Revenue and Profitability Trends
GEE's net sales exhibited growth from ₹274.39 crores in March 2019 to a peak of ₹395.66 crores in March 2023, reflecting a robust expansion phase. However, the fiscal year ending March 2025 saw a decline to ₹333.84 crores, indicating recent headwinds. Total operating income mirrored this pattern, with no other operating income reported across the years.
Cost management has been a significant factor in GEE's profitability. Raw material costs consistently represented the largest expenditure, rising from ₹209.00 crores in 2019 to ₹256.70 crores in 2025, though with some fluctuations. Employee costs increased steadily, reaching ₹24.32 crores in the latest year. Other expenses also rose notably, from ₹31.06 crores in 2019 to ₹45.55 crores in 2025, impacting overall margins.
Operating profit before other income (PBDIT excl. OI) peaked at ₹29.51 crores in March 2024 but sharply dropped to ₹0.84 crores in March 2025. Including other income, operating profit followed a similar trend, declining from ₹30.24 crores in 2024 to just ₹1.11 crores in 2025. Interest expenses increased over the years, reaching ₹8.91 crores in 2025, which, combined with depreciation, contributed to a negative profit before tax of ₹11.96 crores in the latest fiscal year.
Consequently, GEE reported a net loss after tax of ₹9.24 crores in March 2025, a stark contrast to profits in previous years, such as ₹12.86 crores in 2024 and ₹15.07 crores in 2022. Earnings per share also reflected this volatility, with a negative ₹1.78 in 2025 following positive figures in prior years.
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Balance Sheet and Asset Quality
GEE's total assets grew from ₹253.96 crores in 2020 to ₹311.25 crores in 2025, reflecting ongoing investments and asset accumulation. The net block of fixed assets decreased from ₹124.56 crores in 2020 to ₹84.77 crores in 2025, indicating depreciation and possible asset disposals or optimisation. Capital work in progress has reduced significantly, suggesting completion of prior projects.
Non-current investments increased steadily, reaching ₹24.33 crores in 2025, while reserves and shareholder funds showed a gradual rise until 2024 before a slight dip in 2025. Total debt remained relatively stable around ₹81 crores in recent years, with a notable increase in short-term borrowings to ₹71.43 crores in 2025, which may raise liquidity considerations.
Current assets declined from ₹170.47 crores in 2023 to ₹136.75 crores in 2025, with inventories and sundry debtors showing a downward trend, potentially reflecting tighter working capital management. Cash and bank balances remained low, fluctuating between ₹0.73 crores and ₹3.96 crores in recent years.
Book value per share increased from approximately ₹31 in 2020 to ₹47 in 2025, indicating growth in net asset value despite recent profit setbacks.
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Cash Flow and Financial Health
Cash flow from operating activities has been inconsistent, peaking at ₹45 crores in 2024 but falling to ₹13 crores in 2025. Investing activities consistently showed cash outflows, reflecting ongoing capital expenditure and investments. Financing activities varied, with outflows in recent years, including ₹9 crores in 2025, indicating debt repayments or dividend payments.
Net cash inflow/outflow remained near neutral in recent years, with a slight negative in 2024 and zero net change in 2025, suggesting tight liquidity management. Opening and closing cash balances have been minimal, underscoring the importance of working capital and financing strategies for the company.
Overall, GEE's historical performance highlights a period of growth followed by recent profitability challenges and margin pressures. Investors should weigh these factors alongside sector trends and market conditions when considering the company's prospects.
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