Gretex Corporate Services Ltd.
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ABOUT
AI Sector View
AI GENERATEDServices
Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.
PROS
- Company is almost debt free
- Company has delivered good sales growth of 61.8% CAGR over last 5 years
- Company comfortably covers its interest (61.2x coverage)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -4.6pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.47x)
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 101.1 is well above its own 5-year median (29.8)
- Operating margins have contracted to 61.5% from 71.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| URBANCO | 164.50 | 0.00 | 25368.87 | 0.00 | -921.20 | -13373.78 | 5283.40 | 1338.56 | -8.23 | -18.44 |
| BLS | 235.65 | 13.75 | 9702.67 | 1.06 | 201.62 | 11.41 | 890.53 | 25.33 | 36.54 | 28.34 |
| SIS | 422.90 | 40.80 | 5977.53 | 1.66 | 101.66 | 9.37 | 4603.58 | 29.73 | 7.39 | 4.66 |
| QUESS | 354.85 | 20.98 | 5300.96 | 3.10 | 82.12 | 61.07 | 4181.68 | 14.52 | 24.72 | 2.02 |
| BLSE | 316.55 | 49.49 | 2876.06 | 0.32 | 18.63 | 6.30 | 304.09 | 24.63 | 18.67 | 6.98 |
| BLUSPRING | 138.05 | 106.01 | 2063.88 | 0.00 | -1.58 | 77.90 | 949.29 | 19.07 | 1.32 | 2.17 |
| TEAMLEASE | 1251.75 | 12.92 | 1912.85 | 0.00 | 34.45 | 37.74 | 3034.69 | 4.96 | 16.22 | 1.05 |
| KAPSTON | 584.95 | 58.37 | 1780.13 | 0.00 | 84.89 | 1284.83 | 2216.57 | 1062.33 | 13.16 | 6.56 |
| GCSL | 614.80 | 54.51 | 1485.32 | 0.11 | 128.00 | 1240.31 | 375.21 | 70.67 | 21.85 | 46.76 |
| UDS | 213.75 | 16.48 | 1431.13 | 0.00 | 30.28 | 4.47 | 764.29 | 9.15 | 9.99 | 5.54 |
| KRYSTAL | 623.65 | 14.20 | 871.36 | 0.24 | 17.41 | 5.92 | 360.71 | 11.65 | 16.36 | 6.33 |
| INNOVISION | 267.70 | 17.26 | 637.48 | 0.00 | -73.55 | -771.26 | 2638.15 | 948.03 | 37.59 | -3.82 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 2 | 5 | 7 | 7 | 6 | 1 | 7 | 5 | 14 | 8 | 6 | 48 | |
| 4 | 3 | 2 | 2 | 6 | 6 | 3 | 3 | 4 | 3 | 3 | 3 | 21 | |
| Operating Profit | 2 | -0 | 3 | 5 | 2 | -0 | -3 | 4 | 1 | 11 | 5 | 3 | 27 |
| OPM % | 29.38% | -15.65% | 55.72% | 65.45% | 24.19% | -0.35% | -456.45% | 52.66% | 24.44% | 76.99% | 64.19% | 52.65% | 55.73% |
| 1 | 1 | 0 | -0 | 0 | 1 | 13 | 0 | 0 | 0 | 0 | 0 | 2 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 |
| Profit before Tax | 2 | 1 | 3 | 4 | 2 | 0 | 9 | 4 | 1 | 11 | 5 | 3 | 29 |
| Tax % | 15.57% | -179.69% | 16.61% | 32.60% | 25.15% | -500.00% | 17.60% | 17.75% | 53.01% | 24.51% | 52.91% | 25.86% | 28.10% |
| Net Profit | 2 | 2 | 2 | 3 | 1 | 0 | 8 | 3 | 0 | 8 | 2 | 2 | 21 |
| 2.01 | 0.25 | 2.19 | 2.47 | 1.11 | 0.40 | 6.65 | -2.61 | 0.17 | 3.58 | 1.04 | 0.74 | 0.89 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 | 3 | 1 | 3 | 4 | 13 | 19 | 21 | 33 | 33 | |
| 3 | 2 | 2 | 2 | 3 | 5 | 11 | 18 | 13 | 11 | |
| Operating Profit | -0 | 1 | -1 | 1 | 1 | 7 | 8 | 3 | 20 | 22 |
| OPM % | -15.07% | 21.69% | -83.60% | 31.40% | 34.63% | 58.32% | 43.31% | 12.66% | 61.51% | 66.24% |
| 0 | 0 | 0 | 0 | 1 | 2 | 2 | 14 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before Tax | -0 | 0 | -1 | 1 | 2 | 8 | 10 | 15 | 19 | 22 |
| Tax % | -9.77% | 18.12% | -1.94% | 3.34% | 3.09% | 21.96% | 25.60% | 15.75% | 33.25% | 31.76% |
| Net Profit | -1 | 0 | -1 | 1 | 2 | 6 | 7 | 12 | 13 | 15 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 1.50 | 6.31 | 6.49 | 10.49 | 5.38 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 7.92% | 4.62% | 5.72% | 13.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 62%
- 3 Years:
- 38%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 78%
- 3 Years:
- 26%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 111%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 14%
- 3 Years:
- 10%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 10 | 12 | 12 | 24 |
| 4 | 5 | 4 | 6 | 11 | 31 | 70 | 129 | 195 | |
| 2 | 2 | 4 | 3 | 2 | 0 | 0 | 7 | 2 | |
| Trade Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| 1 | 2 | 1 | 1 | 1 | 6 | 2 | 10 | 28 | |
| Total Liabilities | 8 | 9 | 9 | 11 | 15 | 47 | 84 | 158 | 250 |
| 4 | 3 | 3 | 3 | 3 | 4 | 12 | 14 | 13 | |
| 4 | 4 | 4 | 5 | 10 | 40 | 69 | 129 | 211 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 4 | |
| Cash & Bank | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 10 | 0 |
| 1 | 2 | 1 | 2 | 1 | 2 | 0 | 4 | 22 | |
| Total Assets | 8 | 9 | 9 | 11 | 15 | 47 | 84 | 158 | 250 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| -0 | 0 | -1 | 1 | 2 | 9 | 3 | 0 | 13 | |
| Cash from Investing | 1 | -0 | -0 | -1 | -5 | -7 | -28 | -22 | -35 |
| Cash from Financing | -0 | 0 | 1 | 1 | 3 | -2 | 26 | 26 | 18 |
| -0 | 0 | 0 | 0 | 0 | -0 | 1 | 4 | -5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Gretex Corporate Services Limited has informed the Exchange about Conversion of warrants into equity shares
2026-09-08 - Gretex Corporate Services Limited has informed the Exchange regarding 'The company has filed Red Herring Prospectus (RHP) of the Vama Wovenfab Limited with the Registrar of Companies, Mumbai in connection with its proposed listing on SME Platform of BSE'.
2026-09-08 - Gretex Corporate Services Limited has informed the Exchange about Opening of Branch Office by Material Subsidiary
2026-08-19 - Gretex Corporate Services Limited has informed the Exchange regarding allotment of 750000 securities pursuant to Preferential Issue at its meeting held on August 19, 2026
2026-08-14 - Gretex Corporate Services Limited has informed the Exchange regarding allotment of 1201000 securities pursuant to Preferential Issue at its meeting held on August 10, 2026
2026-08-12 - Gretex Corporate Services Limited has informed the Exchange about Transcript
2026-08-10 - Gretex Corporate Services Limited has informed the Exchange about Link of Recording
2026-08-10 - Gretex Corporate Services Limited has informed the Exchange about Investor Presentation
2026-08-10 - Gretex Corporate Services Limited has informed the Exchange regarding allotment of 555167 warrants pursuant to Preferential Issue at its meeting held on August 10, 2026
News
Recent coverage and analyst commentary for GCSL
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Gretex Corporate Services Ltd.
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