Ganesha Ecosphere Limited (GANECOS)
₹1,027.00 +1.39% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ganesha Ecosphere's revenue was ₹424 Cr (+25.7% year on year, -0.1% on the previous quarter), and net profit ₹29.0 Cr (+170.0% year on year); the operating margin was 14.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹424 | +25.7% | -0.1% |
| Operating profit | ₹59.8 | +64.6% | +15.0% |
| Net profit | ₹29.0 | +170.0% | +26.2% |
| EPS (₹) | 10.86 | +157.3% | +25.4% |
| Operating margin | 14.1% | — | — |
GANECOS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 40.83% of the GANECOS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 40.54%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 30.7% · 30.2% · 46.8% · 39.5% · 40.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ganesha Ecosphere's wholly owned subsidiary, Ganesha Ecopet Private Limited, has received approval from FSSAI for its 4th production line of food-grade rPET (FCM-rPET). The authorized facility is located at Kakatiya Mega Textile Park in Warangal, Telangana, utilizing Starlinger recoSTAR PET technology. The regulatory authorization is valid for a period of 2 years, from October 15, 2026 to October 14, 2028. This allows the company to scale up supplies to food and beverage packaging clients, a segment that has been driving margin expansion.
- FSSAI approval secured for 4th production line of food-grade rPET at Kakatiya Mega Textile Park, Warangal
- Approval granted to wholly owned subsidiary Ganesha Ecopet Private Limited
- Authorization is valid for 2 years from October 15, 2026 to October 14, 2028
- Authorized to manufacture Food contact material rPET using Starlinger recoSTAR PET technology
Ganesha Ecosphere Limited has announced the closure of its trading window for Designated Persons and their immediate relatives starting October 1, 2026. The closure precedes the consideration of the unaudited financial results for the quarter and half-year ended September 30, 2026. The window will reopen 48 hours following the official declaration of the financial results. The exact date of the board meeting to approve the results will be intimated separately.
- Trading window closes on October 1, 2026
- Trading window to reopen 48 hours after declaration of financial results
- Results pertain to the quarter and half-year ended September 30, 2026
- Date of the board meeting to approve results will be announced separately
Shareholders of Ganesha Ecosphere Limited approved the appointment of Mr. Rajiv Kumar Saxena as a Non-Executive Independent Director at the 37th AGM held on September 17, 2026. The appointment is effective retroactively from August 3, 2026, for a 2-year term. Mr. Saxena brings 35 years of banking experience at State Bank of India, having previously served as Chief General Manager at SBI Corporate Centre. This governance addition comes as Ganesha Ecosphere operates at a market cap of ₹2,642 Cr with ₹119 Cr of debt.
- Shareholders approved the appointment at the 37th Annual General Meeting on September 17, 2026
- Tenure set for 2 consecutive years with effect from August 3, 2026
- Appointee Rajiv Kumar Saxena brings 35 years of experience at State Bank of India
- Former SBI Chief General Manager who managed a business portfolio of approximately ₹1.5 trillion
Ganesha Ecosphere Limited successfully conducted its 37th Annual General Meeting (AGM) on September 17, 2026, via video conferencing. The meeting covered 9 agenda resolutions, including the adoption of FY26 financial statements, dividend declaration, an independent director appointment, and approval for material related party transactions with GESL Spinners Limited. The statutory and secretarial auditor reports contained zero qualifications or adverse remarks. Final combined voting results from remote e-voting and AGM voting are scheduled to be announced by September 19, 2026.
- 37th AGM held on September 17, 2026, commencing at 12:15 P.M. and concluding at 1:02 P.M. (IST)
- Remote e-voting was conducted from 10:00 A.M. on September 14 to 5:00 P.M. on September 16, 2026
- A total of 9 resolutions tabled, including dividend declaration and approval for related party transactions with GESL Spinners Limited
- Final scrutinizer voting results to be declared on or before September 19, 2026
Ganesha Ecosphere Limited has scheduled its 37th Annual General Meeting (AGM) for Thursday, September 17, 2026. The company has fixed Thursday, September 10, 2026, as the cut-off date to determine shareholder eligibility for voting. Remote e-voting will commence on September 14, 2026 (10:00 AM) and conclude on September 16, 2026 (5:00 PM).
- 37th AGM scheduled to be held on Thursday, September 17, 2026
- Cut-off date for e-voting eligibility set as Thursday, September 10, 2026
- Remote e-voting window open from September 14, 2026 (10:00 AM) to September 16, 2026 (5:00 PM)
- Mr. S. K. Gupta appointed as Scrutinizer with Ms. Divya Saxena as Alternate Scrutinizer
Ganesha Ecosphere Limited has announced Thursday, September 10, 2026, as the record date for determining shareholder eligibility for the FY 2025-26 dividend. The Register of Members and Share Transfer Books will remain closed from September 11, 2026 to September 17, 2026 for the Annual General Meeting (AGM). The AGM is scheduled for September 17, 2026 at 12:15 PM IST via video conferencing. Subject to approval at the AGM, the dividend will be paid on or after September 22, 2026.
- Record date fixed as September 10, 2026 for dividend eligibility
- Book closure scheduled from September 11, 2026 to September 17, 2026
- Annual General Meeting scheduled for September 17, 2026 at 12:15 PM IST
- Dividend payout date slated for on and after September 22, 2026
Ganesha Ecosphere Limited has scheduled its 37th Annual General Meeting (AGM) for Thursday, September 17, 2026, via Video Conferencing/OAVM. The company fixed Thursday, September 10, 2026, as the cut-off date to determine shareholder voting eligibility. Remote e-voting will start at 10:00 AM on September 14, 2026, and conclude at 5:00 PM on September 16, 2026. Mr. S. K. Gupta has been appointed as the Scrutinizer for the voting process.
- 37th AGM scheduled for Thursday, September 17, 2026
- Cut-off date for e-voting eligibility set for September 10, 2026
- Remote e-voting window open from September 14, 2026 (10:00 AM) to September 16, 2026 (5:00 PM)
- Mr. S. K. Gupta appointed as Scrutinizer with Ms. Divya Saxena as Alternate Scrutinizer
Ganesha Ecosphere Limited has scheduled its 37th Annual General Meeting (AGM) for Thursday, September 17, 2026, and submitted its Annual Report for FY 2025-26. The annual report highlights the company's total PET recycling capacity of 206,940 MTPA across 6 manufacturing facilities. It also reported recycling over 8.5 billion scrap bottles annually with an A+ Stable credit rating reaffirmed by CARE as of March 31, 2026.
- 37th Annual General Meeting convened for September 17, 2026
- Current aggregate PET recycling capacity stands at 206,940 MTPA across 6 facilities
- Company recycles 8.5+ billion scrap bottles annually (~450 tons daily collection)
- CARE credit rating reaffirmed as A+ Stable as on March 31, 2026
Ganesha Ecosphere Limited has issued an intimation under Regulation 36(1)(b) of SEBI LODR providing the web link and exact path to the FY2025-26 Annual Report and 37th AGM Notice for shareholders whose emails are not registered. The 37th Annual General Meeting is scheduled to take place on September 17, 2026, at 12:15 PM IST via video conferencing. The communication also reminds physical shareholders to update mandatory KYC details per SEBI circular guidelines.
- 37th Annual General Meeting (AGM) scheduled for September 17, 2026 at 12:15 PM IST via Video Conferencing
- Weblink and access paths issued for the FY2025-26 Annual Report and 37th AGM Notice under SEBI Regulation 36(1)(b)
- Reminded physical mode shareholders to complete KYC updates (PAN, bank details, nomination) per SEBI circular dated February 6, 2026
Ganesha Ecosphere Limited has provided an update on a fire incident that occurred on August 13, 2026, at its subsidiary's Polyester Staple Fiber plant in Warangal. The company confirmed the tragic loss of two workmen due to smoke inhalation during the incident. While firefighting operations are complete, the extent of physical damage and the expected duration of the operational shutdown have not yet been quantified. This facility, operated by wholly-owned subsidiary Ganesha Ecopet Private Limited, is a key component of the company's high-margin rPET growth strategy.
- Fire incident occurred on August 13, 2026, at the Kakatiya Mega Textile Park facility in Warangal.
- 2 workmen tragically lost their lives due to smoke inhalation after being trapped in a lift.
- The affected plant belongs to Ganesha Ecopet Private Limited, a 100% subsidiary of the company.
- Firefighting operations have been completed as of the August 14, 2026, update.
- The subsidiary GEPL is a critical driver for the company's transition to food-grade rPET granules.
A fire occurred in the early hours of August 13, 2026, at the Polyester Staple Fiber (PSF) plant of Ganesha Ecopet Private Limited, a wholly-owned subsidiary in Warangal. While PSF operations are temporarily disrupted, other critical units including B2B Chips, Filament Yarn, PPSF, and Washline remain fully operational. The company has initiated insurance claims and is currently assessing the total financial and operational impact. This is significant as the subsidiary's rPET granules and related products contributed 53% of consolidated operating profit in 9M FY2025.
- Fire incident occurred on August 13, 2026, at the Warangal facility in Telangana.
- Disruption is localized to the Polyester Staple Fiber (PSF) plant area only.
- Four other major divisions (B2B Chips, Filament Yarn, PPSF, and Washline) are completely unaffected.
- Subsidiary products (rPET granules) accounted for 53% of consolidated operating profit in 9M FY2025.
- Assets are adequately covered under insurance; assessment of actual loss is underway.
Ganesha Ecosphere reported a strong Q1 FY27 with consolidated EBITDA rising 14.2% QoQ to ₹59.8 crore, despite an 11.2% drop in sales volume. EBITDA margins improved significantly to 14.1% from 12.4% in the previous quarter, driven by the ramp-up of high-margin rPET granules at the Warangal subsidiary. Management maintained its aggressive FY27 EBITDA guidance of ₹225-250 crore, supported by ongoing capacity expansions. A new 22,500 TPA production line is currently underway with a ₹150 crore capex plan, of which 60% has already been deployed.
- Consolidated EBITDA grew 14.2% QoQ to ₹59.8 crore with margins expanding to 14.1%.
- Maintained FY27 EBITDA guidance of ₹225 crore to ₹250 crore, indicating significant growth over TTM PAT of ₹38 crore.
- Planned capex of ₹150 crore for a new 22,500 TPA rPET line, representing ~11.5% of current Net Worth.
- Production volume reached 42,826 tons, up 3.8% QoQ, despite a 11.2% drop in sales volume due to textile sector softness.
- FSSAI physical audit for food-grade rPET applications expected to be completed by the end of August 2026.
Ganesha Ecosphere has issued a corrigendum to its Q1FY27 investor presentation to rectify a typographical error regarding its Warangal facility. The actual total capacity of the Warangal facility is 100,140 TPA, approximately 29% higher than the previously stated 77,640 TPA. This correction highlights a larger production base for the company's high-margin rPET segment. Financially, the company reported a strong Q1FY27 with consolidated PAT rising 25% QoQ to ₹29.03 Cr and EBITDA margins expanding to 14.1%.
- Warangal facility capacity corrected to 100,140 TPA from the erroneously reported 77,640 TPA
- Consolidated PAT for Q1FY27 reached ₹29.03 Cr, a 25% growth over Q4FY26
- Consolidated EBITDA margins improved by 176 basis points QoQ to 14.1%
- Warangal unit operated at 72% capacity utilization during Q1FY27
- Total group recycling and washing capacity stands at 218,940 MTPA across 6 facilities
Ganesha Ecosphere has provided the audio recording link for its post-results earnings conference call held on August 4, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This follows a period where the company reported TTM revenue of ‡1,482 Cr and a PAT of ‡38 Cr. Investors can use this recording to gauge management's progress on transitioning to high-margin rPET granules, which previously contributed 53% of consolidated operating profit in 9M FY2025.
- Earnings conference call held on August 4, 2026, for the quarter ended June 30, 2026
- Company maintains a TTM revenue base of ‡1,482 Cr with an operating margin of 9.5%
- rPET granules capacity utilization was reported at 70-75% in previous 9M FY2025 updates
- Management previously targeted margin improvement to >10% starting from January 2026
- Top 5 customers account for less than 20% of total revenue, indicating low concentration risk
Ganesha Ecosphere reported a strong Q1 FY27 with consolidated revenue growing 25.7% YoY to ₹423.7 Cr. Profitability saw a significant jump, with PAT rising 168.5% YoY to ₹29.0 Cr, driven by EBITDA margins expanding from 10.8% to 14.1%. While consolidated sales volumes grew 19.2% YoY to 40,113 MT, they declined 11.2% sequentially due to weaker standalone demand and higher polymer prices. The company is successfully transitioning towards high-margin rPET granules, with the Warangal unit reaching 72% capacity utilization.
- Consolidated PAT surged 168.5% YoY to ₹29.0 Cr in Q1 FY27
- Consolidated EBITDA margins expanded by 330 bps YoY to 14.1%
- Total installed recycling and washing capacity reached 218,940 MTPA across 6 facilities
- Warangal unit achieved 72% capacity utilization, while legacy units operated at 102%
- Consolidated sales volume grew 19.2% YoY to 40,113 MT despite sequential headwinds
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 30.4% YoY to INR 1,483.48 Cr in FY25. In Q2 FY26, legacy business revenue grew 17.1% YoY, while subsidiary revenue declined by 10% due to regulatory delays and inventory costs.
Profitability Margins
Gross profit margins declined to 31% in Q2 FY26 from 35.4% in the previous quarter. Standalone Net Profit Margin for FY25 was 7.67% compared to 6.41% in FY24, driven by lower finance costs which fell 68.49% YoY.
EBITDA Margin
Consolidated EBITDA margin for FY25 was 14.19% (INR 210.58 Cr), a 53% growth in absolute EBITDA. Standalone EBITDA margin was 9.71% in FY25, down from 10.23% in FY24. Management expects legacy EBITDA margins of 7-9% in Q3 FY26, potentially exceeding 10% by Q4 FY26.
Capital Expenditure
Gross fixed assets (including CWIP) stood at INR 541.29 Cr as of March 2025, a 4.49% increase. Debt is expected to increase through FY2027 to fund ongoing capacity expansions in subsidiaries.
Credit Rating & Borrowing
Long-term bank facilities upgraded to CARE A+ (Stable) from CARE A; Short-term facilities upgraded to CARE A1+ from CARE A1 in January 2025. Subsidiary GEPL is rated [ICRA]A- (Stable).
Operational Drivers
Raw Materials
PET bottle scrap (primary raw material) and bottle-to-bottle grade scrap.
Capacity Expansion
Recycled PET (rPET) granules capacity utilization reached 70-75% in 9M FY2025. Management plans steady debt increases through FY2027 to support capacity ramp-ups in GEPL and GETPL.
Raw Material Costs
Raw material costs represented 61.5% of standalone revenue in Q2 FY26 (INR 159.74 Cr). A sudden and steep hike in bottle scrap prices during the June quarter led to inventory losses and margin compression in Q2 FY26.
Manufacturing Efficiency
Consolidated production volume rose 7.8% YoY in Q2 FY26. Standalone sales volume reached 39,132 MT, a 16.3% increase, indicating high asset turnover despite margin pressure.
Strategic Growth
Expected Growth Rate
30.40%
Growth Strategy
Growth is driven by the transition from legacy Recycled Polyester Staple Fibre (RPSF) to high-margin rPET granules for food and beverage packaging. The company is targeting renowned brands like Coca-Cola and Pepsi and expects a revival in Q4 FY26 following the implementation of the MoEFCC mandate.
Products & Services
Recycled Polyester Staple Fibre (RPSF), rPET granules (food-grade), recycled yarn, and textile-grade recycled chips.
Brand Portfolio
Ganesha Ecosphere, Ganesha Ecopet (GEPL), Ganesha Ecotech (GETPL).
New Products/Services
Food-grade rPET granules for the packaging industry, which contributed 53% of consolidated operating profit in 9M FY2025.
Market Expansion
Expansion into the food and beverage, textile, and packaging industries through subsidiaries GEPL and GETPL.
External Factors
Industry Trends
The industry is shifting toward mandatory recycled content in packaging. While current growth is stalled by procedural delays at MoEFCC, the long-term outlook is positive as FMCG brands (Pepsi, Coke, Ikea) commit to sustainability goals.
Competitive Landscape
Peers are facing similar challenges regarding regulatory delays and scrap price volatility, leading to industry-wide margin pressure in FY26.
Competitive Moat
The moat is built on early-mover advantage in food-grade recycling technology and established supply chains for bottle scrap collection. Management's experience in successfully commissioning similar capacities provides a competitive edge in project execution.
Macro Economic Sensitivity
Highly sensitive to government environmental policies and plastic waste management rules, which dictate the mandatory usage of recycled materials.
Consumer Behavior
Increasing consumer and brand preference for eco-friendly and sustainable packaging is driving demand for rPET over virgin plastic.
Geopolitical Risks
Global scenarios and volatility in international plastic prices affect domestic scrap pricing and competitiveness.
Regulatory & Governance
Industry Regulations
The Plastic Waste Management Rules and MoEFCC mandates for recycled content are critical; procedural delays in these notifications have caused a temporary revenue decline in the subsidiary segment.
Environmental Compliance
The company is subject to MoEFCC, FSSAI, and BIS regulations. Compliance is managed through a robust policy framework to prevent non-compliance and promote governance.
Taxation Policy Impact
Standalone tax expense for H1 FY26 was INR 5.23 Cr on a PBT of INR 20.71 Cr, representing an effective tax rate of approximately 25.2%.
Risk Analysis
Key Uncertainties
Regulatory delay in MoEFCC mandate (high impact on rPET volume), volatility in PET scrap prices (impacts margins by 4-5%), and project execution risks for ongoing capacity expansions.
Third Party Dependencies
Dependency on a fragmented network of scrap collectors; however, no single supplier dependency is noted.
Technology Obsolescence Risk
The company invests in new product development to ensure product relevance and mitigate the risk of declining market demand for older fibre types.
Credit & Counterparty Risk
Receivables stood at INR 107.77 Cr in FY25, a 4.21% increase, with a debtors' turnover ratio of 9.17x, indicating healthy collection cycles.
