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Revenue
₹91 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹72 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 Q3 FY26 revenue of ₹92 crore and EBITDA of ₹72 crore (82.3% margin), with PAT of ₹54 crore. Results were lower YoY due to milestone-driven revenue recognition and phasing of land monetization, following an exceptional FY25. Key operational progress includes Million Minds Tech Park (7.25 lakh sq ft leasable area) nearing completion with 60% pre-leased at >₹100/sq ft, and Malabar Retreat (74% construction complete) with ₹155 crore bookings. Management expects 100% leasing by March 2026 and Malabar full sale in FY27. Land monetization at Bodavi continues (38 acres sold at ~₹14.5 crore/acre). FY27 guidance deferred to April/May 2026. Risk: Revenue visibility remains lumpy due to transaction timing and project milestones.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve full leasing of the 7.25 lakh sq ft leasable area by end of March 2026.
- Management plans to complete sale and handover of the entire Malabar Retreat project (₹450 crore total value) during FY27.
- Plans for the 191 project have been submitted for approval; launch expected immediately after approvals, likely in March 2026.
- Exact guidance for FY27 will be shared after Q4 FY26 results, incorporating project completions and land monetization progress.
Risks flagged
- Revenue and profit are uneven across quarters due to project completion timing and land transaction phasing, making near-term predictability low.
- Management acknowledged that FY26 revenue and profit will be lower than FY25's exceptional levels, though FY27 is expected to improve.
- Land sales at Bodavi are opportunistic and not predictable; any slowdown could impact cash flow timing for new projects.
- An analyst raised concern that GIFT City's tax benefits might attract IT companies away from Million Minds; management downplayed but acknowledged the dynamic.
Key quotes
- The sun sets only for a moment and rises again in full brilliance the next morning. This applies exactly to what our performance has been.
- We are confident of achieving 100% leasing before end March.
- I do see FI27 to be 100% driven by all these projects more than of course and we will give you the exact guidance maybe in April or May 26.
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