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Revenue
₹337 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Where this quarter sits.
Quarter read
What the record says.
Ganesha Ecosphere reported a challenging Q1 FY26, with legacy RPSF and yarn business hit by unprecedented raw material price spikes (scrap bottle prices reached ₹55-56/kg) and demand slowdown, leading to lower capacity utilization (95% vs 99% QoQ) and margin compression. The rPET packaging vertical also underperformed due to early monsoon, high premium over virgin PET, and regulatory uncertainty from MOEF's draft notification allowing shortfall carryforward. Despite this, management maintains FY26 revenue guidance of ₹1,500 crore and expects to surpass FY25 financials, citing normalized scrap prices (₹41-44/kg), improving demand from September, and strong export orders. Key risks include sustained US tariff impact on textile demand and potential margin erosion as new recycling capacity comes online.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to surpass FY25 revenue and bottom line, with FY26 revenue guided at ₹1,500 crore.
- Total rPET granule capacity to reach 132,000 tons by FY27, including brownfield and greenfield expansions.
- Peak debt level expected around ₹700 crore for funding expansions.
- Management expects exports to contribute 15-20% of total revenue in FY26, up from 12% in Q1.
Risks flagged
- US tariffs on Indian textile imports have halted new orders from Americas, potentially affecting legacy RPSF demand.
- MOEF draft notification allowing shortfall carryforward may reduce near-term rPET demand; final rules pending.
- Announced industry capacity of 3.5 lakh tons by FY27 could lead to oversupply and margin compression.
- Scrap bottle prices remain volatile; any future spike could again compress margins if not passed through.
Key quotes
- The first quarter of FY26 was a challenging quarter for us due to some unprecedented events that led to spike in raw material prices.
- We believe it was just a temporary bump and we have realigned our business strategy according to the new challenges and realities and are confident in surpassing the financial numbers of FY25.
- We are very very efficient in our operations from any of our competitors currently operating in the Indian market be it about sourcing be it about operations be it about sales and volumes.
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