GANESHBE

Ganesh Benzoplast financials

Integrated liquid-logistics and chemicals platform running third-party liquid storage terminals at JNPT, Cochin and Goa, plus a Tarapur specialty-chemicals plant and rail-based bulk liquid transport.

Market cap: ₹948 Cr
Sector: Oil, Gas & Consumable Fuels
Calls analysed: 5

Latest concall · Q4 FY26 · call held 08 Jun 2026

Ganesh Benzopl. Q4 FY26

Consolidated Revenue 1,115 million +12%Consolidated PAT 152 million Consolidated EPS ₹10.19 +93%

What went well

Consolidated PAT for FY26 increased by 92.89% to INR 733 million compared to INR 380 million in FY25.
Standalone PAT for FY26 increased by 99.67% to INR 613 million compared to INR 307 million in FY25.
Consolidated Q4 FY26 revenue grew by 11.61% YoY to INR 1,115 million.

What to watch

JNPT rental expense increased 10x in FY26 due to a 30-year reset, impacting PAT and causing Q4 consolidated EBITDA margin to compress from 21-22% to 18-19%.
Goa terminal capacity utilization is near 0% due to the mining ban, though modifications for blended petrol are planned.

Read the full call →

What Ganesh Benzoplast Limited does

Ganesh Benzoplast operates two divisions: a Liquid Storage Terminal (LST) business that provides third-party bulk storage of chemicals, oils and specialty liquids across three port-linked terminals (JNPT, Cochin, Goa), including wharfage, EPC and rail logistics services; and a Chemicals division that manufactures and trades specialty chemicals (benzoates, plasticizers, lubricant additives) and industrial chemicals for domestic and export customers at its Tarapur (MIDC, Boisar, Thane) plant. Its subsidiary Infrastructure Logistic Systems Limited (ILSL) runs rail-based tank-container logistics connecting the terminals to inland destinations (JNPT, Nagpur, Daund), moving cargo such as edible oil via Indian Railways.

Segments

Liquid Storage Terminal (LST) Division
Chemicals Division
Rail Logistics (via ILSL)

Total liquid storage terminal (LST) capacity: 3,52,000 KL across 3 port-linked terminals
Storage tanks: 98 tanks (55 stainless steel / pre-coated)
Port-linked terminals: 3 (JNPT, Cochin, Goa)
JNPT terminal capacity: 2,83,000 KL, 83 tanks; ~100% FY26 utilisation; 1,328,000 MT throughput
Cochin terminal capacity: 43,000 KL, 11 tanks; ~95% FY26 utilisation; 348,000 MT throughput
Goa terminal capacity: 26,000 KL, 4 tanks; negligible FY26 utilisation (mining-ban impact)

Founded 1986Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 10 tracked 1 delivered 4 missed 5 open

Decision on 8.5 acres JNPT land utilization delivered said Q1 FY26 Promised: Better visibility/decision by the end of Q2 FY26. Q4 FY26: The decision to pursue LST expansion is now in the execution phase, confirming the promise was met.
New LPG Capex Project Execution missed said Q3 FY25 Promised: INR 900 crore LPG terminal, piling starts March 2025, completion in 2 years. Q4 FY26: No update provided. The topic of LPG/Ammonia capex was not discussed, confirming it remains shelved.
Commissioning of new JNPT LST capacity delayed said Q2 FY26 Promised: 30,000 tons A-class tanks commissioned within a year. Q4 FY26: Timeline for the first phase (now specified as 50,000 kL) has been pushed from Q1 FY27 to 'end of calendar year 2026' (Q3 FY27).

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.9%, net profit up 0.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	98	89	100	96	99 +1%	105 +18%	111 +11%	118 +23%
Expenses	73	62	68	67	77	83	91	90
EBITDA	25	27	32	29	22 −12%	22 −19%	21 −34%	27 −7%
Margin	25%	30%	32%	30%	22%	21%	18%	23%
Other income	5	4	-40	4	17	8	5	5
Interest	2	1	2	2	1	1	1	2
Depreciation	6	6	6	6	6	6	6	6
Profit before tax	22	24	-16	25	32 +45%	22 −8%	19 +219%	24 −4%
Tax rate	25%	24%	-18%	28%	25%	27%	18%	27%
Net profit	16	18	-13	18	24 +50%	16 −11%	15 +215%	18 +0%
EPS	2.29	2.55	-1.83	2.52	3.30	2.24	2.12	2.44

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 +36.9% 1Y

1Y: ₹96.12 on 10 Sept 2025 → ₹131.63. High ₹133.35 (10 Sept 2026), low ₹69.52 (2 Feb 2026).

How the price took the results

close before → close after

Q4 FY26: −3.6%; 8 Jun
Q3 FY26: +1.3%; 19 Feb
Q2 FY26: +1.9%; 14 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 fell 0.8% a year over 3 years, FY23 to FY26. Operating margin widened to 22.9%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹421 Cr	₹477 Cr	₹375 Cr	₹411 Cr
Operating profit	₹87 Cr	₹95 Cr	₹109 Cr	₹94 Cr
Operating margin	20.7%	19.9%	29.1%	22.9%
Interest	₹4 Cr	₹5 Cr	₹6 Cr	₹5 Cr
Depreciation	₹17 Cr	₹21 Cr	₹24 Cr	₹24 Cr
Net profit	₹56 Cr	₹61 Cr	₹37 Cr	₹73 Cr
Net margin	13.3%	12.8%	9.9%	17.8%
Cash from operations	₹41 Cr	₹83 Cr	₹55 Cr	₹79 Cr
Free cash flow	₹-3 Cr	₹1 Cr	₹16 Cr	₹15 Cr
ROCE	21.0%	18.0%	18.0%	15.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹6 Cr	₹6 Cr	₹7 Cr	₹7 Cr	₹7 Cr	₹7 Cr
Reserves	₹226 Cr	₹274 Cr	₹350 Cr	₹494 Cr	₹573 Cr	₹604 Cr
Borrowings	₹59 Cr	₹26 Cr	₹62 Cr	₹57 Cr	₹52 Cr	₹76 Cr
Other liabilities	₹87 Cr	₹91 Cr	₹115 Cr	₹118 Cr	₹135 Cr	₹163 Cr
Total liabilities	₹378 Cr	₹398 Cr	₹533 Cr	₹677 Cr	₹768 Cr	₹850 Cr
Fixed assets	₹232 Cr	₹233 Cr	₹277 Cr	₹335 Cr	₹396 Cr	₹421 Cr
Capital work in progress	₹12 Cr	₹20 Cr	₹44 Cr	₹46 Cr	₹7 Cr	₹21 Cr
Investments	₹2 Cr	₹16 Cr	₹18 Cr	₹20 Cr	₹21 Cr	₹24 Cr
Other assets	₹132 Cr	₹129 Cr	₹194 Cr	₹276 Cr	₹343 Cr	₹384 Cr
Total assets	₹378 Cr	₹398 Cr	₹533 Cr	₹677 Cr	₹768 Cr	₹850 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, FIIs trimmed −4.50 pp while the public added +3.83 pp. The shareholder count shrank 5% to 51,013.

Promoters: 39.0%
FIIs: 1.1%
DIIs: 1.0%
Public: 58.9%

Since Jun 2025

FIIs −4.50 pp
Public +3.83 pp
DIIs +0.65 pp

How it drifted, 12 quarters

Over this window the public went from 56.1% to 58.9% — +2.8 pp.

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Ajay Upadhyaya +1.01 pp 2.19% held

The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

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

Holder	Stake	Change
Susram Financial Services & Realty Pvt.Ltd	16.59%	unchanged
Ganesh Risk Management Pvt.Ltd	6.90%	unchanged
Stolt-Nielsen Singapore Pte Ltd.	6.06%	unchanged
Sushila Ramesh Pilani	5.06%	unchanged
Anil Kumar Goel	3.75%	unchanged
Tarang Advisory Pvt. Ltd.	3.41%	unchanged
Rishi Ramesh Pilani	2.47%	unchanged
Ajay Upadhyaya	2.19%	+1.01 pp
Anil Vishanji Dedhia	1.80%	−3.04 pp
Seema Goel	1.56%	unchanged
Poonam Pilani	1.50%	unchanged
Ashok Goel	1.39%	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.

All earnings calls (5)

Read the Q4 FY26 call →

Learn to analyse Ganesh Benzoplast Limited

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