GANESHA ECOSPHERE LTD. Q1 FY27 Results

Ganesha Ecosphere's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue was ₹423.67 Cr, up 25.7% YoY from ₹337.12 Cr, but essentially flat QoQ against ₹423.94 Cr in Q4 FY26. Consolidated PAT was ₹29.03 Cr, up 170% YoY from ₹10.75 Cr and up 25.1% QoQ from ₹23.21 Cr, with basic EPS rising to ₹10.85 from ₹4.23 a year ago. Standalone PAT was ₹13.75 Cr, up 79.4% YoY but down 16.2% QoQ from ₹16.41 Cr — the two bases tell materially different stories, since the two wholly owned subsidiaries (Ganesha Ecopet, Ganesha Ecotech) now account for the bulk of incremental group profit growth.

Consolidated OPM (EBITDA/revenue) expanded to roughly 14.1% this quarter from 12.35% in Q4 FY26 and 10.77% a year ago; NPM nearly doubled YoY to about 6.9% from 3.2%. Cost of materials consumed actually rose to 70.2% of revenue from 67.0% a year ago, but this was more than offset by a large favourable swing in the inventory-movement line (-₹35.56 Cr this quarter versus -₹8.80 Cr a year ago), consistent with an inventory build reducing reported cost of goods sold. Finance costs were roughly flat YoY (₹8.87 Cr vs ₹9.84 Cr) despite higher volumes, and the effective tax rate eased to 21.7% from 24.9%, both mildly supportive of the bottom line. No exceptional or one-off item is disclosed in the notes — the only unusual item is a standalone-only ₹0.98 Cr investment in associate Ganesha Recycling Chain Pvt Ltd, immaterial to results — so this growth is treated as operating rather than one-off-driven.

The stock went into the print at ₹1,154.9, up 12.4% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters.

Street coverage is thin for this small/mid-cap (~₹2,879 Cr mcap per pre-result trackers); the only pre-result estimate found (Univest, a trailing-growth extrapolation rather than formal analyst consensus) pegged PAT at ₹9-12 Cr — both the standalone (₹13.75 Cr) and consolidated (₹29.03 Cr) actuals came in above that range, though the estimate's basis (standalone vs consolidated) is unclear. Management has no formal guidance on record for this quarter and none surfaced via web search, so the beat/miss verdict against guidance is unknown. Separately, the company filed a correction/clarification to its FY26 financial results on July 30, 2026 — just days before this filing — which matters for anyone using the year-ago and QoQ figures as a clean base. Two other developments this quarter, an independent director's resignation and India Capital Fund's 5.07% stake acquisition in June, are ownership/board matters that don't tie directly to the P&L.