Q4 FY26 Earnings Presentation

Ganesh Housing reported Q4 FY26 revenue of INR 1,218 Mn (up 33% QoQ but down 53% YoY), with EBITDA at INR 983 Mn (80.7% margin) and PAT of INR 614 Mn (50.4% margin). For full year FY26, revenue fell 46% to INR 5,385 Mn and PAT dropped 47% to INR 3,163 Mn compared to a peak FY25. The company maintains a strong balance sheet with a low debt/equity ratio of 0.13 and has been net debt-free for over 12 quarters. The flagship Million Minds IT SEZ Phase 1 (~1.4 msf) is nearing completion with ~55% of leasable area already under active LOIs/EOIs from GCCs, tech firms and workspace providers. A new project, One 91 Thaltej (1.8 msf), is in final approval stages with estimated total lifetime revenue of INR 2,100 Cr. The company holds ~518 acres of fully paid land reserves with ~30 msf of planned projects in the pipeline generating expected sales value of ~INR 1.59 lakh Mn.