GANESHHOU

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 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.

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.

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.

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.

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.