GANESH HOUSING LIMITED — Q3 FY26 earnings call

Call held 9 Feb 2026

Management summary

Ganesh Housing Limited reported a steady Q3 FY26 with revenues of INR 92 crores and strong margins, despite a moderation compared to an exceptional FY25. The company highlighted significant progress in commercial leasing for Million Minds Tech, continued land monetization in Godhavi, and advanced construction on residential projects. Management remains debt-free and is optimistic about future growth driven by project launches and recurring annuity income streams in FY27.

Highlights

  • Q3 FY26 Revenue stood at INR 92 crores.

  • Q3 FY26 EBITDA was INR 72 crores, with an EBITDA margin of 82.3%.

  • Q3 FY26 Profit After Tax (PAT) was INR 54 crores, translating to a PAT margin of 58.7%.

  • For the nine-month period, revenue reached INR 417 crores and PAT was INR 255 crores.

  • Million Minds Tech project has received LOIs for 4 lakh sq ft out of 7.25 lakh sq ft leasable area, targeting 100% leasing by end March 2026.

  • Malabar Retreat residential project is 74% complete, with bookings of approximately INR 155 crores (35-40% of total INR 450 crores sales value).

  • Godhavi land monetization has seen 38 acres sold with an average realization of INR 14.5 crores per acre.

  • INR 70 crores annuity income from Million Minds Project 1 is expected to start in FY26-27.

Key financials

2 periods

Headline

  • Revenue
    ₹92 Cr
  • EBITDA
    ₹72 Cr
  • EBITDA Margin
    82.3%
  • PAT
    ₹54 Cr
  • PAT Margin
    58.7%

9M

  • Revenue
    ₹417 Cr
  • PAT
    ₹255 Cr

What they filed

Q1 FY27: revenue up 6750.0%, net profit up 560.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue242 255 39 4 104 −57%0 −100%17 −56%274 +6750%
EBITDA209 211 17 -12 79 −62%-11 −105%1 −94%112 +1033%
Net profit155 156 11 -10 57 −63%-9 −106%-1 −109%46 +560%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Guidance & targets

Commercial Leasing

  • Million Minds Tech Phase 1 Leasing Commercial Leasing · by end March [2026] · High confidence 100%
    Final negotiations are ongoing for the balanced area, and we are confident of achieving 100% leasing before end March.

    — B. Ravi

Annuity Income

  • Million Minds Tech Lease Income Start Annuity Income · starting from FY '26 first 1 itself · High confidence predictable lease income
    Once operational, Million Minds will not only provide predictable lease income starting from FY '26 first 1 itself, but also position the company more firmly in the commercial development and annuity segment.

    — B. Ravi

  • Million Minds Project 1 Annuity Income Annuity Income · FY '26-'27 · High confidence INR 70 crores
    Right, sir. Sir, my second question was that like in the year '26-'27, can we assume that the INR70 crores annuity income from Million Minds Project 1 would start? (Janak Shah) Yes. (B. Ravi)

    — Janak Shah (question), B. Ravi (response)

Project Completion

  • Malabar Retreat Completion Project Completion · March 27, probably could be even earlier · High confidence completed
    And the project is projected to be completed in March 27, probably could be even earlier.

    — B. Ravi

  • One 91 Thaltej Completion Project Completion · from March [2026] · High confidence 3 to 3.5 years
    Completion is 3 years from the date of March and maybe a maximum 3.5 years.

    — B. Ravi

  • Malabar Retreat Sales Completion Project Completion · FY '27 · High confidence entire sale and hand it over
    So the management definitely is hopeful of completing the entire sale and hand it over in FY '27.

    — B. Ravi

Project Approvals

  • One 91 Thaltej Statutory Approvals Project Approvals · next 1 month or so · High confidence expected
    At this point in time, I can say that the plans have been submitted for statutory approvals and the approvals are expected in the next 1 month or so.

    — B. Ravi

  • Million Minds Phase 2 Approvals Project Approvals · end of February, this month or early March itself · High confidence expected
    Plans have already been submitted for approval again in this and we expect the approval time line to be end of February, this month or early March itself and the prelaunch professions are already underway.

    — B. Ravi

Land Monetization

  • Godhavi Land Monetization (Phase 1 remaining) Land Monetization · by Q4 [FY26] · Medium confidence 12 acres
    So that would be done by Q4, right? (Arvind Mahadevan) Well, I'll be giving you too much of an advanced guidance for that. I'll need to make and watch for that, Arvind. Let's just -- let us complete the year, please. And I'll tell you for that. (B. Ravi)

    — Arvind Mahadevan (question), B. Ravi (response)

Project Launch

  • Million Minds Second Tower Launch Plans Project Launch · next 6 months · Medium confidence plans
    On the residential at this point in time, we would we have not yet finalized on when and what -- how much of area we will be doing on that. Maybe in the next 6 months, we'll come up with plans of that also.

    — B. Ravi

Revenue Outlook

  • FY '26 Revenue vs FY '25 Revenue Outlook · FY '26 · High confidence lower
    But I still said that the way it is going, FY '25 was higher than FY '26. It will remain that. That's what I say.

    — B. Ravi

Risks & concerns

  • Moderation in revenue and profit for FY26 compared to FY25.

    medium

    Management attributes this to FY25 being an exceptional year due to large land monetization deals, and FY26 being more execution-led, implying a timing difference rather than a fundamental issue.

    Management acknowledged

  • Difficulty in forecasting land monetization revenue due to its opportunistic nature.

    medium

    Management explains that land sales are demand-driven and opportunistic, making it hard to project specific revenue figures, and they chose not to sell in Q3 due to unsatisfactory sales values.

    Management acknowledged

  • Potential temporary cash flow mismatch for new projects.

    low

    Management states there 'could be a temporary requirement' or 'mismatch' in some quarters but believes overall corporate cash flow is well-balanced and manageable, leveraging lease rental discounting if needed.

    Analyst acknowledged but downplayed

Areas of evasion (2)

  • Specific revenue forecasts for Q4 FY26 and FY27
  • Specific names of tenants for Million Minds Tech

Q&A highlights

2 direct, 1 evasive
Demand visibility for 191 Thaltej project and the impact of Commonwealth Games 2030 on Ahmedabad real estate pricing. Direct
191 Thaltej, it's always a mix, but such kind of projects, generally, what we have seen for -- especially for Ganesh housing continuously. Quite a bit of them are always having an interest even before the project has been launched... I would want to wait for another 6 to 9 months to see in which all pockets this been happening to really say that where the prices have been already factored in or not.

Reveals the sales strategy for a key upcoming project and management's cautious but optimistic view on future market appreciation due to large-scale events.

Asked by Bhargavi Patel

Shift in margin profile from land sales to project sales and the confirmation of INR 70 crores annuity income from Million Minds Project 1 starting in FY26-27. Direct
Well, 30-ish has never been the kind of even for the developer projects, that's never been our margin. It's been much higher than that. And on top of that, see, the whole thing is about it's a good combination of all those projects where there will be margins around, it's around 37%, 40%, as well as the land by itself... So if at all there has to be a number given, it would be in between what you said and the 80%. (Regarding margins) Yes. (Regarding INR 70 crores annuity income).

Clarifies the expected margin profile as the business shifts towards development projects and confirms a significant annuity income stream.

Asked by Janak Shah

Forecast revenue for Q4 FY26 and FY27, particularly regarding land sales and the difficulty in projecting specific figures. Evasive
Next -- both these things, forecast revenue, surely the way we had guided, I think it will be lower than what it was for Q3, which we have seen it to be lower than what it was there in FY '25... For FY '27, I have to give a guidance only when we finish a complete year of FY '26... See, when we have non-developmental one, this such kind of revenues, it becomes very difficult to really project how much of the Godhavi land demand can come up... Q3, we didn't get that opportunity, and we are not happy with that kind of a sales value, which was coming in. So we did not do it.

Highlights management's reluctance to provide specific short-term revenue forecasts, especially for opportunistic land monetization, due to market conditions and their selective selling approach.

Asked by Aaditya P.

3 min read 6 chapters

Detailed narrative

Q3 FY26 Financial Performance and Outlook

Ganesh Housing Limited reported Q3 FY26 revenues of INR 92 crores, with a robust EBITDA of INR 72 crores, translating to an impressive EBITDA margin of 82.3%. Profit After Tax (PAT) stood at INR 54 crores, achieving a PAT margin of 58.7%. For the nine-month period, revenue was INR 417 crores and PAT was INR 255 crores. While FY26 performance shows moderation compared to an exceptional FY25, which was driven by large Godhavi land monetization deals, management emphasizes strong underlying fundamentals, healthy margins, and a debt-free balance sheet.

Ahmedabad Real Estate Market Dynamics

Ahmedabad continues to be a structurally attractive urban growth story, noted as one of India's most affordable large cities with an EMI to income ratio of around 18%. The city benefits from improving infrastructure, strong employment generation, and migration inflows, driving demand across residential and commercial segments. Key triggers include the expansion of GIFT City, Metro Phase 2 development, improved road connectivity, and anticipated infrastructure push for the Commonwealth Games 2030, all of which are expected to fuel real estate growth.

Million Minds Tech Project Progress

The Million Minds Tech project, a commercial development, has completed construction of its first building, offering a total built-up area of 13.5 lakh square feet and a leasable carpet area of 7.2 lakh square feet. The company has already received Letters of Intent (LOIs) for 4 lakh square feet, representing approximately 60% of the leasable area, with average agreed rentals exceeding INR 100 per square foot. Management is confident of achieving 100% leasing by the end of March 2026, positioning Million Minds to contribute predictable lease income starting from FY26.

Residential and Upcoming Project Pipeline

The premium residential project, Malabar Retreat, is 74% complete, with structural work nearly 100% finished. Bookings have reached approximately INR 155 crores, representing 35-40% of the total sales value of INR 450 crores, with full completion expected by March 2027 or earlier. Upcoming projects include One 91 Thaltej, a premium office and retail development, with statutory approvals expected within the next month. Million Minds Phase 2 approvals are also anticipated by early March 2026, and plans for a second commercial tower are expected within the next six months.

Land Monetization and Financial Strategy

The Godhavi township project continues its strategic land monetization, with approximately 38 acres successfully sold to date, achieving an average realization of INR 14.5 crores per acre. This leaves about 12 acres from Phase 1 for future monetization. The company maintains a debt-free status for over three years, supported by strong internal approvals and prudent financial management. This provides significant flexibility to fund ongoing development and pursue new opportunities, with management noting that cash flows are well-balanced, and temporary mismatches can be managed through lease rental discounting.

Long-term Growth Drivers and ESG Focus

Ganesh Housing anticipates significant growth drivers from the Commonwealth Games 2030, which is expected to boost land values and investor interest in Ahmedabad, particularly in areas where the company holds substantial land banks. The company also highlights its commitment to green initiatives and ESG-friendly construction, having received a Platinum Award. Management believes these efforts, including rainwater harvesting and public gardens, will make them a key beneficiary of government exemptions and contribute to sustainable value creation.

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