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View Promises →Ganesh Benzoplast Limited — Q4 FY26
Ganesh Benzoplast reported a mixed Q4 FY26.
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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.
गणेश बेंजोप्लास्ट का चौथी तिमाही का नतीजा मिला-जुला रहा। कंपनी की कमाई पिछले साल से 10% बढ़कर ₹411.4 करोड़ हुई, जबकि मुनाफा 93% उछलकर ₹73.3 करोड़ पहुंचा। इसमें LPG कॉन्ट्रैक्ट खत्म होने से ₹9 करोड़ का एकमुश्त फायदा शामिल है। हालांकि, JNPT पर 30 साल बाद लीज किराया ₹23 करोड़ बढ़ने से मुनाफे की दर कम हुई। कंपनी का कहना है कि यह अगले 15-18 महीनों में ग्राहकों से वसूली और नई क्षमता से ठीक हो जाएगा। तरल भंडारण कारोबार 95% क्षमता से चल रहा है, और JNPT पर 50,000 KL का विस्तार दिसंबर 2026 तक तैयार होगा। रसायन डिवीजन में कुछ खर्च बढ़े, लेकिन हालात ठीक हैं। कंपनी सावधानी से धीरे-धीरे मुनाफा सुधारने और किराये की कमाई में 5-6% सालाना बढ़ोतरी की उम्मीद कर रही है। मुख्य जोखिम: गोवा टर्मिनल लगभग बंद है, अब तक कोई कॉन्ट्रैक्ट नहीं हुआ।
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Goa terminal remains near-idle
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Capacity Utilization (Overall)
95%
N/A
Overall liquid storage capacity utilization is 95%, with JNPT at ~100%, Cochin at 80-85%, and Goa near zero.
JNPT Lease Rental Increase
₹23 Cr
+1050% YoY
30-year lease reset increased annual rental from ₹2 Cr to ₹25 Cr, impacting margins significantly.
New Capacity Addition (JNPT)
50,000 KL
+15%
Expansion of 50,000 KL capacity at JNPT, expected to commission by end of calendar year 2026.
Chemical Division PAT Growth (Underlying)
~15%
+15% YoY
Excluding exceptional items, chemical division PAT grew ~15% YoY, indicating steady performance.
What Changed vs Last Quarter
NEW
50,000 KL capacity commissioning by December 2026
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.
NEW
Lease rental recovery over 15-18 months
Management expects to pass on the increased lease rental burden to customers over 15-18 months, restoring margins to pre-reset levels.
NEW
Annual rental revenue growth of 5-6%
On existing leased tanks, management expects rental revenue to grow 5-6% annually, consistent with historical trends.
NEW
Capex of ~₹100 Cr for JNPT expansion
Total capex for the 50,000 KL and subsequent 60,000 KL expansions is approximately ₹100 crore.
DROPPED
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.
DROPPED
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.
DROPPED
EBITDA margins on new capacity of 65-75%
Incremental EBITDA margins from the expansion are expected to be 65-75%.
DROPPED
Dividend payout to start from FY27
Company plans to initiate dividend payments starting from the next financial year (FY27), subject to shareholder approval.
NEW RISK
Goa terminal remains near-idle
Goa terminal utilization is close to zero due to mining ban reducing ship calls. Management is exploring options but has no signed contracts.
NEW RISK
Lease rental reset margin compression
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.
NEW RISK
Vizag expansion LOI on hold
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.
NEW RISK
Chemical division exceptional costs
Q4 chemical division faced one-time costs for REACH certification and staff settlements, indicating potential for further undisclosed liabilities.
RISK GONE
Lease rental cost overhang
Annual lease rental increased by ₹22 crore, pressuring margins until customer rental rates catch up.
RISK GONE
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.
RISK GONE
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.
Fast read
Guidance and risk preview
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.
Goa terminal utilization is close to zero due to mining ban reducing ship calls.
View Risks →