GANESHHOU
GANESH HOUSING share price & financials
- Price
- ₹822.7
- Market cap
- ₹6.4k Cr
- Sector
- Realty
- Calls analysed
- 7
GANESH HOUSING LIMITED Q1 FY27
What went well
- 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).
What to watch
- 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.
What GANESH HOUSING LIMITED does
Ganesh Housing Limited (formerly Ganesh Housing Corporation Limited) is an Ahmedabad-based real estate developer that identifies land parcels, obtains approvals, and constructs and sells residential and commercial properties, earning primarily through unit sales/bookings and, increasingly, lease rentals from its commercial developments. It is positioned as a premium-focused developer with one of the largest developable land banks in Ahmedabad, and is expanding beyond housing into commercial, retail, IT/ITeS SEZ and township formats. The company also monetises land directly through outright land-parcel sales alongside project development. Its flagship diversification project is an IT/ITeS special economic zone (Million Minds Tech City) developed in partnership with global real estate manager Tishman Speyer.
Segments
- Residential
- Commercial
- Township
- Land bank
- ~518 acres of fully-paid land reserves across Ahmedabad growth corridors
- Total projects (completed/ongoing/planned)
- 22 completed, 2 ongoing, 4 planned (28 total)
- Cumulative area delivered
- ~23 million sq ft of residential and commercial real estate delivered to date
- Planned project pipeline area
- ~30.1 million sq ft across 4 planned projects (8 residential, 6 commercial, 5 township, 1 commercial phase)
- Flagship SEZ project footprint
- Million Minds Tech City IT/ITeS SEZ spans 65 acres behind Nirma University, Ahmedabad
- Million Minds Phase 1 leasable area
- 0.85 million sq ft (~1.4 million sq ft construction area)
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 4 delivered 5 missed 10 open- Godhavi Township Monetization Start delivered said Q3 FY25 Promised: Q2 FY26 Q1 FY27: Management confirmed Godhavi land sales are part of the FY27 revenue mix.
- FY26 PAT Growth missed said Q2 FY25 Promised: 30% to 35% bottom line growth Q1 FY27: Not mentioned as the target period (FY26) has passed.
- Million Minds Phase 1 Annuity Income revised up said Q3 FY25 Promised: over INR70 crores Q1 FY27: For FY28, management guided for full year rentals that 'could be higher than Rs. 75 crores also.'
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 6750.0%, net profit up 560.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 242 | 255 | 39 | 4 | 104 −57% | 0 −100% | 17 −56% | 274 +6750% |
| EBITDA | 209 | 211 | 17 | -12 | 79 −62% | -11 −105% | 1 −94% | 112 +1033% |
| Net profit | 155 | 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.
Performance −13.2% 1Y
1Y: ₹879.65 on 10 Sept 2025 → ₹763.4. High ₹882.05 (11 Sept 2025), low ₹506.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.5%
- 29 Jul
- Q4 FY26
- +0.4%
- 1 Jun
- Q3 FY26
- +2.5%
- 9 Feb
- Q2 FY26
- +2.1%
- 10 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 54.1% a year over 2 years, FY24 to FY26. Operating margin narrowed to 45.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹594 Cr | ₹676 Cr | ₹125 Cr |
| Operating profit | ₹370 Cr | ₹517 Cr | ₹57 Cr |
| Operating margin | 62.3% | 76.5% | 45.6% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹7 Cr | ₹8 Cr | ₹7 Cr |
| Net profit | ₹271 Cr | ₹381 Cr | ₹37 Cr |
| Net margin | 45.6% | 56.4% | 29.6% |
| Cash from operations | ₹301 Cr | ₹317 Cr | ₹-16 Cr |
| Free cash flow | ₹146 Cr | ₹100 Cr | ₹-200 Cr |
| ROCE | 33.0% | 37.0% | 3.0% |
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 | ₹49 Cr | ₹83 Cr | ₹83 Cr | ₹83 Cr | ₹83 Cr | ₹83 Cr |
| Reserves | ₹605 Cr | ₹788 Cr | ₹880 Cr | ₹1.1k Cr | ₹2.1k Cr | ₹1.4k Cr |
| Borrowings | ₹282 Cr | ₹99 Cr | ₹4 Cr | ₹8 Cr | ₹77 Cr | ₹281 Cr |
| Other liabilities | ₹45 Cr | ₹125 Cr | ₹207 Cr | ₹185 Cr | ₹337 Cr | ₹163 Cr |
| Total liabilities | ₹981 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.6k Cr | ₹1.9k Cr |
| Fixed assets | ₹191 Cr | ₹192 Cr | ₹192 Cr | ₹214 Cr | ₹435 Cr | ₹209 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹21 Cr | ₹148 Cr | ₹448 Cr | ₹540 Cr |
| Investments | ₹228 Cr | ₹227 Cr | ₹298 Cr | ₹525 Cr | ₹0 Cr | ₹525 Cr |
| Other assets | ₹562 Cr | ₹677 Cr | ₹663 Cr | ₹521 Cr | ₹1.7k Cr | ₹668 Cr |
| Total assets | ₹981 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹2.6k Cr | ₹1.9k 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, DIIs trimmed −0.21 pp while FIIs added +0.16 pp. The shareholder count shrank 17% to 33,191.
- Promoters
- 73.1%
- FIIs
- 0.6%
- DIIs
- 0.3%
- Public
- 26.0%
Since Jun 2025
- DIIs −0.21 pp
- FIIs +0.16 pp
- Public +0.04 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 73.1%, FIIs 0.9%, DIIs 0.1%, Public 26.0%.Dec '23: Promoters 73.1%, FIIs 0.9%, DIIs 0.1%, Public 26.0%.Mar '24: Promoters 73.1%, FIIs 0.9%, DIIs 0.0%, Public 26.0%.Jun '24: Promoters 73.1%, FIIs 1.1%, DIIs 0.1%, Public 25.8%.Sep '24: Promoters 73.1%, FIIs 1.0%, DIIs 0.1%, Public 25.9%.Dec '24: Promoters 73.1%, FIIs 0.8%, DIIs 0.3%, Public 25.9%.Mar '25: Promoters 73.1%, FIIs 0.9%, DIIs 0.1%, Public 25.8%.Jun '25: Promoters 73.1%, FIIs 0.5%, DIIs 0.5%, Public 25.9%.Sep '25: Promoters 73.1%, FIIs 0.4%, DIIs 0.4%, Public 26.1%.Dec '25: Promoters 73.1%, FIIs 0.6%, DIIs 0.4%, Public 25.9%.Mar '26: Promoters 73.1%, FIIs 0.7%, DIIs 0.3%, Public 25.9%.Jun '26: Promoters 73.1%, FIIs 0.6%, DIIs 0.3%, Public 26.0%.
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.
- Oppbasket Private Limited +0.13 pp 1.29% held
The same filing shows 0 holders 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 HOUSING LIMITED above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Shekhar Govindbhai Patel | 34.97% | unchanged |
| Dipakkumar Govindbhai Patel | 33.11% | unchanged |
| Nrupal Dhanpal Shah on behalf of NDS Family Discretionary Trust | 3.76% | unchanged |
| Kunal Dhanpalbhai Shah on behlaf of KDS Family Discretionary Trust | 3.76% | unchanged |
| Anmol Dipakkumar Patel | 1.71% | unchanged |
| Amanvir Shekhar Patel | 1.48% | unchanged |
| Oppbasket Private Limited | 1.29% | +0.13 pp |
| Sapnaben Dipakkumar Patel | 0.56% | unchanged |
| Shri Ganesh Construction Pvt Ltd | 0.55% | unchanged |
| Aneri Dipakkumar Patel | 0.24% | unchanged |
| Archana Shekharbhai Patel | 0.24% | unchanged |
| Kailashben Jayantilal Patel | 0.15% | 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 (7)
Read the Q1 FY27 call →Learn to analyse GANESH HOUSING LIMITED
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