Ganesh Housing Limited – Investor Presentation Summary

Key Operational Highlights

  • Total land reserves stand at ~518 acres (fully paid), with ~411 acres at Godhavi Township and ~65 acres at Million Minds SEZ.
  • New land parcels were under negotiation/acquisition in Q4 FY26, with partial payments made, not yet included in the 518-acre figure.
  • Delivered ~23 million square feet (msf) of residential and commercial real estate in Ahmedabad to date.
  • Robust project pipeline of ~30.1 msf planned, with an expected total sales value of ~₹159,000 million and free cash flow of ~₹99,500 million.

Segment-wise Performance

  • Project types: 22 Completed Projects (18 Residential, 4 Commercial), 2 Ongoing Projects (1 Residential, 1 Commercial - Million Minds Phase 1), 4 Planned Projects (8 Residential phases, 6 Commercial phases, 5 Township phases, 1 Commercial phase).
  • Completed Projects: ~23 msf, Actual Sales Value ~₹26,800 million, Actual FCF ~₹8,400 million.
  • Ongoing Projects: 2 msf, Expected Sales Value ₹13,500 million, Expected FCF ₹7,000 million.
  • Planned Projects: 30.1 msf, Expected Sales Value ~₹159,000 million, Expected FCF ~₹99,500 million (includes capitalized value of SEZ commercial projects).

Financial Highlights

Q4 FY26:

  • Revenue: ₹1,218 crore; YoY change: (53%)
  • EBITDA: ₹983 crore; YoY change: (56%); Margin: 80.7%
  • PBT: ₹957 crore; YoY change: (57%)
  • PAT: ₹614 crore; YoY change: (63%); Margin: 50.4%
  • EPS: ₹7.36; YoY change: (63%)

Full Year FY26:

  • Revenue: ₹5,385 crore; YoY change: (45.8% from FY25's ₹9,935 crore)
  • EBITDA: ₹4,497 crore; YoY change: (44.7%); Margin: 83.5%
  • PBT: ₹4,392 crore; YoY change: (45.2%)
  • PAT: ₹3,163 crore; YoY change: (47.1%); Margin: 58.7%
  • EPS: ₹37.93; YoY change: (47.1%)

Drivers of financial performance: Performance reflects the cyclical nature of project completions and sales recognition.

Comparison to market estimates: Not Specified.

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

  • Domestic vs Export/Regional Revenue: Not Specified.
  • Regional Breakdown: Not Specified.

Balance Sheet Snapshot (FY26)

  • Shareholder's Equity: ₹23,312 crore
  • Reserves & Surplus: ₹22,478 crore
  • Borrowings: ₹3,049 crore
  • Net Fixed Assets: ₹9,720 crore
  • Current Assets: ₹18,530 crore
  • Net Debt/Equity (x): 0.11

Financial Health Insights: Company has maintained a net debt-free status for more than the last 12 quarters. Reduced debt by ₹6,500 crore since FY19.

Capex & Cash Flow Health

FY26:

  • Operating Cash Flow excl. WC: ₹4,142 crore
  • Working Capital Changes: (₹2,014) crore
  • Investment Activities: (₹5,432) crore
  • Financing Activities: ₹2,318 crore
  • Free Cash Flow: Not explicitly stated.

Capital Expenditure: Funded from internal accruals; company may not have to raise any debt for balance construction work on Million Minds Phase 1.

Investment Rationale: Focus on capacity expansion and developing infrastructure and special projects.

Strategic & R&D Initiatives

Investments in Innovation: Use of precast construction technology (e.g., Malabar Exotica, Malabar Retreat). Development of i-homes, home automation, and digital homes.

Strategic Initiatives:

  • Million Minds IT SEZ: Phase 1 (~1.4 msf) is ~55% pre-leased/under discussion with GCCs, hybrid workspace providers, and tech firms. Fit-outs nearing completion; lease rentals to commence by Q3 FY27. IGBC Platinum pre-certified.
  • One 91 Thaltej: Commercial project (1.8 msf) with revenue potential of ₹2,100 crore. In final approval stages; construction expected to commence in Q2 FY27.
  • Strategic partnership with Tishman Speyer for Million Minds SEZ.

Expected impact on growth: The total project pipeline has an expected sales value of ~₹172,500 million.

Strategic Rationale: Expanding into high-growth commercial and township segments; leveraging prime land bank in Ahmedabad.

Industry Trends & Business Environment

Macro/Industry Trends:

  • Ahmedabad is India's most affordable housing market (EMI-to-income ratio ~18% in 2025).
  • Property values in Ahmedabad expected to appreciate by 10–15% annually.
  • City driven by rising project registrations, robust infrastructure (Metro Phase II, proximity to GIFT City), and selection as a host for the 2030 Commonwealth Games.
  • Ahmedabad ranked India's cleanest large city in Swachh Survekshan 2024-25.
  • Ahmedabad accounts for ~42% of Gujarat's real estate investments.
  • Gujarat's IT/ITeS policy offers financial support, employment generation incentives, and land-related incentives.

Impact on Company: Positions the company to benefit from high-growth, affordable market with strong demand drivers.

Management Commentary & Growth Outlook

Strategic Outlook: "To be the most trusted, transparent, and admired real estate developer". "To continuously innovate and use the latest technology to provide high-quality spaces to our customers".

FY Guidance: Not explicitly stated. Target is to develop ~32 msf with total sales value of ~₹172,500 million in the coming years.

Market Share Targets: Not Specified.

Risks and Opportunities: Not explicitly highlighted.

ESG Updates

  • Million Minds Tech City - Tower 1 is pre-certified Platinum by the Indian Green Building Council (IGBC).
  • Malabar County 3 project features a "Garden Oasis" with a 32,385 sqm garden, a 5 crore litre lake, and 40,000 trees grown via Miyawaki Plantation.