Ganesh Benzoplast Reports FY26 Results: Revenue Up 9.9%, Reported PAT Rises by 92.5%

Ganesh Benzoplast Reports FY26 Results: Revenue Up 9.9%, Reported PAT Rises by 92.5%​

Ganesh Benzoplast Limited has released its audited consolidated results for the financial year ended March 31, 2026, showing a revenue increase of 9.9% year-on-year (YoY) and reported Profit After Tax (PAT) soaring by 92.5%. The company emphasizes that while headline growth is strong, underlying profitability requires a like-for-like assessment due to operational factors.

The results highlight the continuing expansion of Ganesh Benzoplast’s integrated liquid logistics platform across India's west and south coasts.

Financial Performance Snapshot (FY26)

Total revenue reached ₹4,114 Mn for FY26. The company reported a PAT of ₹733 Mn, compared to an EPS of ₹10.19 in the current fiscal year versus ₹5.29 in FY25. Operating cash flow also improved significantly, reaching ₹793 Mn.

Key financial data points are summarized below:


Segment Performance and Operational Strength

The consolidated results reflect the operations across two primary divisions: Liquid Storage Terminal (LST) Division and Chemicals Division. The LST division contributed ₹2,259 Mn in revenue, while the Chemicals Division generated ₹1,855 Mn, resulting in a total segment revenue of ₹4,114 Mn for FY26.

In terms of profitability, the LST result stood at 732, showing a decline of 10.6% compared to FY25 (₹819). The Chemicals Division delivered steady growth, with its result rising by 3.3%, reaching ₹213 Mn from ₹206 Mn in FY25.

The company maintains a large-scale operational network across three port-linked terminals: JNPT, Cochin, and Goa. JNPT remains the scale anchor, reporting a throughput of 1,328 ‘000 MT in FY26 at approximately 100% utilization. The total LST capacity stands at 3,52,000 KL.

In addition to storage operations, Ganesh Benzoplast has expanded its service offerings by integrating EPC services and rail logistics capabilities, deepening customer relationships across the value chain.

Reconciling Profitability Metrics

The management provided detailed insights into both reported and underlying profitability. The company noted that while the headline PAT growth was robust, the underlying profitability faced headwinds. For instance, PBT before exceptional items saw a decline of 7.7% year-on-year (YoY).

Specific operational challenges impacting margins included the JNPT lease rental reset cost, which significantly contributed to the margin shift. The company also reported that FY25's PAT was reduced by a ₹447 Mn exceptional charge, while FY26 included an exceptional gain of ₹88 Mn.

Balance Sheet and Financial Stability

The consolidated balance sheet expanded substantially, reaching ₹8,495 Mn in March 2026, which is more than double the previous year’s value and was funded almost entirely by retained equity.

Financial health remains strong:

• Gross borrowings were reported at ₹235 Mn as of Mar-26, maintaining a low five-year leverage cycle.
• The company maintains a liquidity cushion with Cash & bank balance of ₹795 Mn, which exceeds gross debt by 3.4 times.
• Net CFO stood at ₹793 Mn, marking a 33% YoY increase and supporting growth capital expenditure.

Risk Management and FY27 Priorities

The company identified several key risks related to its operations:

• JNPT Lease Rental Cost: The transition from the previous lease rate (₹20.0 Mn) to the new run-rate (₹242.5 Mn) is a structural cost that necessitates product mix improvement and better capacity monetization.
• Cochin Throughput Moderation: Planned tank modifications led to moderated throughput in FY26, which management aims to recover in H1 of FY27.
• Goa Low Utilisation: The Goa terminal reported low utilization (22 ‘000 MT against 26,000 KL capacity), and the company plans to revive it through a multi-product cargo strategy.

For FY27, Ganesh Benzoplast focuses on converting the JNPT rental increase into disciplined margin management, achieving recovery in Cochin, reviving the Goa terminal, and driving accretive growth through its Infrastructure Logistic Systems Ltd. (ILSL) rail logistics platform.

GANESHBE Stock Price Movement​

Ganesh Benzoplast Limited sees its shares tumble by 1.84% as of 12:10 PM, currently valued at ₹109.89. This selling pressure is supported by robust market activity, with a total traded volume reaching 677,639 shares in the session so far.