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Revenue
₹357 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹30.73 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ganesha Ecosphere's Q3 FY26 consolidated revenue was ₹357.22 crore, with EBITDA of ₹30.73 crore (8.6% margin) and PAT of ₹4.74 crore. The standalone legacy business showed strong recovery, with production volumes up 13% QoQ and sales volumes of 31,117 tons (highest in 5 years), driven by stable raw material prices and diversification into non-spinning segments (35% of sales). However, the subsidiary rPET business was severely impacted by the delayed draft notification on mandatory recycled content, leading to capacity utilization of only 50% and a 23% revenue decline. Management expects Q4 to improve with 70-80% utilization in subsidiaries, and FY27 to benefit from the intact 40% mandate. Key risks include further regulatory delays and increased competition from new FSSAI-approved recyclers. The US tariff reduction on textiles may provide a tailwind for exports.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects legacy business margins to recover to 9-10% in FY27, driven by stable raw material prices and volume growth.
- Management expects the rPET subsidiary to operate at 70-80% capacity utilization in Q4 FY26, up from 50% in Q3.
- With the 40% mandate intact, management expects 85-90% capacity utilization in FY27, translating to 55,000-60,000 tons volume.
- Planned investment of ₹450 crore for brownfield and greenfield expansions over FY27-28.
Risks flagged
- The draft notification providing relaxation on mandatory recycled content targets for FY26 has not been finalized, causing demand uncertainty for rPET.
- Number of approved recyclers has increased from 5-6 to 13, intensifying competition and pressuring margins.
- Since September 2025, PET granules are no longer exempt from US tariffs, limiting export opportunities.
- Seasonal fluctuations in bottle scrap availability and prices can impact margins; management maintains only 30-35 days inventory.
Key quotes
- The regulation for 30% uptake is live but in June the government came out with a draft giving some relaxation... since then there has been a lot of to and fro happening between the industry bodies and the government.
- We are expecting the overall capacity in between 70 to 80% in Q4.
- Our legacy business has regained sustainable momentum and recently announced reduction of US tariff on textiles should provide an additional boost in the coming quarters.
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