BSE: 530797
SHREE GANESH ELASTOPLAST LTD.
Provides mine operations management services and, historically, elastoplast products. Has secured a one-year Business Services Agreement with Kobra Power Limited (formerly Lanco Amarkantak Power Ltd) worth ₹14.3 crore (including GST) for supervision, control, and reporting on mine operations at the Kobra site in Chhattisgarh. The board is also amending the Memorandum of Association to add industrial and mining consultancy services as a new main object, covering coal, iron, aluminium, zinc, copper, and other metals. The legacy elastoplast line has contracted sharply, with FY26 total income of ₹480.48 lakhs down approximately 76% from ₹1,975.01 lakhs in FY25. The company posted a net loss of ₹48.01 lakhs in FY26, narrower than the ₹147.42 lakhs loss in FY25. Employee cost is the largest disclosed cost at 14.9% of revenue, followed by other opex at 6.6% and depreciation at 2.6%. Negative reserves of ₹194.19 lakhs have eroded net worth, cash and equivalents fell to ₹29.87 lakhs from ₹56.26 lakhs, and operating cash flow was negative at ₹59.05 lakhs. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Mine operations management services, Elastoplast/plastics products, Industrial and mining consultancy. Small, loss-making BSE-listed entity pivoting from elastoplast products to industrial services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 39 | 12 | 24 | 20 | 5 |
| EBITDA (ex other income) | 2 | (0) | 2 | (1) | (0) |
| margin % | 4.0 | (2.0) | 8.8 | (6.5) | (7.6) |
| Owners' profit | 1 | (0) | 2 | (1) | (0) |
| EPS, as reported (₹) | 2.42 | (0.53) | 2.96 | (2.68) | (0.87) |
| ROE % · ROCE % | 31.8 · 38.3 | (7.5) · (6.4) | 29.6 · 32.5 | (36.5) · (34.5) | (13.5) · (11.4) |
| Debt / equity (x) | 0.04 | 0.05 | 0.15 | 0.09 | 0.20 |
| Cash from operations | 3 | (1) | 3 | (3) | (1) |
| 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 | 9 | 8 | 2 | 1 | 0 | 1 | 1 | 3 |
| Profit before tax | 2 | 1 | (2) | (2) | 0 | (0) | (0) | 0 |
| Net profit | 1 | 0 | (1) | (2) | 0 | (0) | (0) | 0 |
| EPS (₹) | 2.05 | 0.69 | (2.10) | (3.13) | 0.17 | (0.53) | (0.59) | 0.08 |
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/B | 2.3 | 0.9 | 111 of 150 | 26% |
| ROCE | (12.0) | 2.1 | 163 of 177 | 8% |
| ROE | (13.5) | 2.3 | 140 of 158 | 12% |
| Debt / Equity | 0.2 | 0.1 | 100 of 154 | 35% |
| EBITDA margin | 3.0 | 4.5 | 83 of 137 | 40% |
| Revenue growth | 75.0 | (8.6) | 27 of 135 | 81% |
| Profit growth | 102.3 | 0.6 | 45 of 157 | 72% |
| Market cap | 8 | 21 | 139 of 179 | 23% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to review Q2 and H1 FY2026-27 results | results | low | — | — |
| 30 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 30 Sept 2026 · Synopsis of 32nd AGM Proceedings - Shree Ganesh Elastoplast | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 32nd AGM outcome: financials adopted, director reappointed, auditors ratified | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · FY26 Annual Report: Revenue down 76 percent, but losses narrow | results | high | — | — |
| 5 Sept 2026 · 32nd AGM on Sept 30, 2026 - accounts adoption, director reappointment, auditor ratification | board shareholder meetings | low | — | — |
| 5 Sept 2026 · Book closure set for 32nd AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Board Meeting on 14 Aug 2026 to Consider Q1 FY27 Results | results | low | — | — |
| 21 Jul 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q1 FY27 | compliance | minimal | — | — |
| 30 Jun 2026 · PAC Spouse of Director Buys 18,000 Shares via Open Market | ownership changes | 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.