GeeCee Ventures Limited

Real Estate — Real Estate - Development · NSE

₹360.00−₹6.35 (−1.73%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of GeeCee Ventures Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

GeeCee Ventures Limited is engaged in real estate development, with a primary focus on residential and commercial projects, and operates in financial services and renewable energy generation in India. It operates through Real Estate, Financing Services, and Others segments.

IndustryReal Estate - Development

SectorReal Estate

Employees76

Annual revenue₹75 Cr

How does it make money?

Turns over ₹75 Cr a year. Of every ₹100 of sales, about ₹56 reaches shareholders as profit, with ₹71 left at the operating level before interest, tax and depreciation. Each of its 76 employees supports ₹98.4 lakh of revenue a year, the signature of a people-led business.

EBITDA margin70.9%

Net margin56.2%

Revenue / employee₹98.4 lakh

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

DLF LIMITEDP/E 36.6x · ROE 10.3%

GODREJ PROPERTIES LTDP/E 30.2x · ROE 8.4%

OBEROI REALTY LIMITEDP/E 23.5x · ROE 14.7%

What is its competitive advantage?Little sign of one

Returns on capital of 5.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE5.7%

ROE5.0%

Peer median ROE10.3%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +87% while net margin moved +94% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+87%

Margin effect+94%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.46 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

73/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

84/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

10.8x

3Y Median

21.8x

40 monthly readings · mean 27.3x · range 9.9x–69.0x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 50% below its 3y median of 21.8x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 64% below the peer median of 30.2x.

vs. its own history

Cheap

21.8x median over 40 months · -50%

vs. sector peers

Cheap

30.2x median of 3 peers · -64%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

10.8x

P/B

0.90x

EV/EBITDA

10.1x

PEG

0.20

Dividend Yield

0.56%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 40.8% to 70.9% over 3 years.
Return on capital is rising
ROCE has improved from 2.5% to 5.7%.
Valuation below its historical average
At 10.8x the stock trades 50% below its own median of 21.8x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 176% against revenue growth of 87% — stock may not be moving.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Inventory building faster than salesFinancial
Inventory up 176% against revenue up 87% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹92 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 40.8% to 70.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 50% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 64% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 23.2% CAGR
Latest reported year was 384.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 69%✓ 70.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹92 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ 5.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 21.8x✓ 10.8x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹753 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

10.8x

Cheap

Cheap against the generic band

P/B Ratio

0.90x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹33.23

Profitable

Profitable on a per-share basis

ROE

5.0%

Weak

Weak capital efficiency

ROCE

5.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

384.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

152.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.56%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹92 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹360

P/E (Forward)

58.7x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

29.5%

Good

Healthy core-business profitability

Net Margin

44.5%

Good

Strong bottom-line conversion

Current Ratio

1.78

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.46

Defensive

Steadier than the market

52W Range Position

83%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

366.7 / 367.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

49.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹40 Cr	₹97 Cr	₹135 Cr	₹75 Cr	+23.2%
EBITDA	₹16 Cr	₹45 Cr	₹62 Cr	₹53 Cr	+48.1%
EBITDA Margin	40.8%	47.0%	45.9%	70.9%	—
PAT (Net Profit)	₹12 Cr	₹37 Cr	₹47 Cr	₹42 Cr	+53.5%
EPS	₹5.56	₹17.81	₹22.36	₹20.12	+53.5%
ROE	2.1%	5.8%	6.0%	5.0%	—
ROCE	2.5%	6.5%	7.1%	5.7%	—
Free Cash Flow	₹67 Cr	-₹34 Cr	₹219 Cr	-₹92 Cr	—

🟢 Revenue has grown at 23.2% a year over 3 years.

🟢 EBITDA has grown at 48.1% a year over 3 years.

🟢 EBITDA Margin has risen from 40.8% to 70.9% over 3 years (+30.1 pts).

🟢 PAT (Net Profit) has grown at 53.5% a year over 3 years.

🟢 EPS has grown at 53.5% a year over 3 years.

🟢 ROE has risen from 2.1% to 5.0% over 3 years (+3.0 pts).

🟢 ROCE has risen from 2.5% to 5.7% over 3 years (+3.2 pts).

🔴 Free Cash Flow has turned negative, from ₹67 Cr to -₹92 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,414 Cr

Total Liabilities

₹578 Cr

Total Debt

—

Cash & Equivalents

₹219 Cr

Operating Cash Flow

-₹91 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.6%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

07 Sept 2026

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 positive3 mixed2 general

Geecee Ventures Completes ₹9.27 Crore Bharti Airtel Share Conversion Process

scanx.trade, 14 Oct

GeeCee Ventures vs Nifty 50: Share Price Performance Compared

Univest, 24 Sept

GeeCee Ventures Nine Monthly Results, Nine Monthly Earnings for GeeCee Ventures

The Economic Times, 20 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

GeeCee Ventures Considers Unaudited Financial Results For Q1 FY27

Sahi, 06 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Dividend Stocks: Last Day To Buy GeeCee Ventures, Texmaco Infra And Transpek Industry

NDTV Profit, 04 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

GeeCee Ventures Share Price Target 2026: Rs 400 Analyst Forecast

Univest, 11 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong14.3/20

🟢Financial HealthStrong13.2/20

🟢GrowthStrong18.5/20

🟡ProfitabilityModerate8.9/15

🟢ValuationAttractive13.2/15

🔴RiskHigh4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 17% a year23.2% CAGR
✓EBITDA margin holds above 69%70.9%
✗Free cash flow remains positive-₹92 Cr
✗ROCE stays above 8%5.7%
✓Valuation vs its own median of 21.8x10.8x today