Ganesha Ecosphere Limited has informed the Exchange about Transcript
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Ganesha Ecosphere reported a strong Q3 FY26 on the standalone front, with revenue rising 5.24% QoQ to ₹272.95 crore, EBITDA more than doubling to ₹18.54 crore, and EBITDA margin improving to 6.79% from 3.15% in Q2, aided by stable raw material prices and 100%+ capacity utilisation. Consolidated revenue stood at ₹357.22 crore with EBITDA up 37.67% at ₹30.73 crore, but consolidated PAT was modest at ₹4.74 crore due to weak subsidiary performance (revenues down 23%, utilisation at 50%) caused by delays in the MoEF recycled content notification. Management guided that the legacy business margins will recover to 9-10% in FY27 with EBITDA per ton of ₹9,000-10,000, and the rPET subsidiary is expected to ramp to 70-80% utilisation in Q4 and 85-90% in FY27 on the back of the 40% recycled content mandate, which remains intact. The company received ₹70 crore out of ₹110 crore outstanding government incentives from Telangana and outlined a ₹450 crore capex plan over the next two years. New wins include a global textile brand qualifying its recycled filament yarn and a supply tie-up with the ICC for World Cup flags.
Positive near-term on margin recovery and stable standalone cash flows, with FY27 positioned as a strong year if the recycled content regulation is enforced as expected. Key near-term catalysts are Q4 utilisation ramp at the Warangal subsidiary and clarity on the MoEF draft notification; downside risk persists if the notification is delayed or relaxed further, which could push rPET volumes to the right again.