Ganesh Benzoplast Q4 PAT Jumps to ₹152M from Loss

Q4 FY26 Performance:

Total Revenue: ₹1,115 million, an increase of 12% YoY (Q4 FY25: ₹999 million)
Profit After Tax (PAT): ₹152 million, a significant improvement from a loss of ₹132 million in Q4 FY25.

Full Year FY26 Performance:

Total Revenue: ₹4,114 million, an increase of 10% YoY (FY25: ₹3,743 million)
Profit After Tax (PAT): ₹733 million, an increase of 93% YoY (FY25: ₹380 million)
Earnings Per Share (EPS): ₹10.19 (FY25: ₹5.29)

Q4 FY26 Performance:

Total Revenue: ₹726 million, an increase of 26% YoY (Q4 FY25: ₹575 million)
Profit After Tax (PAT): ₹122 million, a significant improvement from a loss of ₹158 million in Q4 FY25.

Full Year FY26 Performance:

Total Revenue: ₹2,600 million, an increase of 21% YoY (FY25: ₹2,154 million)
Profit After Tax (PAT): ₹613 million, an increase of 99% YoY (FY25: ₹307 million)
Earnings Per Share (EPS): ₹8.52 (FY25: ₹4.27)

Liquid Storage Terminal (LST) Business:

Capacity & Utilization: Total installed capacity is 3.50 lakh kL. Current utilization is ~95% overall, broken down as:
JNPT: ~100% utilization.
Kochi: 80-85% utilization.
Goa: ~0% utilization due to a mining ban reducing bunkering demand.
JNPT Lease Rental Reset: A 30-year land lease reset in FY25 increased the annual rental for Plots 7 and 13 from ₹2 crores to ₹25 crores, a significant one-time increase of ₹23 crores. This has materially impacted near-term EBITDA margins.
Goa Terminal: The company has received statutory approvals to modify tanks to handle blended petrol. Work is planned post-monsoon, with completion expected by March 31, 2027. An estimated capex of ₹2 crores is allocated. No contracts have been signed for this capacity yet.

Chemical Business:

Performance has been steady, with PAT growing 2.5x over the last 3 years.
Q4 FY26 was impacted by two exceptional items: expenses for UK/Europe recertification and the settlement of long-pending staff dues related to a management change.

Expansion / Capex:

JNPT Capacity Addition: A capex of ₹40-50 crores is ongoing to add ~50,000 kL of capacity. This expansion is expected to be commissioned by the end of December 2026 (Calendar Year), with revenues anticipated from Q4 FY27.
Future Plans: A larger capex plan of ₹450-500 crores for ammonia storage/LPG bullets at JNPT on an earmarked 5-6 acre plot is under discussion but has not been initiated.

EPC Business:

The company has a large ₹175 crore order from JSW Port. Engineering is complete, and physical work is expected to commence post-monsoon. The margin is in the higher single digits. The exact value of work executed was not quantified in the call.

Margin Outlook: The significant JNPT rental increase is expected to pressure margins for the next 15-18 months. Management aims to pass this cost to customers over 2-3 years. The new capacity addition (50,000 kL) is expected to contribute EBITDA margins of ~80%, helping to improve overall margins thereafter.
Revenue Growth: Management expects a steady annual revenue growth of 5-6% from existing LST contracts, excluding new capacity.
Receivables: An increase in receivables over 6 months is attributed to extended credit terms in the EPC business and standard retention money clauses, with no significant bad debt issues reported.

A wholly-owned subsidiary in Singapore is being explored for "baskets trade" to become a one-stop supplier for chemical clients, though this is at a preliminary stage.
A previous LOI for a project in Visakhapatnam is on hold due to a dispute between the previous plot holder and the port authority, unrelated to the company.