NSE: GANECOS · BSE: 514167
GANESHA ECOSPHERE LIMITED
Recycles PET scrap into rPET (recycled PET) chips and downstream polyester products such as recycled polyester staple fibre (RPSF), spun yarn and filament yarn, which it sells to global and national brand owners in the textile and packaging industries. The rPET business sits under subsidiary Ganesha Ecopet at a Warangal plant, where a 22,500-tonne Brownfield line has been commissioned and the rPET line is running at ~85% utilisation. FY26 consolidated revenue was ₹1,481.66 crore with an EBITDA margin of 10.74%; raw materials (PET scrap and others) were the dominant cost at 62.4% of revenue, with PET scrap prices at ₹55-56/kg. The March 2026 MoEF notification reinstated a 40% mandatory recycled plastic usage target, and the rPET industry is currently in undersupply (4.5-5 lakh tonne demand vs 2.5-2.8 lakh tonne supply). Filament yarn has been qualified with a leading global textile brand for ramp-up over the next 3-6 months, while the legacy RPSF/spun yarn business is facing near-term pressure from crude-linked feedstock costs and geopolitical disruptions. FY26 operating cash flow was ₹170 crore and net debt was ₹375 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. rPET (recycled PET chips), Recycled Polyester Staple Fibre (RPSF), Spun yarn, Filament yarn. Recycled polyester manufacturing, demand driven by regulatory mandates on recycled plastic usage
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,021 | 1,180 | 1,123 | 1,466 | 1,482 |
| EBITDA (ex other income) | 114 | 128 | 138 | 211 | 142 |
| margin % | 11.2 | 10.8 | 12.3 | 14.4 | 9.6 |
| Owners' profit | 62 | 69 | 41 | 103 | 38 |
| EPS, as reported (₹) | 28.39 | 31.88 | 18.15 | 40.74 | 14.50 |
| ROE % · ROCE % | 10.8 · 10.9 | 10.9 · 11.3 | 3.9 · 7.1 | 9.0 · 10.9 | 3.0 · 5.6 |
| Debt / equity (x) | 0.62 | 0.79 | 0.38 | 0.48 | 0.39 |
| Cash from operations | 65 | 20 | 43 | 41 | 171 |
| Capex | (277) | (205) | (157) | (208) | (176) |
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 | 387 | 398 | 344 | 337 | 363 | 357 | 424 | 424 |
| Profit before tax | 36 | 37 | 32 | 14 | 1 | 8 | 31 | 37 |
| Net profit | 27 | 30 | 24 | 11 | (0) | 5 | 23 | 29 |
| EPS (₹) | 10.71 | 11.74 | 9.38 | 4.23 | (0.28) | 1.77 | 8.68 | 10.86 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.9 | 16.8 | 143 of 179 | 20% |
| P/B | 2.2 | 1.1 | 137 of 185 | 26% |
| ROCE | 3.2 | 4.3 | 120 of 215 | 44% |
| ROE | 3.0 | 4.7 | 109 of 188 | 42% |
| Debt / Equity | 0.4 | 0.4 | 94 of 188 | 50% |
| EBITDA margin | 15.0 | 9.8 | 58 of 198 | 71% |
| Revenue growth | 25.7 | 6.9 | 48 of 192 | 75% |
| Profit growth | 170.0 | 20.0 | 34 of 203 | 84% |
| Market cap | 2755 | 61 | 14 of 223 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Ganesha Ecosphere to hold Q2 FY27 earnings call on November 2 | board shareholder meetings | low | — | — |
| 24 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · FSSAI nod for subsidiary's 4th rPET production line in Telangana | business updates | medium | — | — |
| 8 Oct 2026 · Routine RTA compliance certificate for Q2 FY2027 dematerialization | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 19 Sept 2026 · AGM voting results: 9 resolutions passed, dividend approved | compliance | low | — | — |
| 19 Sept 2026 · 37th AGM: All 9 resolutions passed; dividend declared, new independent director appointed | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Ganesha Ecosphere appoints Rajiv Kumar Saxena as Independent Director | management changes | medium | — | — |
| 17 Sept 2026 · 37th AGM held via video conferencing; voting results by Sept 19 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · 37th AGM notice published; book closure, e-voting and special window for physical share transfers | 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 |
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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.