Board Meeting Details

The Board of Directors meeting was held on November 13, 2026, commencing at 2:50 pm and concluding at 3:25 pm. The board approved the standalone and consolidated unaudited financial results.

Auditor Review

The financial results were reviewed by M/s. Samria Kabra & Associates, Chartered Accountants (Firm Registration No. 109043W), who issued limited review reports in accordance with Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Consolidated Financial Results (₹ in Million)

Quarterly Performance (Q2 FY2026 vs Q2 FY2025):

  • Revenue from operations: ₹1,310.50 vs ₹990.01 (32.4% increase)
  • Other income: ₹40.49 vs ₹74.51 (45.6% decrease)
  • Total income: ₹1,350.99 vs ₹1,064.52 (26.9% increase)
  • Total expenses: ₹1,139.40 vs ₹843.84 (35.0% increase)
  • Profit before exceptional items: ₹211.59 vs ₹220.68 (4.1% decrease)
  • Exceptional items: None vs ₹97.26 (Q2 FY2025 had exceptional gain)
  • Profit before tax: ₹211.59 vs ₹317.94 (33.4% decrease)
  • Tax expense: ₹48.36 vs ₹80.38 (39.8% decrease)
  • Net profit after tax: ₹163.23 vs ₹237.56 (31.3% decrease)
  • Total comprehensive income: ₹162.03 vs ₹237.78 (31.9% decrease)
  • EPS (basic): ₹2.27 vs ₹3.30 (31.2% decrease)

Half-Yearly Performance (H1 FY2026 vs H1 FY2025):

  • Revenue from operations: ₹2,485.45 vs ₹1,946.19 (27.7% increase)
  • Other income: ₹92.95 vs ₹127.84 (27.3% decrease)
  • Total income: ₹2,578.40 vs ₹2,074.03 (24.3% increase)
  • Total expenses: ₹2,126.33 vs ₹1,590.78 (33.7% increase)
  • Profit before exceptional items: ₹452.07 vs ₹483.25 (6.5% decrease)
  • Exceptional items: None vs ₹87.72 (H1 FY2025 had exceptional gain)
  • Profit before tax: ₹452.07 vs ₹570.97 (20.8% decrease)
  • Tax expense: ₹113.03 vs ₹152.08 (25.7% decrease)
  • Net profit after tax: ₹339.04 vs ₹418.89 (19.1% decrease)
  • Total comprehensive income: ₹329.00 vs ₹420.65 (21.8% decrease)
  • EPS (basic): ₹4.71 vs ₹5.82 (19.1% decrease)

Standalone Financial Results (₹ in Million)

Quarterly Performance (Q2 FY2026 vs Q2 FY2025):

  • Revenue from operations: ₹763.60 vs ₹616.47 (23.9% increase)
  • Other income: ₹34.10 vs ₹72.49 (53.0% decrease)
  • Total income: ₹797.70 vs ₹688.96 (15.8% increase)
  • Total expenses: ₹623.34 vs ₹505.83 (23.2% increase)
  • Profit before exceptional items: ₹174.36 vs ₹183.13 (4.8% decrease)
  • Exceptional items: None vs ₹97.26 (Q2 FY2025 had exceptional gain)
  • Profit before tax: ₹174.36 vs ₹280.39 (37.8% decrease)
  • Tax expense: ₹41.24 vs ₹71.16 (42.0% decrease)
  • Net profit after tax: ₹133.12 vs ₹209.23 (36.4% decrease)
  • Total comprehensive income: ₹131.60 vs ₹209.45 (37.1% decrease)
  • EPS (basic): ₹1.85 vs ₹2.91 (36.4% decrease)

Half-Yearly Performance (H1 FY2026 vs H1 FY2025):

  • Revenue from operations: ₹1,466.99 vs ₹1,186.01 (23.7% increase)
  • Other income: ₹81.55 vs ₹122.37 (33.4% decrease)
  • Total income: ₹1,548.54 vs ₹1,308.38 (18.4% increase)
  • Total expenses: ₹1,189.31 vs ₹918.77 (29.4% increase)
  • Profit before exceptional items: ₹359.23 vs ₹389.61 (7.8% decrease)
  • Exceptional items: None vs ₹87.72 (H1 FY2025 had exceptional gain)
  • Profit before tax: ₹359.23 vs ₹477.33 (24.7% decrease)
  • Tax expense: ₹91.71 vs ₹127.18 (27.9% decrease)
  • Net profit after tax: ₹267.52 vs ₹350.15 (23.6% decrease)
  • Total comprehensive income: ₹257.42 vs ₹351.97 (26.9% decrease)
  • EPS (basic): ₹3.72 vs ₹4.86 (23.5% decrease)

Segment-wise Performance (Consolidated)

Revenue Breakdown:

  • LST Division (including EPC, Wharfage Income & Rail Logistic):
  • Q2 FY2026: ₹609.13 million vs ₹520.43 million in Q2 FY2025 (17.0% increase)
  • H1 FY2026: ₹1,157.16 million vs ₹982.95 million in H1 FY2025 (17.7% increase)
  • Chemical Division:
  • Q2 FY2026: ₹701.37 million vs ₹469.58 million in Q2 FY2025 (49.4% increase)
  • H1 FY2026: ₹1,328.29 million vs ₹963.24 million in H1 FY2025 (37.9% increase)

Segment Results (Profit before tax and interest but after depreciation):

  • LST Division:
  • Q2 FY2026: ₹183.20 million vs ₹178.98 million in Q2 FY2025 (2.4% increase)
  • H1 FY2026: ₹362.22 million vs ₹389.64 million in H1 FY2025 (7.0% decrease)
  • Chemical Division:
  • Q2 FY2026: ₹47.12 million vs ₹52.77 million in Q2 FY2025 (10.7% decrease)
  • H1 FY2026: ₹128.65 million vs ₹124.71 million in H1 FY2025 (3.2% increase)

Capital Structure

  • Paid-up equity share capital: ₹71.99 million (Face value Re. 1 per share)
  • Consolidated other equity: ₹6,362.43 million as of September 30, 2026 (vs ₹6,037.49 million as of March 31, 2026)
  • Standalone other equity: ₹6,092.92 million as of September 30, 2026 (vs ₹5,835.48 million as of March 31, 2026)

Subsidiaries Included in Consolidation

The consolidated results include the following entities:

1. Ganesh Benzoplast Limited (Holding Company)

2. Infrastructure Logistic Systems Limited

3. GBL Chemical Limited

4. GBL LPG Private Limited

5. GBL Infra Engg Services Pvt Ltd.

6. GBL Clean Energy Pvt. Ltd.

7. Infinity Confidence LPG Pvt. Ltd.

8. GC Port Infra Pvt. Ltd.

The subsidiaries contributed total assets of ₹1,563.68 million as of September 30, 2026, with total revenue of ₹573.85 million for Q2 FY2026 and ₹1,270.64 million for H1 FY2026.

Cash Flow Statements

Consolidated Cash Flow (H1 FY2026):

  • Net cash from operating activities: ₹369.25 million
  • Net cash used in investing activities: ₹(152.57) million
  • Net cash used in financing activities: ₹(202.58) million
  • Net increase in cash and cash equivalents: ₹14.10 million
  • Cash and cash equivalents at period end: ₹95.03 million

Standalone Cash Flow (H1 FY2026):

  • Net cash from operating activities: ₹148.26 million
  • Net cash from investing activities: ₹81.20 million
  • Net cash used in financing activities: ₹(187.98) million
  • Net increase in cash and cash equivalents: ₹41.48 million
  • Cash and cash equivalents at period end: ₹62.36 million

Balance Sheet Highlights (Consolidated)

  • Total assets: ₹8,721.43 million as of September 30, 2026 (vs ₹8,495.36 million as of March 31, 2026)
  • Non-current assets: ₹6,816.03 million
  • Current assets: ₹1,905.40 million
  • Total equity: ₹6,505.78 million
  • Non-current liabilities: ₹834.44 million
  • Current liabilities: ₹1,381.21 million

Balance Sheet Highlights (Standalone)

  • Total assets: ₹8,162.15 million as of September 30, 2026 (vs ₹7,936.07 million as of March 31, 2026)
  • Non-current assets: ₹6,743.96 million
  • Current assets: ₹1,418.19 million
  • Total equity: ₹6,164.91 million
  • Non-current liabilities: ₹783.36 million
  • Current liabilities: ₹1,213.88 million

Notes to Financial Results

1. The results were prepared in accordance with Indian Accounting Standard 34 (Ind AS 34) "Interim Financial Reporting".

2. Figures for corresponding previous periods have been regrouped/rearranged wherever necessary for comparability.

3. The consolidated statement includes the company's share of net profit after tax and total comprehensive income/loss of its joint venture company.