NSE: GANESHBE · BSE: 500153
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. LST Division (Rail Logistics, EPC and Wharfage) (55%), Chemical Division (45%). Asset-heavy liquid storage and logistics with a chemicals arm.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 358 | 421 | 477 | 374 | 411 |
| EBITDA (ex other income) | 60 | 87 | 96 | 64 | 102 |
| margin % | 16.9 | 20.8 | 20.0 | 17.0 | 24.9 |
| Owners' profit | 0 | 55 | 61 | 37 | 73 |
| EPS, as reported (₹) | 5.37 | 8.73 | 9.07 | 5.29 | 10.19 |
| ROE % · ROCE % | 11.5 · 15.1 | 15.2 · 18.0 | 12.1 · 15.4 | 7.0 · 9.5 | 11.9 · 14.8 |
| Debt / equity (x) | 0.08 | 0.05 | 0.03 | 0.04 | 0.04 |
| Cash from operations | 86 | 41 | 83 | 55 | 79 |
| Capex | (20) | (44) | (82) | (39) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 98 | 89 | 100 | 96 | 99 | 105 | 111 | 117 |
| Profit before tax | 22 | 24 | (16) | 25 | 32 | 22 | 19 | 24 |
| Net profit | 16 | 18 | (13) | 18 | 24 | 16 | 15 | 18 |
| EPS (₹) | 2.29 | 2.55 | (1.83) | 2.52 | 3.30 | 2.24 | 2.12 | 2.44 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| LST DIVISION INC RAIL LOGISTIC, EPC AND WHARFAGE | 66 | 16.0 |
| CHEMICAL DIVISION | 136 | 33.1 |
| LST DIVISION(INC EPC WHARFAGE AND RAIL LOGISTICS) | 62 | 15.0 |
| LST DIVISION INCLUDING EPC AND WHARFAGE AND RAIL LOGISTICS | 52 | 12.6 |
| LST BUSINESS(INC EPC WHARFAGE AND RAIL LOGISTIC) | 46 | 11.2 |
| CHEMICAL BUSINESS | 49 | 12.0 |
| Total, before eliminations | 411 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| AEGIS VOPAK TERMINALS LTD | 25,755 | 102.4 | 5.83 | 38.1 | 7.7 | 6.3 | — | 78.6 |
| GANESH BENZOPLAST LIMITED ◆ | 634 | 8.7 | 1.03 | 5.1 | 11.9 | 14.0 | 8.8 | 27.4 |
| REPONO LIMITED | 72 | 21.8 | — | — | — | 20.1 | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.7 | 21.8 | 4 of 15 | 79% |
| P/B | 1.0 | 1.5 | 5 of 15 | 71% |
| ROCE | 14.0 | 6.4 | 3 of 17 | 88% |
| ROE | 11.9 | 8.5 | 4 of 16 | 80% |
| Debt / Equity | 0.0 | 0.1 | 6 of 16 | 67% |
| EBITDA margin | 27.4 | 28.0 | 10 of 15 | 36% |
| Revenue growth | 22.9 | 45.2 | 13 of 15 | 14% |
| Profit growth | (3.0) | 37.6 | 11 of 16 | 33% |
| Market cap | 634 | 2006 | 12 of 16 | 27% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Ganesh Benzoplast Divests LST Business to KKR for INR 1,154 crore | investor communications | medium | — | — |
| 9 Oct 2026 · Bigshare Services files Q2 FY27 demat compliance certificate | compliance | minimal | — | — |
| 8 Oct 2026 · Newspaper ad on special window for physical share demat | compliance | minimal | — | — |
| 7 Oct 2026 · Audio recording of investor and analyst call shared | investor communications | low | — | — |
| 1 Oct 2026 · Investor call set for 7 Oct 2026 at 3:30 PM IST | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 39th AGM voting results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 30 Sept 2026 · 39th AGM of Ganesh Benzoplast held on Sep 30, 2026; 4 resolutions passed | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · GBL to sell storage and rail businesses to KKR-backed Cisternina for INR 1,154 cr | compliance | low | — | — |
| 29 Sept 2026 · Board approves sale of LST and Rail Logistics businesses for Rs 1,154 Cr to KKR-backed buyer | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.