Ganesh Consumer Q1 FY27: PAT up 31% YoY to ₹12.5 Cr as margins expand, revenue dips 7%
PAT +31.37% YoY · revenue -7.1% · margins expanding
₹188.54 Cr
-7.1% YoY
₹12.52 Cr
+31.37% YoY
6.58%
+1.9pp YoY
₹3.14
Ganesh Consumer Products reported standalone PAT of ₹12.52 Cr for Q1 FY27, up 31.4% YoY from ₹9.53 Cr and up 31.3% QoQ, even as total income fell 6.8% YoY to ₹190.34 Cr (revenue from operations down 7.1% YoY to ₹188.54 Cr, -13.5% QoQ). EPS came in at ₹3.14 versus ₹2.62 a year ago and ₹2.37 in Q4 FY26. No analyst consensus estimates could be found for this stock — coverage remains thin roughly ten months after its September 2025 IPO — so vsStreet is marked unknown rather than guessed.
Q1 FY-2027 vs prior quarters
The profit growth was overwhelmingly a margin and finance-cost story, not a volume one. Net profit margin (PAT/total income) expanded to 6.58% from 4.67% a year ago and 4.33% in Q4 FY26; EBITDA margin, per management's own disclosure, rose to 11.2% from 10.49% YoY and 8.02% QoQ. Two levers drove this: finance costs collapsed 85% YoY to ₹0.57 Cr from ₹3.86 Cr after the company used ₹60 Cr of IPO proceeds to prepay borrowings — accounting for roughly ₹3.29 Cr of the ₹3.99 Cr YoY increase in PBT — and cost of materials consumed eased to 74.3% of revenue from 76.5% a year ago. Partly offsetting this, employee costs (2.10% of revenue vs 1.65%) and other expenses (15.2% vs 13.5%) rose as a share of a smaller revenue base, showing some fixed-cost drag from the topline decline.
The stock went into the print at ₹174, down 11.6% over the past month of trading.
For context: this is the highest quarterly PAT in the last 5 quarters on our records.
Management guided for a volume growth of 7-8% in FY27, with expectations to sustain EBITDA margins at FY26 equivalent levels. They are strategically expanding into new geographies like Jharkhand, Odisha, Northeast, and Bihar, and also focusing on developing adjacent, margin-accretive product categories such as blended
— This quarter: missed
Management's FY27 guidance (from the Q4 FY26 call) called for 7-8% volume growth and margins held at FY26-equivalent levels; this quarter met the margin promise but ran counter to the growth one, with revenue down rather than up. Management's press release attributes the softness to an extended heatwave, constrained LPG availability and Assembly-election-related disruptions, with the consumer-facing B2C business down a milder 4.1% YoY against a 17.9% YoY decline in B2B — framing this as a demand-environment issue rather than share loss, and rates its own performance as "neutral" even while keeping a bullish outlook. Corporate actions this quarter included board approval of a final dividend (record date August 14, 2026), appointment of KPMG as internal auditor and a new secretarial auditor for FY27, and continued on-market share purchases by the MD in June-July.
W1
Whether revenue/volume recovers toward management's 7-8% FY27 growth guidance after a 7.1% YoY decline this quarter
W2
Durability of the ~11% EBITDA margin once the finance-cost benefit from debt prepayment (Q1 interest cost ₹0.57 Cr vs ₹3.86 Cr YoY) fully annualizes
W3
Deployment of the remaining ₹46.51 Cr unutilised IPO proceeds, including ₹42.54 Cr earmarked for the Darjeeling gram-flour capacity expansion
Only one financial statement is presented (includes Ganesh ESOP/Employee Welfare Trust) — no separate consolidated section exists in this filing. No exceptional items in any period shown. PAT growth is dominated by an 85% YoY collapse in finance costs (₹3.86 Cr to ₹0.57 Cr) after ₹60 Cr of IPO proceeds were used to prepay borrowings, not by an accounting exceptional item.