Ganesh Benzoplast Ltd (BOM:500153) Q3 2026 Earnings Call Highlights: Revenue Growth Amid Profit …

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Mon, February 23, 2026 at 10:00 AM GMT+9 3 min read

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**Total Revenue (Consolidated, Q3 FY26):** INR1,053 million, up 18% Y-on-Y.

**Profit After Tax (Consolidated, Q3 FY26):** INR162 million, down from INR184 million Y-on-Y.

**Total Revenue (Consolidated, 9M FY26):** INR2,999 million, up 9% Y-on-Y.

**Profit After Tax (Consolidated, 9M FY26):** INR580 million, up 13% Y-on-Y.

**Chemical Business Turnover (9M FY26):** INR1,399 million, up 11% Y-on-Y.

**Profit Before Tax (Chemical Business, 9M FY26):** INR187 million, up 36% Y-on-Y.

**EPS (Consolidated, 9M FY26):** INR8.06, up from INR7.12 Y-on-Y.

**Total Revenue (Standalone, Q3 FY26):** INR688 million, up 25% Y-on-Y.

**Profit After Tax (Standalone, Q3 FY26):** INR141 million, down from INR161 million Y-on-Y.

**Total Revenue (Standalone, 9M FY26):** INR1,874 million, up 19% Y-on-Y.

**Profit After Tax (Standalone, 9M FY26):** INR490 million, up 5% Y-on-Y.

**EPS (Standalone, 9M FY26):** INR6.82, up from INR6.47 Y-on-Y.

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Release Date: February 19, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Ganesh Benzoplast Ltd (BOM:500153) reported an 18% year-on-year increase in total revenue for Q3 FY26, reaching INR1,053 million.

The company's chemical business turnover increased by 11% year-on-year for the nine months ended FY26.

The company has reclaimed 4.5 hectares of land at JNPT, which will be used for future expansion projects.

Ganesh Benzoplast Ltd received a significant order worth INR51.33 crore from Reliance Industries for a carbon fiber project.

The company plans to start dividend payouts from the first quarter of FY27, indicating a commitment to returning value to shareholders.

Negative Points

Profit after tax for Q3 FY26 decreased to INR162 million from INR184 million in the previous year, despite revenue growth.

There was a substantial increase in lease rental provisions for the JNPT terminal, impacting profitability.

Gross margins have declined due to increased lease rental expenses, affecting overall financial performance.

The company's expansion plans, including the construction of new storage facilities, have long gestation periods, delaying potential revenue benefits.

The company faces challenges in securing long-term contracts for high-value projects, such as ammonia or cryogenic storage, which could impact future growth opportunities.

Q & A Highlights

Q: With the termination of the LPG joint venture and reclaiming land at JNPT, what is the timeline for the planned CapEx, and are high-margin products like ammonia or cryogenic storage being prioritized? A: The construction has started, and the first phase is expected to be ready in the first quarter of FY27, with full completion by the beginning of FY27/'28. High-margin products are being considered.

Story Continues  

Q: Regarding the INR51.33 crore order from Reliance Industries, is there a plan to pivot the infra engineering subsidiary into a larger EPC firm? A: The subsidiary focuses on strategic EPC works, especially related to port infrastructure. If opportunities arise, the EPC will be involved.

Q: Can the legacy issue of unauthorized transactions be considered closed, and are there any pending contingencies? A: The event is shown as a contingent liability for FY23/'24. Management believes there is no liability on the company, though court cases continue.

Q: What actions are being taken to increase Goa utilization while Kochi and JNPT perform well? A: Approvals are being sought to handle different petroleum products in Goa. If approvals and contracts are secured, utilization will improve.

Q: Why have gross margins declined, and will EBITDA margins of 21%-22% be the new normal? A: The decline is due to increased lease rental provisions. Excluding this, profits would be higher. EBITDA margins are expected to gradually return to previous levels over time.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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