Ganesh Benzoplast Q1FY27: consolidated PAT down 3% YoY on margin squeeze, revenue +23%
PAT -3% YoY · revenue +22.9% · margins compressing
₹117.5 Cr
+22.9% YoY
₹17.58 Cr
-3% YoY
14.32%
-3.6pp YoY
₹2.44
Ganesh Benzoplast's consolidated Q1FY27 revenue rose 22.9% YoY to ₹117.50 Cr (₹95.62 Cr) and 5.4% QoQ (₹111.47 Cr), but consolidated PAT slipped 3.0% YoY to ₹17.58 Cr (₹18.13 Cr) — a ~6.5% decline once adjusted for a ₹0.95 Cr one-off loss embedded in the year-ago quarter's base — even as PAT rose 14.9% QoQ from ₹15.29 Cr. Basic EPS was ₹2.44 versus ₹2.52 a year ago. Standalone tells the same story: revenue up 23.5% YoY to ₹70.34 Cr, PAT down 4.6% YoY to ₹13.44 Cr, so standalone and consolidated are not materially diverging this quarter. There is no formal published Street consensus for this quarter that we could locate — MarketsMOJO carries a 'Hold' rating but no specific PAT/EPS estimate, so vsStreet is unknown rather than assumed.
Q1 FY-2027 vs prior quarters
The margin story is exactly what management flagged on the Q4FY26 call: EBITDA-level margin (OPM) compressed to 22.98% from 29.44% a year ago, and net margin to 14.32% from 17.96%, driven almost entirely by the LST (port logistics/EPC/wharfage) division — its segment revenue grew 18.5% YoY to ₹54.80 Cr but segment PBIT fell 15.0% YoY to ₹17.90 Cr, pulling the division's margin down to 32.7% from 45.5% a year ago. That's consistent with the 30-year JNPT rental reset management cited as the margin drag when it guided a 2-3 year recovery path in the prior concall. The Chemical division, by contrast, grew revenue 27.0% YoY to ₹62.69 Cr with segment PBIT up 13.3% YoY to ₹8.15 Cr — comparatively resilient. Sequentially, both OPM (18.44%→22.98%) and NPM (13.14%→14.32%) improved from Q4FY26, an early signal — not yet confirmation — of the margin recovery management projected.
The stock went into the print at ₹117, up 13.5% over the past month of trading.
For context: PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.
What the summary numbers don't show
No exceptional items this quarter vs a ₹0.95 Cr one-off loss in Q1FY26 — finance cost normalized to ₹20.07 Cr after an unusually low ₹6.10 Cr in Q4FY26.
Management projects continued revenue growth driven by existing contracts and new capacity additions. While EBITDA margins were impacted by a significant 30-year rental reset at JNPT, they are expected to recover over the next 2-3 years as rental increases are passed on to customers and new, higher-margin capacity come
— This quarter: met
No management press release commentary was available with this filing to cross-check against the numbers. The quarter's other disclosures are largely non-financial: the company confirmed no deviation in utilization of preferential-issue funds, NCLAT dismissed Progfin's insolvency appeal against the company (removing an overhang), and the trading window closed ahead of results as usual. The auditors' limited-review reports (standalone and consolidated) both carry an unmodified Emphasis of Matter on the FY24 FIR/EOW complaint concerning loans allegedly routed through an unauthorized GBL Chemical bank account — the company's petition to quash the FIR remains pending before the Delhi High Court, with no change in status this quarter.
W1
LST/port division margin recovery: segment PBIT margin was 32.7% in Q1FY27 vs 45.5% a year ago; management guided recovery over the next 2-3 years as JNPT rental increases are passed through to customers.
W2
Consolidated OPM trajectory: rose sequentially to 22.98% from 18.44% in Q4FY26 — watch whether it continues back toward the ~29% level of Q1FY26.
W3
Resolution of the Delhi High Court petition to quash the FIR/EOW complaint tied to FY24 loan irregularities at GBL Chemical — flagged as an unmodified Emphasis of Matter by auditors in both standalone and consolidated review reports.
Cleanly typed statement, 'Rs. In Million' — converted to ₹ Cr (÷10) throughout. Q1FY26 comparative carried a ₹0.95 Cr pre-tax one-off/exceptional loss (none this quarter), so YoY PAT growth is adjusted for it. Minority interest (₹0.14 Cr) applies only to total comprehensive income, not to the reported net profit line.