💰 Financial Performance

Revenue Growth by Segment

Total segment revenue for H1 FY26 was INR 223.63 Cr, representing an 8.16% decline from INR 243.51 Cr in H1 FY25. The Domestic segment revenue fell by 13.6% to INR 110.88 Cr, while the Foreign segment revenue grew by 13.5% to INR 105.05 Cr.

Geographic Revenue Split

The revenue split for H1 FY26 is 49.58% Domestic (INR 110.88 Cr) and 46.98% Foreign (INR 105.05 Cr), with the remainder coming from other income sources.

Profitability Margins

Net profit margin for H1 FY26 was 6.95% (INR 15.53 Cr profit on INR 223.63 Cr revenue), a decrease from the 7.90% margin (INR 19.23 Cr profit on INR 243.51 Cr revenue) recorded in H1 FY25.

EBITDA Margin

EBITDA for H1 FY26 was INR 24.71 Cr, a 24.6% decrease from INR 32.78 Cr in H1 FY25. The EBITDA margin contracted from 13.46% to 11.05% YoY.

Credit Rating & Borrowing

Total borrowings as of September 30, 2025, stood at INR 111.14 Cr (INR 32.81 Cr non-current and INR 78.33 Cr current). Finance costs for H1 FY26 were INR 4.59 Cr, down 17.4% from INR 5.56 Cr in H1 FY25.

⚙️ Operational Drivers

Raw Materials

The company utilizes steel-based raw materials for its products, specifically Galvanized Steel Wire and Stainless Steel for nuts and bolts. Specific cost percentages per material are not disclosed.

Capacity Expansion

The company maintains robust infrastructure and testing facilities, though specific installed capacity in MT or planned expansion timelines are not disclosed.

Raw Material Costs

Raw material supply disruptions are identified as a key risk. Specific procurement costs as a percentage of revenue are not disclosed.

📈 Strategic Growth

Growth Strategy

The company aims to achieve growth by maintaining its status as a preferred vendor for PGCIL and state transmission companies, ensuring a steady pipeline of infrastructure projects. It is also expanding its overseas presence, which saw a 13.5% YoY revenue increase. A stock split scheduled for October 30, 2025, is intended to improve market liquidity and broaden the investor base.

Products & Services

Galvanized Steel Wire, Wire Products, Collated Nails, and Stainless Steel Nuts & Bolts.

Brand Portfolio

Geekay Wires, Kandoi Group.

Market Expansion

The company is targeting overseas customers and has already received accolades from international markets, though specific new regions are not named.

🌍 External Factors

Industry Trends

The industry is evolving toward increased infrastructure creation for Power Transmission & Distribution. Geekay Wires is positioning itself as a niche manufacturer with BIS licenses to capture demand in both domestic and international markets.

Competitive Moat

The company's moat is its 'preferred-vendor' status with government entities like PGCIL, which requires rigorous quality standards and testing facilities that act as a barrier to entry. This status is sustainable due to the company's ISO 9001:2015 certification and BIS licenses.

Macro Economic Sensitivity

The company is sensitive to global economic conditions and infrastructure spending, particularly in the power transmission sector.

Geopolitical Risks

The Russia-Ukraine conflict is cited as a major risk factor impacting the global economy and potentially disrupting supply chains.

⚖️ Regulatory & Governance

Industry Regulations

The company must adhere to BIS (Bureau of Indian Standards) licensing for its products and ISO 9001:2015 quality management standards.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 23.1% (INR 4.81 Cr current tax on INR 20.76 Cr profit before tax).

⚠️ Risk Analysis

Key Uncertainties

Key business risks include raw material supply disruptions and the impact of the Russia-Ukraine conflict on global steel prices and logistics.

Geographic Concentration Risk

Revenue is well-distributed between Domestic (49.6%) and Foreign (47.0%) markets, reducing dependency on a single region.

Third Party Dependencies

The company is dependent on raw material suppliers for steel, and any disruption in this supply chain is a noted risk.

Technology Obsolescence Risk

The company does not perceive any major technological risks in the near future for its wire and nail manufacturing processes.

Credit & Counterparty Risk

Trade receivables stood at INR 150.31 Cr as of September 30, 2025, representing 67.2% of H1 FY26 revenue, which indicates significant credit exposure.