G
GWELD
SEAL OF TRUST

Date: 18.05.2026

To,

BSE Limited

Listing Department,

Corporate Relationship Department

Phiroze Jeejeebhoy Towers,

Dalal Street,

Mumbai- 400001

Scrip Code: 504028 Symbol: GEE Ltd

SUB: Disclosure under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 – Presentation on the Financial Statements / Results (Standalone) for the Quarter and Financial Year Ended March 31st, 2026.

Dear Sir/Madam,

The presentation on the Financial Statements/Results (Standalone) for the Quarter and Financial Year ended March 31, 2026, to be made today i.e. May 18, 2026 at the analyst meet, is attached and also available on the website of the Company www.geelimited.com.

Kindly take the same on record.

Thanking you,

Yours Sincerely,

For GEE Limited

UMESH AGARWA
Digitally signed by UMESH AGARWA
Date: 2026.05.18 10:30:58 +05'30'

Umesh Agarwal
Joint Managing Director
DIN: 01209962

Encl: As Above

GEE Limited
REGISTERED OFFICE
Plot No. E-1, Road No.7,
Wagle Industrial Estate,
Thane 400 604, Maharashtra, India
P: +91-02225820619 | F: +91 22 2582 8938
W: www.geelimited.com
CIN: L99999MH1960PLC011879

KALYAN PLANT
Plot No. B-12 MIDC,
Kalyan Bhiwandi Road,
Saravli, Kalyan 421311, Thane,
Maharashtra, India
P: +91 25 2228 0358/281176/90
F: +91 25 2228 1199
E: [email protected]

G W E L D

SEAL OF TRUST

GEE LIMITED

INVESTOR PRESENTATION

Q4 & FY26

JOINING THE WORLD AROUND YOU FOR OVER 60 YEARS

GWELD

STAL OF TRUST

DISCLAIMER

This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of GEE Ltd (the "Company"), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company. This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any medium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company

1) Key Highlights – Q4 & FY26
2) About Us
3) Business Overview
4) Engineered to Outperform
5) Way Forward
6) Industry Growth Drivers

STRICTLY CONFIDENTIAL

KEY HIGHLIGHTS

04 & FY26

STRICTLY CONFIDENTIAL

GWELD

STAL OF TRUST

KEY BUSINESS HIGHLIGHTS – Q4 & FY26

Specialized Product Development

Developed creep-resistant electrode for P91/P92 thermal power applications, successfully substituting imports.
Qualification involved imported testing machine and ~30,000 hours (~3 years) of continuous testing

New Product Approvals:

Secured approvals for new industrial wires, strengthening the high-performance portfolio
Obtained critical approvals from NPCIL for high-performance industrial wires

Strategic Sector Presence

Supplying meaningful volumes of electrodes and wires for Vande Bharat train manufacturing in Indian Railways
Increased supply of high-alloy wires to the Defense sector, supporting Atmanirbhar Bharat

Operational Recovery in FY26

Achieved sequential improvement in sales and sharp rebound in profitability, driven by better cost control and operating efficiency

Revenue (Mn)

* PBT before exceptional items

PBT (Mn)*

63.27

Key Management Initiatives

Ramped up capacity utilization
Implemented process optimizations at Kalyan and Kolkata plants
Advanced backward integration in stainless steel wire drawing, ferroalloy powders, and silicates
Shifted focus towards higher-value specialty products
Strengthened cost control and operational discipline

G
GWELD
STAL OF TRUST

KEY FINANCIAL HIGHLIGHTS- Q4FY26

Revenue from Operation

1,121.6
Rs. Mn
▲ 27.5% YoY

EBITDA

111.3
Rs. Mn
▲ 168.9% YoY

PAT

35.4
Rs. Mn
▲ 123.5% YoY

Gross Margin (%)

29.1% ▲ 1,962 bps YoY

EBITDA Margin (%)

9.9% ▲ 2,827 bps YoY

PAT Margin (%)

3.2% ▲ 2,030 bps YoY

G
GWELD
STAL OF TRUST

KEY FINANCIAL HIGHLIGHTS- FY26

Revenue from Operation

3,691.4
Rs. Mn
▲ 10.6% YoY

EBITDA

334.0
Rs. Mn
▲ 3,928.6% YoY

PAT

130.0
Rs. Mn
▲ 240.7% YoY

Gross Margin (%)

26.5 % ▲ 531 bps YoY

EBITDA Margin (%)

9.0 % ▲ 880 bps YoY

PAT Margin (%)

3.5 % ▲ 629 bps YoY

GWELD

STAL OF TRUST

INCOME STATEMENT – Q4 & FY26

Particulars (INR Mn)	Q4FY26	Q3FY26	Q4FY25	YoY%	QoQ%	FY26	FY25	YoY%
Revenue from Operations	1,121.6	923.5	879.7	27.5	21.5	3,691.4	3,338.4	10.6
Material Consumed	794.7	678.9	795.9	-0.1	17.1	2,713.7	2,631.3	3.1
Gross Margin (%)	29.1	26.5	9.5	1,962 bps	266 bps	26.5	21.2	531 bps
Total Expenditure	1,010.4	836.1	1,041.1	-3.0	20.8	3,357.4	3,330.1	0.8
EBITDA	111.3	87.4	-161.4	168.9	27.3	334.0	8.3	3,928.6
EBITDA Margin (%)	9.9	9.5	-18.4	2,827 bps	46 bps	9.0	0.2	880 bps
Other Income	11.2	0.2	-1.2	1,015.3	6,759.1	12.0	2.7	340.1
Depreciation	7.7	10.3	10.9	-29.5	-25.7	38.3	41.6	-7.8
PBIT	114.9	77.3	-173.5	166.2	48.7	307.6	-30.5	1,107.2
Interest	18.2	20.2	24.2	-24.7	-9.6	84.6	89.1	-5.0
PBT (before Exceptional Items)	96.6	57.1	-197.7	148.9	69.3	223.0	-119.6	286.4
Exceptional Items	-33.4	-	-	-	-	-33.4	-	-
PBT (after Exceptional Items)	63.3	-	-	-	-	189.7	-119.6	258.5
Tax	27.9	14.4	-46.9	159.4	93.9	59.7	-27.2	319.1
Reported PAT	35.4	42.7	150.8	123.5	-17.1	130.0	-92.4	240.7
Reported PAT Margin (%)	3.2	4.6	-17.1	2,030 bps	-147 bps	4.4	-2.8	719 bps
Reported EPS (Rs) (Basic)	1.3	1.6	5.6	123.4	-17.5	4.9	-3.6	235.3

ABOUT US

GWELD

STAL OF TRUST

ABOUT US

Legacy of Innovation: Founded in 1960 as General Electrodes and Equipment Limited in collaboration with Griesheim GmbH of Germany; acquired by current promoters in 1996 and renamed GEE Limited—building on 65 years of expertise in welding consumables.

Strategic Operations: Headquartered in Thane, Maharashtra, with state-of-the-art plants in Kalyan (Maharashtra) and Kolkata (West Bengal); ~59,000 MT annual capacity at ~48% utilization

Robust R&D and Quality Focus: In-house research labs drive proprietary flux formulations and co-developed products; approvals from DRDO, BHEL, L&T, ADNOC, and others ensure high entry barriers; supported by a dedicated workforce of over 500 employees for consistent reliability and customer support.

Extensive Market Reach: Serving domestic and international markets via 500+ dealers across India and 25+ distributors in 20+ countries; balanced B2B (high-margin tenders) and B2C model powers key sectors like infrastructure, oil & gas, defense, Railways and Engineering.

Comprehensive Product Portfolio: Widest range of welding solutions, including Covered Electrodes, TIG Filler Wires, MIG/MAG Wires, SAW Wires & Fluxes, Flux-Cored Wires, and Brazing Wires—customized for high-performance applications with a focus on strength, precision, and cost efficiency.

Recent Milestones: Ongoing expansions in specialty alloys and flux-cored wires, aligning with India's infrastructure and manufacturing boom.

Changes in Management Structure: The resolution of family disputes in mid-2025 has ushered in stability under technically adept promoters

GEE AT A GLANCE

GWELD

STAY OF TRUST

500+
Dealers across the country

20+
Countries

25+
Distributors

~59,000 MT
Capacity

500+
Employees

~50%
B2B Business

~50%
B2C Business

50+
R&D Team

GWELD

STAL OF TRUST

OUR JOURNEY

1960:
Company incorporated as “General Electrodes And Equipment Limited”
Operations started in collaboration with Greisham GmbH

2006:
Kolkata plant operations begin

2008:
Kalyan plant operations begin

2013:
Breakthrough in Inconel Series

2014:
SAW Wire facility was installed

1960
1996 - 1999
2006 - 2008
2010 - 2011
2013 - 2014
2025 - 2026

1996:
Acquisition by current promoter family

1999:
Name of the company changed to “GEE Limited”

2010:
Expansion and diversification of product line

2011:
Signed an agency of Mitsubishi Materials Corporation for Special Alloy

2025:
Changes in management structure

2026:
- Realigning the business with renewed focus and a decisive, aggressive management vision

GWELD

STAL OF TRUST

KEY MANAGEMENT TEAM

Om Prakash Agarwal

Joint Managing Director
B.COM(H)
30+ years experience in Sales & Marketing
University of Calcutta alumni

Umesh Agarwal

Joint Managing Director
B.SC, PGDMA
25 years in Operations, Technical, Sales (Domestic & International)
holds an MBA in Marketing
Possessing a comprehensive skill set encompassing Metal Fabrication, Welding, Product Development, New Business Development, Engineering, and additional related disciplines

Payal Agarwal

Chief Financial Officer
CA (AIR 37th), CFA, B.COM(H)
More than 20 years of expertise in Corporate Finance, Company Secretarial practices, and Regulatory Compliance.
Possessing a comprehensive skill set encompassing Leadership, Business Strategy, Project Management, Financial Forecasting, Business Development, and additional competencies

BUSINESS OVERVIEW

GWELD

STAL OF TRUST

MANUFACTURING FACILITIES – KALYAN PLANT

Total Area- 6,700 m2

Accreditation- ISO 9001 : 2008

Capacity- ~21,000 MT

High-volume production of welding electrodes, wires, and fluxes with fully integrated systems for manufacturing, packing, and dispatch

GWELD

STAL OF TRUST

MANUFACTURING FACILITIES – KOLKATA PLANT

Total Area- 16,000 m2 (15,905.33 Sq.Mtrs.)

Accreditation- ISO 9001 : 2008; ISO 14001 : 2004; OHSAS 180001 : 2007

Capacity- ~38,000 MT

Supports eastern and pan-India operations with High-volume production of welding electrodes, wires, and fluxes with fully integrated systems

GWELD

STAL OF TRUST

RESEARCH AND DEVELOPMENT – A CORE COMPETITIVE STRENGTH

In-house R&D capability remains a key differentiator and driver of long-term growth. Led by Chief Technical Officer Mr. Madhusudan P. Dhanuka, with over 40 years of specialized experience in welding consumables, the dedicated R&D team focuses on -

1) Continuous Portfolio Expansion and Customization: Creates application-specific welding solutions for naval, defense, power, and heavy engineering sectors. Expanding its portfolio beyond 500+ consumables to seize emerging opportunities and meet evolving customer needs
2) Material Sourcing and Cost Optimization: Identify alternate raw materials to enhance quality, reduce imports, and lower input costs, increasing sales and profitability

Notable Innovations and Achievements:

Developed
GRIDUCT 100
electrodes for
welding DMR
249A/B alloys used
in India's
indigenous aircraft
carrier INS Vikrant.

Created E9015 B91 electrodes for creep-resistant martensitic steel in high-temperature applications.

Engineered ENiCrMo 14 electrodes for GE Power to improve emission control in thermal plants.

Supplied exclusive Indian electrodes for the Burj Khalifa's construction, showcasing global reliability.

The company's R&D culture fosters a collaborative and continuous learning environment and positions the company to deliver high margin customized solutions, while addressing real-world challenges like emerging application needs and performance-driven consumables

GWELD

STAL OF TRUST

PRODUCT CATEGORIES

SMAW Electrodes

Shielded Metal Arc Welding (SMAW)
Covered electrodes for Mild Steel, Stainless Steel, Low-alloy, Cast iron, Hard facing, and Low-heat-input applications (e.g., GRICON, GRIDUR, GEECOR etc)

Application

Versatile for structural steel, pipelines, and heavy engineering; specialized variants like low-hydrogen and creep-resistant electrodes for extreme conditions.

Low Heat Input (LHI) Electrodes

GEMET series for specialized welding needs (e.g., GEMET 201 for mild steel, GEMET 826 for nickel alloys)

Application

Reduces distortion in thin sections; specialized for automotive and precision engineering.

SAW Wires & Fluxes

For heavy-duty industrial applications
Various combinations for carbon steel, stainless, and low alloy

Application

Submerged arc welding for thick plates in heavy fabrication; includes flux for improved weld quality

Flux Cored Wires

For semi-automatic and automatic welding
GFC series (e.g., GFC 307 for stainless steel)

Application

Semi-automatic welding with high deposition rates; ideal for shipbuilding and structural repairs

Brazing Wires & Fluxes

For joining metals with lower heat

Application

Plumbing and HVAC, Electrical and Electronics, Automotive, Jewelry Making, Aerospace & General Manufacturing

GMAW/MIG Wires

Gas Metal Arc Welding (GMAW) / MIG
Solid copper-coated wires GM series (e.g., GM 316L for stainless steel, GM 100SG for high-tensile)

Application

Gas metal arc welding (GMAW) solutions, including hardfacing (GM 600HB) and titanium variants for automated processes

GTAW/TIG Wires

Gas Tungsten Arc Welding (GTAW) / TIG
For precise, high-quality welds

Application

Precision welding for aerospace, chemical, and oil & gas sectors; supports carbon steel, low alloy, and super duplex applications.

GLOBAL PRESENCE

GWELD

STAL OF TRUST

G
GWELD
STAL OF TRUST

KEY CLIENTELE

G
GWELD
STAL OF TRUST

ACCREDITATIONS & APPROVALS...1/2

Kalyan

Kolkata

G
GWELD
STAL OF TRUST

ACCREDITATIONS & APPROVALS...2/2

G
GWELD
STAL OF TRUST

CERTIFICATIONS

Golden Jubilee Year - 2008

COMMENDATION CERTIFICATE

awarded to

GEE Limited, Thane

in recognition of valuable contribution in productionisation of

Weld Consumables for
Shielded Metal Arc Welding
Submerged Arc Welding Flux

based on DRDO Technology

Dr. A. Sivathanu Pillai
Distinguished Scientist
Chief Controller, R&D
Defence Research & Development Organisation
13 December, 2008

ENGINEERED TO OUTPERFORM

GWELD

STAL OF TRUST

GEE WELDING SOLUTIONS THAT DELIVER STRENGTH AND PRECISION

Ocean-Tough Welding for Shipbuilding & Offshore

Marine welding solutions engineered for extreme durability, classification-society compliance, and lifecycle cost reduction:

Full-spectrum expertise: commercial vessels to aircraft carriers, PSVs, LNG carriers, naval platforms
WPS/PQR approved by DNV, ABS, Lloyd's, BV, RINA, CCS, etc.
Masters of high-strength steels (AH/DH/EH36, HY-80/100), aluminum, Cu-Ni alloys
Complex repairs & upgrades: shaft lines, hull inserts, FPSO/FLNG modules

Corrosion-Proof Welding for Chloride-Rich Environments

Specialized joining solutions that eliminate corrosion-driven failures in the most aggressive chloride and chemical settings:

Leader in super-austenitic, duplex, super-duplex & nickel alloys (AL-6XN, 254 SMO, 2205/2507, C-276, 625, etc.)
Proven in seawater, brine, bleach, HCl, H₂S + chloride environments
Serves Offshore O&G, Desalination, Chlor-Alkali, Petrochemical, Pulp & Paper, FGD
Documented asset-life extension from <5 to >25 years

Heavy-Civil & Infrastructure Welding Solutions Built for Lifetime Performance

Structural welding expertise for large-scale infrastructure and urban development projects – engineered for diverse service conditions, accelerated schedules, and long-term asset integrity:

End-to-end solutions for highways, bridges, thermal/nuclear plants, airports, metros, high-rises
Expertise in weathering, high-strength QT (S460-S960QL), fire-resistant & seismic steels
Thick-plate & complex geometry (up to 200 mm): narrow-gap SAW, tandem FCAW, robotic GMAW
Proven >100-year design life and reduced life-cycle costs on landmark projects

GWELD

STAL OF TRUST

ENGINEERED FOR SUPERIOR EDGE: GEE COMPETITIVE MOAT

Strategic Backward Integration:

Owned processes (stainless steel wire drawing, ferroalloy powders, silicates) reduce costs & boost margins

Market Positioning & Diversification:

Balanced revenue (~50% high-margin B2B tenders, ~50% B2C via 500+ dealers)
Exports to 20+ countries;
>500 SKUs with proprietary flux IP
Focus on consumables ensures specialization

Growth Catalysts:

Ample capacity (~59,000 MT, 48% utilized—scaling to 90% for 3x revenue by FY29);
Non-core asset monetization (e.g., ₹400+ Cr from Thane land over 5 years) funds capex/deleveraging; aligned with industry tailwinds (8% CAGR market, infrastructure boom).

Quality & Key Approvals:

Full in-house testing and quality assurance for consistent product reliability.
Strong technical expertise with dedicated on-field and off-field teams for prompt customer support
Key approvals: DRDO, BHEL Trichy, Indian Railways, JCB, ADNOC/Kuwait Oil (exports), NPCL (imminent) and many other PSUs and Private Sector players create high entry barriers and customer stickiness through co-developed products

Superior Technical Edge:

Strong technical expertise with dedicated on-field and off-field teams for prompt customer support
Welding's low cost (<2% of project) but high criticality creates strong entry barriers.
60+ years of expertise and state-of-the-art labs
Co-developed products with customers enhance stickiness.
Proprietary flux formulations, a key strength.

STRICTLY CONFIDENTIAL

WAY FORWARD

GWELD

STAL OF TRUST

WAY FORWARD

Target Revenue:

Targeting 25-30% Revenue CAGR till FY29.

Ample headroom to scale without heavy capex
Increasing capacity utilization
Leveraging eastern India's low-cost steel/logistics

Targeting upto 15% market share via organic growth

Target Margins:

Targeting 13%+ EBITDA Margins through

Improved formulations
Backward integration
Manufacturing high margin products with substantial revenue potential like
Flux-cored wires (post-BIS)
Stainless Steel Electrodes

Holistic Vision:

Evolve into a comprehensive solutions provider through in-house manufacturing of equipment and safety gear
Deliver seamless end-to-end welding solutions
Strengthen market presence in key industrial zones with demand from auto, infra, & energy sectors.
Expand into Africa, Middle East & Southeast Asia by leveraging distributor networks & OEM partnerships
Accelerating expansion through strategic mergers and acquisitions

Outlook:

Secured approvals driving 30–40% revenue from PSUs/infrastructure, coupled with robust export and dealer growth post-restructuring, position GEE for 25–30% revenue CAGR through FY29 with EBITDA margins exceeding 13%

G
GWELD
STAL OF TRUST

UNLOCKING PROFITABILITY: ROADMAP TO 13%+ EBITDA MARGINS BY FY29

3-4% Savings in Material Cost:

Leveraged through strategic backward integration (e.g., in-house stainless steel wire drawing and ferroalloy powders)
Improved sourcing strategies and vendor optimization to further reduce material cost

1-2% Growth from Improved Formulation:

Driven by proprietary R&D
Flux IP innovations enhancing product efficiency
Premium pricing in high-margin segments like defense and infrastructure—supported by exclusive approvals (e.g., DRDO, BHEL).

1-2% Savings in Operating Costs:

Achieved via capacity utilization ramp-up (from 48% to 90%)
Process optimizations across Kalyan and Kolkata plants
Provides incremental margin support alongside scale benefits

3-4% savings in Material Cost

1-2% growth from Improved Formulation

1-2% Savings in Operating Costs

GWELD

STAI OF TRUST

MARGIN OF SAFETY: NON-CORE MONETIZATION

Monetization of the Thane Land Bank

Wagle Estate Deal (Nov 24, 2025):

Transferred development rights (13,391 sq m leasehold land) to Fenkin Infinity LLP for modern commercial/IT park.
GEE receives ~2.9 lakh sq ft built-up area (RERA-registered)
₹400+ Cr potential realization over 5 years (including ~₹50 Cr in FY27) assumed at ~₹14,000/sq ft.

Use of Proceeds:

Organic Growth including Capex
Inorganic Growth Opportunities
Product Portfolio Expansion
Reward Shareholder
New Market Entry Strategy

GWELD
STAI OF TRUST

STRATEGIC SECTOR EXPOSURE AND GROWTH OUTLOOK

GEE Ltd leverages empanelment with top players in India's high-growth sectors, ensuring competitive advantage in regulated markets with high barriers and switching costs. Its welding consumables are vital for metal fabrication across infrastructure, defense, and heavy industries.

Sector	Growth Projections	Key Empanelment
Railways	Freight corridors & Vande Bharat expansion.	Indian Railways (10+ years).
Defense	14% growth to $34.7B by 2030 (geopolitical drivers).	DRDO, HAL, BEL, BDL, L&T Defense.
Oil & Gas	10,000 km pipelines, LNG terminals, refining push.	IOCL, BPCL, RIL, ONGC, HPCL.
Steel	300 MT capacity by 2030; consumables 2-4% of steel use.	Tata Steel, JSW, SAIL, ArcelorMittal Nippon, Vedanta.
Power	Capacity from 475 GW (2024) to 900 GW by 2030.	NPCIL, BHEL, Godrej, L&T Nuclear, BARC, Walchandnagar.
Construction	Major infrastructure boom.	L&T, Tata Projects, Afcons, NCC, KEC Intl.
Ship Building	From $1.1B (2024) to $8.0B by 2033.	Cochin Shipyard, MDL, GRSE, Adani Ports, DGQA.
Engineering	Services to $254B; ER&D $100B; exports $250B by 2030 (AI, EVs, renewables).	BHEL, Thermax, ENPRO, ISGEC, Walchandnagar.
Cement	6-9% CAGR to 2030.	Indirect via infrastructure.

The Indian welding consumables market, valued at ~USD 1.2B in 2024, is projected to grow at 6-6.4% CAGR, reaching USD 2.1-2.4B by 2033-2035

GEE Ltd is poised to capture this expansion through established relationships and approvals

Source: Statista; Ceramicworldweb

GWELD

STAI OF TRUST

GROWTH FROM ORGANIC AND INORGANIC EXPANSION

Organic Expansion: New Product Lines

Adjacency launches with low capex and rapid channel fit

Stainless Steel Wires:
Low capex; integrates easily with existing factories and sales channels
SAW Wires and Flux:
Moderate capex for flux handling; leverages current distribution
Flux Core Wires:
Tap into the growing FCAW segment used in shipbuilding, structural fabrication, & heavy industries. Minor machinery addition; easy production line adaptation
Specialty Products:
Add new production lines for products like Maintenance Wire Welding, Nickel & Exotic Alloys, Gas Welding Equipment and Safety Gear (PPE)
Consumable Electrodes:
Low capex; direct fit to existing consumables plant and channels

Inorganic Growth: Targeted Acquisition Map

Prioritize scale, margin, channel, and technology with tickets of 50-100 cr

Scale: Welding Equipment and Systems
Targets that expand production capacity and regional footprint; large customer overlap with GEE
Margin: Specialty and Hardfacing Electrodes
Higher-margin consumables that improve product mix and profitability
Complementary Consumables: Cutting and Gouging Electrodes
Product adjacencies that broaden OEM and aftermarket offerings
Channel and Safety: Gas Cutting, Accessories and Safety Equipment
Distribution play to upsell safety and accessory bundles to existing customers
Regional Niche Players
Local leaders with strong regional ties to accelerate market entry and reduce logistics cost
Deal Criteria: Strategic and Cultural Fit
Evaluate customer overlap, cost synergies, distribution, tech/cultural fit and integration complexity

CAPACITY AND UTILIZATION

GWELD

STAL OF TRUST

71,339 MTPA

Targeted Installed Capacity by FY27

~91%

Targeted Utilization by FY29

STRICTLY CONFIDENTIAL

INDUSTRY GROWTH DRIVERS

G
GWELD
STAL OF TRUST

THE INDIAN WELDING MARKET

The Indian Welding Industry

$2.2bn – By 2034

The India welding consumables market size was valued at USD 1,322.88 Million in 2025 and is projected to reach USD 2,220.96 Million by 2034, growing at a compound annual growth rate of 5.76% from 2026-2034.

The global welding consumables sector is on track to achieve a valuation of USD 36.9 billion by 2036, accelerating from USD 21.4 billion in 2026 at a CAGR of 5.6%.
The welding consumables market includes stick electrodes, solid wires, flux cored wires, SAW wires and fluxes and others. Stick electrodes accounts for the majority of the market share.
The welding market is further segmented by technique, including Arc Welding, Resistance Welding, Oxyfuel Welding, Ultrasonic Welding, and others. Among these, Arc Welding holds the largest share of the industry.

Indian Welding Consumables Market

By 2029, the welding consumables market in India is projected to reach ₹14,500 crore, growing at a CAGR of 6%. Assuming the organized sector accounts for 45% of the market, Gee Limited is well positioned to capture approximately 15% of the organized segment, reflecting its expanding presence & strategic positioning within the industry.

Industry Structure

Fragmented Market: Over 50% of the market is held by unorganized, smaller players; the rest is dominated by a few branded manufacturers.
Technology Mix: Manual and arc welding dominate, but there's increasing adoption of laser, robotic, and automated welding in high precision sectors.
Sectoral Exposure: Welding products are critical across infrastructure, automotive, shipbuilding, defense, and power, with varying requirements for scale, automation, and certifications.
Organized Segment Leaders: Key players include Ador Welding, ESAB India, D&H India, etc.

Key Growth Drivers

Government Focus

Various government initiatives like "Make in India", "Atmanirbhar Bharat" & PLI schemes aim to raise manufacturing to 25% of GDP, boosting Welding demand across core industries

Infrastructure Boom

Massive public capex under National Infrastructure Pipeline (USD 1.4T) driving welding demand in roads, metros, bridges & smart cities.

Industry Formalization

Shift from unorganized to organized players driven by quality, safety standards & compliance—benefiting branded manufacturers.

Sources: INDIA ESSEN WELDING & CUTTING: 11^{\text{th}} International Trade Fair Joining – Cutting – Surfacing; Grand View Research; Future Market Insights

G
GWELD
STAL OF TRUST

INDUSTRY TAILWINDS ALIGNED WITH OUR GROWTH STRATEGY

Industry Trends

Infrastructure Growth

₹1.4T National Infra Pipeline
Metro, power, railways fueling welding demand

Core Sector Expansion

Growth in steel, oil & gas, defense, and energy
Directly increasing need for consumables

Formalization of Industry

Shift to organized, certified players
Branded suppliers gaining share

Technological Shift

Rise in robotic, laser, and precision welding
Demand for high-performance consumables

Industrial Automation

Accelerated adoption of robotic and Automated welding in high-speed manufacturing environments

What this means for Gee Limited

Capacity Ramp-Up

Utilization scaling from current 48% to ~90% of the existing capacity
Doubling output without new capex

Empanelment & Certifications

Approved by BHEL, NTPC, L&T
DRDO certifications open high-value sectors

Market Access

500+ domestic dealers and 30+ export destinations

Product Diversification

Flux core wires, specialty alloys, safety gear

GWELD

STAL OF TRUST

ANNUAL INCOME STATEMENT

Particulars (INR Mn)	FY22	FY23	FY24	FY25	FY26
Revenue from Operations	3,234.1	3,956.6	3,691.4	3,388.4	3,691.4
Material Consumed	2,440.3	3,066.9	2,834.1	2,631.3	2,713.7
Gross Margin (%)	24.5	22.5	23.2	21.2	26.5
Total Expenditure	2,951.0	3,723.0	3,396.3	3,330.1	3,357.4
EBITDA	283.0	233.6	295.2	8.3	334.0
EBITDA Margin (%)	8.8	5.9	8.0	0.2	9.0
Other Income	11.9	13.3	7.3	2.7	12.0
Depreciation	41.6	42.0	40.1	41.6	38.3
PBIT	253.4	204.9	262.3	-30.5	307.6
Interest	57.3	89.5	81.7	89.1	84.6
PBT (before Exceptional Items)	196.1	115.4	180.7	-119.6	223.0
Exceptional Items	-	-	-	-	-33.4
PBT (after Exceptional Items)	196.1	115.4	180.7	-119.6	189.7
Tax	45.3	30.3	52.1	-27.2	59.7
Reported PAT	150.7	85.1	128.6	-92.4	130.0
Reported PAT Margin (%)	4.7	2.2	3.5	-2.8	4.4
Reported EPS (Rs) (Basic)	5.8	3.3	5.0	-3.6	4.9

G
GWELD
STAL OF TRUST

ANNUAL BALANCE SHEET

Equity & Liabilities (INR Mn)	FY25	FY26
Share Capital	52.0	104.0
Reserves & Surplus	1,883.5	2,046.2
Total Equity	1,935.5	2,150.1
Borrowings	40.9	220.2
Long Term Provision	3.0	4.7
Other Long Term Liabilities	-	-
Deferred Tax Liabilities	1.2	11.6
Non-Current Liabilities	45.1	236.5
Short Term Borrowings	710.3	416.5
Lease Liabilities	-	-
Trade Payables	241.5	200.3
Other Financial Liabilities	19.1	12.2
Other Current Liabilities	46.2	50.1
Short Term Provisions	30.5	30.7
Current Liabilities	1,092.8	946.4
Liabilities associated with Assets held for Sale	62.7	58.2
Total Equity & Liabilities	3,090.9	3,154.7
Assets (INR Mn)	FY25	FY26
---	---	---
Fixed Asset	847.4	578.4
Capital Work In Progress	3.2	16.1
Investment Property	125.5	125.5
Other Intangible Asset	0.3	7.2
Right To Use Asset	580.4	564.4
Investment	1.5	1.6
Other Financial Asset	22.4	27.4
Other Non-Current Asset	33.4	100.9
Non - Current Assets	1,614.0	1,421.4
Inventories	796.4	897.2
Trade Receivables	437.6	550.4
Cash & Cash Equivalents	3.0	7.3
Bank Balance	36.7	0.7
Loans	3.1	2.7
Other Financial Assets	2.3	7.4
Current Tax Asset	41.1	27.4
Other Current Assets	40.4	123.9
Assets held for Sale	116.3	116.3
Current Assets	1,476.9	1,733.3
Total Assets	3,090.9	3,154.7

GWELD

SEAL OF TRUST

THANK YOU

GEE LIMITED

[email protected]

KAPTIFY CONSULTING

Strategy & Investor Relations | Consulting
+91-845 288 6099
www.kaptify.in
[email protected]

AI assistant

GEE Ltd. — Investor Presentation 2026

59306_rns_2026-05-18_a91ceb86-90e9-4263-92a1-18f6a57ea2cc.pdf

Scrip Code: 504028 Symbol: GEE Ltd

GEE LIMITED

DISCLAIMER

CONTENTS

KEY HIGHLIGHTS

KEY BUSINESS HIGHLIGHTS – Q4 & FY26

Specialized Product Development

New Product Approvals:

Strategic Sector Presence

Operational Recovery in FY26

Key Management Initiatives

KEY FINANCIAL HIGHLIGHTS- Q4FY26

KEY FINANCIAL HIGHLIGHTS- FY26

Revenue from Operation

EBITDA

PAT

Gross Margin (%)

EBITDA Margin (%)

PAT Margin (%)

INCOME STATEMENT – Q4 & FY26

ABOUT US

ABOUT US

OUR JOURNEY

KEY MANAGEMENT TEAM

Om Prakash Agarwal

Umesh Agarwal

Payal Agarwal

BUSINESS OVERVIEW

MANUFACTURING FACILITIES – KALYAN PLANT

MANUFACTURING FACILITIES – KOLKATA PLANT

RESEARCH AND DEVELOPMENT – A CORE COMPETITIVE STRENGTH

Notable Innovations and Achievements:

PRODUCT CATEGORIES

SMAW Electrodes

Application

Low Heat Input (LHI) Electrodes

Application

SAW Wires & Fluxes

Application

Flux Cored Wires

Application

Brazing Wires & Fluxes

Application

GMAW/MIG Wires

Application

GTAW/TIG Wires

Application

KEY CLIENTELE

ACCREDITATIONS & APPROVALS...1/2

ACCREDITATIONS & APPROVALS...2/2

CERTIFICATIONS

ENGINEERED TO OUTPERFORM

GEE WELDING SOLUTIONS THAT DELIVER STRENGTH AND PRECISION

Ocean-Tough Welding for Shipbuilding & Offshore

Corrosion-Proof Welding for Chloride-Rich Environments

Heavy-Civil & Infrastructure Welding Solutions Built for Lifetime Performance

ENGINEERED FOR SUPERIOR EDGE: GEE COMPETITIVE MOAT

Strategic Backward Integration:

Market Positioning & Diversification:

Growth Catalysts:

Quality & Key Approvals:

Superior Technical Edge:

WAY FORWARD

WAY FORWARD

Target Revenue:

Target Margins:

Holistic Vision:

Outlook:

UNLOCKING PROFITABILITY: ROADMAP TO 13%+ EBITDA MARGINS BY FY29

3-4% Savings in Material Cost:

1-2% Growth from Improved Formulation:

1-2% Savings in Operating Costs:

3-4% savings in Material Cost

1-2% growth from Improved Formulation

1-2% Savings in Operating Costs

MARGIN OF SAFETY: NON-CORE MONETIZATION

Wagle Estate Deal (Nov 24, 2025):

GEE Ltd. Investor Presentation 2026