Ganesh Housing Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Ganesh Housing Ltd-$ filed with BSE on 29 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Ganesh Housing reported Q1 FY27 revenue of Rs. 280 crores, up 130% sequentially and 86% year-on-year, with EBITDA of Rs. 110 crore, PBT of about Rs. 105 crores, and PAT of Rs. 42 crores, the last impacted by a one-time tax burden from the sale of the One 91 Thaltej land. Management said Million Minds Tech City has completed Phase-I and is progressing toward lease rentals commencing in Q4 FY27, with about 60% of leasable area under active discussion. For FY27, management guided to revenue of Rs. 1000 crores to Rs. 1200 crores and PAT of Rs. 300 crores to Rs. 325 crores.
Numbers mentioned
Revenue: Rs. 280 crores (Q1 FY27)
p. 6
“the company reported a revenue of Rs. 280 crores, which is a growth of 130% on a sequential basis and 86% on a year-on-year basis”
B. Ravi, page 6 of the filed PDF · View the filing
EBITDA: Rs. 110 crore (Q1 FY27)
p. 6
“EBITDA for the quarter stood at Rs. 110 crore, while PBT was about Rs. 105 crores.”
B. Ravi, page 6 of the filed PDF · View the filing
PAT: Rs. 42 crores (Q1 FY27)
p. 6
“PAT for the quarter stood at Rs. 42 crores.”
B. Ravi, page 6 of the filed PDF · View the filing
Land reserves: approximately 510 acres
p. 4
“Today, with approximately 510 acres of land reserves, a strong execution pipeline, and a healthy balance sheet, we believe the company is exceptionally well-positioned to capitalize on the next phase of Ahmedabad's real estate growth.”
B. Ravi, page 4 of the filed PDF · View the filing
Malabar Retreat construction completion: 83%
p. 5
“Construction at Malabar Retreat continues to progress as planned and has now reached approximately 83%.”
B. Ravi, page 5 of the filed PDF · View the filing
Malabar Retreat bookings: 73 units, Rs. 183 crores
p. 5
“In terms of numbers, the total booking has been about 73 units. That's almost 45% of the total units. The sale value is about Rs. 183 crores, which is, again, about 45% of the total sale value.”
B. Ravi, page 5 of the filed PDF · View the filing
Million Minds leasing under discussion: approximately 60%
p. 4
“we are pleased to share that approximately 60% of the leasable area is already under active discussion”
B. Ravi, page 4 of the filed PDF · View the filing
Million Minds LoIs executed: 43%, about 2.64 lakh square feet
p. 4
“the total LoIs already executed are to the tune of about 43%, that's about 2.64 lakh”
B. Ravi, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — Rs. 1000 crores to about Rs. 1200 crores · FY27
stated firmly by B. Ravi
p. 7
“we feel that for FY27, we could register revenues of about Rs. 1000 crores to about Rs. 1200 crores and a PAT of ranging between Rs. 300 crores to Rs. 325 crores.”
B. Ravi, page 7 of the filed PDF · View the filing
PAT — Rs. 300 crores to Rs. 325 crores · FY27
stated firmly by B. Ravi
p. 7
“we feel that for FY27, we could register revenues of about Rs. 1000 crores to about Rs. 1200 crores and a PAT of ranging between Rs. 300 crores to Rs. 325 crores.”
B. Ravi, page 7 of the filed PDF · View the filing
Million Minds lease rental commencement — Q4 FY27
stated firmly by B. Ravi
p. 4
“we remain on track for lease rentals to commence during the 4th Quarter”
B. Ravi, page 4 of the filed PDF · View the filing
Million Minds Phase-II launch — Q3 FY27
stated firmly by B. Ravi
p. 7
“we expect to launch Phase-II of Million Minds in Q3 of FY27 and Phase-I of residential projects of Million Minds in Q4 of FY27”
B. Ravi, page 7 of the filed PDF · View the filing
Million Minds full-year rental income — could be higher than Rs. 75 crores · FY28
stated as an aspiration by B. Ravi
p. 12
“It could be higher than Rs. 75 crores also.”
B. Ravi, page 12 of the filed PDF · View the filing
FY28 guidance — FY28
stated as an aspiration by B. Ravi
p. 9
“we shall be giving you the guidance for the next year also, maybe in the 4th Quarter or the 1st Quarter of FY28”
B. Ravi, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed the sale is already completed and included in this quarter's numbers.
Answered by B. Ravi
Asked by Preet Nagarseth: By which quarter will the Thaltej One land sale be completed and reflected?
p. 8
“It's completed. It's already completed.”
B. Ravi, page 8 of the filed PDF · View the filing
Management said they cannot disclose details yet as the buyer, also a listed entity, has not yet made its own disclosure.
Answered by B. Ravi
Asked by Preet Nagarseth: Can you share the realization amount from the Thaltej land sale?
p. 8
“We would have to wait for the buyer also who is also a listed entity. We both have to do that at the same time. He has not yet told us. So, we are at this point in time constrained to talk about it.”
B. Ravi, page 8 of the filed PDF · View the filing
Management estimated around Rs. 550-600 crores from land and about Rs. 470 crores from projects.
Answered by B. Ravi
Asked by Preet Nagarseth: Of the FY27 revenue guidance, how much comes from land sale versus development?
p. 9
“if you really have to say that it is other than project, like a housing one, then yes, they could be around Rs. 550 crores, Rs. 600 crores of land and about Rs. 470 crores of project.”
B. Ravi, page 9 of the filed PDF · View the filing
Management said it prefers to give guidance year-on-year rather than multi-year and may share more after seeing traction.
Answered by B. Ravi
Asked by Preet Nagarseth: What kind of growth visibility is there for FY28?
p. 9
“maybe if we do see a lot of traction in the coming six weeks, we might be able to tell you something about FY28 also. But I would prefer to go year-on-year.”
B. Ravi, page 9 of the filed PDF · View the filing
Management explained the land came in via a 2020 amalgamation at a higher cost basis, raising both cost of goods and one-time tax, which lowered margins and PAT.
Answered by B. Ravi
Asked by Zainab Shah: Why did operating margin fall from around 85% to 39% despite the Thaltej sale, and was this due to taxation?
p. 12
“That's the reason why the margins are lesser than what we have always given in all our land sales before.”
B. Ravi, page 12 of the filed PDF · View the filing
Management said full rentals start Q4 FY27, could exceed Rs. 75 crores annually from FY28, while Godhavi/Smile City plans remain fluid with no confirmed timeline.
Answered by B. Ravi
Asked by Zainab Shah: What is the expected timeline and rental value from Million Minds, and update on Smile City/Godhavi launch?
p. 12
“The renters are starting from Q4 of FY27 itself, and therefore, definitely for FY28, we should be getting the full year's rentals.”
B. Ravi, page 12 of the filed PDF · View the filing
Management said it was a present-value versus future-risk decision, not related to approval issues.
Answered by B. Ravi
Asked by Sandeep: Why was the Thaltej project sold after two years of approvals and planning?
p. 13
“the management saw a better opportunity to sell it as it is rather than take a complete five year risk of execution and sales of the commercial property”
B. Ravi, page 13 of the filed PDF · View the filing
Management said the cash will be used to fund Million Minds development and to pursue new land acquisition opportunities in Ahmedabad.
Answered by B. Ravi
Asked by Sandeep: What will the company do with the cash from the Thaltej sale?
p. 13
“the cash both for land, raw material, plus the Millon Minds development makes more sense to have it cash on hand so that we can strike good deals”
B. Ravi, page 13 of the filed PDF · View the filing
Management said Godhavi will see a mix of township-style plotted development, construction, and land sales.
Answered by B. Ravi
Asked by Sandeep: What are the development plans for the Godhavi land parcel?
p. 14
“it is going to be for a mix of development, plotted development, construction, as well as land sale.”
B. Ravi, page 14 of the filed PDF · View the filing
Risks flagged
Quarterly earnings and margins in real estate are significantly influenced by project mix, stage of completion, and timing of revenue recognition under IndAS 115
p. 6
“quarterly earnings in the real estate business are significantly influenced by project mix, stage of completion and the timing of revenue recognition under IndAS 115”
B. Ravi, page 6 of the filed PDF · View the filing
Multi-storied commercial development carries a multi-year execution and sale risk
p. 11
“three plus two, that is a risk which is associated with it”
B. Ravi, page 11 of the filed PDF · View the filing
Higher one-time tax burden arising from the amalgamated land's cost basis reduced PAT
p. 6
“the income tax on sale of this One 91 Thaltej land led to higher one-time tax burden, leading to a lower PBT, both sequentially and YoY”
B. Ravi, page 6 of the filed PDF · View the filing
Uncertainty over the exact timing of Godhavi/Smile City monetization due to fluid market developments in the area
p. 12
“looking at the developments in and around that area, it's very fluid, and we would want to wait and observe for some more quarters”
B. Ravi, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.