Financial Performance Highlights
Shree Ganesh Remedies reported mixed FY26 results with revenue from operations remaining nearly flat at ₹109.29 crore (₹108.60 crore in FY25) while net profit declined 23% to ₹177.60 crore from ₹230.68 crore in FY25. The profit drop was attributed to higher depreciation and finance costs despite strong Q4 performance showing 36% y-o-y revenue growth. EBITDA stood at ₹35.02 crore with a 32.0% margin, above the company's sustainable range of 26-28%. Earnings per share declined to ₹13.83 from ₹17.96 in the previous year.
Balance Sheet & Capital Structure
The company maintained a healthy balance sheet with total assets of ₹2,076.89 crore and shareholders' funds at ₹163.02 crore. Total borrowings decreased significantly by 19.8% to ₹306.72 crore from ₹382.45 crore, reflecting a near debt-free position. However, trade receivables increased substantially by 46.2% to ₹325.65 crore from ₹222.70 crore year-on-year. The company declared no dividend for FY26 to preserve resources for business growth.
Operational & Strategic Developments
The company demonstrated strategic progress with pharmaceutical intermediates now below 65% of revenue (previously over 90%) as specialty and fine chemicals grew to 37%. CRAMS pilot trials were completed for agrochemicals and electronic applications with European and Japanese customers, moving to commercial trial stage. A new pilot facility was commissioned with automation and flow chemistry capabilities, while Block 7 expansion remains on track for commercial production from Q3 FY27. Construction began at the Dahej site for future large-scale projects.
AGM Details & Corporate Governance
The 31st Annual General Meeting is scheduled for September 12, 2026 through VC/OAVM. Resolutions include adoption of financial statements, re-appointment of Mr. Chandulal Manubhai Kothia as director, ratification of cost auditor remuneration, and appointment of Ms. Hiral Ankitkumar Shah as Independent Director. Promoters held 71.73% of share capital as of March 31, 2026, with Chandulal Manubhai Kothia holding 48.76%.
Key Ratios & Contingent Liabilities
Financial ratios showed some deterioration with Return on Equity at 0.12 (0.17 in FY25) and Debt Equity Ratio improving to 0.19 (0.26 in FY25). Contingent liabilities totaled ₹16.59 crore, including disputed income-tax matters of ₹4.06 crore and indirect-tax matters of ₹9.65 crore. The company maintained a current ratio of 3.96 and inventory turnover of 1.82.
Subsidiaries & CSR Initiatives
The company has two wholly-owned subsidiaries: Kamalam Foundation and SGRL USA Inc., with no material subsidiaries as per SEBI regulations. CSR spend exceeded requirements at ₹60.30 lakhs in FY26, focusing on education, environmental preservation, animal welfare, and community health through established foundations including Kamalam Foundation.
Auditor Reports & Compliance
Statutory auditors Chaudhary Shah & Associates LLP provided an unmodified audit opinion with no key audit matters identified. The financial statements of SGRL USA Inc. were unaudited but not material to the group. The company confirmed compliance with all regulatory requirements including no wilful defaulter status, no transactions with struck-off companies, and proper accounting software maintenance.