540737

Shree Ganesh Rem financials

Market cap
₹846 Cr
Sector
Healthcare
Calls analysed
3
Latest concall · Q4 FY26 · call held 15 May 2026

Shree Ganesh Rem Q4 FY26

Revenue from Operations ₹33.2 cr +36%EBITDA ₹11.37 cr +15%EBITDA Margin 34.3% PAT ₹6.27 cr −5%

What went well

  • Revenue from operations grew 36% YoY to INR 33.20 crore in Q4 FY26, and 57% QoQ from INR 21.11 crore in Q3 FY26.
  • EBITDA increased 15% YoY to INR 11.37 crore in Q4 FY26, and 69% QoQ from INR 6.73 crore in Q3 FY26.
  • Profit After Tax (PAT) grew 103% QoQ to INR 6.27 crore.

What to watch

  • Profit After Tax (PAT) declined 5% YoY in Q4 FY26 to INR 6.27 crore.
  • EBITDA margins compressed to 34.3% in Q4 FY26 from 40.4% in Q4 FY25.
Read the full call →

What Shree Ganesh Rem does

Shree Ganesh Remedies manufactures pharmaceutical intermediates and speciality/fine chemicals through complex multi-step chemistry (halogenation, reduction, methylation/alkylation and related reactions) at its Ankleshwar, Gujarat manufacturing site. It earns revenue as a custom synthesis and CRAMS (Contract Research and Manufacturing Services) partner to global pharmaceutical, agrochemical, polymer and electronics customers, moving from small-batch multi-purpose-plant production of established intermediates toward larger-scale, higher-value custom molecules for global majors. The company is expanding capacity at Ankleshwar (new production blocks) and has acquired land at Dahej for future large-scale, capital-intensive custom manufacturing projects.

Segments

  • Pharmaceutical Intermediates
  • Speciality and Fine Chemicals / CRAMS
Manufacturing blocks (Ankleshwar Unit 1)
7 functional blocks (Block 7 under commissioning, targeted H1 FY27; Block 8 added FY24)
Consolidated capacity utilisation
60-70% (Block 8 ~50%)
Export reach
20+ countries, including EU and US
Glass-lined reactors
35 (1,000-25,000 Ltr, incl. 2 cryogenic down to -30°C)
Stainless steel reactors
28 (1,000-15,000 Ltr, incl. 1 cryogenic down to -40°C)
Autoclave reactors
3 (2,000 Ltr, up to 40 bar)
Founded 1995Headquarters Ankleshwar, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 4 delivered 2 missed 6 open
  • EBITDA Margin delivered said Q4 FY25 Promised: 24 to 26% of operating margins Q4 FY26: FY26 margins were well above the guided range. H1 margin was 30.8% and Q4 was 34.3%, significantly beating the revised guidance of 26-27%.
  • Agrochemical Project Peak Volume Timeline went quiet said Q4 FY25 Promised: Peak in next 3 to 4 calendar years (approx 2028-2029) Q4 FY26: No specific update provided on the peak volume timeline for the agrochemical project.
  • Block 7 Commercial Production revised up said Q2 FY26 Promised: Second half of FY27 Q4 FY26: Timeline pulled forward. Management now expects commercial production to commence in Q2 FY27, earlier than the original H2 FY27 guidance.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 41.8%, net profit down 67.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue32 27 24 25 30 −6%21 −22%33 +36%14 −42%
EBITDA11 10 10 7 10 −15%7 −32%11 +15%3 −54%
Net profit6 5 7 3 5 −23%3 −43%6 −5%1 −68%
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.

Performance +14.2% 1Y

₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q4 FY26 — 15 May 2026

1Y: ₹578.05 on 10 Sept 2025 → ₹660. High ₹712 (7 Sept 2026), low ₹400.4 (27 Jan 2026).

How the price took the results

close before → close after

Q4 FY26
+15.4%
15 May
Q2 FY26
−0.1%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin widened to 32.0%.

Year endingFY23FY24FY25FY26
Revenue₹91 Cr₹125 Cr₹109 Cr₹109 Cr
Operating profit₹24 Cr₹41 Cr₹39 Cr₹35 Cr
Operating margin26.1%32.6%36.1%32.0%
Interest₹0 Cr₹0 Cr₹2 Cr₹4 Cr
Depreciation₹4 Cr₹6 Cr₹10 Cr₹10 Cr
Net profit₹18 Cr₹28 Cr₹23 Cr₹18 Cr
Net margin19.7%22.7%21.3%16.3%
Cash from operations₹17 Cr₹30 Cr₹31 Cr₹24 Cr
Free cash flow₹-32 Cr₹-1 Cr₹7 Cr₹7 Cr
ROCE22.0%28.0%19.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹12 Cr₹13 Cr₹13 Cr₹13 Cr₹13 Cr
Reserves₹40 Cr₹50 Cr₹75 Cr₹109 Cr₹141 Cr₹150 Cr
Borrowings₹0 Cr₹0 Cr₹33 Cr₹36 Cr₹38 Cr₹31 Cr
Other liabilities₹10 Cr₹15 Cr₹18 Cr₹12 Cr₹13 Cr₹14 Cr
Total liabilities₹61 Cr₹77 Cr₹138 Cr₹171 Cr₹204 Cr₹208 Cr
Fixed assets₹19 Cr₹27 Cr₹58 Cr₹81 Cr₹105 Cr₹105 Cr
Capital work in progress₹2 Cr₹3 Cr₹15 Cr₹17 Cr₹9 Cr₹13 Cr
Investments₹3 Cr₹0 Cr₹0 Cr₹5 Cr₹19 Cr₹13 Cr
Other assets₹37 Cr₹47 Cr₹64 Cr₹69 Cr₹71 Cr₹78 Cr
Total assets₹61 Cr₹77 Cr₹138 Cr₹171 Cr₹204 Cr₹208 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.55 pp while DIIs added +0.52 pp. The shareholder count shrank 15% to 7,822.

Promoters
72.8%
DIIs
0.5%
Public
26.6%

Since Jun 2025

  • Public −0.55 pp
  • DIIs +0.52 pp
  • Promoters +0.03 pp

How it drifted, 12 quarters

Over this window the public fell from 30.7% to 26.6% — −4.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.3%, Public 30.7%.Dec '23: Promoters 69.3%, Public 30.7%.Mar '24: Promoters 69.3%, Public 30.7%.Jun '24: Promoters 69.3%, FIIs 0.0%, Public 30.7%.Sep '24: Promoters 70.5%, FIIs 0.0%, Public 29.5%.Dec '24: Promoters 72.8%, FIIs 0.0%, Public 27.2%.Mar '25: Promoters 72.8%, FIIs 0.0%, Public 27.2%.Jun '25: Promoters 72.8%, FIIs 0.0%, Public 27.2%.Sep '25: Promoters 72.8%, FIIs 0.0%, Public 27.2%.Dec '25: Promoters 72.8%, Public 27.2%.Mar '26: Promoters 72.8%, Public 27.2%.Jun '26: Promoters 72.8%, DIIs 0.5%, Public 26.6%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Shree Ganesh Rem above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Chandulal Manubhai Kothia 48.76%unchanged
Hanshaben Chandubhai Kothia 11.43%unchanged
Pooja Gunjan Kothia 4.79%unchanged
Gunjan Chandulal Kothia 3.21%unchanged
Manubhai Jivabhai Kothiya 1.84%unchanged
Gunjan Jayantibhai Dhorajiya 1.70%unchanged
Hetvi Ketankumar Patel 1.66%unchanged
V Naga Raja Naidu 1.27%unchanged
Parth Chandulal Kothia 1.06%unchanged
Kothia Ashokkumar Manubhai (Huf) 0.08%unchanged
Vilasben Ashokkumar Kothia 0.00%unchanged
Ashokkumar Manubhai Kothia 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹660, this stock must grow earnings at 34% every year for 7 years. Our analysis caps realistic growth at ~-0%. At that growth it is worth ₹109 — downside of 83%.

Growth the price implies
34.4% a year
for 7 years, fading to 4%
It has actually compounded at
-0.1% a year
net profit, FY23–FY26 · EPS -0.3%
The gap
0.3 pp
-83% downside if it only repeats history
Price today ₹660 Value at the reference growth ₹109.24

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Shree Ganesh Rem

Guides on how to read this kind of business and the numbers that matter.