Storage capacity expansion
1,00,000 KL
+100%
New capacity being added at JNPT; phase one (40-50%) expected by Q1 FY27.
GANESHBENZOPLAST
Other
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Phase one of 1 lakh KL storage capacity operational by Q1 FY27
40-50% of the new capacity will be ready by Q1 FY27, with full commissioning by Q1 FY28.
Management guidance expansionIncremental revenue of ₹45-50 crore from new capacity
Once fully commissioned, the 1 lakh KL expansion is expected to add ₹45-50 crore to topline.
Management guidance revenueEBITDA margins on new capacity of 65-75%
Incremental EBITDA margins from the expansion are expected to be 65-75%.
Management guidance marginsDividend payout to start from FY27
Company plans to initiate dividend payments starting from the next financial year (FY27), subject to shareholder approval.
Management guidance otherKey Risks
Lease rental cost overhang
Annual lease rental increased by ₹22 crore, pressuring margins until customer rental rates catch up.
high · management_commentaryDelayed monetization of JNPT land for cryogenic storage
Management has not secured a long-term contract for high-value storage (ammonia/LPG), incurring holding costs without revenue.
medium · analyst_questionEPC margins may remain low
Reliance EPC order margins of 5-10% are lower than core storage business, and no committed follow-on orders exist.
low · analyst_questionNotable Quotes
We have a very clear condition that whoever we tie up with has to give us a back-to-back guarantee for the next 15 years minimum to use the tank.
We are pushing our customers to increase the rentals even more than what they usually do so that we can start covering up this increase in what has happened in the lease rentals.
We are looking at starting dividend payouts from the first quarter of next year.
Frequently Asked Questions
What was Ganesh Benzoplast's revenue in Q3 FY26?
Ganesh Benzoplast reported revenue of ₹105 Cr in Q3 FY26, representing a +18% change compared to the same quarter last year.
What guidance did Ganesh Benzoplast management give for FY27?
Phase one of 1 lakh KL storage capacity operational by Q1 FY27: 40-50% of the new capacity will be ready by Q1 FY27, with full commissioning by Q1 FY28. Incremental revenue of ₹45-50 crore from new capacity: Once fully commissioned, the 1 lakh KL expansion is expected to add ₹45-50 crore to topline. EBITDA margins on new capacity of 65-75%: Incremental EBITDA margins from the expansion are expected to be 65-75%. Dividend payout to start from FY27: Company plans to initiate dividend payments starting from the next financial year (FY27), subject to shareholder approval.
What are the key risks for Ganesh Benzoplast in FY27?
Key risks include Lease rental cost overhang — Annual lease rental increased by ₹22 crore, pressuring margins until customer rental rates catch up.; Delayed monetization of JNPT land for cryogenic storage — Management has not secured a long-term contract for high-value storage (ammonia/LPG), incurring holding costs without revenue.; EPC margins may remain low — Reliance EPC order margins of 5-10% are lower than core storage business, and no committed follow-on orders exist..
Did Ganesh Benzoplast meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Ganesh Benzoplast Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.