Ganesh Benzopl.

Ganesh Benzoplast Limited reported a consolidated revenue of INR 1,115 million in Q4 FY26, marking an 11.61% year-on-year increase from INR 999 million in Q4 FY25. The company achieved a PAT of INR 152 million, a significant turnaround from a loss of INR 132 million in the corresponding quarter of the previous year. This performance was driven by strong operational improvements despite specific challenges, leading to a positive bottom line.

For the full financial year 2026, consolidated turnover reached INR 4,114 million, up 9.91% from INR 3,743 million in FY25. Consolidated PAT saw a substantial increase of 92.89% to INR 733 million, compared to INR 380 million in the previous year. Diluted EPS nearly doubled to INR 10.19 from INR 5.29 in FY25, reflecting robust profitability growth over the year and highlighting the company's strong financial health.

The company is undertaking a significant capacity expansion of 50,000 kL at JNPT, with an estimated capex of INR 40-50 crores, expected to be commissioned by the end of calendar year 2026. This expansion is part of a larger INR 100 crore capex plan for new capacities. However, the company faced a 10x increase in rental expenses for certain JNPT plots (from INR 2 crores to INR 25 crores) in FY26 due to a 30-year contractual reset, which impacted Q4 EBITDA margins, reducing them from 21-22% to 18-19%. Management anticipates recovering these margins over the next 2-3 years through new capacity and cost pass-through mechanisms.

The Goa terminal currently operates at near 0% capacity utilization, primarily due to the mining ban in Goa which reduced bunkering activities. To address this, the company has received statutory approvals for modifications to handle blended petrol, with work expected to commence post-monsoon and conclude by March 31, 2027. While no contracts have been signed yet, these modifications aim to enhance the terminal's capabilities and create new revenue opportunities. The annual maintenance capex for the Goa terminal is approximately INR 10-12 lakh per month.

The Chemical division's PAT has grown almost 2.5x over the last three years, indicating strong underlying performance. In Q4 FY26, the division's profitability was affected by two one-time^📎 exceptional item^📎s: a major expense for recertification from UK and Europe territories, and the settlement of staff dues and salary hikes following a management change. Excluding these non-recurring^📎 items, the Chemical division's PAT would have shown at least a 15% year-on-year jump, demonstrating its healthy operational trajectory.

The company noted an increase in receivables, particularly those outstanding for over six months. This was attributed to extended credit terms (60-90 days) in the EPC and Chemical segments, as well as retention money practices. Management assured that there are no bad debt issues. Additionally, the company is in the preliminary stages of establishing a Singapore subsidiary to explore 'basket trade' opportunities, aiming to become a one-stop supplier for clients in Europe by combining Indian-manufactured chemicals with other internationally sourced products, enhancing its global reach.