BSE: 512443
Ganon Products Limited
A small BSE-listed trading and distribution company with FY26 revenue of Rs 6.72 crore and net profit of Rs 0.52 crore. Its core activity centres on supplying materials to customers, evidenced by Rs 1,481.66 lakh of customer advances received for material supply. The FY26 cost structure reports materials at 0% of revenue, with employees at 1.9% and other operating expenses at 6.7%, suggesting the business may earn through fees or commissions on material supply rather than direct resale of purchased inventory. The auditor flagged Rs 933 lakh of unsecured loans granted during the year and a Rs 120 lakh land advance, indicating balance-sheet activity beyond straightforward trading. Operating cash flow was negative at Rs 831.55 lakh for FY26, and total assets stood at Rs 38.57 crore. The filings reviewed do not disclose the specific materials traded or the customer base. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading and distribution. Very small, lightly-employed trading and distribution company with material balance-sheet and lending exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 13 | 28 | 17 | 7 |
| EBITDA (ex other income) | (1) | (1) | (1) | (1) | 2 |
| margin % | — | (6.7) | (2.6) | (5.3) | 24.8 |
| Owners' profit | 0 | 0 | 0 | 0 | 1 |
| EPS, as reported (₹) | 0.03 | 0.02 | 0.14 | 0.05 | 0.56 |
| ROE % · ROCE % | 0.2 · 2.6 | 0.1 · 3.8 | 1.2 · 3.9 | 0.4 · 7.6 | 4.5 · 9.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 6 | 6 | (3) | (8) |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6 | 7 | 4 | 0 | 0 | 1 | 1 | 4 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.02 | 0.02 | 0.01 | 0.00 | 0.02 | 0.15 | 0.00 | 0.20 |
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 | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.6 | 13.9 | 81 of 130 | 38% |
| P/B | 0.6 | 0.9 | 53 of 150 | 64% |
| ROCE | 3.1 | 2.1 | 82 of 177 | 54% |
| ROE | 4.5 | 2.3 | 62 of 158 | 61% |
| Debt / Equity | 0.0 | 0.1 | 1 of 154 | 73% |
| EBITDA margin | 39.5 | 4.5 | 12 of 137 | 92% |
| Profit growth | 7436.0 | 0.6 | 2 of 157 | 99% |
| Market cap | 7 | 21 | 148 of 179 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate for Q2 FY27 dematerialisation of securities | compliance | minimal | — | — |
| 15 Oct 2026 · Promoter group entity sells 0.93 percent stake via open market | ownership changes | high | — | — |
| 6 Oct 2026 · Promoter group Kamla Business Ventures sells 1.02% stake via open market | ownership changes | medium | — | — |
| 6 Oct 2026 · Promoter entity Kamla Business Ventures LLP seeks reclassification to public | ownership changes | medium | — | — |
| 6 Oct 2026 · Promoter Kamla Business Ventures seeks reclassification to public category | ownership changes | medium | — | — |
| 3 Oct 2026 · AGM 2026: All resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 3 Oct 2026 · 41st AGM voting results: all resolutions passed with 99.999% majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 41st AGM proceedings filed; two ordinary resolutions transacted | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Trading window closed ahead of Q2 FY26 results | compliance | minimal | — | — |
| 11 Sept 2026 · Promoter group entity sells 40,000 shares via open market | ownership changes | low | — | — |
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.