

GEE Pros & Cons

Pros

  • Company has reduced debt.

Cons

  • Company has a low return on equity of 4% over the last 3 years.
  • Debtor days have increased from 33.91 to 35.07days.
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