GEEKAYWIRE - Geekay Wires
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.
Capital Expenditure
Not disclosed in available documents.
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.
Import Sources
Not disclosed in available documents.
Key Suppliers
Not disclosed in available documents.
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.
Manufacturing Efficiency
Not disclosed in available documents.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
Not disclosed in available documents.
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.
New Products/Services
Not disclosed in available documents.
Market Expansion
The company is targeting overseas customers and has already received accolades from international markets, though specific new regions are not named.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
Not disclosed in available documents.
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 Landscape
Not disclosed in available documents.
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.
Consumer Behavior
Not disclosed in available documents.
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.
Environmental Compliance
Not disclosed in available documents.
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).
Legal Contingencies
Not disclosed in available documents.
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.