NSE: GANESHHOU · BSE: 526367
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.2 | 20.5 | 31 of 57 | 46% |
| P/B | 2.4 | 1.9 | 39 of 64 | 40% |
| ROCE | 17.6 | 6.4 | 8 of 66 | 89% |
| ROE | 13.6 | 8.0 | 14 of 64 | 79% |
| Debt / Equity | 0.1 | 0.4 | 19 of 64 | 71% |
| 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 | 5624 | 1781 | 16 of 67 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Ganesh Housing schedules Q2 FY27 earnings call for November 2, 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting on Oct 30, 2026 to approve Q2 FY26-27 results | results | low | — | — |
| 22 Oct 2026 · NCLT-ordered shareholders meeting on Nov 27 for Gatil Properties scheme | compliance | minimal | — | — |
| 22 Oct 2026 · Internal Auditor resigns effective October 22, 2026 | management changes | medium | — | — |
| 21 Oct 2026 · NCLT-convened shareholder meeting on Nov 27 for scheme of arrangement | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Newspaper notice on special window for physical share demat | compliance | minimal | — | — |
| 5 Oct 2026 · Routine Compliance Filing: Regulation 74(5) Certificate Submitted | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Secretarial Auditor Name Changed from ALAP & Co LLP to Prasad and Partners LLP | management changes | low | — | — |
| 12 Sept 2026 · 35th AGM voting results: all 17 resolutions passed, dividend of Rs 1.50/share approved | compliance | minimal | — | — |
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.