Ganesha Ecosphere Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ganesha Ecosphere Ltd filed with BSE on 29 May 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
Ganesha Ecosphere reported consolidated Q4 FY26 revenue of Rs 423.94 crore, EBITDA of Rs 52.35 crore and net profit of Rs 23.21 crore, up sequentially over Q3 FY26. Management said the MoEF notification issued on March 31, 2026 clarified mandatory recycled plastic usage targets and improved demand visibility for rPET, while the standalone business faced margin pressure from rising PET scrap prices linked to the Middle East conflict. The company said it commissioned a 22,500 ton Brownfield rPET expansion at Warangal, is pursuing another 22,500 ton line, and has dropped the Odisha Greenfield project for now in favour of expanding Warangal toward nearly 100,000 tonnes by FY27.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated production: 41,268 tons (Q4 FY26)
p. 3
“In Q4 FY26, company has made a strong performance with consolidated production numbers of 41,268 tons, which is an increase of 6.45% over Q3 FY26.”
Yash Sharma, page 3 of the filed PDF · View the filing
Consolidated sales volume: 45,162 metric tons (Q4 FY26)
p. 3
“Sales volumes have also increased to 45,162 metric tons, which is increase of 12.25% over last quarter's sale volume.”
Yash Sharma, page 3 of the filed PDF · View the filing
Consolidated revenue: INR 423.94 crores (Q4 FY26)
p. 3
“Company has clocked a consolidated top line of INR 423.94 crores, EBITDA of INR 52.35 crores and bottom line of INR 23.21 crores, registering a growth of 18.7%, 70.4% and 388.6% respectively over the last quarter.”
Yash Sharma, page 3 of the filed PDF · View the filing
Consolidated EBITDA margin: 12.35% (Q4 FY26)
p. 3
“Company has earned an EBITDA margin of 12.35% as against 8.6% during the last quarter.”
Yash Sharma, page 3 of the filed PDF · View the filing
Standalone revenue: INR 260.33 crores (Q4 FY26)
p. 4
“Revenue numbers at INR 260.33 crores are lower by around 4.8%.”
Yash Sharma, page 4 of the filed PDF · View the filing
Operating cash flow: INR 170 crores (FY26)
p. 4
“There is a significant improvement in operating cash flow generation which stood at INR 170 crores enhancing our ability to fund future growth internally.”
Yash Sharma, page 4 of the filed PDF · View the filing
Net debt: INR 375 crores (FY26)
p. 4
“Net debt position has been at INR 375 crores is also at a very comfortable level for us.”
Yash Sharma, 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.
rPET capacity — nearly 1 lakh tonnes · FY27
stated firmly by Yash Sharma
p. 4
“We are pleased to share that we are also pursuing another 22,500 tons expansion and de-bottlenecking projects to push the installed capacity to nearly 1 lakh tonnes by FY27.”
Yash Sharma, page 4 of the filed PDF · View the filing
Filament yarn utilization — next three to six months
stated conditionally by Yash Sharma
p. 4
“Our filament yarn has successfully qualified with the leading global textile brand and we expect to steadily improve utilization rate in this segment as well over the next three to six months' time.”
Yash Sharma, page 4 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.
Approved capacity has grown to about 2.8 lakh tons with 1.5 lakh tons of pending applications, and demand looks robust after the MoEF mandate clarity.
Answered by Yash Sharma
Asked by Meet Gada: What is the FSSAI-approved rPET capacity and pending applications, and how does demand look?
p. 5
“So, see the current FSSAI approved capacity has grown to about 2,80,000 metric tons as of today and there are also pending FSSAI applications as of today to a tune of about 1.5 lakh metric tons as we speak, which also includes our Brownfield expansion as well.”
Yash Sharma, page 5 of the filed PDF · View the filing
Management said the guidance faces challenges due to geopolitical tensions disrupting the supply chain and weak downstream demand.
Answered by Management
Asked by Dheeraj Ram: Do you maintain the 9-10% standalone EBITDA margin guidance?
p. 7
“So, that guidance, basically, some challenges are there as of now because of this geopolitical tensions and global war-like situation where all the supply chain has been disrupted badly and this polyester sector being completely linked with the crude oil and its derivative prices.”
Management, page 7 of the filed PDF · View the filing
Management said the industry is currently undersupplied, with demand expected around 4.5-5 lakh tons against supply of 2.5-2.8 lakh tons.
Answered by Yash Sharma
Asked by Saransh Gupta: What is the demand-supply gap in the rPET industry?
p. 8
“Yes, if you talk about the current situation, definitely we are at an undersupply. Because the industry, if you look at the mandate of 40%, which is being shared for this year, the demand for rPET will be somewhere close to about four and a half to five lakh tons against the current supply of about 2.5 to 2.8 lakh tons.”
Yash Sharma, page 8 of the filed PDF · View the filing
Management said they hope the current level is sustainable, without committing to further expansion.
Answered by Management
Asked by Chirag Jain: Is 19-20% EBITDA margin the new sustainable level or is there scope for expansion?
p. 14
“Yes, we hope so. We hope so, sir.”
Management, page 14 of the filed PDF · View the filing
Management attributed the improvement partly to a release of subsidies this year but reiterated a 70-80% target going forward.
Answered by Management
Asked by Bharat Gulati: Can the 70-80% OCF to EBITDA conversion continue and what drove this year's improvement?
p. 17
“This year, we got some release of our subsidies so this cash flow is better. But going forward also, we are looking for 70-80% conversion of EBITDA into cash flow.”
Management, page 17 of the filed PDF · View the filing
Management said virgin prices are now higher than rPET, with the spread having flipped to about minus 5 from a prior positive 10-15.
Answered by Yash Sharma
Asked by Harsh Saraswat: What is the current spread between virgin PET and rPET prices versus March?
p. 18
“So, today the spread which used to be earlier at around plus 10 between 10 to 12, 15 between rPET and VPET, today it's about (-5) between rPET and VPET.”
Yash Sharma, page 18 of the filed PDF · View the filing
Management said they are shifting to a more strategic location and preferred Brownfield expansion since Greenfield projects take one and a half to two years to become operational.
Answered by Yash Sharma
Asked by Deepak Ajmera: Given demand visibility from the policy push, why cancel the Odisha project?
p. 21
“And we are now currently going forward because any new Greenfield project, the capacity actually comes alive one and a half two years down the line and not immediately.”
Yash Sharma, page 21 of the filed PDF · View the filing
Risks flagged
Middle East conflict disrupting supply chains and raising virgin polymer and PET scrap prices
p. 4
“The ongoing Middle East conflict has disrupted supply chains and driven up virgin polymer as well as pet scrap prices, creating significant pressure across the textile value chain, which is impacting the demand for man-made fibers and the industry struggling to absorb rapid increase in feedstock prices.”
Yash Sharma, page 4 of the filed PDF · View the filing
Weak demand in RPSF and spun yarn due to geopolitical disruptions and PET scrap price increases
p. 5
“At the same time, we remain cautious on the RPSF and spun yarn, where demand has slowed due to geopolitical disruptions and the substantial increase in PET scrap prices.”
Yash Sharma, page 5 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.