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Lease rental cost overhang
View Risks →Ganesh Benzoplast Ltd — Q3 FY26
Ganesh Benzoplast reported Q3 FY26 consolidated revenue of ₹105.3 crore, up 18% YoY, driven by higher rental income and chemical segment growth.
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Ganesh Benzoplast reported Q3 FY26 consolidated revenue of ₹105.3 crore, up 18% YoY, driven by higher rental income and chemical segment growth. However, PAT declined to ₹16.2 crore from ₹18.4 crore, impacted by a ₹22 crore annual increase in lease rental provisions for the JNPT terminal. Management expects EBITDA margins to recover to previous levels within two years as customer rental rates catch up. The company is executing a ₹160-170 crore capex to add 1 lakh KL storage capacity, with phase one (40-50%) operational by Q1 FY27, targeting ₹45-50 crore incremental revenue at 65-75% EBITDA margins. A ₹51.33 crore EPC order from Reliance supports customer relationships. Risk: Delays in monetizing the 11-acre land parcel for high-value cryogenic storage could weigh on returns.
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Storage capacity expansion
1,00,000 KL
+100%
New capacity being added at JNPT; phase one (40-50%) expected by Q1 FY27.
EPC order from Reliance
₹51.33 crore
New
Order for carbon fiber project; margins expected 5-10%.
Lease rental provision increase
₹22 crore
+1100% YoY
Annual lease rental for old JNPT plot reset from ₹2 cr to ₹24 cr.
Chemical segment PBT (9M)
₹18.7 crore
+36% YoY
9M FY26 chemical PBT increased from ₹13.7 crore to ₹18.7 crore.
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Guidance and risk preview
40-50% of the new capacity will be ready by Q1 FY27, with full commissioning by Q1 FY28.
Annual lease rental increased by ₹22 crore, pressuring margins until customer rental rates catch up.
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