GANESH HOUSING LIMITED

An Ahmedabad-based real estate developer is shifting from a pure residential model towards a diversified platform that develops, sells, leases and monetises land and built assets. FY26 revenue was Rs 511.37 cr with a net profit of Rs 316.26 cr and an EBITDA margin of 87.94%. Current cash generation comes from selling residential units at projects such as Malabar Retreat (83% complete, 73 of ~162 units sold for ~Rs 183 cr) and from selling land parcels rather than developing them — the One 91 Thaltej commercial land was monetised to a listed entity in Q1 FY27, realising Rs 250+ cr. The company also holds a fully paid land bank of ~510 acres (411 acres at Godhavi and 65 acres at Million Minds) and is close to completing Million Minds, an IT SEZ where Phase-I (~1.4 msf) has 43% of leasable area (2.64 lakh sq ft) already under letters of intent and lease rentals are guided to start in Q4 FY27 with a potential run-rate above Rs 75 cr/year. Planned launches in FY27 include Phase-II commercial and Phase-I residential at Million Minds and the One 91 Thaltej commercial project (1.8 msf, Rs 2,100 cr lifetime revenue potential). FY27 is the first year for which management has issued explicit guidance: revenue of Rs 1,000–1,200 cr and PAT of Rs 300–325 cr. The company is described as net debt-free for over 12 quarters, with FY26 borrowings of Rs 3,049 Mn.