Ganesh Housing Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ganesh Housing Ltd-$ filed with BSE on 03 Jun 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 Q4 FY26 revenue of INR122 crores with EBITDA margins of about 80.7% and PAT of INR61 crores, while full-year FY26 revenue stood at INR539 crores and PAT at INR316 crores, both lower than FY25. Management described FY26 as a transition year focused on project execution, citing the inauguration of Million Minds Tech City Phase 1 by the Union Home Minister and continued progress at Malabar Retreat, which is about 79% complete. The Board recommended a dividend of 15%, down from higher payouts in prior years, which management attributed to conserving cash for growth opportunities.
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Numbers mentioned
Revenue: INR122 crores (Q4 FY26)
p. 5
“For Q4 FY26, the company reported revenues of INR122 crores, registering a sequential growth of 33%.”
B. Ravi, page 5 of the filed PDF · View the filing
EBITDA margin: about 80.7% (Q4 FY26)
p. 5
“EBITDA stood at INR98 crores with EBITDA margins of about 80.7% and PAT came in at INR61 crores with PAT margins of about 50%.”
B. Ravi, page 5 of the filed PDF · View the filing
PAT: INR61 crores (Q4 FY26)
p. 5
“EBITDA stood at INR98 crores with EBITDA margins of about 80.7% and PAT came in at INR61 crores with PAT margins of about 50%.”
B. Ravi, page 5 of the filed PDF · View the filing
Revenue: INR539 crores (FY26)
p. 5
“For the full year FY26, revenue stood at INR539 crores and PAT at INR316 crores.”
B. Ravi, page 5 of the filed PDF · View the filing
PAT: INR316 crores (FY26)
p. 5
“For the full year FY26, revenue stood at INR539 crores and PAT at INR316 crores.”
B. Ravi, page 5 of the filed PDF · View the filing
Dividend: 15%, INR1.5 per share (FY26)
p. 5
“the Board of Directors have recommended a dividend of 15%, that is INR1.5 per share.”
B. Ravi, page 5 of the filed PDF · View the filing
Malabar Retreat completion: approximately 79%
p. 6
“the project continues to progress steadily and is now approximately 79% complete in all the space.”
B. Ravi, page 6 of the filed PDF · View the filing
Malabar Retreat bookings: nearly about INR175 crores against project value of about INR450 crores
p. 6
“Against an overall project value of about INR450 crores, bookings and sales commitments are there nearly about INR175 crores, and this has been growing day on day.”
B. Ravi, page 6 of the filed PDF · View the filing
Land reserves: approximately 518 acres
p. 7
“Ganesh Housing today has one of the largest strategic land reserves in Ahmedabad with approximately 518 acres of fully paid land reserves across multiple high-growth corridors.”
B. Ravi, page 7 of the filed PDF · View the filing
Godhavi land monetized: approximately 46 acres at averaging around INR14.1 crores per acre
p. 7
“at Godhavi Township till now, only approximately 46 acres have been monetized at healthy realizations averaging around INR14.1 crores per acre, and there is huge possibilities lying ahead in this.”
B. Ravi, page 7 of the filed PDF · View the filing
LRD loan taken: about INR150 crores (March FY26)
p. 15
“In the last quarter, the last week of FY26 that is in March, we have taken about INR150 crores about loan from -- on based on our leases, which were there LOIs, which were signed.”
B. Ravi, page 15 of the filed PDF · View the filing
One 91 Thaltej sale value and cost: sale value of INR2,100 crores, cost including land of about INR1,500 crores
p. 10
“So One 91 Thaltej has a sale value of INR2,100 crores and the cost of about -- so include land cost is about INR1,500.”
B. Ravi, page 10 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.
Full year top line and EBITDA guidance — Q1 FY27
stated firmly by B. Ravi
p. 8
“We shall be doing that, Prit, in this results -- Q1 results when we announce that, we'll be telling at that time.”
B. Ravi, page 8 of the filed PDF · View the filing
Million Minds Phase 1 annual lease revenue — exceeding INR75 crores, possibly INR77 crores · full year, from FY28 onwards
stated conditionally by B. Ravi
p. 10
“we believe that we'll be exceeding that INR72 crores, maybe even towards INR75 crores or INR77 crores.”
B. Ravi, page 10 of the filed PDF · View the filing
Million Minds Phase 2 (commercial) — Q2 FY27
stated firmly by B. Ravi
p. 17
“Phase 2 is quarter 2. Phase 2 of Million Minds is quarter 2.”
B. Ravi, page 17 of the filed PDF · View the filing
Million Minds residential Phase 1 launch — Q3 FY27
stated firmly by B. Ravi
p. 17
“The residential will be in quarter 3.”
B. Ravi, page 17 of the filed PDF · View the filing
Malabar Retreat completion and handover — by FY27 end
stated conditionally by B. Ravi
p. 14
“we should be able to complete the entire - - not only booking of that, but also handing over.”
B. Ravi, page 14 of the filed PDF · View the filing
Million Minds lease rental commencement — Q3 FY27, possibly end of Q2
stated conditionally by B. Ravi
p. 12
“The lease rentals should be starting from Q3, I think, of this year, that is October onwards because the project is already complete.”
B. Ravi, page 12 of the filed PDF · View the filing
One 91 Thaltej project clarity — Q1 FY27
stated firmly by B. Ravi
p. 8
“we will be able to exactly tell you, as I told you in my speech, as to very be specific on that in Q1 for sure.”
B. Ravi, page 8 of the filed PDF · View the filing
Dividend payout — earlier levels · next year
stated conditionally by B. Ravi
p. 19
“if the cash position and as the projects and all go as planned for the next year, the dividend, I'm sure the Board will always feel more enthused to give -- go back to their earlier levels.”
B. Ravi, page 19 of the filed PDF · View the filing
Larger construction timeline — 3 years
stated firmly by Management
p. 17
“That will take 3 years.”
Management, page 17 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 said annual guidance is given at the start of each fiscal year and will be provided again in Q1 FY27, denying that guidance has been repeatedly deferred quarter to quarter.
Answered by B. Ravi
Asked by Prit Nagersheth: Why has the company repeatedly delayed giving guidance for the last several quarters?
p. 8
“But year-to-year guidelines, we always have given at the beginning of the year in Q1, and we'll continue to do that in for FY26 also -- sorry, '27 also in Q1.”
B. Ravi, page 8 of the filed PDF · View the filing
Management said the earlier estimate of INR72 crores annual lease revenue could be exceeded, potentially reaching INR75-77 crores.
Answered by B. Ravi
Asked by Deepesh Sancheti: What is the expected rental yield or annual annuity potential from Million Minds Phase 1?
p. 10
“we believe that we'll be exceeding that INR72 crores, maybe even towards INR75 crores or INR77 crores.”
B. Ravi, page 10 of the filed PDF · View the filing
Management said rentals should begin around Q3, with the full INR75 crore run-rate visible only from April 2027 onward.
Answered by B. Ravi
Asked by Majid Ahmed: When will Million Minds lease rentals start and how much is expected this year?
p. 12
“So I do believe that the rentals will start off from Q3 for sure, if not end of Q2 itself. But that will be partial for this year. And I think the full year's potential of INR75 crores will be what we see from 1st April '27 onwards.”
B. Ravi, page 12 of the filed PDF · View the filing
Management explained an LRD-based loan of INR150 crores was taken against signed lease LOIs on Million Minds to fund opportunities.
Answered by B. Ravi
Asked by Hetal Vora: What are the recently increased loans on the balance sheet for?
p. 15
“So it was more of an LRD kind of a facility that we took on our Million Minds.”
B. Ravi, page 15 of the filed PDF · View the filing
Management said land monetization is itself an important vertical and that Smile City includes both land sales and future project development, describing it as a combination driving overall growth.
Answered by B. Ravi
Asked by Janad Shah: Why has profit relied mostly on land sales rather than operational project performance, and why the delay in Smile City/Thaltej launches?
p. 18
“So it's a combination, I would call, which is leading to the total growth of Ganesh Housing.”
B. Ravi, page 18 of the filed PDF · View the filing
Management said the Board chose to conserve cash for growth opportunities given the developments underway in Ahmedabad.
Answered by B. Ravi
Asked by Janad Shah: Why was the dividend cut from higher historical levels to 15% despite low debt?
p. 19
“So the growth of the company has been kept uppermost in mind while giving a lower dividend so that the cash can be conserved, and especially when such a lot of things are happening in Ahmedabad.”
B. Ravi, page 19 of the filed PDF · View the filing
Risks flagged
West Asia crisis and geopolitical challenges increased input material costs during FY26.
p. 3
“Due to this uncertainty, the cost of input materials and many other things have gone up, as you all know.”
B. Ravi, page 3 of the filed PDF · View the filing
Emerging cost pressures alongside growth trends in the Ahmedabad real estate market.
p. 4
“Over the last 5 months, the real estate market in Ahmedabad and wider Gujarat has seen a strong mix of infrastructure-led growth, premium housing demand, institutional interest and some emerging cost pressures, of course.”
B. Ravi, page 4 of the filed PDF · View the filing
Increased construction costs and project delays are emerging challenges in the Gujarat real estate market.
p. 5
“Of course, there are certain emerging challenges of increased construction costs and project delays, but these are either manageable or surmountable.”
B. Ravi, page 5 of the filed PDF · View the filing
Past experience of a launched project that could not be sold for a long period influenced cautious launch timing.
p. 9
“Why that is there is we have had a bad experience years back when we had launched and when it was not there, and it could not be sold for a long period for various reasons.”
B. Ravi, page 9 of the filed PDF · View the filing
Large prospective tenants may delay signing leases until the building use certificate is received.
p. 17
“more often than not, very large ones who are there maybe sitting on the fence at this point in time would come in only when the BU is there, which is -- that is building the use certificate”
B. Ravi, page 17 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.