Gee Ltd

BSE: 504028

₹ 119.45+3.55%refreshed 26 Oct, 01:46 pm ISTMarket cap: ₹ 621 crWebsite: www.geelimited.comUpdated: 24 Oct 2026

About

Gee Ltd makes welding consumables, including electrodes, wires and fluxes, and has more than 500 SKUs built on its own flux formulations. It sells to B2B tender customers and to retail buyers through more than 500 dealers, and it exports to more than 20 countries. Revenue was Rs 369.14 Cr in FY26. Installed capacity was 59,075 MTPA in FY26.^[1][2][3]

Business mix

As of Q3 FY26, revenue was split about 50% from B2B tenders and about 50% from B2C sales through 500+ dealers.^[1]
The portfolio has more than 500 SKUs built on proprietary flux IP (Q3 FY26).^[1]
Exports were less than 10% of revenue, about ₹20 crore, as of the Q4 FY26 call.^[3]

Products and approvals

Gee supplies specialised electrodes, Griduct 100 and GEEFLUX 521, for INS Vikrant and says it holds a 70% to 80% share for that product.^[3]
Defence revenue was ₹10-12 crore in FY26. Management expects it to roughly double to about ₹25 crore in FY27.^[3]
Gee received NPCIL approval for industrial wires for the nuclear power sector. It says only one or two companies in India hold this approval.^[3]
Discussions on the MDL submarine project were under way as of Q4 FY26.^[3]

Capacity and utilisation

Installed capacity was 59,075 MTPA in FY26.^[3]
Capacity utilisation rose to about 57% in FY26 from 48% in FY25.^[3]
The company plans to raise installed capacity to 71,339 MTPA by FY27 and targets about 91% utilisation by FY29.^[3]

Customers and exports

As of Q3 FY26, Gee exported to 20+ countries through 25+ distributors.^[1]
New export approvals include ADNOC in Abu Dhabi, a first breakthrough in Saudi Arabia, and NAKS in Russia, where a trial order has been dispatched (Q4 FY26 call).^[3]
The company plans TUV certification for stainless steel TIG wires to open exports to Europe. It puts the export potential at 250+ tonnes per month.^[3]

Expansion and capex

After BIS made domestic manufacture of flux-cored wires mandatory, Gee ordered machines and planned to start production in July 2026. It targets ₹50 crore a year in revenue from this line.^[3]
Near-term capex of ₹20-30 crore is planned for ancillary machines and flux-cored wire lines, including relocating machines from Thane.^[3]
The company plans to make one or two acquisitions in welding equipment, safety equipment or specialty consumables, at ₹50-100 crore each, within one to two years.^[3]
Solar power installations are planned at the manufacturing facilities to cut energy costs.^[3]

Recent developments

In November 2025, Gee transferred development rights on 13,391 sq m of leasehold land in Thane to Fen-kin Infinity LLP. In return it receives about 2.9 lakh sq ft of built-up area.^[1]
Management expects ₹400+ crore from the Thane deal over 5 years, including about ₹50 crore in FY27.^[3]
Gee sold a parcel of land in Q4 FY26 and part of its investment property in Q1 FY27.^[3]
Family disputes were resolved in mid-2025, and the company has since been run by its promoters.^[1]

Market Cap

₹621 Cr

High / Low

₹143 / 54

Stock P/E

31.8

Price / Book

2.8

Book Value

₹41

EPS

₹2.5

No. of Shares

5.2 Cr

ROCE

11.1%

ROE

6.4%

OPM

8.3%

Debt / Equity

0.30

Sales

₹369 Cr

Net Profit

₹13 Cr

Promoter holding

63.6%

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