Ganesh Benzoplast Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Liquid Storage Terminals capacity: 3,52,000 KL across 3 port-linked terminals with 98 tanks (55 stainless steel/pre-coated)
  • JNPT terminal throughput: 1,328,000 MT at ~100% utilization
  • Cochin terminal throughput: 348,000 MT at ~95% utilization
  • Goa terminal throughput: 22,000 MT
  • Key drivers: Port-linked infrastructure advantage, diversified product handling (Class A, B and C products including MEG, CSFO/CPO oil, edible oil, RBD palmolein, acetic acid/acetone, vam & styrene monomer, crude glycol, phenol, toluene)

Segment-wise Performance

Liquid Storage Terminals Division:

  • Revenue: ₹2,259 Mn (+12.7% YoY)
  • Segment Result: ₹732 Mn (-10.6% YoY)
  • Margin: ~32.4%
  • Contribution: ~55% of FY26 revenue

Chemicals Division:

  • Revenue: ₹1,855 Mn (+6.8% YoY)
  • Segment Result: ₹213 Mn (+3.3% YoY)
  • Margin: ~11.5%
  • Contribution: ~45% of FY26 revenue

Financial Highlights

FY26 Performance:

  • Revenue: ₹4,114 Mn (+9.9% YoY)
  • Other Income: ₹254 Mn (+43.5% YoY)
  • Total Income: ₹4,369 Mn (+11.4% YoY)
  • EBITDA: ₹1,190 Mn (-5.5% YoY)
  • EBITDA Margin: 29% (-5.0 percentage points YoY)
  • PBT before exceptional items: ₹892 Mn (-7.7% YoY)
  • PAT before exceptional items: ₹645 Mn (-22.1% YoY)
  • Exceptional items: ₹88 Mn gain (FY25: ₹447 Mn loss)
  • Reported PAT: ₹733 Mn (+92.5% YoY)
  • PAT Margin (reported): 18% (+7.4 percentage points YoY)
  • EPS: ₹10.19 (reported)

Q4 FY26 Performance:

  • Revenue: ₹1,115 Mn (+11.6% YoY)
  • PBT before exceptional items: ₹187 Mn (-34.6% YoY)
  • Reported PBT: ₹187 Mn (swung from -₹161 Mn in Q4 FY25)
  • Profit after tax: ₹153 Mn (swung from -₹132 Mn in Q4 FY25)
  • PAT Margin: 13%

Drivers of financial performance: Revenue growth offset by structural cost increase from JNPT Plot 7 & 13 lease renewal (25-year agreement) with rental cost rising from ₹20.0 Mn in FY25 to ₹242.5 Mn in FY26, creating ₹222.5 Mn pre-tax impact

Key Risks: JNPT lease rental reset (structural cost increase), Cochin throughput moderation, Goa low utilization, Chemical margin volatility, Customer/port dependency

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

As of March 31, 2026:

  • Total Assets: ₹8,495 Mn (from ₹7,235 Mn in Mar-25)
  • Total Equity: ₹6,177 Mn (+13.5% YoY)
  • Current Liabilities: ₹1,478 Mn (from ₹1,053 Mn in Mar-25)
  • Borrowings (NC + C): ₹235 Mn
  • Cash & Bank Balances: ₹795 Mn (from ₹584 Mn in Mar-25)
  • Trade Receivables: ₹490 Mn
  • Right of Use Assets: ₹467 Mn
  • Capital Work-in-Progress: ₹208 Mn
  • Net Debt/Equity: 0.04x (near debt-free)
  • Financial Health: Cash exceeds gross debt by 3.4x, net debt position negative

Capex & Cash Flow Health

  • Operating Cash Flow: ₹793 Mn (+33.0% YoY from ₹596 Mn)
  • Capital Expenditure: Not Specified
  • Free Cash Flow: Not Specified
  • Net Debt Movement: Not Specified
  • Investment Rationale: Focus on capacity expansion (Plot 14 & 15 adding 1,22,000 KL new tankage at JNPT), technology upgrades

Strategic & R&D Initiatives

  • Investments in Innovation: JNPT Plot 14 & 15 expansion (+43% storage capacity), multi-product handling capability for Class A liquids & specialty chemicals
  • Expected impact: Long-term contracted storage income stream from LST business
  • Strategic Rationale: Deepening port-linked liquid storage platform, enhancing capacity, improving cargo-handling flexibility
  • Rail logistics integration through 86.52% stake in Infrastructure Logistic Systems Ltd. (ILSL), providing end-to-end bulk liquid storage & transportation

Industry Trends & Business Environment

Not Specified

Management Commentary & Growth Outlook

Strategic Outlook: Focus on product mix improvement, yield management, better capacity monetization, higher-tariff specialty cargoes, customer mix optimization

FY27 Priorities: Convert JNPT rental step-up into margin-management discipline, deliver Cochin run-rate recovery, Goa revival, accretive growth from ILSL rail logistics platform

Market Share Targets: Not Specified

Risks and Opportunities: Diversified customer base (25+ marquee customers, 5+ year average tenures), rail logistics integration reducing single-customer dependency, focus on higher-value specialty chemical mix

ESG Updates

Not Specified

Digital Transformation

Not Specified