Transcript of Q3 FY26 Earnings Conference Call dated February 09, 2026
GANESHHOU · price
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Ganesh Housing reported Q3 FY26 revenue of INR92 crores with EBITDA of INR72 crores (82.3% margin) and PAT of INR54 crores (58.7% margin). 9M FY26 revenue stood at INR417 crores with PAT of INR255 crores. The company remains debt-free for over 3 years. Management acknowledged FY26 will be lower than FY25 due to timing of land monetisation, but highlighted strong project pipeline: Million Minds Phase 1 is fully constructed with 60% LOIs received (target 100% by March), Malabar Retreat is 74% complete with INR155-160 crores of INR450 crores already booked, and Godhavi land monetisation has sold 38 of 50 acres in Phase 1. One 91 Thaltej (2 million sq ft commercial project) and Million Minds Phase 2 are awaiting approvals with expected launch in March 2026. FY27 guidance to be provided in April/May 2026. Management indicated margins will moderate from current 80%+ levels as revenue mix shifts from land sales to project sales.
Near-term stock may face pressure as FY26 is set to underperform FY25's high base, but strong project pipeline and debt-free balance sheet provide multi-year growth visibility. Million Minds leasing income expected to start from FY27 (~INR70 crores annuity), with potential boost from 2030 Commonwealth Games and AUDA FSI increase in Ahmedabad's western corridor.