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GANESH HOUSING LIMITED (GANESHHOU)

₹689.80 +1.35% last close, 16 Oct

📊 NSE: GANESHHOU 🏢 Residential, Commercial Projects 📢 Latest filing: 05 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, GANESH HOUSING's revenue was ₹280 Cr (+85.6% year on year, +194.7% on the previous quarter), and net profit ₹42.0 Cr (-54.9% year on year); the operating margin was 39.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹280	+85.6%	+194.7%
Operating profit	₹110	-14.2%	+52.5%
Net profit	₹42.0	-54.9%	-31.2%
EPS (₹)	5.03	-54.9%	-31.7%
Operating margin	39.2%	—	—

Full quarterly financials → Results calendar →

GANESHHOU delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 47.46% of the GANESHHOU shares traded on NSE were taken to delivery, against the stock's own 20-session average of 63.89%. That is lower than usual for this stock. Turnover was only ₹96 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.

47.46%Delivery, 16 Oct

63.89%Own 20-session average

0.5×Volume vs its average

₹689.80NSE close · +1.35%

Delivery in the last 5 sessions: 60.5% · 78.7% · 77.1% · 58.8% · 47.5%

Delivery across the market →

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

Ganesh Housing Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 05 Oct 2026, 05:34 PM

Ganesh Housing Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent MCS Share Transfer Agent Limited confirms that all securities received for dematerialisation during the quarter were duly processed, accepted or rejected, and cancelled. Furthermore, depositories were substituted as the registered owner within the mandated 15-day timeline. This is a recurring regulatory filing with no material business impact.

Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
Confirmation provided by RTA MCS Share Transfer Agent Limited dated October 05, 2026
Dematerialised share certificates confirmed mutilated and cancelled within 15 days
Filing made under NSE symbol GANESHHOU and BSE Security Code 526367

💡 No investor action is required as this is a standard quarterly administrative filing. Investors should monitor upcoming board meeting announcements for Q2 FY27 financial results.

Ganesh Housing AGM Approves ₹1.50/Share Dividend and Material Related Party Transactions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Sep 2026, 03:58 PM

Ganesh Housing Limited has disclosed the voting results and Scrutinizer's report for its 35th Annual General Meeting held on September 11, 2026. Shareholders approved all agenda resolutions, including the adoption of FY26 financial statements and a dividend of ₹1.50 per equity share (face value ₹10). In addition, resolutions approving material related party transactions with key management personnel and associated foundations passed with over 96.5% voting support. Overall voter turnout across resolutions stood at 82.10% of total voting shares.

Declared dividend of ₹1.50 per equity share approved by 100% of voted shares
Overall voter participation stood at 82.10% (6,84,60,774 votes polled out of 8,33,87,090 total shares)
Resolutions approving material related-party transactions with promoter-directors and trusts passed with ~96.5% approval
Institutional voting turnout was 40.32% (3,23,044 votes polled), with 98.69% voting against the director reappointment of Mr. Anmol D. Patel

💡 Track subsequent filings for the dividend payment timeline and monitor upcoming quarterly disclosures for execution details on the One 91 Thaltej commercial project.

Ganesh Housing 35th AGM Approves Rs 1.50 Dividend and Material Related Party Deals

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 11 Sep 2026, 06:43 PM

Ganesh Housing Limited held its 35th Annual General Meeting on September 11, 2026, where shareholders approved all proposed resolutions by requisite majority. Key approvals include a dividend declaration of Rs 1.50 per equity share (face value Rs 10) for FY26. Shareholders also ratified multiple material related-party transactions with group entities and promoter-directors, alongside the re-appointment of retiring directors. Remote e-voting was concluded between September 8 and September 10, 2026.

Declared dividend of Rs 1.50 per equity share (FV Rs 10) for FY26
All 17 AGM agenda resolutions passed with requisite majority
Multiple material related-party transactions approved across 11 group entities and promoter-related persons
Remote e-voting held from September 08, 2026 to September 10, 2026

💡 Monitor the formal filing of voting results and scrutinize the annual report disclosures for value thresholds regarding the approved material related-party transactions.

₹1.50 Final Dividend: Ganesh Housing Issues TDS Guidelines and August 31 Record Date

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 12 Aug 2026, 05:24 PM

Ganesh Housing Limited has issued a formal communication regarding the Tax Deducted at Source (TDS) for its recommended final dividend of ₹1.50 per equity share for FY 2025-26. The company has fixed August 31, 2026, as the record date to determine shareholder eligibility. Resident shareholders with a valid PAN will be subject to a 10% TDS, while those without a linked PAN/Aadhaar will face a 20% deduction. The total estimated payout is approximately ₹12.51 crore, representing about 3% of TTM PAT.

Final dividend of ₹1.50 per equity share (15% of face value) recommended for FY 2025-26.
Record date for dividend entitlement is fixed for Monday, August 31, 2026.
Standard TDS rate of 10% for resident shareholders with valid PAN; 20% for those without PAN or unlinked Aadhaar.
TDS exemption available for resident individuals if the total dividend paid in FY 2026-27 does not exceed ₹10,000.
Deadline for submitting tax exemption documents (Form 121, TRC, etc.) is Saturday, August 29, 2026.

💡 Shareholders should verify that their PAN is correctly linked with Aadhaar and submit any relevant tax-saving declarations (like Form 121) to the RTA by August 29 to ensure correct tax treatment.

Ganesh Housing Releases FY26 Sustainability Report; Customer Complaints Drop to 9

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 05:06 PM

Ganesh Housing Limited has filed its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26. The report highlights a significant 84.7% reduction in customer complaints, which fell from 59 in the previous year to 9. The company maintains a lean internal structure with 123 permanent employees, relying entirely on contracted services for site labor. Local sourcing remains a priority, with 89% of inputs procured from within the district or neighboring areas.

Customer complaints decreased significantly from 59 in FY25 to 9 in FY26.
Total permanent employee count stood at 123, with a turnover rate of 7.32%.
Local sourcing from within the district and neighboring districts accounted for 89% of total inputs.
Women representation on the Board of Directors is 20% (2 out of 10 members).
The company reported 0 permanent workers, opting for 100% contracted labor for project execution.

💡 Investors should focus on the upcoming execution of the 'One 91 Thaltej' project and 'Million Minds' IT-SEZ, as these are the primary drivers for the targeted 25-30% growth rate.

Ganesh Housing to Seek Approval for ₹1600 Cr Related Party Transaction and ₹1.50 Dividend

🔵 WATCH ⭐ 6/10

BOARD_MEETING 📅 11 Aug 2026, 01:46 PM

Ganesh Housing Limited has issued a notice for its 35th Annual General Meeting (AGM) scheduled for September 11, 2026. The company is seeking shareholder approval for a dividend of ₹1.50 per share and a significant Related Party Transaction (RPT) limit of up to ₹1600 Crore with group company Madhukamal Real Estate Investment Private Limited. This RPT limit is substantial, representing approximately 239% of the company's TTM revenue of ₹668 Cr. Additionally, the re-appointment of three promoter-group directors, including the Chairman, is on the agenda.

Proposed dividend of ₹1.50 per equity share for the financial year ended March 31, 2026.
Seeking approval for Related Party Transactions with MREIPL for an aggregate value up to ₹1600 Crore in FY 2026-2027.
The ₹1600 Cr RPT limit is ~2.4x the company's TTM revenue of ₹668 Cr.
Re-appointment of Chairman Dipakkumar G. Patel, who holds 2,76,08,752 shares in the company.
AGM scheduled for September 11, 2026, to be held via Video Conferencing.

💡 Investors should monitor the voting results of the AGM, specifically the justification and utilization of the ₹1600 Cr Related Party Transaction limit, as it significantly exceeds current annual revenue.

Ganesh Housing Q1 FY27: 43% of Million Minds Phase-I Leased; One 91 Thaltej Shift to Monetization

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 06:29 PM

Ganesh Housing is transitioning toward a commercial annuity model with Million Minds Phase-I, where 2.64 lakh sq ft (43%) is already secured via LoIs, with rentals expected to start in Q4 FY27. The company has strategically pivoted its 'One 91 Thaltej' project from development to land monetization to optimize capital and capture immediate value. Residential project Malabar Retreat is 83% complete with Rs 183 Cr in bookings (45% of total value). The company continues to hold a massive 510-acre land bank in Ahmedabad, positioning itself for the city's growth as a tech and GCC hub.

Million Minds Phase-I has 43% of leasable area (2.64 lakh sq ft) documented via LoIs, with rentals starting Q4 FY27.
Strategic shift for One 91 Thaltej project from development to land monetization to avoid 5-year construction risk.
Malabar Retreat residential project is 83% complete with 73 units booked worth Rs 183 Cr.
Total land bank stands at approximately 510 acres, including 411 acres in Godhavi for mixed-use development.
Management targeting 60% total leasing for Million Minds Phase-I within the next 2-3 months.

💡 Monitor the conversion of LoIs into final lease agreements for Million Minds by Q4 FY27 and the cash inflow from the One 91 Thaltej land monetization.

Ganesh Housing Releases Q1 FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 06:34 PM

Ganesh Housing Limited has released the audio recording of its Q1 FY27 earnings call following the announcement of its un-audited financial results for the quarter ended June 30, 2026. The recording provides management's perspective on the company's performance and its 500-acre land bank in Ahmedabad. Investors can access the recording via the company's website to understand the progress of key projects like 'One 91 Thaltej', which has a lifetime revenue potential of ₹2,100 Cr. This filing is a standard procedural update following the quarterly results.

Audio recording released for the earnings call pertaining to the quarter ended June 30, 2026
Follows previous company intimations dated July 21, 2026, and July 24, 2026
Company is managing a developable land bank of 500 acres in the Ahmedabad region
Management focus remains on the 'One 91 Thaltej' project with a ₹2,100 Cr revenue potential
Construction for the Thaltej commercial project is expected to commence in H2 FY26

💡 Investors should listen to the recording for management commentary regarding the 'slow offtake of land deals' and the specific execution timelines for the 1.8 msf 'One 91 Thaltej' project.

130% QoQ Revenue Growth in Q1 FY27; Million Minds IT SEZ Phase 1 Nearing Completion

🔵 WATCH ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 04:07 PM

Ganesh Housing reported a strong Q1 FY27 with revenue of INR 2,802 Mn, representing a 130% QoQ and 86% YoY increase. However, profitability faced pressure as PAT fell 55% YoY to INR 420 Mn, with EBITDA margins compressing from 84.8% to 39.3% YoY. The company is pivoting its 'One 91 Thaltej' project toward land monetization for faster cash flow. A major catalyst is the Million Minds IT SEZ Phase 1 (0.85 msf leasable), which is 55% pre-committed and expected to start generating rentals by Q3 FY27.

Q1 FY27 Revenue reached INR 2,802 Mn, a significant 130% jump from the previous quarter.
EBITDA margins saw a sharp decline to 39.3% compared to 84.8% in Q1 FY26.
Million Minds IT SEZ Phase 1 (0.85 msf leasable area) has 55% of space under active discussions or LOIs.
Total fully paid land bank stands at 518 acres, with 411 acres dedicated to the Godhavi Township.
The company maintained a low capital gearing with a Debt/Equity ratio of 0.13x as of FY26.

💡 Investors should monitor the conversion of LOIs into formal lease agreements for the Million Minds IT SEZ by Q3 FY27 and observe if the current margin compression is a temporary result of the project mix or a structural trend.

Ganesh Housing Q1 FY27 Revenue Jumps 85% YoY to ₹279.93 Cr; PAT at ₹81.36 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 03:47 PM

Ganesh Housing reported a strong start to FY27 with consolidated revenue of ₹279.93 Cr, an 85.6% increase compared to the same quarter last year and a 194% surge sequentially. While revenue grew significantly, Net Profit saw a 12.6% YoY decline to ₹81.36 Cr, primarily due to a large inventory-related expense of ₹135.07 Cr. The company also achieved a regulatory milestone with stock exchanges issuing a 'no adverse observation' letter for its merger with Gatil Properties on July 6, 2026.

Consolidated Revenue from Operations reached ₹279.93 Cr, up 85.6% from ₹150.81 Cr in Q1 FY26.
Consolidated Net Profit stood at ₹81.36 Cr, representing a 32.6% sequential growth from ₹61.36 Cr in Q4 FY26.
Total expenses rose to ₹175.33 Cr, driven by a significant inventory adjustment of ₹135.07 Cr.
The merger with Gatil Properties Private Limited received stock exchange clearance on July 06, 2026, and is moving to NCLT filing.
Basic EPS for the quarter stood at ₹5.48 (standalone) compared to ₹4.28 for the full year FY26.

💡 Monitor the NCLT approval timeline for the Gatil Properties merger and the construction commencement of the 'One 91 Thaltej' project in H2 FY26, which holds a ₹2,100 Cr revenue potential.

Ganesh Housing to hold Q1 FY27 Earnings Call on July 27, 2026

🟡 NEUTRAL ⭐ 2/10

EARNINGS 📅 21 Jul 2026, 03:12 PM

Ganesh Housing Limited has scheduled its Q1 FY27 earnings conference call for Monday, July 27, 2026, at 4:00 PM IST. The call will be led by CFO Mr. Rajendra Shah and VP Finance Mr. Neeraj Kalawatia. Investors will likely seek updates on the 'One 91 Thaltej' project, which has a lifetime revenue potential of ₹2,100 Cr, and the monetization status of the company's 500-acre land bank in Ahmedabad. This follows a TTM revenue of ₹668 Cr and a high operating margin of 85.0%.

Earnings conference call scheduled for July 27, 2026, at 16:00 hrs IST
Management representation includes the Chief Financial Officer and VP of Finance
Company is currently developing 'One 91 Thaltej' with a ₹2,100 Cr revenue potential
Maintains a significant developable land bank of 500 acres in the Ahmedabad region
Long-term development target of 32 million square feet across IT-SEZs and townships

💡 Investors should listen for management commentary regarding the Ahmedabad real estate market slump and the specific construction start date for the Thaltej commercial project in H2 FY26.

Ganesh Housing Submits Routine SEBI Dematerialization Certificate for Quarter Ended June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 05:06 PM

Ganesh Housing Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that all physical share certificates received for dematerialization during the quarter ended June 30, 2026, were processed, mutilated, and cancelled. The Registrar, MCS Share Transfer Agent Limited, verified that the depository names were substituted in the register of members within the mandated 15-day period. This is a standard administrative filing with no impact on the company's financial performance.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed and confirmed within 15 days
Physical certificates mutilated and cancelled after due verification by the Registrar
Registrar and Share Transfer Agent identified as MCS Share Transfer Agent Limited

💡 No action is required as this is a routine procedural filing. Investors should instead monitor the execution of the 'One 91 Thaltej' project, which has a revenue potential of ₹2,100 Cr.

Ganesh Housing receives NSE/BSE 'No Adverse Observation' for Gatil Properties merger

🟢 POSITIVE ⭐ 6/10

M&A 📅 06 Jul 2026, 06:16 PM

Ganesh Housing Limited has received the necessary 'No Adverse Observation' letters from both BSE and NSE on July 06, 2026, regarding its Scheme of Arrangement to merge Gatil Properties Private Limited into itself. This follows the initial board approval granted on December 05, 2025. The regulatory clearance allows the company to proceed to the next stage of filing the merger petition with the National Company Law Tribunal (NCLT). The company must ensure that financials used for valuation are not more than 6 months old at the time of filing.

Received Observation Letters from BSE and NSE both dated July 06, 2026
Scheme involves the merger of Gatil Properties Private Limited (Transferor) into Ganesh Housing Limited (Transferee)
The validity of the Stock Exchange Observation Letters is 6 months for submission to NCLT
SEBI mandates disclosure of all ongoing adjudication, recovery, and enforcement actions against promoters and directors
Financials considered for the valuation report must not be more than 6 months old

💡 Investors should watch for the upcoming NCLT filing and the detailed explanatory statement in the shareholder notice, which will provide the specific financial rationale and synergy benefits of the merger.

Ganesh Housing Promotes Rishit Patel to President (Treasury) Following Retirement of Rajendra Patel

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 30 Jun 2026, 03:53 PM

Ganesh Housing Limited has announced a leadership transition in its treasury department. Mr. Rajendra M. Patel will retire as President (Treasury) on June 30, 2026, and will be succeeded by Mr. Rishit Patel, effective July 1, 2026. Mr. Rishit Patel, an internal promotee, has been with the company since 2015 and possesses over 14 years of prior experience in banking and financial services. This move ensures continuity in liquidity management as the company pursues its Rs 2,100 Cr 'One 91 Thaltej' commercial project.

Mr. Rajendra M. Patel retires as President (Treasury) effective June 30, 2026
Mr. Rishit Patel promoted to President (Treasury) starting July 1, 2026
The new appointee has been with the company for 11 years since July 2015
Mr. Rishit Patel brings 14 years of external experience from Kotak Mahindra Ltd and C D Integrated Services Ltd
The transition occurs as the company manages a high OPM of 85% and a 500-acre land bank

💡 Investors should monitor the company's ability to maintain strategic banking relationships and liquidity levels as it transitions from land monetization to high-value commercial developments.

Ganesh Housing to Close Trading Window from July 1, 2026, for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Jun 2026, 04:25 PM

Ganesh Housing Limited has announced the closure of its trading window for insiders starting July 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are made public. This is a standard regulatory procedure for listed companies in India to ensure fair market practices.

Trading window closure starts from Wednesday, July 1, 2026.
Closure is related to the un-audited financial results for the quarter ended June 30, 2026.
The window will reopen 48 hours after the results are officially disclosed to the exchanges.
The restriction applies to all designated insiders under the GHL Insider Code of Conduct.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the upcoming Q1 results for actual performance indicators.

View All GANESHHOU Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations grew by 7.6% in FY25 to INR 959.76 Cr from INR 892.01 Cr in FY24. However, Q2 FY26 revenue of INR 174.3 Cr showed a 30.2% YoY decline due to muted real estate offtake, though it grew 15.4% sequentially from Q1 FY26.

Geographic Revenue Split

100% of revenue is concentrated in Ahmedabad, Gujarat, where the company holds its primary 500-acre land bank and all active projects.

Profitability Margins

PAT margins for Q2 FY26 stood at 62.0%, a sequential expansion of 40 basis points from 61.6% in Q1 FY26. FY25 PAT margin was approximately 60.2% based on a profit of INR 598.06 Cr on total income of INR 993.49 Cr.

EBITDA Margin

EBITDA margin improved significantly to 81.8% in FY25 from 70.1% in FY24. In Q2 FY26, EBITDA margin remained robust at 85.0%, though absolute EBITDA of INR 148.1 Cr was 31.1% lower YoY.

Capital Expenditure

The company has a massive development pipeline of ~32 million square feet (msf) with a total targeted sales value of ~INR 17,250 Cr. Specific annual capex figures are not disclosed, but land advances for future development stood at INR 385.64 Cr as of March 2025.

Credit Rating & Borrowing

The company has maintained a net debt-free status for over 12 consecutive quarters. Total borrowings as of March 31, 2025, were minimal at INR 27.42 Cr, reflecting a highly deleveraged balance sheet.

⚙️ Operational Drivers

Raw Materials

Primary inputs include land (24.37% of total assets are in advances for land/business), construction materials like steel and cement, and skilled contract labor.

Import Sources

Sourcing is primarily local within Gujarat, leveraging strong relations with the local supply chain in the Ahmedabad region.

Key Suppliers

Not specifically named, but the company emphasizes deep relations with local Ahmedabad-based supply chains and contract workers.

Capacity Expansion

Current land bank is 500 acres in Ahmedabad. Planned expansion includes the 'One 91 Thaltej' commercial project (1.8 msf) and a long-term target of 32 msf across IT-SEZs (Million Minds) and townships.

Raw Material Costs

Project expenses in FY25 were INR 143.59 Cr, representing approximately 15% of revenue from operations, down from INR 156.63 Cr in FY24.

Manufacturing Efficiency

Efficiency is driven by a 30-year track record in the Ahmedabad market and the use of latest technology for high-quality space provision.

Logistics & Distribution

Not disclosed as a specific percentage; distribution in real estate is primarily related to marketing and sales commissions.

📈 Strategic Growth

Expected Growth Rate

25-30%

Growth Strategy

Growth is targeted through the launch of 'One 91 Thaltej' with a revenue potential of INR 2,100 Cr, and the development of the 'Million Minds' IT-SEZ. The strategy focuses on transitioning from land monetization to high-value commercial and township formats.

Products & Services

Residential apartments (mid and high-income segments), commercial office spaces, retail spaces, IT-SEZ units, and integrated townships.

Brand Portfolio

Ganesh Housing, Maple Tree, One 91 Thaltej, Million Minds.

New Products/Services

One 91 Thaltej (Commercial) is expected to commence construction in H2 FY26 with a lifetime revenue potential of INR 2,100 Cr.

Market Expansion

Expansion is focused on deepening presence in Ahmedabad through commercial and township formats rather than geographic diversification.

Market Share & Ranking

Leading residential developer in Ahmedabad with one of the largest developable land banks (500 acres) in the region.

Strategic Alliances

The company has a joint subsidiary and has provided indemnifications/commitments, though specific partner names for new JVs were not disclosed.

🌍 External Factors

Industry Trends

The Ahmedabad market was muted for 9 months of 2025, leading to a slow offtake in land deals, which is a key revenue driver for the company.

Competitive Landscape

Competes with national players like Godrej Properties and Prestige Group, but maintains a local advantage through deep regulatory understanding and land holdings.

Competitive Moat

The primary moat is the 500-acre land bank acquired at historical costs in prime growth areas, providing a significant cost advantage and high margins (80%+ EBITDA).

Macro Economic Sensitivity

Highly sensitive to interest rates and the economic climate of Gujarat, specifically the Ahmedabad real estate cycle.

Consumer Behavior

Shift toward high-value, branded residential projects and integrated townships in the Ahmedabad region.

Geopolitical Risks

Low, as operations are entirely domestic within India.

⚖️ Regulatory & Governance

Industry Regulations

Subject to RERA (Real Estate Regulatory Authority) guidelines and local Ahmedabad urban development norms.

Environmental Compliance

The company maintains ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety) certifications.

Taxation Policy Impact

Current tax expense for FY25 was INR 204.16 Cr, representing an effective tax rate of approximately 25.5% on PBT.

Legal Contingencies

The company faces various ongoing litigations before tax and regulatory authorities. Key audit matters highlight uncertainty regarding the recoverability of INR 569.92 Cr in business advances.