Where the land is prime, but the profits are mime.
1. 🛰️ At a Glance
GKW Ltd owns 37 acres in Mumbai, warehouses in Kolkata, and a balance sheet fatter than a Delhi wedding guest. But its earnings? More malnourished than a Finance honours intern’s bank account. Zero dividends, negative ROE, and vibes of a sleeping elephant sitting on gold.
2. 🎬 Introduction with Hook
Penny stock nahi, mummy stock hai.
GKW isn’t a stock. It’s a cryptic real estate treasure chest disguised as an operating company. From warehousing in Howrah to joint development in Bhandup, this 1931-born dinosaur has stopped evolving — but not appreciating.
The company doesn’t sell dreams. It rents out real estate. Silently.
3. 🏢 Business Model – WTF Do They Even Do?
GKW = “Goddamn Kya Warehousing” Ltd
- 🏢 Warehousing & Logistics in Kolkata
- 💼 Treasury Operations (read: chill maaro, FD karo)
- 🏗️ 37-acre landbank in Bhandup, Mumbai
- 🤝 JDA signed with Mahindra Lifespaces for development
Basically:
- No product.
- No service.
- Just premium land and peaceful ignorance of quarterly expectations.
4. 📈 Financials – Profit, Margins, ROE
| Metric | FY25 | FY24 | FY23 |
|---|---|---|---|
| Sales | ₹33 Cr | ₹39 Cr | ₹20 Cr |
| Net Profit | -₹18 Cr | ₹14 Cr | ₹9 Cr |
| OPM | -31% | 51% | 67% |
| ROE | -0.75% | 1% | 1% |
📉 Ek kaam jo nahi karte woh hai kamai.
5. 💸 Valuation – Cheap, Meh, or Cocaine Overdose?
- CMP: ₹1,752
- Book Value: ₹4,283 😳
- P/B: 0.41 💀
- Market Cap: ₹1,046 Cr
- Earnings? Chhutti pe.
Fair Value Range:
If we even half-believe the land value in Mumbai and Howrah is ~₹4,000–₹6,000 Cr:
👉 FV range = ₹3,500–₹6,000 per share (purely asset-based, not earnings)
But kya fayda jab monetization pace is slower than Mumbai Metro work?
6. 🍿 What’s Cooking – JDA, Baby!
📰 In Nov 2024, GKW signed a Joint Development Agreement with Mahindra Lifespace’s arm to co-develop 36.87 acres of prime Bhandup real estate.
This could:
- Unlock 5–10x the current market cap over a decade.
- Or remain stuck in bureaucratic zoning hell like 90s Bollywood remakes.
7. 🧾 Balance Sheet – How Much Debt, How Many Dreams?
- Debt: ₹0 Cr (Yes, seriously.)
- Reserves: ₹2,564 Cr
- Total Assets: ₹3,185 Cr
- Fixed Assets: ₹2,631 Cr
- CWIP: ₹0 (because they’re not building yet, just planning)
🛏️ It’s the financial equivalent of Ambani’s guesthouse — full of value, but mostly unused.
8. 💵 Cash Flow – Sab Number Game Hai
| FY25 |
|---|
| CFO: -₹203 Cr (😵💫 kya kiya bhai?) |
| CFI: +₹200 Cr |
| CFF: 0 |
Takeaway:
Cash is moving… somewhere. Mostly in and out of investments. Not towards shareholders though. 💔
9. 📐 Ratios – Sexy or Stressy?
| Ratio | Value |
|---|---|
| ROCE | -0.37% |
| ROE | -0.75% |
| Interest Coverage | ∞ (no debt) |
| Dividend Yield | 0.00% (duh) |
| Working Capital Days | 869 😱 |
⏳ They have time. A lot of it. But the patience of retail investors? Not so much.
10. 📊 P&L Breakdown – Show Me the Money?
| FY25 Q4 | ₹ Cr |
|---|---|
| Sales | 7.2 |
| OPM | 72.71% (wait, really?) |
| Net Profit | ₹3.8 Cr |
| EPS | ₹6.33 |
| Annual EPS | Negative 🫠 |
Even when they “perform,” it’s like a B-grade actor getting a cameo in Sacred Games.
11. 🥊 Peer Comparison – Who Else in the Game?
| Stock | ROE | P/B | Remarks |
|---|---|---|---|
| Tata Inv Corp | 1% | 1.09x | Old school, safe |
| JSW Holdings | 0.78% | 0.69x | Classic holding play |
| Mah. Scooters | 0.53% | 0.55x | Meh returns |
| GKW | -0.75% | 0.41x | Land hoarder, loss loader |
Among holding cos and land-rich dinosaurs, GKW is the only one actively partnering with a Tier 1 developer (Mahindra).
12. 🧬 Misc – Promoters, Shareholding, Insider Gossip?
- Promoters: 75% (unchanged, strong grip)
- FIIs: 3.1% (strangely interested 🤔)
- Public: 20.9%
- No. of Shareholders: 22,544
🗣️ Boardroom silence since 2010. No dividends. No rights issue. No drama.
Pure land hoarding, pure old money.
13. 🧑⚖️ EduInvesting Verdict™
“Yeh stock paisa nahi deta, zameen deta hai.”
If you’re into:
- Value investing with 10-year patience
- Hidden land assets
- Sleepy promoters sitting on crores
…then GKW is your vintage treasure chest.
But if you want:
- Growth
- Dividends
- Real operations
…then Ctrl + W karo is page ko.
✍️ Written by Prashant | 📅 9 July 2025
Tags: GKW Ltd, Land Bank, Mahindra Lifespace, Bhandup, Warehousing, Asset Play, EduInvesting, Value Investing, Hidden Gems, Real Estate Stocks
