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Shree Ganesh Remedies reported Q2FY26 revenue of ₹30.32 Cr, down 6% YoY but up 23% sequentially on higher volumes and steady execution across key client projects. EBITDA stood at ₹9.62 Cr (-15% YoY) with margins at 31.7%, down 325 bps YoY, while PAT fell 23% YoY to ₹4.93 Cr due to lower domestic realisations, soft European demand, and higher depreciation and finance costs tied to recent capex. For H1FY26, revenue declined 4% YoY to ₹54.98 Cr with PAT down 24% to ₹8.37 Cr. Management reiterated a long-term EBITDA margin guidance of 24–26% and described FY26 as a year of consolidation, with the new pilot plant expected to commission in Q3FY26 and operate from Q4FY26, Block 8 ramping toward 50–60% utilisation by year-end, and Block 7 targeted for H2FY27.
Short-term, shareholders face continued YoY earnings pressure and margin compression from CRAMS contract repricing, but sequential recovery and visible capacity additions (pilot plant, Block 7, Block 8) plus new European and Japanese client wins support the longer-term growth story once utilisation scales.