GEE Ltd

Meeting Details

• Date and time: 30 September 2026, 09:00–10:00 AM.
• Type/Format: Group meeting; Virtual conference.
• Event/Organizer: Arihant Capital (Broking) Virtual Conference.
• Key participants: Senior company management.
• Purpose: General investor/analyst interaction; discussions will cover publicly available information.

Meeting Details

• Date and time: 29 September 2026, 11:00 AM to 06:00 PM.
• Venue: Mumbai.
• Format and mode: Group/One-on-One, in-person.
• Organizer: Investor Relations firm Kaptify Consulting.
• Key participants: Joint Managing Director.
• Purpose: Investor interaction based on publicly available information.

AGM Details

• Adjourned AGM held on 12 September 2026 at 11:30 a.m. IST via VC/OAVM.
• Record date 31 August 2026; total shareholders on record: 7,056.
• Attendance via VC: 4 promoter group and 33 public.
• Resolutions passed: 3.

Resolutions

• Adoption of Audited Financial Statements for year ended March 31, 2026.
• Reappointment of director Umesh Agarwal, retiring by rotation.
• Appointment of Statutory Auditor and fixation of remuneration.

Voting Results

• All three resolutions passed per Scrutinizer’s report.
• Overall votes polled: 64.996% of outstanding shares; in-favour approx. 99.999%.

Dividend

• No dividend proposed or declared.

Directors

• Director reappointment: Umesh Agarwal, by rotation.

Auditors

• Statutory auditor appointment approved; remuneration details disclosed.

Material Related Party Transactions

• No material related party transactions disclosed or approved.

Other Approvals

• No other material approvals noted.

AGM Details

• AGM conducted via VC/OAVM after adjournment due to lack of quorum.
• e-voting conducted; results to be disseminated after scrutiny and uploaded on the website.

Key Resolutions

• Ordinary: Adopt audited financial statements for the year.
• Ordinary: Re-appoint director by rotation.
• Special/Ordinary: Ratify Cost Auditor remuneration.
• Voting results: consolidated results to be announced after Scrutinizer's Report.

Directors & Auditors

• Director: Re-appointment by rotation approved (subject to voting).
• Auditor: Cost Auditor remuneration ratified; no other changes disclosed.

AGM Details

• 65th AGM adjourned due to quorum; rescheduled to 12 Sep 2026 at 11:30 AM.
• Meeting will be conducted via Video Conferencing/OAVM.
• Remote e-voting available; cut-off date for voting noted.

Resolutions

• Ordinary – adopt audited financial statements for the year ended 31 March 2026.
• Ordinary – re-appoint Umesh Agarwal as Whole Time Director (Joint Managing Director).
• Ordinary – ratify remuneration of Cost Auditor for 2026-27 at Rs 75,000 plus taxes.

Auditor & Remuneration

• Cost Auditor engaged for 2026-27 as per Board-Audit Committee recommendation.
• Remuneration fixed at Rs 75,000 plus taxes and expenses, subject to approval.

AGM Details

• AGM held on 07 September 2026 via video conferencing.
• Meeting adjourned due to want of quorum.
• Adjourned meeting will be reconvened on 12 September 2026 at 11:30 a.m.

Book Closure & Voting Details

• Book closure for AGM from Sep 1, 2026 to Sep 7, 2026 (inclusive).
• Purpose: 65th Annual General Meeting.
• E-voting cut-off date: Aug 31, 2026.
• E-voting window: Sep 4, 2026 09:00 IST to Sep 6, 2026 17:00 IST.
• AGM date and time: Sep 7, 2026 at 11:30 IST via VC/OAVM.
• Security: Equity shares.

Financial performance

• Revenue: Rs 37,033.63 Lakhs in FY2025-26.
• EBITDA: Rs 3,125.68 Lakhs; margin improved.
• PAT: Rs 1,299.86 Lakhs; profit from loss prior year.
• EPS (basic): Rs 2.50; diluted Rs 2.47.
• Net worth: Rs 14,515.50 Lakhs.
• Revenue growth YoY: 10.84%.
• Dividend: no dividend declared for FY2025-26.
• Total borrowings: Rs 6,677.97 Lakhs.
• Current ratio: 2.26x; liquidity improved.
• ROE: 6.36%; ROCE: 11.31%.
• Bonus issue 1:1 completed in Oct 2025.
• NCDs: Rs 2,000 Lakhs; 11% coupon; matures 2029.
• Warrants: 51 lakh issued at Rs 80; 25% upfront paid.
• Equity capital increased to Rs 1,039.54 Lakhs.

Capital structure & divisional actions

• Bonus issue completed 1:1 in Oct 2025.
• Preferential issue: 51 lakh warrants; Rs 80 per warrant.
• Total warrants value: Rs 40.80 Crores; 25% upfront received.
• Warrants convertible into equity within 18 months of allotment.
• NCDs: Rs 20 Crores; 36-month tenor; secured.
• Equity share capital increased to Rs 1,039.54 Lakhs.

Debt and liquidity

• Total borrowings: Rs 6,677.97 Lakhs.
• Current borrowings: Rs 3,894.52 Lakhs; non-current Rs 2,201.60 Lakhs.
• Cash and cash equivalents: Rs 73.11 Lakhs.
• Debt service coverage ratio: 3.33x.
• Net debt to equity: 0.31x.

Operations and strategy

• Single segment: welding consumables and related products.
• FY25-26 revenue growth driven by core welding products.
• Capex: CWIP closing balance Rs 161.14 Lakhs.
• Subsidiaries/associates/joint ventures: none.
• Management focused on core operations, agility, cash flow.

Governance and board changes

• Vineeta Agrawal appointed Independent Director w.e.f 02-06-2025.
• Umesh Agarwal and Om Prakash Agarwal named Joint Managing Directors from 01-06-2025.
• Seema Vyas appointed Company Secretary from 18-06-2025.
• Audit Committee reconstituted 02-06-2025; chair Vineeta Agrawal.
• Nomination & Remuneration Committee reconstituted 02-06-2025.

Audit, risk & controls

• Statutory auditors: SAPD & Associates; Secretarial auditors: Deep Shukla & Associates.
• Auditors’ report: no qualifications; no fraud reported.
• Internal controls: adequate; no material weaknesses reported.

CSR & ESG

• CSR expenditure for FY2025-26: NIL; surplus carried forward Rs 1,38,327.
• CSR committee reconstituted 02-06-2025; members: Om Prakash Agarwal, Milind Parekh, Vineeta Agrawal.
• CSR policy available on company website.

Outlook & risks

• Outlook positive on infrastructure and manufacturing growth.
• Risks: raw material volatility, forex, supply chain, competition, regulatory changes.

Financial Performance

• Turnover 103 crores in Q1 FY27, up 30% YoY.
• EBITDA 8 crores, up 77% YoY; margin 7.8%.
• PBT 5.5 crores; PBT margin 5.3%.
• Adjusted PAT 3.2 crores; margin 3.1%.

Operations and Market Trends

• NPCIL strategic approval received, unlocking nuclear-sector growth.
• Empanelled with L&T, Tata Projects, Afcons, NCC, KEC, BHEL, Thermax, railways.
• Defence/naval orders: welding consumables for INS Dunagiri, Agray, Sanshodhak.
• Defence exports rising; India moving toward self-sufficiency; potential market growth.
• Monetization plan for Thane land; expected INR 400 crores over five years.
• Infrastructure boom and 1.4 trillion infra pipeline to drive welding demand.

Capex and Capacity

• Capacity: 71,000 MT base; plan to 91,000 MT by FY29.
• Incremental capacity: 20,000 MT focused on wires expansion.
• Flux-cored wire capacity ~300 MT; target 1,000 MT.
• First SAW wire line; production expected by Sep-Oct.
• FY27 capex guidance: INR 5–10 crores; total incremental capex ~INR 30–40 crores.

Outlook and Guidance

• North Star revenue target INR 1,000 crores by FY29-30.
• EBITDA margins targeted at 10–11%, rising to 12–13% sustainably.
• No debt raise; comfortable working-capital headroom; debt-cost down to ~1.8%.
• Exports and NPCIL-related growth underpin double-digit expansion.

Q&A Highlights

• NPCIL certification currently includes D&H Secheron and Ador; 7–8 potential vendors visiting.
• FY29–30 revenue target relies on capacity gains and 10–12% market share.
• Electrode capacity not planned for near term; wires utilization near 100%.
• Flux-cored/S AW lines to start commercial production by Sep-Oct; capacity to scale later.
• Nuclear revenue share targeted at least 10%; shipbuilding 3–5% of revenue.
• Promoter pledge of INR 40 crores; expected release over 3–4 years.