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Revenue
₹111 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
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Quarter read
What the record says.
Ganesh Benzoplast reported a mixed Q4 FY26. Consolidated revenue grew 10% YoY to ₹411.4 crore, while PAT surged 93% YoY to ₹73.3 crore, aided by a one-time gain of ₹9 crore from LPG contract termination. However, EBITDA margins were compressed due to a ₹23 crore jump in JNPT lease rentals (30-year reset), which management expects to recover over 15-18 months via customer pass-through and new capacity. The liquid storage business operated at 95% utilization, with a 50,000 KL expansion at JNPT on track for commissioning by December 2026. The chemical division faced exceptional costs (REACH certification, staff settlements) but underlying trends remain healthy. Guidance is cautious: management targets gradual margin recovery and steady 5-6% annual rental revenue growth. Key risk: the Goa terminal remains near-idle, with no signed contracts despite capability upgrades.
Colored figures show movement against the previous available record.
Guidance to track
- The first phase of JNPT expansion (50,000 KL) will be commissioned by end of calendar year 2026, with revenue contribution expected from Q4 FY27.
- Management expects to pass on the increased lease rental burden to customers over 15-18 months, restoring margins to pre-reset levels.
- On existing leased tanks, management expects rental revenue to grow 5-6% annually, consistent with historical trends.
- Total capex for the 50,000 KL and subsequent 60,000 KL expansions is approximately ₹100 crore.
Risks flagged
- Goa terminal utilization is close to zero due to mining ban reducing ship calls. Management is exploring options but has no signed contracts.
- The 30-year lease reset at JNPT increased annual rental by ₹23 Cr, compressing EBITDA margins. Recovery may take 15-18 months, impacting near-term profitability.
- The LOI for a new terminal at Visakhapatnam is on hold due to a dispute between the port and the previous plot holder, delaying potential growth.
- Q4 chemical division faced one-time costs for REACH certification and staff settlements, indicating potential for further undisclosed liabilities.
Key quotes
- We are looking at opportunities that might open up for allowing basket trades... to become like a one-stop supplier to your client for all his product needs.
- We want to make sure that if we are committing companies capital and resources towards any other port we should be able to give at least equal or more ROI than what we are getting in J&P.
- We expect that over the next 2 to 3 years we should be able to achieve that and then again for the next 27 years or 26 years you don't have this kind of impact.
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