GANESH BENZOPLAST LIMITED

Operates liquid storage terminals (LST) at JNPT port and runs a chemical manufacturing business through subsidiary GBL Chemical. The LST Division, which contributed 54.9% of FY26 segment revenue at INR225.873 cr with EBIT of INR73.206 cr, runs tank storage at JNPT and bundles in rail logistics, wharfage, and EPC services — including an INR51.33 cr carbon-fiber EPC order from Reliance Industries booked at 5–10% margins. A 1 lakh KL storage capacity expansion at JNPT is under way at a capex of INR160–170 cr, with 40–50% of capacity due by Q1 FY27 and the balance by FY28, expected to add INR45–50 cr of revenue at 65–75% EBITDA margins. The Chemical Division generated INR185.545 cr (45.1% share, EBIT INR21.332 cr) from GBL Chemical. Other operating expenses (42.5% of revenue) are the largest cost bucket, and have been swollen by a step-up in JNPT lease rentals from INR2 cr to INR24 cr per annum — the principal drag on Q3 FY26 consol PAT despite 18% consol revenue growth. Capex ran at 15.6% of revenue in FY26, with depreciation at 5.8% of revenue, reflecting the asset-heavy storage footprint.