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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹174 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹148 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ganesh Housing reported Q2 FY26 revenue of ₹174 crore (up 15% QoQ) and EBITDA of ₹148 crore (margin ~85%). PAT was ₹108 crore, down ~30% YoY due to a slow H1 in Ahmedabad real estate. Management withdrew its earlier 25-30% PAT growth guidance, now expecting to match FY25's ~₹600 crore PAT. Key drivers include improved demand from August 2025, steady monetization of Godhavi land (33 of 50 acres sold), and progress on the Million Minds SEZ (80% leased, completion by Q4 FY26). The company remains debt-free and plans to start Phase 2 of SEZ and the 191 commercial project in H2 FY26. Risk: continued sluggishness in land sales could pressure near-term revenue.
Colored figures show movement against the previous available record.
Guidance to track
- Management withdrew earlier 25-30% PAT growth guidance; now expects to maintain FY25 PAT of ~₹600 crore.
- Phase 1 of SEZ to be completed by Q4 FY26; lease rentals to commence by Q1 FY27.
- Phase 2 construction to commence in Q4 FY26 or early next fiscal.
- Planning and approvals in final stages; construction to commence shortly in H2 FY26.
Risks flagged
- H1 FY26 saw muted demand; management attributes it to a 9-month slowdown in the city. Recovery may be slower than expected.
- Analyst noted consistent delays in planned projects; management acknowledged 6-month delay in 191 commercial project.
- Significant portion of revenue comes from land sales; any slowdown in land deals could impact near-term financials.
Key quotes
- The guidance given of 25 to 30% year-on-year growth in PAT does not look possible at this point in time. We trust we may be able to maintain the last year's numbers.
- We are a real estate development project and not that we are going to be.
- The next two years will mark a clear transition from hyper growth to consolidation as well as continuous growth.
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