This article first appeared on GuruFocus .
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Q4 FY26 Revenue:INR122 crores, a sequential growth of 33%.
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Q4 FY26 EBITDA:INR98 crores with EBITDA margins of 80.7%.
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Q4 FY26 PAT:INR61 crores with PAT margins of 50%.
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FY26 Revenue:INR539 crores.
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FY26 PAT:INR316 crores.
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Dividend:15%, INR1.5 per share.
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Million Minds Tech City Phase 1:60%-65% of leasable area laid out or in final stages.
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Malabar Retreat Completion:Approximately 79% complete.
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Land Reserves:Approximately 518 acres of fully paid land reserves.
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Godhavi Township Monetization:46 acres monetized at INR14.1 crores per acre.
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Warning! GuruFocus has detected 8 Warning Signs with BOM:526367.
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Release Date: June 01, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Ganesh Housing Ltd ( BOM:526367 ) reported a sequential revenue growth of 33% in Q4 FY26, reaching INR122 crores.
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The company maintained strong EBITDA margins of 80.7% and PAT margins of 50% for Q4 FY26.
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Ganesh Housing Ltd ( BOM:526367 ) has a robust balance sheet with low gearing, supported by strong internal accruals and valuable land reserves.
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The Million Minds Tech City project achieved a significant milestone with the inauguration of its first phase, showing strong leasing traction.
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The company has a large strategic land reserve of approximately 518 acres in Ahmedabad, positioning it well for future growth.
Negative Points
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FY26 financial performance was lower compared to the exceptionally strong FY25, reflecting economic and geopolitical challenges.
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The company has faced delays in project launches, such as One 91 Thaltej, affecting market share and financial performance.
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Increased construction costs and project delays are emerging challenges for Ganesh Housing Ltd ( BOM:526367 ).
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The company has been hesitant to provide guidance on top-line and EBITDA numbers for FY27, causing uncertainty among investors.
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Dividend payout has decreased significantly from previous years, with a current payout of 15%, down from 110% in FY24.
Q & A Highlights
Q: Do you have any guidance on the top line and EBITDA numbers for FY27? A: We will provide guidance during the Q1 results announcement. It will be clearer then. (B Ravi, Corporate and Financial Advisor)
Q: Why has the company been hesitant to give guidance for the last four quarters? A: We provide yearly guidance at the beginning of the year. For FY26, guidance was given at the start, and we will continue this practice for FY27 in Q1. (B Ravi, Corporate and Financial Advisor)
Q: Could you quantify the expected rental yield or annual annuity potential from Million Minds Phase 1 once stabilized? A: We expect to exceed the initial INR72 crores annual lease revenue estimate, potentially reaching INR75-77 crores. (B Ravi, Corporate and Financial Advisor)
Q: How does Ganesh Housing plan to fund upcoming projects like Million Minds Phase 2 and One 91? A: We will use a combination of internal accruals and possibly some debt. Our financial flexibility allows us to fund these projects effectively. (B Ravi, Corporate and Financial Advisor)
Q: What is the management's view on the embedded value potential of the remaining land parcel at Godhavi Township? A: The remaining 411 acres have significant potential, with land prices expected to increase beyond the current INR14 crores per acre. We will monetize as opportunities arise. (B Ravi, Corporate and Financial Advisor)
Q: When are lease rentals from Million Minds expected to start, and what is the expected income for this year? A: Lease rentals should start from Q3 FY27, with full potential realized from April 2027 onwards. (B Ravi, Corporate and Financial Advisor)
Q: Could you elaborate on the strategy for new land acquisitions? A: We are acquiring land in high-growth areas of Ahmedabad, focusing on strategic locations with potential for significant value appreciation. (B Ravi, Corporate and Financial Advisor)
Q: What is the expected timeline for Million Minds Phase 2 and One 91 Thaltej project launches? A: Million Minds Phase 2 is expected to launch in Q2 FY27, and One 91 Thaltej is in advanced planning stages, with more details to be shared in Q1 FY27. (B Ravi, Corporate and Financial Advisor)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
