GKWLIMITED - GKW
Financial Performance
Revenue Growth by Segment
Total revenue from operations for H1 FY26 was INR 25.43 Cr, representing a 5.1% growth YoY compared to INR 24.19 Cr in H1 FY25. The Warehousing segment grew 18.08% YoY (INR 7.09 Cr vs INR 6.00 Cr), while the Investment and Treasury segment grew 0.81% YoY (INR 18.34 Cr vs INR 18.19 Cr).
Geographic Revenue Split
Not disclosed in available documents.
Profitability Margins
Net Profit Margin for H1 FY26 was -5.04% (Loss of INR 1.77 Cr on Total Income of INR 35.18 Cr). For Q2 FY26, the Net Profit Margin plummeted to -113.5% (Loss of INR 15.59 Cr on Total Income of INR 13.74 Cr) due to a 488% spike in other expenses.
EBITDA Margin
Operating Profit before Working Capital Changes for H1 FY26 was a loss of INR 9.69 Cr, resulting in an EBITDA margin of -27.5% of total income, compared to a loss of INR 0.81 Cr in H1 FY25.
Capital Expenditure
Not disclosed in available documents.
Credit Rating & Borrowing
Finance costs surged by 4,962% YoY in H1 FY26 to INR 4.05 Cr from INR 0.08 Cr in H1 FY25, indicating a significant increase in borrowing costs or debt utilization.
Operational Drivers
Raw Materials
Not applicable for a warehousing and investment firm.
Import Sources
Not applicable for a warehousing and investment firm.
Key Suppliers
Not applicable for a warehousing and investment firm.
Capacity Expansion
Current warehousing segment assets are valued at INR 660.55 Cr as of September 30, 2025. Specific capacity expansion plans in MT or units are not disclosed.
Raw Material Costs
Not applicable for a warehousing and investment firm.
Manufacturing Efficiency
Not applicable for a warehousing and investment firm.
Logistics & Distribution
Not disclosed in available documents.
Strategic Growth
Expected Growth Rate
Not disclosed in available documents
Growth Strategy
The company is focusing on its core warehousing operations, which saw an 18.08% revenue increase in H1 FY26. It is also leveraging a massive asset base of INR 3,212.09 Cr, including a significant freehold land bank revalued at a surplus of INR 221.27 Cr, to support treasury and investment income.
Products & Services
Warehousing services and Investment/Treasury operations (Mutual Funds and Bonds).
Brand Portfolio
GKW Limited.
New Products/Services
Not disclosed in available documents.
Market Expansion
Not disclosed in available documents.
Market Share & Ranking
Not disclosed in available documents.
Strategic Alliances
Not disclosed in available documents.
External Factors
Industry Trends
The warehousing sector is showing strong demand with segment revenue growing 18.08% YoY. However, treasury operations remain subject to volatile interest rate and equity market shifts.
Competitive Landscape
Not disclosed in available documents.
Competitive Moat
The company's primary moat is its massive asset base of INR 3,212.09 Cr, particularly its freehold land bank which recently generated a revaluation surplus of INR 221.27 Cr, providing significant financial stability and potential for future development.
Macro Economic Sensitivity
The company is highly sensitive to financial market fluctuations, as evidenced by the INR 4.02 Cr gain on fair valuation of mutual funds and bonds in H1 FY26, which was 58% lower than the INR 9.61 Cr gain in H1 FY25.
Consumer Behavior
Not disclosed in available documents.
Geopolitical Risks
Not disclosed in available documents.
Regulatory & Governance
Industry Regulations
Not disclosed in available documents.
Environmental Compliance
Not disclosed in available documents.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 151% (INR 5.23 Cr tax on INR 3.46 Cr PBT), driven by a high deferred tax expense of INR 4.02 Cr.
Legal Contingencies
Not disclosed in available documents.
Risk Analysis
Key Uncertainties
High volatility in 'unallocable expenditure' (INR 15.39 Cr in H1 FY26) and market-linked treasury gains pose significant risks to consistent profitability.
Geographic Concentration Risk
Not disclosed in available documents.
Third Party Dependencies
Not disclosed in available documents.
Technology Obsolescence Risk
Not disclosed in available documents.
Credit & Counterparty Risk
The company maintains an allowance for expected credit losses on bank balances of INR 0.86 Lakhs as of September 30, 2025.