Globe International Carriers Limited

Industrials — Integrated Freight & Logistics · NSE

₹25.00+₹0.69 (+2.84%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity, falling profits.

In simple words: Reasonable but unspectacular business quality, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

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

What does this company do?

Globe International Carriers Limited provides logistics solutions in India and Nepal.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees70

Annual revenue₹175 Cr

How does it make money?

Turns over ₹175 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹12 left at the operating level before interest, tax and depreciation. Each of its 70 employees supports ₹2.50 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.50 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 14.9% 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.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +54% while net margin moved +293% 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+54%

Margin effect+293%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of -0.21 — 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

Quality vs. Valuation

Company Quality

66/ 100

Good

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

Valuation

73/ 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

28.7x

3Y Median

73.0x

40 monthly readings · mean 78.3x · range 21.5x–329.2x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 61% below its 3y median of 73.0x. 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 68% below the peer median of 88.8x.

vs. its own history

Cheap

73.0x median over 40 months · -61%

vs. sector peers

Cheap

88.8x median of 3 peers · -68%

vs. generic bands

Fair

15x–35x

EV/EBITDA

15.4x

PEG

0.35

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 4.7% to 12.1% over 3 years.
Cash generation is improving
Free cash flow is up 2362% over 3 years.
Return on equity is rising
ROE has improved from 6.8% to 11.9%.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 139% over 3 years, from ₹20 Cr to ₹48 Cr.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 457% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 4.7% to 12.1%. 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 61% 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 68% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹13 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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 12% a year✓ 15.4% CAGR
Latest reported year was 5.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 10%✓ 12.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA stays below 2x✗ 2.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4Free cash flow remains positive✓ ₹13 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 12%✓ 14.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ 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

3 good · 7 neutral · 1 weak

Market Cap

₹280 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

28.7x

Fair

Fairly valued against the generic band

P/B Ratio

3.56x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹0.87

Profitable

Profitable on a per-share basis

ROE

11.9%

Moderate

Moderate capital efficiency

ROCE

14.9%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.46x

Low

Conservative leverage

Revenue Growth (YoY)

5.0%

Modest

Modest growth

Profit Growth (YoY)

-76.2%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹13 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.9%

Average

Average margins

Net Margin

5.6%

Average

Average bottom-line conversion

Current Ratio

2.30

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

-0.21

Defensive

Steadier than the market

52W Range Position

26%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

22.9 / 23.2

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

61.6

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹114 Cr	₹114 Cr	₹157 Cr	₹175 Cr	+15.4%
EBITDA	₹5 Cr	₹6 Cr	₹9 Cr	₹21 Cr	+58.5%
EBITDA Margin	4.7%	5.0%	5.9%	12.1%	—
PAT (Net Profit)	₹2 Cr	₹3 Cr	₹5 Cr	₹12 Cr	+82.1%
EPS	₹0.96	₹1.03	₹0.5	₹1.06	+3.4%
ROE	6.8%	4.7%	8.5%	11.9%	—
ROCE	15.3%	9.5%	14.3%	14.9%	—
Total Debt	₹20 Cr	₹20 Cr	₹25 Cr	₹48 Cr	+33.7%
Free Cash Flow	₹1 Cr	-₹12 Cr	₹10 Cr	₹13 Cr	+190.9%

🟢 Revenue has grown at 15.4% a year over 3 years.

🟢 EBITDA has grown at 58.5% a year over 3 years.

🟢 EBITDA Margin has risen from 4.7% to 12.1% over 3 years (+7.4 pts).

🟢 PAT (Net Profit) has grown at 82.1% a year over 3 years.

🟢 EPS has grown at 3.4% a year over 3 years.

🟢 ROE has risen from 6.8% to 11.9% over 3 years (+5.0 pts).

🟡 ROCE has held roughly flat at 14.9% over 3 years.

🔴 Total Debt has grown at 33.7% a year over 3 years.

🟢 Free Cash Flow has grown at 190.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹203 Cr

Total Liabilities

₹75 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

₹17 Cr

Capex

-₹3 Cr

Corporate Actions

Ex-Dividend Date

22 Sept 2023

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

2 mixed4 general

Is Now The Time To Put Globe International Carriers (NSE:GICL) On Your Watchlist?

Simply Wall Street, 15 Oct

Globe International Carriers Upper Circuit Today

Univest, 09 Oct

Small-cap stock under ₹50 to be in focus on Monday; here's why

Livemint, 31 May

Why Are Globe International Carriers (NSE: GICL) Shares Locked in a Sharp Selloff After Q4 Results?

Kalkine India, 03 JunResults

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

Penny Stock Below Rs 30: This Logistics Company’s Profit More Than Doubles in FY26; Key Drivers Explained

Dalal Street Investment Journal, 04 Jun

Do Globe International Carriers' (NSE:GICL) Earnings Warrant Your Attention?

Simply Wall Street, 04 JunResults

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

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality · Profitability · Valuation

WeakRisk

Points for each in the Score ↑

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.

1 of 5 tripwires tripped — Debt / EBITDA stays below 2x · see Key things to watch ↑