Ganesha Ecosphere: consolidated PAT turns ₹28 Cr YoY from a loss; margins slip QoQ

Ganesha Ecosphere's consolidated (primary basis) revenue rose 41.2% YoY and 21.1% QoQ to ₹512.93 Cr, with PAT of ₹28.08 Cr — a turnaround from a ₹0.50 Cr loss in Q2 FY26, though down 3.3% sequentially from Q1 FY27's ₹29.03 Cr. Basic consolidated EPS was ₹10.50, against -₹0.28 a year ago and ₹10.86 last quarter.

The sequential softness is a margin story: OPM (EBITDA/revenue) compressed to 11.82% from 14.11% in Q1 FY27, and NPM to 5.44% from 6.80%, even as both sit far above the year-ago quarter's 6.14%/-0.14% troughs. The driver traces to a fire at wholly-owned subsidiary Ganesha Ecopet's Warangal (Telangana) PSF plant on August 13, 2026, which damaged machinery/building and halted PSF production for part of the quarter. The company has not quantified or booked the loss — it says the assets are insured and assessment is ongoing — but the operational hit shows up in the cost bridge: consolidated "changes in inventories" swung from a ₹35.56 Cr credit in Q1 FY27 to a ₹53.56 Cr charge this quarter, consistent with finished-goods stock being drawn down to keep servicing revenue while the PSF line was down, which pressured reported costs.

The stock went into the print at ₹997, down 1.3% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

₹0.31 Cr invested during the quarter in associate Ganesha Recycling Chain Pvt Ltd; its ₹0.17 Cr share-of-loss trimmed consolidated PBT.

Because consolidated is the primary basis, the YoY "turnaround" headline needs a caveat: standalone (parent-only) PAT was ₹14.50 Cr, up a steady 85.4% YoY and 5.5% QoQ — the parent itself was never loss-making. The swing from a consolidated loss to profit is therefore a subsidiary-level effect (new capacity ramp-up plus, this quarter, the Ecopet fire), not a parent-company turnaround.