Ganesh Benzoplast Limited has informed the Exchange about Transcript
GANESHBE · price
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Ganesh Benzoplast reported Q1 FY'26 consolidated revenue of INR956 million (up 9% YoY) and PAT of INR181 million (up 10% YoY), with EPS rising 11% to INR2.52. The Chemical division led growth, with revenue up 26% YoY to INR494 million and PBT surging 223% to INR71 million, driven by plant-level upgrades, better yields, and improved raw material procurement. Management confirmed the BW (LPG terminal) JV is off, freeing up 8.5 acres of prime JNPT land, and a final decision on whether to develop it for liquid storage (LST), ammonia, or LPG is expected by end of this quarter. CapEx for LST is estimated at INR150-200 crore, while LPG would require INR800-900 crore. The long-pending Morgan case was resolved on August 7, 2025, and management hinted at resuming dividends this financial year. JNPT lease renewal tender is complete, with a 30-year extension expected (though at higher initial costs, with only 2% annual escalation thereafter).
Positive: strong Chemical division turnaround and resolution of legacy Morgan case remove overhangs, while potential JNPT land development (liquid or LPG) offers significant growth optionality. The hint of dividend resumption is a positive for retail shareholders, though higher lease costs and the absence of firm timelines for Chemical value unlocking may temper near-term enthusiasm.