Gabion Technologies IndiaShare price, financial results, shareholding and management
- Market cap
- ₹169 cr
- Stock P/E
- 20.8peers 30.9
- Book value
- ₹42
- Price to book
- 2.97
- EV / operating profit
- -
- Market cap to sales
- 1.47
- ROCE · FY26
- 18.7%
- ROE · FY26
- 20.5%
- ROE, 3-year average
- 32.8%
- Operating margin · FY26
- 15.1%peers 18.5%
- Sales growth, 3 years
- 13.4%
- Profit growth, 3 years
- 39.3%
- Debt to equity
- 0.77peers 0.41
- Borrowings
- ₹44 cr
- Interest cover
- 3.3×
- Cash from business / op. profit
- 23%
- Debtor days
- 136
- Pledged
- 0.00%
- Promoter holding
- 73.93%
- Change in promoter holding
- -
- Shareholders
- 429
- 52-week high / low
- ₹150 / ₹44
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Gabion Technologies India share price chart
Close on 6 Nov 2026 · +4.66% on the day · Vol 36,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -2.4%
- 3 months
- +55.0%
- 6 months
- +78.9%
- Traded a day, 20 days
- ₹0.23 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +15% | +35% |
| 3 years, a year | +13% | +39% |
| Latest half, H2 FY26 | +29% | +42% |
About Gabion Technologies India: business, products and customers
Gabion Technologies India makes steel wire mesh boxes, nets and grids that hold back hillsides, falling rocks and rivers, and also designs and builds these protection works for road, rail, power and mining projects. Its shares trade on BSE SME.
Gabion Technologies India was set up in 2008 by Madhusudan Sarda and listed on BSE SME on 13 January 2026. Its one plant, at Paonta Sahib in Himachal Pradesh, weaves galvanised and polymer-coated steel wire into gabion boxes, mattresses, rockfall nets and one type of geogrid; geotextiles and other geogrids are bought in and traded. A design team works out how to stabilise a slope or riverbank, and site crews with the company's own machines install the products, for road, rail, hydro, irrigation, mining and defence works across India, with small subsidiaries in Nepal and Bangladesh.
The way it works shapes the numbers. Products sold to outside buyers are billed when dispatched, while products used on its own projects become service revenue only after installation and measurement, so unbilled work sits in inventory and part of each bill is held back as retention money until the defect period ends. The managing director put the service margin about ten points above manufacturing, which is why the move towards services lifted margins in FY26, and why working capital grew faster than sales.
Read more about the business
Customers include large contractors such as Afcons Infrastructure and L&T, companies such as Vedanta for ash ponds, and government departments through tenders, which were about a fifth of revenue in the offer document. The managing director named Secure Matrix in Maharashtra and Techfire as unlisted manufacturing rivals, and said the company supplies SRM Contractors, a listed slope stabilisation contractor, while also competing with it for projects. Officine Maccaferri has a suit pending against the company in the Delhi High Court, filed in 2017, alleging infringement of its patent on a netting product.
From the December 2025 offer document, the FY26 annual report, the May 2026 investor presentation, the May 2026 earnings call and the company's September 2026 order announcement.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 73.93%.
To watch
- The plant expansion to 18,000 tonnes, promised by September 2026, and whether product sales rise with it (earnings call, May 2026, p.6 and p.12).
- The ₹200 cr FY27 revenue target against a FY26 guidance miss (earnings call, May 2026, p.4 and p.5).
- Inventory of ₹33.2 cr and receivables of ₹41.8 cr at March 2026, both key audit matters (annual report FY26, p.62).
- The statutory auditor appointed in September 2025 resigned on 30 January 2026; the secretarial auditor reported late notice to the exchange and a late replacement, and an independent director left in June 2026 (annual report FY26, p.27, p.35, p.38).
- Customers take longer to pay than before: 136 days in FY26, against 56 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Gabion Technologies India revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Gabion Technologies India half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H2FY26 | |
|---|---|---|---|
| Sales | 54 | 58 | 74.61 |
| Expenses | 46 | 51 | 62.96 |
| Operating profit | 8 | 7 | 11.65 |
| OPM | 15.0% | 12.0% | 15.6% |
| Interest | 2 | 3 | 2.25 |
| Depreciation | 1 | 1 | 0.89 |
| Profit before tax | 6 | 4 | 8.74 |
| Net profit | 4 | 4 | 5.69 |
Gabion Technologies India profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 28 | 35 | 60 | 79 | 105 | 100 | 115.20 |
| Expenses | 26 | 33 | 57 | 72 | 91 | 86 | 97.80 |
| Operating profit | 2 | 3 | 4 | 6 | 13 | 14 | 17.40 |
| OPM | 6.0% | 7.0% | 6.0% | 8.0% | 13.0% | 14.0% | 15.1% |
| Other income | 0 | 0 | 0 | 0 | 0 | 1 | 0.39 |
| Interest | 1 | 1 | 1 | 1 | 4 | 5 | 4.77 |
| Depreciation | 0 | 0 | 0 | 1 | 2 | 2 | 1.68 |
| Exceptional and other items | · | · | · | 1 | 1 | 1 | · |
| Profit before tax | 1 | 2 | 3 | 5 | 8 | 9 | 11.16 |
| Tax rate | 100.0% | 50.0% | 33.3% | 40.0% | 25.0% | 33.3% | 27.3% |
| Net profit | 0 | 1 | 2 | 3 | 6 | 6 | 8.11 |
| EPS ₹ | 29.46 | 71.56 | 117.26 | 205.65 | 347.56 | 6.19 | 6.06 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY20) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Gabion Technologies India profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 7.0% | 6.0% | 8.0% | 13.0% | 14.0% | 15.1% |
| Tax rate | 100.0% | 50.0% | 33.3% | 40.0% | 25.0% | 33.3% | 27.3% |
| ROCE | · | 35.3% | 32.0% | 21.8% | 26.4% | 23.1% | 18.7% |
| ROE | · | 25.0% | 33.3% | 35.3% | 46.2% | 31.6% | 20.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Gabion Technologies India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Gabion Technologies India balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 10 | 14 |
| Reserves | 1 | 3 | 5 | 8 | 14 | 12 | 43 |
| Net worth | 3 | 5 | 7 | 10 | 16 | 22 | 57 |
| Borrowings | 5 | 4 | 9 | 29 | 36 | 47 | 44 |
| Other liabilities | 4 | 4 | 7 | 13 | 18 | 19 | 22 |
| Total liabilities | 12 | 13 | 23 | 52 | 70 | 88 | 123 |
| Fixed assets | 4 | 4 | 5 | 24 | 26 | 27 | 30 |
| Capital work in progress | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8 | 9 | 18 | 26 | 44 | 61 | 93 |
Gabion Technologies India cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 2 | -1 | 0 | -2 | -6 | 4 |
| Cash from investing | 0 | 0 | -1 | -21 | -1 | -2 | -4 |
| Cash from financing | 0 | -2 | 4 | 20 | 3 | 8 | 0 |
| Net cash flow | 0 | 0 | 2 | -1 | 0 | 0 | 0 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 56 | 51 | 54 | 58 | 73 | 92 | 136 |
| Inventory days | 36 | 41 | 24 | 59 | 88 | 180 | 253 |
| Days payable | 19 | 38 | 28 | 54 | 47 | 70 | 79 |
| Cash conversion cycle | 73 | 54 | 50 | 63 | 113 | 202 | 310 |
| Working capital days | 38 | 18 | 0 | 11 | 11 | 45 | 134 |
Gabion Technologies India peers and competitors
Listed SME companies in the same industryBy sales, Gabion Technologies India is number 22 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| IC Electricals Company | 203 | 14.5 | 143 | 14 | 19.0% | 1.19 |
| Captain Technocast | 546 | 42.0 | 130 | 13 | 13.0% | 0.38 |
| FX Multitech | 182 | 15.1 | 126 | 12 | 15.0% | 0.68 |
| Gabion Technologies India | 169 | 20.8 | 115 | 8.1 | 15.1% | 0.77 |
| L. T. Elevator | 727 | 42.8 | 111 | 17 | 24.0% | 0.22 |
| Apollo Techno Industries | 123 | 11.1 | 110 | 11 | 13.0% | 0.30 |
| Cospower Engineering | 553 | 42.5 | 107 | 13 | 21.0% | 0.60 |
| Kwick Forensic Solutions | 490 | 35.0 | 106 | 14 | 18.0% | 0.00 |
| SpectraA Technology Solutions | 338 | 28.1 | 101 | 12 | 19.0% | 1.08 |
| Taurian MPS | 546 | 33.7 | 99.3 | 16.2 | 24.9% | 0.28 |
| Shri Balaji Valve Components | 108 | 12.6 | 96.8 | 8.6 | 16.4% | 0.43 |
| Median of the 10 others | 414 | 30.9 | 109 | 13 | 18.5% | 0.41 |
Gabion Technologies India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Gabion Technologies India shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | |
|---|---|
| Promoters | 73.93% |
| Number of shareholders | 429 |
Gabion Technologies India study: the business from its own documents
Read from 6 of the company's own documentsGabion Technologies India so far
From the company's own record
- 28 Sept 2026Order worth ₹20.72 cr
- 31 March 2026Promoters at 73.93%
- 10 Sept 2026Highest close since listing, ₹147.30
Gabion Technologies India key facts from the filings
Each figure with the document it comes from
- Order book
- ₹200 cr
- At March 2026, about half products and half projects; the managing director expects about nine tenths of it to be executed in FY27.Investor presentation, May 2026, p.11; earnings call, May 2026, p.5 and p.15
- Plant capacity
- 9,200 → 18,000 t
- Yearly capacity, 93.4% used in FY25; the plant made about 8,000 tonnes in FY26 and the company says the expansion will be complete by September 2026.Offer document, p.48; earnings call, May 2026, p.6 and p.12
- Services share
- 44.6%
- Share of FY26 revenue from design and installation, up from 33.5% in FY25; manufacturing was 49.7% and trading 5.8%.Investor presentation, May 2026, p.18
- FY26 revenue
- ₹115.2 cr
- Consolidated, up 14.8% from ₹100.4 cr; profit after tax rose 31.0% to ₹8.1 cr.Annual report FY26, p.4 and p.25
- Inventory
- ₹33.2 cr
- At March 2026, up from ₹20.7 cr, including ₹14.8 cr of work in progress; the auditor named it a key audit matter.Annual report FY26, p.62 and p.74
Show 5 more facts
- Trade receivables
- ₹41.8 cr
- At March 2026, up from ₹25.3 cr, also a key audit matter; retention money held by customers rose to ₹6.0 cr.Annual report FY26, p.62, p.74 and p.118
- IPO money
- ₹29.2 cr
- Raised in January 2026 from 36,00,000 new shares; ₹22.1 cr went to working capital and ₹1.1 cr meant for machinery was still unspent at March 2026.Annual report FY26, p.25, p.69 and p.70
- Largest customer
- 12.0%
- Share of revenue in the eight months to November 2025; the top ten together were under half.Offer document, p.170; our arithmetic
- Government work
- 21.7%
- Share of revenue from government authorities as of November 2025; the company won 18 of the 61 tenders it bid for in FY25.Offer document, p.28
- Employees
- 155
- Permanent employees at March 2026; attrition was 55% in FY25.Annual report FY26, p.49; offer document, p.169
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the managing director said the company is targeting revenue of ₹200 cr in FY27, with product sales rising as capacity reaches 18,000 tonnes by September 2026, and more than ₹300 cr in FY28; it expects margins one to two points higher with scale. In September 2026 it announced orders worth ₹20.72 cr, including taxes, for gabion boxes, mattresses and rockfall protection.
| What management said | When | What happened |
|---|---|---|
| Revenue growth of 20% to 25% in FY26 | IPO call, as recalled by an analyst on the May 2026 call | Consolidated revenue grew 14.8%; the managing director said about ₹15 cr of nearly finished work could not be billed |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Gabion Technologies earns money by making wire mesh products and, more profitably, by designing and installing them on difficult slopes and riverbanks.
Its weak spot is that installation work ties up a lot of cash in unbilled work and slow payments.
AverageCan it set its own prices?Its basic gabions are easy to copy and often sold by tender, but design and installation work earn a better margin, and it has renegotiated some prices when costs jumped.
AverageHow strong is it against rivals?It offers design, products and installation together, which few manufacturers do, but its core product competes on price.
StrongWho are its customers?Large contractors, companies and government departments across many states, with no single customer dominating.
WatchDoes it need a lot of money?The plant expansion is cheap, but installation projects need a lot of working capital, and most of the IPO money went there.
StrongCan it keep finding new work?Demand for slope, flood and rockfall protection is steady, and its order book is well above a year of sales.
AverageDo good and bad years swing a lot?Sales stalled for three years before picking up, and steel and polymer prices plus the monsoon season move each year's numbers.
Who runs Gabion Technologies India?
Promoters, directors and officers; tap a name for the background
MSMadhusudan SardaPromoter, Chairman and Managing Director · holds 56.17% pre-IPO
Bachelor of Science in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology; about 25 years in marketing, gabion manufacturing and geotechnical engineering. Earlier with Jyoti Polymers Udyog (2000 to 2003) and Pioneer Wires Private Limited (2003 to 2008); founded the company in 2008 and heads sales, projects and strategy. A director of both subsidiaries and of ARS Merchants. Paid ₹40 lakh in FY26.
Offer document, p.20, p.191 and p.205; annual report FY26, p.52USUrvashi SardaPromoter and Whole-Time Director · holds 7.04% pre-IPO
Bachelor of Computer Science from the University of Pune; about 17 years in gabion manufacturing and geotechnical engineering, with the company since 2009 and responsible for design and management. The offer document states Urvashi Sarda is the spouse of Madhusudan Sarda. Paid ₹40 lakh in FY26.
Offer document, p.191 and p.192; annual report FY26, p.52PSPriyanandini SardaPromoter and Non-Executive Director · holds 18.73% pre-IPO
Bachelor of Science in Psychology from the University of Durham; joined in November 2024. The offer document states Priyanandini Sarda is the daughter of Madhusudan Sarda and Urvashi Sarda. Paid ₹8 lakh in FY26.
Offer document, p.191 and p.192; annual report FY26, p.52AMARS Merchants Private LimitedCorporate promoter · holds 18.03% pre-IPO
A Delhi trading company set up in 1996 whose directors are Madhusudan Sarda and Urvashi Sarda. The company had lent it ₹1.0 cr, outstanding at March 2026.
Offer document, p.205; annual report FY26, p.67DKDeepak KumarChief Financial Officer
Bachelor's and master's degrees in commerce from T.M. Bhagalpur University; CFO since March 2025 and with the company since 2019.
Offer document, p.201; annual report FY26, p.54RKRajagopal KarpurapuIndependent Director
B.Tech from JNTU, M.Tech from IIT Madras and a PhD from the University of Florida; a professor at IIT Madras from 1993 to 2022. Chairs the audit and the nomination and remuneration committees.
Offer document, p.191; annual report FY26, p.10YJYumnam Joykumar SinghIndependent Director
Bachelor of Engineering from the University of Madras; over 38 years as an engineer with the Government of Manipur, up to chief engineer. Appointed in August 2025.
Offer document, p.191; annual report FY26, p.30Gabion Technologies India latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹74.6 cr (+29%), net profit ₹5.7 cr (+42%) on H2 FY25.
- 28 Sept 2026: order worth ₹20.72 cr announced.
Gabion Technologies India announcements
3 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74(5) of SEBI (DP) Reg, 2018 for the quarter ended September 30, 2026PDF ↗
- Insider Trading / SASTClosure of trading window for Declaration of unaudited Standalone & Consolidated Financial Result for half year ended on 30th September 2026PDF ↗
- Company UpdateCompany has received multiple purchase orders during the period from august 23, 2026 to September 26, 2026 aggregating to approximately Rs. 20.72 Crores (InclusPDF ↗
Gabion Technologies India annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
Gabion Technologies India share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Gabion Technologies India's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY25 as reported add up to sales of ₹112.00 cr, the full year to ₹100.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,35,75,360 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹347.56) and FY25 (₹6.19) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Gabion Technologies India
What does Gabion Technologies India do?
Gabion Technologies India makes steel wire mesh boxes, nets and grids that hold back hillsides, falling rocks and rivers, and also designs and builds these protection works for road, rail, power and mining projects. Its shares trade on BSE SME.
What is the share price of Gabion Technologies India?
₹125 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Gabion Technologies India?
₹169 cr at the close on 6 Nov 2026, on 1,35,75,360 shares.
What is the P/E of Gabion Technologies India?
20.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Gabion Technologies India's revenue and profit?
Revenue ₹115 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Gabion Technologies India?
Madhusudan Sarda, Urvashi Sarda, Priyanandini Sarda, ARS Merchants Private Limited; promoters held 73.93% at 31 March 2026.
What is Gabion Technologies India's website?
www.gabionindia.com
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Built from 2 annual reports, 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 3 exchange announcements, 1 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.