Gulf Lloyds (India)Share price, financial results, shareholding and management
- Market cap
- ₹30 cr
- Stock P/E
- 7.0peers 12.0
- Book value
- ₹20.2
- Price to book
- 2.22
- EV / operating profit
- -
- Market cap to sales
- 0.85
- ROCE · FY26
- 30.5%
- ROE · FY26
- 37.5%
- ROE, 3-year average
- 52.1%
- Operating margin · FY26
- 21.4%peers 15.2%
- Sales growth, 3 years
- +0.2%
- Profit growth, 3 years
- -7.9%
- Debt to equity
- 1.15peers 0.17
- Borrowings
- ₹15.7 cr
- Interest cover
- 4.5×
- Cash from business / op. profit
- -18%
- Debtor days
- 159
- Pledged
- 0.00%
- Promoter holding
- 72.92%
- Change in promoter holding
- -
- Shareholders
- 697
- 52-week high / low
- ₹100 / ₹26
- 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.
Gulf Lloyds (India) share price chart
Close on 6 Nov 2026 · +3.10% on the day · Vol 13,200
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
- +41.8%
- 3 months
- -25.1%
- Traded a day, 20 days
- ₹0.08 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +0% | -8% |
| 3 years, a year | - | - |
About Gulf Lloyds (India): business, products and customers
Gulf Lloyds (India) sends its engineers to check that pipes, equipment, materials and building work meet the agreed standards, for gas companies, government bodies and private manufacturers, and certifies what passes. Its shares trade on BSE SME.
Gulf Lloyds is an independent inspection agency based in Ahmedabad. A client, often a gas distribution company, a public body or a manufacturer buying equipment, hires it to inspect materials at the supplier's works, watch fabrication and installation on site, audit safety systems and issue reports and release certificates. Inspection brings in about nine tenths of revenue; verification, certification and audits make up the rest, and training is negligible.
This is a people business. Almost all costs are the salaries and fees of inspection engineers sent to factories and sites across India, so margins depend on keeping them busy at good day rates. Testing is not done in house: samples go to outside accredited laboratories under an agreement with Industrial Testing Center. Work is won through tenders, framework contracts and repeat orders, and clients pay after monthly bills, often holding back retention money and asking for bank guarantees, which ties up cash.
Read more about the business
Its standing rests on accreditation: the national accreditation board for certification bodies has recognised it as a Type A inspection body under ISO/IEC 17020 since February 2018, and the petroleum and gas regulator has empanelled it for city gas and pipeline audits. Gujarat brought about two fifths of FY26 revenue, and overseas work has shrunk to under one per cent.
The offer document says no listed company does the same kind of business, so it gives no listed peer; it describes its rivals as multinational and domestic inspection agencies, engineering consultants and testing laboratories, without naming them.
From the offer document (Prospectus, July 2026), the FY26 annual report and the exchange announcement of 24 September 2026.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 31% in FY26.
- The promoters own a large part of the company: 72.92%.
To watch
- Collection of receivables, after the average credit period rose to 159 days in FY26, which the company calls temporary (Offer document, p.90).
- Delivery of the ₹58.4 cr order book and the orders announced on 24 September 2026 (Offer document, p.119; exchange announcement, 24 September 2026).
- Use of the IPO money in FY27, including the purchase of the office in Thaltej (Offer document, p.76 to 77).
- The planned application for laboratory accreditation so that testing can be done in house (Offer document, p.125).
- Customers take longer to pay than before: 159 days in FY26, against 82 in FY24.
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.
Gulf Lloyds (India) revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
Gulf Lloyds (India) profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 23.26 | 35.61 | 35.68 |
| Expenses | 20.55 | 28.19 | 28.06 |
| Operating profit | 2.71 | 7.42 | 7.62 |
| OPM | 11.7% | 20.8% | 21.4% |
| Other income | 0.25 | 0.24 | 0.29 |
| Interest | 0.45 | 0.98 | 1.60 |
| Depreciation | 0.19 | 0.41 | 0.66 |
| Profit before tax | 2.32 | 6.27 | 5.65 |
| Tax rate | 27.6% | 25.5% | 23.9% |
| Net profit | 1.68 | 4.67 | 4.30 |
| EPS ₹ | 1,680 | 4,670 | 8.76 |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Earnings per share before FY26 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Gulf Lloyds (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 high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 11.7% | 20.8% | 21.4% |
| Tax rate | 27.6% | 25.5% | 23.9% |
| ROCE | · | 48.5% | 30.5% |
| ROE | · | 66.8% | 37.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% |
Gulf Lloyds (India) debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. 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.
Gulf Lloyds (India) balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 4.91 |
| Reserves | 4.65 | 9.32 | 8.71 |
| Net worth | 4.66 | 9.33 | 13.62 |
| Borrowings | 6.94 | 8.94 | 15.68 |
| Other liabilities | 4.29 | 5.24 | 5.98 |
| Total liabilities | 15.89 | 23.51 | 35.28 |
| Fixed assets | 0.94 | 1.73 | 2.06 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 14.95 | 21.78 | 33.22 |
Gulf Lloyds (India) cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -5.02 | 0.94 | -1.37 |
| Cash from investing | -0.38 | -1.74 | -1.34 |
| Cash from financing | 5.86 | 1.02 | 5.14 |
| Net cash flow | 0.46 | 0.22 | 2.43 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 82 | 110 | 159 |
| Cash conversion cycle | 82 | 110 | 159 |
| Working capital days | -7 | 45 | 58 |
Gulf Lloyds (India) peers and competitors
Listed SME companies in the same industryBy sales, Gulf Lloyds (India) is number 54 of the 86 listed SME companies in commercial services & supplies.
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 |
|---|---|---|---|---|---|---|
| Techknowgreen Solutions | 101 | 10.4 | 41.1 | 9.7 | 36.4% | 0.19 |
| Aegeus Technologies | 97 | 24.2 | 40.9 | 4 | 16.7% | 0.77 |
| Rithwik Facility Management Services | 48 | 13.6 | 40.2 | 3.5 | 11.9% | 0.10 |
| Kandarp Digi Smart BPO | 59 | 31.7 | 39.7 | 1.9 | 9.7% | 0.16 |
| Kaarya Facilities and Services | 14 | 7.1 | 38.9 | 2 | 11.5% | 3.82 |
| Gulf Lloyds (India) | 30 | 7.0 | 35.7 | 4.3 | 21.4% | 1.15 |
| Nukleus Office Solutions | 70 | 32.6 | 35.5 | 2.1 | 23.8% | 0.44 |
| Manglam Infra & Engineering | 21 | 6.8 | 34.9 | 3.1 | 15.3% | 0.06 |
| Mangal Compusolution | 55 | 9.1 | 34 | 6.1 | 35.6% | 0.42 |
| Chamunda Electrical | 49 | 14.1 | 32 | 3.5 | 15.1% | 0.10 |
| PlatinumOne Business Services | 24 | 6.7 | 32 | 3.6 | 14.4% | 0.04 |
| Median of the 10 others | 52 | 12 | 37.2 | 3.5 | 15.2% | 0.17 |
Gulf Lloyds (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.
Gulf Lloyds (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.
| Jul 26 | |
|---|---|
| Promoters | 72.92% |
| Number of shareholders | 697 |
Gulf Lloyds (India) study: the business from its own documents
Read from 3 of the company's own documentsGulf Lloyds (India) so far
From the company's own record
- September 2014Company formed
- 24 Sept 2026An order announced
- 31 July 2026Promoters at 72.92%
- 27 July 2026Highest close since listing, ₹95.00
Gulf Lloyds (India) key facts from the filings
Each figure with the document it comes from
- Inspection share
- 90.9%
- Share of FY26 revenue from inspection work; certification was 4.2% and verification 3.4%.Offer document, p.117 to 118
- Order book
- ₹58.4 cr
- Work still to be done on 107 running projects at 31 May 2026, not counting jobs billed by the day.Offer document, p.119
- New orders
- ₹18.4 cr
- Inspection orders including GST from seventeen clients, among them Indian Oil-Adani Gas, Sabarmati Gas and Asian Paints, to be worked over about two years.Exchange announcement, 24 September 2026
- Top ten customers
- 73.9%
- Share of FY26 revenue; the two largest alone were 38.2%.Offer document, p.127 to 128; our arithmetic
- Days to get paid
- 82 → 159 days
- Average credit period from FY24 to FY26; the company calls the rise temporary.Offer document, p.90
Show 5 more facts
- Retention money
- ₹4.0 cr
- Held back by customers against performance at March 2026, up from ₹2.1 cr two years earlier.Offer document, p.90
- People
- 715
- Staff at 31 May 2026, including 584 regular and 68 freelance inspection engineers and 28 auditors.Offer document, p.129 to 130
- Accreditation
- ISO/IEC 17020 Type A
- Held since February 2018 from the national accreditation board, with yearly surveillance; also empanelled by the petroleum and gas regulator.Offer document, p.117 and p.123
- Overseas work
- 3.6% → 0.6%
- Export share of revenue from FY24 to FY26.Offer document, p.118
- IPO
- ₹18.2 cr
- 18,19,200 new shares at ₹100, listed on 27 July 2026; ₹7.2 cr is for working capital, ₹3.7 cr for an owned office and ₹3.0 cr to repay loans.Offer document, p.75 to 76; Annual report FY26, p.23 to 24
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it had work worth ₹58.4 cr still to deliver at the end of May 2026, and in September 2026 it announced fresh inspection orders of about ₹18.4 cr to be carried out over two years. It plans to spend the IPO money in FY27, mainly on working capital, an owned office in Thaltej to replace rented ones, and loan repayment, and it intends to apply for laboratory accreditation so that it can do some testing itself.
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.
Gulf Lloyds earns its money sending accredited inspection engineers to factories and project sites and charging clients for the checks and certificates.
Its weak spots are a handful of big clients, slow payment and money held back by customers, and a market where many agencies bid for the same tenders.
AverageCan it set its own prices?Much of the work is won by tender against other agencies, but margins have improved as the business grew.
AverageHow strong is it against rivals?Its accreditations are needed to bid for gas and public work, but larger multinational and domestic agencies chase the same jobs.
WatchWho are its customers?Gas distributors, public bodies and manufacturers, with two clients bringing well over a third of revenue.
WatchDoes it need a lot of money?No plant is needed, but slow-paying clients, retention money and bank guarantees tie up a lot of cash.
StrongCan it keep finding new work?Work in hand covers well over a year of sales, and new multi-year orders keep arriving from gas and industrial clients.
AverageDo good and bad years swing a lot?Growth was fast for two years and then stopped, and the company links the pause to wars abroad.
Who runs Gulf Lloyds (India)?
Promoters, directors and officers; tap a name for the background
JBJaykumar BhavsarPromoter and Managing Director · holds 24.08%
A mechanical engineer (Gujarat Technological University) with an MBA in marketing and a Ph.D. in mechanical engineering from NIILM University; a chartered engineer of the Institution of Engineers (India). A director since incorporation in 2014 and Managing Director since June 2025, with more than ten years in quality assurance, project management and site inspection.
Offer document, p.147 and p.149BBBhagirath BhavsarPromoter, Chairman and Whole-time Director · holds 24.81%
A mechanical engineer from Maharaja Sayajirao University of Baroda with an M.Tech in welding technology. Set up the partnership firm Gulf Lloyds Industrial Services in 2011 and worked as an inspection engineer for contractors, clients and as a third-party inspector on onshore and offshore projects; oversees commercial operations, strategy and finance decisions.
Offer document, p.147 and p.150ABAnitaben BhavsarPromoter and Whole-time Director · holds 23.95%
A Bachelor of Science from North Gujarat University with eleven years in business management; a founder of the 2011 partnership firm. Prepares the annual operating plan and carries out the board's strategy.
Offer document, p.147 and p.150SBShivaniben BhavsarPromoter and Chief Financial Officer · holds 0.04%
Holds a BBA and an MBA; worked in the company's accounts from September 2020, was briefly a director in 2025 and became Chief Financial Officer in May 2025. The offer document states that Shivaniben Bhavsar is married to the Managing Director, whose parents are Bhagirath Bhavsar and Anitaben Bhavsar.
Offer document, p.157 to 158 and p.161SAShikha AgarwalIndependent Director
A chartered accountant in practice since 2011 and founder partner of B R A I N S and Co LLP, an accounts and tax firm. Appointed in June 2025.
Offer document, p.148 and p.150OPOm Prakash VermaIndependent Director
An engineer with an MBA from the University of Ljubljana who spent 34 years at Indian Oil Corporation, last as general manager in charge of LPG supply and distribution. Joined the board in January 2026.
Offer document, p.148 and p.150; Annual report FY26, p.17Gulf Lloyds (India) latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- 24 Sept 2026: an order announced.
Gulf Lloyds (India) announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74(5) of SEBI (DP) Regulation 2018 for half year ended on 30th September 2026PDF ↗
- AGM/EGMScrutinizers report for the 12th Annual General Meeting of the Company held on 30th September 2026PDF ↗
- AGM/EGMProceedings of 12th Annual General Meeting of the Company held on 30th September 2026PDF ↗
- Company UpdateAppointment of Secretarial AuditorPDF ↗
- Insider Trading / SASTClosure of Trading Window for the half year ending on 30/09/2026PDF ↗
- Company UpdateAnnouncement of Receipt of Work OrderPDF ↗
Gulf Lloyds (India) annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Gulf Lloyds (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 Gulf Lloyds (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.
- iThe shares traded on only 55 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (67,29,200 shares).
- !The FY26 results imply 49,10,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY25 (₹4,670.00) and FY26 (₹8.76) 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, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Gulf Lloyds (India)
What does Gulf Lloyds (India) do?
Gulf Lloyds (India) sends its engineers to check that pipes, equipment, materials and building work meet the agreed standards, for gas companies, government bodies and private manufacturers, and certifies what passes. Its shares trade on BSE SME.
What is the share price of Gulf Lloyds (India)?
₹44.9 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Gulf Lloyds (India)?
₹30 cr at the close on 6 Nov 2026, on 67,29,200 shares.
What is the P/E of Gulf Lloyds (India)?
7.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Gulf Lloyds (India)'s revenue and profit?
Revenue ₹36 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Gulf Lloyds (India)?
Jaykumar Bhavsar, Bhagirath Bhavsar, Anitaben Bhavsar, Shivaniben Bhavsar; promoters held 72.92% at 31 July 2026.
What is Gulf Lloyds (India)'s website?
www.gulflloydsgroup.com
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Built from 2 annual reports, 1 offer document, 6 exchange announcements, 1 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.