NSE: GANGESSECU · BSE: 540647
GANGES SECURITIES LIMITED
Runs two businesses that together generated ₹36.37 crore of consolidated revenue in FY26. The tea business, operated through wholly-owned subsidiary Cinnatolliah Tea Limited, accounted for 79.2% of segment revenue at ₹28.60 crore but finished the year with an EBIT loss of ₹1.28 crore. The investing business contributed the remaining 20.8% of segment revenue at ₹7.51 crore and delivered ₹6.04 crore in EBIT, driven primarily by interest income on holdings (standalone interest income of ₹2,951 lakhs in FY26 versus ₹1,529 lakhs in FY25). Employee costs are the single largest expense at 57.9% of revenue, reflecting the labour-intensive nature of tea cultivation and processing, while materials account for just 6.2%. The company holds total assets of ₹580.80 crore, is debt-free, and declared no dividend for FY26. An exceptional item of ₹101.86 lakhs was recognised for fraud impact at the tea subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Tea Business (79%), Investing Business (21%). Holding-style entity combining a loss-making tea subsidiary with an investment portfolio that generates most of the profit.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 36 | 41 | 35 | 38 | 36 |
| EBITDA (ex other income) | 10 | 12 | 6 | 6 | 5 |
| margin % | 27.1 | 28.3 | 16.2 | 15.3 | 13.0 |
| Owners' profit | 0 | 0 | 0 | 5 | 0 |
| EPS, as reported (₹) | 7.99 | 9.74 | 3.48 | 5.06 | 2.69 |
| ROE % · ROCE % | 1.3 · — | 2.2 · — | 0.6 · — | 0.7 · — | 0.5 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 17 | 3 | (5) | 21 | 22 |
| Capex | (1) | (2) | (1) | (2) | (2) |
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 | 15 | 13 | 2 | 6 | 16 | 11 | 3 | 8 |
| Profit before tax | 9 | 1 | (5) | 1 | 5 | 2 | (4) | 1 |
| Net profit | 7 | 1 | (4) | 1 | 3 | 1 | (3) | 1 |
| EPS (₹) | 7.22 | 1.03 | (3.71) | 1.03 | 2.91 | 1.46 | (2.70) | 1.22 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| INVESTING BUSINESS | 3 | 8.1 |
| TEA BUSINESS | 11 | 31.3 |
| Investing Business | 5 | 12.7 |
| Tea Business | 17 | 47.9 |
| Total, before eliminations | 36 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSUMER PRODUCT LTD | 98,980 | 60.5 | 4.27 | 33.4 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD | 12,529 | 28.9 | 5.34 | 18.4 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L | 2,229 | 28.3 | 3.92 | 21.1 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,109 | — | 3.41 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 457 | 17.9 | 1.51 | — | 8.4 | 5.0 | — | (22.7) |
| JAYSHREE TEA & INDUSTRIES | 233 | — | 0.59 | 20.3 | (6.3) | (5.1) | 3.0 | 4.9 |
| THE P K TEA PROD CO LTD | 206 | 38.1 | 1.08 | 17.7 | 2.8 | 3.2 | — | 50.0 |
| UNITED NILGIRI TEA LTD | 202 | 10.0 | 0.84 | — | 9.1 | 10.4 | — | 43.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.9 | 14.7 | 16 of 18 | 12% |
| P/B | 0.2 | 0.6 | 3 of 27 | 92% |
| ROE | 0.5 | 2.3 | 15 of 27 | 46% |
| EBITDA margin | 21.5 | 11.9 | 9 of 26 | 68% |
| Revenue growth | 21.0 | 1.6 | 6 of 25 | 79% |
| Profit growth | 18.5 | 18.5 | 14 of 27 | 50% |
| Market cap | 113 | 112 | 13 of 27 | 54% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Special transfer window for physical shares sold before April 2019 | compliance | minimal | — | — |
| 14 Oct 2026 · Newspaper publication of Postal Ballot Notice for related party transaction | compliance | minimal | — | — |
| 13 Oct 2026 · Postal Ballot: Ganges Securities seeks approval for Rs 15 Cr loan to related party MFL | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Routine compliance certificate for Q2 FY26 dematerialisation filing | compliance | minimal | — | — |
| 27 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · NSE seeks clarification on quarterly financial results under SEBI Regulation 33 | compliance | minimal | — | — |
| 26 Aug 2026 · Newspaper notice on special window for physical share transfer and demat | compliance | minimal | — | — |
| 14 Aug 2026 · Ganges Securities Q1 FY27 results published in newspaper | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY26 results: consolidated PAT up; Rs 15 cr loan proposal to Morton Foods | results | high | — | — |
| 13 Aug 2026 · Ganges Securities Q1 results; Rs 15 cr loan proposal approved | results | high | — | — |
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.