Ganesh Benzoplast Q3 FY'26: Revenue Up 18%, PAT Declines Amidst Lease Rental Hikes
Ganesh Benzoplast reported Q3 FY'26 consolidated revenue up 18% YoY to ₹105.3 crore, but PAT fell to ₹16.2 crore due to higher lease rentals. Standalone revenue rose 25% YoY to ₹68.8 crore. Capex of ₹160-170 crore for expansion is underway, with Phase 1 by Q1 FY'27. Dividend payouts are planned from Q1 FY'27.
The revenue growth is positive, but the decline in PAT due to specific cost increases (lease rentals) and the ongoing capex for future growth indicate a medium impact.
The company reported revenue growth, which is positive. However, a decline in PAT due to increased lease rentals and the ongoing litigation impact sentiment to neutral.
Ganesh Benzoplast Limited held its Q3 FY'26 earnings conference call on February 19, 2026, discussing financial performance and future plans.
On a consolidated basis, the company reported a 18% year-on-year increase in revenue for Q3 FY'26, reaching ₹105.3 crore (from ₹89.2 crore in the previous year). However, Profit After Tax (PAT) saw a decrease to ₹16.2 crore from ₹18.4 crore, attributed to a substantial increase in lease rental provisions for the JNPT terminal. For the nine months ended FY'26, consolidated revenue grew 9% YoY to ₹299.9 crore, with PAT increasing by 13% YoY to ₹58 crore. The chemical business also showed robust growth, with turnover up 11% to ₹139.9 crore and profit before tax rising 36% to ₹18.7 crore for the nine-month period. The Earnings Per Share (EPS) for the nine months stood at ₹8.06, up from ₹7.12.
On a standalone basis, Q3 FY'26 revenue increased by 25% YoY to ₹68.8 crore from ₹55 crore. PAT declined to ₹14.1 crore from ₹16.1 crore, again impacted by higher lease rentals. For the nine months, standalone revenue grew 19% YoY to ₹187.4 crore, while PAT increased 5% YoY to ₹49 crore, with an EPS of ₹6.82 compared to ₹6.47.
The company provided an update on its capex plans. The first phase of expansion at JNPT, reclaiming 4.5 hectares of land after the termination of the LPG joint venture with BW LPG, is expected to be ready in Q1 FY'27, with full commissioning by the beginning of FY'28. This expansion, estimated at ₹160-170 crore, is projected to generate an additional top line of ₹45-50 crore with EBITDA margins of 65-75%.
Regarding the carbon fiber project order from Reliance Industries worth ₹51.33 crore, the company indicated that its infra engineering subsidiary would be involved in strategic EPC works, including port-related infrastructure and tank farms.
The company plans to commence dividend payouts from Q1 FY'27, with the agenda to be presented at the upcoming AGM in September 2026. The management emphasized a focus on safe growth, ensuring viable and long-term businesses before expanding.
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