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Shree Ganesh Remedies reported Q2FY26 revenue of ₹30.32 Cr, up 23% sequentially but down 6% YoY, with EBITDA of ₹9.62 Cr (margin 31.7%) and PAT of ₹4.93 Cr, declining 15% and 23% respectively YoY. H1FY26 revenue was ₹54.98 Cr (-4% YoY) and PAT ₹8.37 Cr (-24% YoY), hurt by lower domestic realisations, weak European demand and CRAMS contract repricing. Management guided to sustaining EBITDA margins in the 24–26% range over the long term, framing FY26 as a year of consolidation. Key capex updates include the new pilot plant commissioning in Q3FY26 (operations Q4FY26), Block 7 operational by H2FY27 (~₹20 Cr outlay, ₹15 Cr in FY26), and Dahej site prepared for large-scale projects. New business wins include a European agrochemical project (commercial orders from Q4FY27), a European pharma engagement, and a Japanese specialty chemicals project with final approvals expected mid-2026.
Near-term earnings remain under pressure from CRAMS contract repricing and weak Europe demand, but management is laying the groundwork for a growth ramp through FY27 via new blocks, the pilot plant and a fresh order pipeline. Investors should weigh near-term margin moderation against the medium-term scale-up story, supported by a lean balance sheet and 72.8% promoter holding.