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Ganesh Housing Q3 FY26: Revenue Drops 65% YoY to ₹915 Mn; EBITDA Margins Strong at 82.3%
Ganesh Housing reported a sharp decline in Q3 FY26 financials, with revenue falling 65% YoY to ₹915 million and PAT decreasing 67% YoY to ₹537 million. Despite the lower top-line, the company maintained an exceptionally high EBITDA margin of 82.3% and remains debt-free for over three years. Operational progress is visible as the Million Minds Tech Park Phase 1 is 97% complete, with lease rentals expected to start in Q1 FY27. The company also announced a new premium commercial project, One 91 Thaltej, with a projected revenue potential of ₹2,100 crore.
Key Highlights
Q3 FY26 Revenue stood at ₹915 million, down 65% YoY and 48% QoQ.
PAT for the quarter was ₹537 million with a margin of 58.7%, compared to ₹1,608 million in Q3 FY25.
Million Minds Tech Park Phase 1 is 97% complete with 50% of leasable area under active discussion/LOIs.
Total fully-paid land bank stands at 518 acres, primarily located in high-growth Ahmedabad corridors.
Planned development pipeline includes 30.1 million sq. ft. with an expected sales value of ₹159,000 million.
💼 Action for Investors
Investors should look past the lumpy quarterly revenue decline typical of real estate and focus on the upcoming rental income from Million Minds SEZ and the launch of the ₹2,100 crore Thaltej project. The company's debt-free balance sheet and massive land bank provide significant long-term valuation support.
Ganesh Housing Q3 Net Profit Surges 129% YoY to ₹185.98 Crore
Ganesh Housing reported a robust performance for Q3 FY26, with consolidated revenue reaching ₹257.01 crore, a 138% increase compared to ₹107.71 crore in the same quarter last year. Net profit for the quarter stood at ₹185.98 crore, up 129% YoY from ₹81.04 crore. This represents a significant turnaround from the preceding quarter (Q2 FY26), where the company reported a net loss of ₹9.43 crore. While quarterly performance was strong, the nine-month profit of ₹359.21 crore remains slightly lower than the ₹380.45 crore recorded in the corresponding period of the previous year.
Key Highlights
Consolidated Revenue for Q3 FY26 grew 138% YoY to ₹257.01 crore from ₹107.71 crore.
Net Profit for the quarter increased by 129% YoY to ₹185.98 crore.
Turned around from a net loss of ₹9.43 crore in the preceding quarter (Q2 FY26).
Basic EPS for the quarter rose to ₹22.34 from ₹9.73 in the year-ago period.
9-month FY26 total income stands at ₹416.75 crore compared to ₹638.23 crore in 9M FY25.
💼 Action for Investors
The strong Q3 results indicate a recovery in revenue recognition and project delivery; investors should hold while monitoring the company's project pipeline and execution consistency given the inherent lumpiness in real estate earnings.
Ganesh Housing Q3 Results: Revenue Plummets to ₹21.56 Lakhs; Swings to Net Loss of ₹9.43 Cr
Ganesh Housing reported a dismal third quarter for FY26, with consolidated revenue from operations crashing to just ₹21.56 Lakhs compared to ₹257.01 Crore in the same quarter last year. The company recorded a consolidated net loss of ₹9.43 Crore for Q3 FY26, a sharp reversal from the ₹185.98 Crore profit reported in Q3 FY25. Despite the poor quarterly performance, the nine-month (9M FY26) net profit remains relatively stable at ₹359.61 Crore, supported by strong performance in the first half of the year. The results highlight the extreme lumpiness in revenue recognition typical of the real estate sector.
Key Highlights
Consolidated revenue from operations fell 99.9% YoY to ₹21.56 Lakhs in Q3 FY26 from ₹25,701.23 Lakhs.
Reported a consolidated net loss of ₹942.76 Lakhs versus a profit of ₹18,598.17 Lakhs in the year-ago quarter.
Total expenses for the quarter stood at ₹1,271.47 Lakhs, significantly exceeding the total income of ₹28.71 Lakhs.
9M FY26 consolidated net profit stands at ₹35,961.13 Lakhs, down slightly from ₹38,044.98 Lakhs in 9M FY25.
Basic EPS for the quarter turned negative at ₹(1.13) compared to ₹22.36 in the preceding quarter (Q2 FY26).
💼 Action for Investors
Investors should exercise caution due to the extreme quarterly volatility and wait for management commentary regarding project completion timelines. The significant revenue drop suggests a lack of revenue-recognizing milestones this quarter, making the stock's performance highly dependent on future project deliveries.
GANESHHOU Approves Scheme of Arrangement with Gatil Properties
Ganesh Housing Limited's board approved a Scheme of Arrangement with Gatil Properties Private Limited, a wholly-owned subsidiary. The appointed date for the scheme is April 1, 2025. The scheme aims to simplify the corporate structure and consolidate business activities, potentially leading to economies of scale. As part of the scheme, the company will write off the debit balance in Capital Reserve amounting to ₹498.56 Cr against the Securities Premium Account.
Key Highlights
Scheme of Arrangement approved between Ganesh Housing Limited and Gatil Properties Private Limited.
Appointed Date of the Scheme is April 1, 2025.
Gatil Properties Private Limited's turnover (standalone) for the year ended March 31, 2025 was ₹26488.96 lakhs.
Ganesh Housing Limited's turnover (standalone) for the year ended March 31, 2025 was ₹67629.26 lakhs.
The Transferee Company shall write off the debit balance of Capital Reserve amounting to ₹498.56 Cr against the Securities Premium Account.
💼 Action for Investors
Investors should monitor the progress of the scheme and its impact on Ganesh Housing's financials. Review the scheme document on the company website for detailed information.
GANESHHOU: Scheme of Arrangement Approved
Ganesh Housing Limited's board approved a Scheme of Arrangement with Gatil Properties Private Limited. The appointed date for the scheme is April 1, 2025. This scheme aims to simplify the corporate structure and consolidate business, assets, and liabilities directly into the holding company. The scheme involves writing off the debit balance in Capital Reserve amounting to ₹498.56 Cr against the Securities Premium Account.
Key Highlights
Scheme of Arrangement approved between Gatil Properties Private Limited and Ganesh Housing Limited.
Appointed Date of the Scheme is April 1, 2025.
Write off debit balance of Capital Reserve amounting to ₹498.56 Cr against Securities Premium Account.
Gatil Properties Private Limited turnover (standalone) for the year ended as on March 31, 2025 (Rs. lakhs) 26488.96
Ganesh Housing Limited turnover (standalone) for the year ended as on March 31, 2025 (Rs. lakhs) 67629.26
💼 Action for Investors
Investors should monitor the progress of the scheme through regulatory filings and company announcements. No immediate action is required, but understanding the long-term implications of the merger is crucial.