BSE: 539041
GANESHA ECOVERSE LIMITED
A BSE-SME listed entity whose amended Memorandum of Association names plastic recycling, PET resin, polyester yarn and textile manufacturing as its business areas, but whose standalone revenue collapsed 95% in FY26 to ₹36.18 lakh from ₹718.21 lakh, with zero revenue from operations recorded in H1 FY26. Standalone income is now essentially other income (₹94.91 lakh in H2 FY26), and standalone employee costs ran at 75.2% of revenue while other operating expenses were reported at 1,853.3% of revenue. The actual textile operations sit with associate GESL Spinners Private Limited, into which the company is being merged with GSPL as the surviving listed entity; under the scheme, 135 GSPL equity shares will be issued for every 100 Ganesha shares. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Standalone other income, Yarn spinning (via associate GSPL). Near-dormant standalone listed entity whose operating textile exposure is held via an associate currently being absorbed into that associate.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 7 | 0 |
| EBITDA (ex other income) | (5) | 1 |
| margin % | (65.3) | 275.9 |
| Owners' profit | 0 | (5) |
| EPS, as reported (₹) | 8.46 | 2.12 |
| ROE % · ROCE % | (36.3) · (2.2) | (14.6) · 6.0 |
| Debt / equity (x) | 0.49 | 0.34 |
| Cash from operations | (2) | (0) |
| Capex | (0) | 0 |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 3 | 0 | 0 |
| Profit before tax | (5) | (1) | 3 |
| Net profit | (16) | (6) | 1 |
| EPS (₹) | 9.36 | 2.49 | 0.37 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 25,680 | 13.8 | 2.36 | 12.2 | 8.0 | 10.8 | 15.9 | 2.0 |
| MMTC LIMITED | 8,018 | 17.9 | 3.78 | — | 18.3 | 21.6 | (83.7) | (2969.1) |
| MSTC LIMITED | 4,160 | 17.8 | 4.60 | 16.7 | 24.2 | 31.8 | (13.9) | 61.3 |
| CREATIVE NEWTECH LIMITED | 1,993 | 28.0 | 4.64 | 26.8 | 9.2 | 10.3 | — | 5.0 |
| Pervasive Commodities Limited | 1,182 | 77.2 | 13.13 | — | 0.0 | 0.0 | — | 1.9 |
| The Yamuna Syndicate Ltd | 774 | 8.5 | 0.60 | 508.1 | 4.0 | 0.3 | 4.8 | 3.4 |
| SHIV AUM STEELS LIMITED | 748 | 65.8 | 6.19 | 54.1 | 6.0 | 6.9 | — | 4.7 |
| THE STATE TRADING CORPN | 624 | 0.9 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 1.9 | 14.7 | 11 of 132 | 92% |
| P/B | 1.6 | 0.9 | 96 of 151 | 37% |
| ROCE | 5.6 | 1.6 | 59 of 175 | 67% |
| ROE | (14.6) | 2.0 | 143 of 158 | 10% |
| Debt / Equity | 0.3 | 0.1 | 109 of 156 | 30% |
| EBITDA margin | (1404.3) | 2.3 | 144 of 146 | 1% |
| Market cap | 57 | 21 | 54 of 178 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · General Manager for Business Development and Textile resigns | management changes | medium | — | — |
| 7 Oct 2026 · Q2 FY27 demat compliance certificate shows zero demat requests | compliance | minimal | — | — |
| 29 Sept 2026 · AGM 2026 results: All 4 resolutions passed, RPT with GESL Spinners approved | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Ganesha Ecoverse AGM: All 4 resolutions passed with over 98 percent majority | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of H1 results | compliance | minimal | — | — |
| 26 Sept 2026 · 23rd AGM held via VC; 4 ordinary resolutions tabled, e-voting results by Sep 29 | board shareholder meetings | low | — | — |
| 5 Sept 2026 · 23rd AGM notice published; e-voting opens 23 to 25 September | compliance | minimal | — | — |
| 3 Sept 2026 · Ganesha Ecoverse shares web-link of 23rd Annual Report with shareholders | compliance | low | — | — |
| 3 Sept 2026 · Cut-off date for 23rd AGM e-voting fixed at September 19, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Book Closure for 23rd AGM | corporate actions | medium | — | — |
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.