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    GANESH HOUSING Q1 FY27 earnings call

    GANESHHOU
    Realty·29 Jul 2026
    Management Summary

    Ganesh Housing Limited reported strong Q1 FY27 revenue growth, driven by project execution and strategic land monetization. While profitability was impacted by a one-time tax burden from the sale of One 91 Thaltej, the company made significant progress on Million Minds Tech City leasing and maintained a robust launch pipeline. Management provided optimistic FY27 guidance, emphasizing a diversified real estate platform and disciplined capital allocation.

    Highlights

    5

    • Revenue of ₹280 crores, up 86% YoY and 130% QoQ, reflecting continuous execution across the project portfolio.

    • EBITDA for the quarter stood at ₹110 crores, rising 12% QoQ.

    • Malabar Retreat project construction reached 83% completion, with bookings of ₹183 crores (45% of total sale value).

    • Million Minds Tech City Phase-I is in final stages of completion, with 43% of leasable area (2.64 lakh sq ft) under executed LoIs and 15-20% under negotiation.

    • FY27 revenue guidance of ₹1000-1200 crores and PAT guidance of ₹300-325 crores, indicating strong future growth.

    Concerns

    2

    • PAT for the quarter was ₹42 crores, lower YoY and QoQ, primarily due to a higher one-time tax burden from the sale of One 91 Thaltej land.

    • Operating margin moderated compared to previous periods due to project mix and revenue recognition timing, though management attributes this to sector-specific accounting.

    Key financials

    Single quarter

    06 metrics
    1. 01Revenue₹280 Cr+86%YoY
    2. 02EBITDA₹110 Cr+12%QoQ
    3. 03PBT₹105 Cr+10%QoQ
    4. 04PAT₹42 Cr
    5. 05EBITDA Margin39.3%

    Order Book

    high confidence

    Total Value

    ₹ 183 crores

    as of 2026-06-30

    quantified

    Inflow this qtr

    ₹ 183 crores

    Composition

    Malabar Retreat(project)
    ₹ 183 crores45.0%

    Pipeline

    other

    Million Minds Tech City Phase-I has 43% of leasable area (2.64 lakh sq ft) under executed LoIs and an additional 15-20% under negotiation. Upcoming launches include Million Minds Phase-II (Q3 FY27) and Million Minds residential Phase-I (Q4 FY27).

    "The company continues to see encouraging customer response for its projects, with significant progress in leasing its commercial development and strong bookings for its residential projects."

    Source:
    Prepared remarks

    Capital allocation

    1
    high confidence
    CategoryHeadline
    M&A

    One 91 Thaltej land parcel

    divestment · closed

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue
    Total Revenue
    ₹1000-1200 crores
    		High
    Profitability
    PAT
    ₹300-325 crores
    		High
    Project Launch
    Million Minds Phase-II Launch
    Launch
    		High
    Project Launch
    Million Minds Residential Phase-I Launch
    Launch
    		High
    Annuity Income
    Million Minds Rentals Commencement
    Start
    		High
    Annuity Income
    Million Minds Full Year Rentals
    >₹75 crores
    		Medium

    What to watch in Q2 FY27

    5

    Million Minds Phase-I Leasing Completion

    next two, three months
    Current43% executed LoIs, 15-20% under negotiation
    TargetFull leasing completed

    Why it matters

    Full leasing is crucial for the commencement of annuity income from Million Minds.

    An additional 15%-20% of the area is under various stages of negotiation and conclusion. Only some portions of the SEZ part remain, and we are confident that the full leasing will be completed in the next two, three months.

    Risks & concerns

    1
    RiskSeverity

    One-time tax burden from land sale

    The sale of One 91 Thaltej land resulted in a higher one-time income tax, leading to lower PBT and PAT for Q1 FY27. — Management acknowledged

    medium

    Q&A highlights

    6

    “We would have to wait for the buyer also who is also a listed entity. We both have to do that at the same time. He has not yet told us. So, we are at this point in time constrained to talk about it. But we should do that eventually.”

    Analysts sought specific financial details of the significant land monetization, which management deferred due to the buyer's listed status.

    asked by Preet Nagarseth

    2 min read5 chapters

    Detailed Narrative

    01

    Q1 FY27 Financial Performance Overview

    Ganesh Housing Limited reported a robust Q1 FY27 with revenue reaching ₹280 crores, marking an 86% year-on-year and 130% quarter-on-quarter growth. EBITDA stood at ₹110 crores, reflecting a 12% sequential increase. However, PAT for the quarter was ₹42 crores, impacted by a higher one-time📎 tax burden associated with the strategic sale of the One 91 Thaltej land parcel. Management noted that profitability moderated compared to previous periods due to project mix and revenue recognition timing, which is typical for the real estate sector.

    02

    Million Minds Tech City Progress and Leasing Momentum

    The Million Minds Tech City project is a key transformational initiative, with Phase-I nearing completion. Fit-out activities are progressing well, and the company expects lease rentals to commence from Q4 FY27. Significant leasing momentum has been achieved, with approximately 43% (2.64 lakh sq ft) of the leasable area already secured through executed Letters of Intent (LoIs), and an additional 15-20% currently under negotiation. The demand is primarily from GCCs, technology companies, and managed co-working spaces, reinforcing Ahmedabad's emergence as a tech hub.

    03

    Strategic Land Monetization of One 91 Thaltej

    During the quarter, Ganesh Housing strategically monetized its One 91 Thaltej land parcel by selling it rather than developing it. This decision was based on a compelling offer and a calculation that immediate monetization yielded a better Net Present Value (NPV) compared to the risks and extended timeline (5 years) of developing a multi-storied commercial building. While the sale contributed to Q1 revenue, it resulted in a higher one-time📎 tax burden due to the land's amalgamation history, which affected the quarter's PAT. The specific financial details of the sale are currently undisclosed, pending joint announcement with the listed buyer.

    04

    Residential Project Updates and Land Bank Strategy

    Construction at the Malabar Retreat residential project has reached 83% completion, with customer response remaining encouraging. Total bookings for Malabar Retreat stand at ₹183 crores, representing 45% of the total sale value. The company continues to maintain a substantial land bank of 510 acres, including 411 acres in Godhavi and 65 acres at Million Minds. Management emphasized a disciplined approach to capital allocation, balancing project development, commercial leasing, and selective land acquisitions to maximize long-term returns.

    05

    FY27 Outlook and Future Growth Drivers

    Ganesh Housing provided a positive outlook for FY27, projecting revenues between ₹1000-1200 crores and PAT ranging from ₹300-325 crores. This growth is expected to be driven by multiple complementary engines, including ongoing residential developments, commencement of commercial leasing at Million Minds, and strategic land monetization. The company plans to launch Phase-II of Million Minds in Q3 FY27 and Phase-I of Million Minds residential projects in Q4 FY27. For FY28, Million Minds rentals are anticipated to exceed ₹75 crores, further bolstering annuity income.

    This is an AI-generated summary of a publicly available earnings call transcript.