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Ganesh Housing Q2 FY27 results: net profit down 38.1% to ₹66.88 crore, revenue down 30.4%
Ganesh Housing Limited reported consolidated Q2 FY27 revenue of ₹121.28 crore, EBITDA of ₹97.89 crore and a net profit of ₹66.88 crore. Revenue and profit were lower than Q2 FY26, while profit increased from Q1 FY27 as the EBITDA margin recovered to 80.7%.
Key points
- Consolidated Q2 FY27 revenue was ₹121.28 crore, down 30.4% from ₹174.21 crore in Q2 FY26 and down 56.7% from ₹279.93 crore in Q1 FY27.
- EBITDA was ₹97.89 crore at an 80.7% margin, compared with ₹147.98 crore and 84.9% in Q2 FY26 and ₹109.78 crore and 39.2% in Q1 FY27.
- Net profit was ₹66.88 crore and basic EPS was ₹8.02; profit was down 38.1% year on year but up 59.4% from Q1 FY27.
- H1 FY27 revenue was ₹401.22 crore, up 23.4%, while PAT was ₹108.84 crore, down 45.9%, and basic EPS was ₹13.05.
How did Ganesh Housing perform in Q2 FY27?
Ganesh Housing reported consolidated Q2 FY27 revenue of ₹121.28 crore, down 30.4% from ₹174.21 crore in Q2 FY26 and down 56.7% from ₹279.93 crore in Q1 FY27. EBITDA was ₹97.89 crore at an 80.7% margin, compared with ₹147.98 crore and 84.9% a year ago and ₹109.78 crore and 39.2% in the preceding quarter.
Consolidated net profit was ₹66.88 crore, down 38.1% from ₹108.09 crore in Q2 FY26 but up 59.4% from ₹41.96 crore in Q1 FY27. Basic EPS was ₹8.02, down 38.1% year on year and up 59.4% sequentially. PBT was ₹89.36 crore, against ₹145.31 crore in Q2 FY26 and ₹104.86 crore in Q1 FY27.
On the standalone basis, revenue was ₹30.8 crore and PAT was ₹6.09 crore, with revenue down 70.4% and PAT before exceptional items of ₹57.04 crore. The company filed both standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 121.28 | 279.93 | 174.21 | −30.4% | −56.7% |
| Other income | 0.04 | 0.25 | 0.07 | −42.9% | −84.0% |
| Total expenses | 31.96 | 175.33 | 28.98 | +10.3% | −81.8% |
| EBITDA | 97.89 | 109.78 | 147.98 | −33.8% | −10.8% |
| EBITDA margin | 80.7% | 39.2% | 84.9% | −4.2 pp | +41.5 pp |
| Profit before tax | 89.36 | 104.86 | 145.31 | −38.5% | −14.8% |
| Tax | 22.48 | 62.90 | 37.22 | −39.6% | −64.3% |
| Net profit | 66.88 | 41.96 | 108.09 | −38.1% | +59.4% |
| EPS (₹) | 8.02 | 5.03 | 12.96 | −38.1% | +59.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ganesh Housing's costs and profit?
Total expenses were ₹31.96 crore, up ₹2.98 crore from ₹28.98 crore in Q2 FY26. Cost of materials was the main increase at ₹75.18 crore, up ₹43.91 crore from ₹31.27 crore, while finance costs rose ₹6.05 crore to ₹7.03 crore and other expenses rose ₹3.13 crore to ₹9.08 crore.
Employee cost was ₹6.22 crore, up ₹0.39 crore from ₹5.83 crore, while depreciation fell ₹0.24 crore to ₹1.53 crore. Other income decreased ₹0.03 crore to ₹0.04 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26.
Tax expense fell ₹14.74 crore to ₹22.48 crore from ₹37.22 crore. Despite the lower tax charge, PAT fell ₹41.21 crore to ₹66.88 crore as revenue declined and the EBITDA margin was lower by 4.2 percentage points.
Management said Q1 FY27 carried land with a high cost basis inherited through the 2020 amalgamation and a one-time tax charge on the sale of One 91 Thaltej land. Management added that Q2 showed the business at its normal margin without that differentiation.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 75.18 | 31.27 | +43.91 | +140.4% |
| Employee cost | 6.22 | 5.83 | +0.39 | +6.7% |
| Finance costs | 7.03 | 0.98 | +6.05 | +617.3% |
| Depreciation | 1.53 | 1.77 | −0.24 | −13.6% |
| Other expenses | 9.08 | 5.95 | +3.13 | +52.6% |
| Total expenses | 31.96 | 28.98 | +2.98 | +10.3% |
| Other income | 0.04 | 0.07 | −0.03 | −42.9% |
| Tax | 22.48 | 37.22 | −14.74 | −39.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 consolidated revenue was ₹401.22 crore, up ₹76.2 crore or 23.4% from ₹325.02 crore in H1 FY26. Total income was ₹401.5 crore, up ₹76.26 crore or 23.4% from ₹325.24 crore.
PBT fell ₹76.62 crore to ₹194.22 crore from ₹270.84 crore, while PAT fell ₹92.31 crore to ₹108.84 crore from ₹201.15 crore. Basic EPS declined ₹11.07 to ₹13.05 from ₹24.12, in line with the 45.9% fall in PAT.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 401.22 | 325.02 | +23.4% |
| Profit before tax | 194.22 | 270.84 | −28.3% |
| Net profit | 108.84 | 201.15 | −45.9% |
| EPS (₹) | 13.05 | 24.12 | −45.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹3464.51 crore at 30 September 2026 from ₹2826.07 crore at 31 March 2026. Total equity rose to ₹2427.48 crore from ₹2331.16 crore, while borrowings increased to ₹732.14 crore from ₹304.88 crore and cash declined to ₹5.57 crore from ₹7.36 crore.
Inventories fell to ₹429.4 crore from ₹497.47 crore, while trade receivables increased to ₹440.1 crore from ₹291.82 crore and trade payables decreased to ₹35.62 crore from ₹38.73 crore.
H1 FY27 operating cash flow was ₹148.72 crore, compared with ₹47.24 crore in H1 FY26. Investing cash flow was negative ₹604.8 crore against negative ₹205.86 crore, financing cash flow was ₹403.87 crore against ₹6.34 crore, and capital expenditure was ₹2.96 crore compared with ₹2.91 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,465 | 2,826 |
| Total equity | 2,427 | 2,331 |
| Borrowings | 732.14 | 304.88 |
| Cash and equivalents | 5.57 | 7.36 |
| Inventories | 429.40 | 497.47 |
| Trade receivables | 440.10 | 291.82 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 148.72 | 47.24 |
| Cash from investing | −604.80 | −205.86 |
| Cash from financing | 403.87 | 6.34 |
| Capital expenditure | 2.96 | 2.91 |
Source: Company's results filing (XBRL).
How has Ganesh Housing done over the last 8 quarters?
Revenue peaked at ₹279.93 crore in Q1 FY27 after bottoming at ₹91.3 crore in Q3 FY26, before falling to ₹121.28 crore in Q2 FY27. PAT reached its low of ₹41.96 crore in Q1 FY27 and recovered to ₹66.88 crore in the latest quarter, although it remained below ₹164.9 crore in Q4 FY25.
The EBITDA margin bottomed at 39.2% in Q1 FY27 and recovered to 80.7% in Q2 FY27. It had peaked at 86.2% in Q4 FY25, when revenue was ₹251.39 crore and PAT was ₹164.9 crore. The latest quarter therefore showed lower revenue, higher profit and a lower margin than the preceding quarter.
What else did the company announce?
The company filed the Board Meeting Outcome and an earnings presentation on 30 October 2026, after the board meeting was scheduled for that date to approve the standalone and consolidated unaudited results. The board approved and took on record the standalone results, and the statutory auditors issued a limited review report with unmodified opinion.
The same-day presentation said about 70% of Million Minds IT SEZ Phase 1 leasable area was tied up and that lease rentals were expected to commence by Q4 FY27. It also reported a fully paid land reserve of about 513 acres. The available same-day filings did not announce a dividend, fund raise or new appointment.
What did Ganesh Housing's management say?
Management said Tower 1 was 68.4% let, with a contracted rent roll of INR55.7 crore, and targeted approximately 90% leasing by March 2027, with rentals expected to begin in Q4 FY27. Malabar Retreat was 87% complete and about 50% booked; management targeted soft possession on January 15, 2027 and at least 75% sales by March 2027.
Management also said Million Minds Tower 2 was targeted for a November 24, 2026 groundbreaking and residential Phase 1 for a Q4 FY27 launch. The fully paid land bank reached 513 acres, while the planned pipeline spans 28.8 million sq ft and INR21,000 crore. Numerical FY28 guidance was deferred to Q4 FY27 or Q1 FY28.
Management identified housing supply exceeding demand for 16 quarters, unsold inventory rising 12%, elevated home-loan rates after the RBI repo-rate increase, slow Malabar Retreat bookings, dependence on Q3-Q4 completions and land sales, and delayed Godhavi infrastructure announcements as risks. The earnings-call record did not contain any analyst questions.
How did Ganesh Housing shares react?
The filing was released after market hours. From the price when the filing appeared, the stock was down 0.1% after 5 minutes, up 0.7% after 15 minutes and down 0.4% after 30 minutes. On the reaction day, it closed 2.9% below its previous close of ₹678.0.
By the next day's close, the stock was 4.1% below its pre-results close. The Residential Commercial Projects industry median was up 1.4% on the reaction day and 1.8% by the next day's close, leaving Ganesh Housing trailing the sector by 4.4 percentage points and 5.9 percentage points, respectively.
Earlier result-day moves were mixed: the stock was up 2.4% on 24 July 2026 and 2.7% on 22 May 2026, but down 6.1% on 6 February 2026 and 3.7% on 21 July 2025.
| After the filing | Stock | Residential Commercial Projects median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +0.7% | |
| 30 minutes | −0.4% | |
| Reaction day | −2.9% | +1.4% |
| Next day | −4.1% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +2.4% |
| 22 May 2026 | +2.7% |
| 6 February 2026 | −6.1% |
| 6 November 2025 | +0.5% |
| 21 July 2025 | −3.7% |
| 14 May 2025 | −2.2% |
| 17 January 2025 | +4.9% |
| 18 October 2024 | +2.0% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Thirty-four other Residential Commercial Projects companies filed for the quarter. Their median revenue growth was 22.4%; 5 peers grew more slowly than Ganesh Housing and 29 grew faster than the company.
Among the 34 peers for which profit was compared, 20 reported higher profit. The peer comparison was as of 4 November 2026.
| Ganesh Housing revenue growth (YoY) | −30.4% |
|---|---|
| Median of 34 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than Ganesh Housing | 5 of 34 |
| Companies with faster revenue growth than Ganesh Housing | 29 of 34 |
| Companies whose net profit rose | 20 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ganesh Housing's revenue in Q2 FY27?
Revenue from operations was ₹121.28 crore, down 30.4% from ₹174.21 crore in Q2 FY26 (consolidated).
Did Ganesh Housing make a profit in Q2 FY27?
Yes. Net profit was ₹66.88 crore, against a net profit of ₹108.09 crore in Q2 FY26.
What was Ganesh Housing's EPS in Q2 FY27?
Basic earnings per share were ₹8.02, against ₹12.96 in Q2 FY26.
How did Ganesh Housing shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.9% from the previous close; the median Residential Commercial Projects stock moved +1.4%.
When did Ganesh Housing announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration Of The Standalone And Consolidated Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 30 October 2026) · PDF
- Results For The Quarter & Half Year Ended 30 September 2026. (BSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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