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GANESH HOUSING LIMITED — Q3 FY26
Ganesh Housing reported Q3 FY26 revenue of ₹92 crore and EBITDA of ₹72 crore (82.3% margin), with PAT of ₹54 crore.
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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.
गणेश हाउसिंग ने तीसरी तिमाही में 92 करोड़ रुपये की कमाई और 72 करोड़ रुपये का मुनाफा (82.3% मार्जिन) दिखाया। शुद्ध मुनाफा 54 करोड़ रुपये रहा। पिछले साल के मुकाबले यह कम है, क्योंकि कमाई प्रोजेक्ट की तरक्की और जमीन बेचने के समय पर निर्भर करती है। मिलियन माइंड्स टेक पार्क (7.25 लाख वर्ग फुट) लगभग तैयार है, जिसमें 60% जगह 100 रुपये प्रति वर्ग फुट से ज्यादा पर पहले से किराए पर दी जा चुकी है। मालाबार रिट्रीट का 74% निर्माण पूरा है और 155 करोड़ रुपये की बुकिंग हुई है। कंपनी को उम्मीद है कि मार्च 2026 तक टेक पार्क पूरी तरह किराए पर होगा और मालाबार की पूरी बिक्री FY27 में होगी। बोडावी में जमीन बेचने का काम जारी है (38 एकड़ ~14.5 करोड़/एकड़ पर बिकी)। FY27 का अनुमान अप्रैल/मई 2026 में आएगा। जोखिम: कमाई समय और प्रोजेक्ट मील के पत्थरों पर निर्भर होने से अनियमित रह सकती है।
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Revenue lumpiness from milestone-driven recognition
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Million Minds Leasable Area
7.25 lakh sq ft
60% pre-leased
Total leasable carpet area of Million Minds Tech Park; 4 lakh sq ft already leased.
Malabar Retreat Bookings
₹155 crore
35-40% of total sale value
Premium residential project with total sale value of ₹450 crore; bookings at 35-40%.
Bodavi Land Monetized
38 acres
Average realization ₹14.5 crore/acre
Land monetization in Bodavi Township; 38 acres sold in current year.
Million Minds Average Rent
>₹100/sq ft
On carpet area
Average agreed rentals for Million Minds Tech Park exceed ₹100 per sq ft on carpet.
What Changed vs Last Quarter
NEW
100% leasing of Million Minds by March 2026
Management expects to achieve full leasing of the 7.25 lakh sq ft leasable area by end of March 2026.
NEW
Malabar Retreat full sale and handover in FY27
Management plans to complete sale and handover of the entire Malabar Retreat project (₹450 crore total value) during FY27.
NEW
191 project launch in March 2026
Plans for the 191 project have been submitted for approval; launch expected immediately after approvals, likely in March 2026.
NEW
FY27 guidance to be provided in April/May 2026
Exact guidance for FY27 will be shared after Q4 FY26 results, incorporating project completions and land monetization progress.
DROPPED
FY26 PAT to match FY25 levels (~₹600 crore)
Management withdrew earlier 25-30% PAT growth guidance; now expects to maintain FY25 PAT of ~₹600 crore.
DROPPED
Million Minds SEZ Phase 1 completion by Q4 FY26
Phase 1 of SEZ to be completed by Q4 FY26; lease rentals to commence by Q1 FY27.
DROPPED
Phase 2 of Million Minds SEZ to start in H2 FY26
Phase 2 construction to commence in Q4 FY26 or early next fiscal.
DROPPED
191 commercial project construction to start in H2 FY26
Planning and approvals in final stages; construction to commence shortly in H2 FY26.
NEW RISK
Revenue lumpiness from milestone-driven recognition
Revenue and profit are uneven across quarters due to project completion timing and land transaction phasing, making near-term predictability low.
NEW RISK
FY26 revenue likely lower than FY25
Management acknowledged that FY26 revenue and profit will be lower than FY25's exceptional levels, though FY27 is expected to improve.
NEW RISK
Dependence on land monetization for cash flows
Land sales at Bodavi are opportunistic and not predictable; any slowdown could impact cash flow timing for new projects.
NEW RISK
Competition from GIFT City for IT tenants
An analyst raised concern that GIFT City's tax benefits might attract IT companies away from Million Minds; management downplayed but acknowledged the dynamic.
RISK GONE
Slowdown in Ahmedabad real estate demand
H1 FY26 saw muted demand; management attributes it to a 9-month slowdown in the city. Recovery may be slower than expected.
RISK GONE
Project execution delays
Analyst noted consistent delays in planned projects; management acknowledged 6-month delay in 191 commercial project.
RISK GONE
Revenue concentration on land monetization
Significant portion of revenue comes from land sales; any slowdown in land deals could impact near-term financials.
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Guidance and risk preview
Management expects to achieve full leasing of the 7.25 lakh sq ft leasable area by end of March 2026.
Revenue and profit are uneven across quarters due to project completion timing and land transaction phasing, making near-term predictability low.
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