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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential project sales, Commercial lease rentals, Land monetisation. Asset-heavy, cyclical residential and commercial real estate developer pivoting towards a land bank plus commercial annuity platform
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 384 | 616 | 892 | 960 | 511 |
| EBITDA (ex other income) | 134 | 252 | 623 | 779 | 423 |
| margin % | 35.0 | 40.9 | 69.9 | 81.2 | 82.6 |
| Owners' profit | 71 | 100 | 461 | 598 | 0 |
| EPS, as reported (₹) | 12.47 | 12.25 | 55.25 | 71.72 | 37.93 |
| ROE % · ROCE % | 8.0 · 14.0 | 8.7 · 21.4 | 29.7 · 39.6 | 29.1 · 38.7 | 13.6 · 17.8 |
| Debt / equity (x) | 0.16 | 0.00 | 0.02 | 0.01 | 0.13 |
| Cash from operations | 41 | 31 | 638 | 410 | 213 |
| Capex | (5) | (28) | (155) | (5) | (4) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 237 | 257 | 251 | 151 | 174 | 91 | 95 | 280 |
| Profit before tax | 212 | 215 | 221 | 126 | 145 | 73 | 96 | 105 |
| Net profit | 158 | 161 | 165 | 93 | 108 | 54 | 61 | 42 |
| EPS (₹) | 19.01 | 19.29 | 19.78 | 11.16 | 12.96 | 6.44 | 7.36 | 5.03 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · 35th AGM held; dividend of Rs 1.50 per share declared; all resolutions passed | board shareholder meetings | low | — | — |
| 12 Aug 2026 · TDS communication on recommended Final Dividend of Rs 1.50 per share | compliance | low | — | — |
| 12 Aug 2026 · Ganesh Housing 35th AGM on Sep 11; e-voting Sep 8 to 10, 2026 | compliance | minimal | — | — |
| 11 Aug 2026 · BRSR Sustainability Report filed for FY 2025-26 | compliance | low | — | — |
| 11 Aug 2026 · Ganesh Housing FY26 Annual Report filed for 35th AGM on Sep 11 | board shareholder meetings | medium | — | — |
| 6 Aug 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
| 29 Jul 2026 · Ganesh Housing Q1 FY27 call: Rs 280cr revenue, FY27 PAT guide Rs 300-325cr | investor communications | medium | — | — |
| 29 Jul 2026 · Ganesh Housing Q1 FY27: revenue Rs 280cr, guides FY27 revenue Rs 1000-1200cr | investor communications | medium | — | — |
| 29 Jul 2026 · Ganesh Housing Q1 FY27 Results: Revenue Rs 280 Cr, PAT Rs 42 Cr | investor communications | medium | — | — |
| 27 Jul 2026 · Audio recording of Q1 FY27 earnings call shared with exchanges | investor communications | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.1 | 21.8 | 33 of 57 | 43% |
| P/B | 2.7 | 2.1 | 40 of 64 | 38% |
| ROCE | 17.6 | 6.8 | 9 of 67 | 88% |
| ROE | 13.6 | 8.2 | 16 of 67 | 77% |
| Debt / Equity | 0.1 | 0.4 | 22 of 67 | 68% |
| EBITDA margin | 39.3 | 29.6 | 19 of 66 | 72% |
| Revenue growth | 85.6 | 12.8 | 13 of 67 | 82% |
| Profit growth | (54.9) | 7.5 | 56 of 66 | 15% |
| Market cap | 6379 | 2250 | 16 of 67 | 77% |
| 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 |
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.
