Ganesh Housing Q2 Profit Hits Rs 67 Crore

Revenue stood at Rs 121 crore, with EBITDA margins improving significantly to 80.7%.

Reader Takeaway: Strong margin recovery and near-zero debt position bolster investor confidence, though project-based revenue recognition remains lumpy.

What just happened

Ganesh Housing reported a consolidated Q2 FY27 profit after tax (PAT) of Rs 67 crore, up from Rs 42 crore in the preceding quarter. Revenue for the quarter stood at Rs 121 crore. Management highlighted that the sequential improvement in EBITDA margins to 80.7% was driven by the absence of one-time charges and adjustments that affected Q1.

Why this matters

The company reaffirmed its FY27 full-year revenue guidance of Rs 1,000–1,200 crore and PAT guidance of Rs 300–325 crore. As a near-zero debt entity, the developer is funding its growth through internal accruals and sales proceeds, reducing interest-rate risk in a capital-intensive sector.

Business Updates

The 'Million Minds' commercial project continues to gain traction, with Tower 1 reaching 68.4% occupancy at an average rental of Rs 110.20 per sq ft. Tower 2, featuring 6.6 lakh sq ft of leasable area, is set for inauguration on November 24, with a projected annual rental potential of Rs 94 crore. On the residential front, the 'Malabar Retreat' project is 87% complete, with possession expected by January 2027.

Risks to watch

Management flagged a slight rise in unsold inventory within the broader Ahmedabad market, which currently sits at roughly 8.2 quarters of supply. Additionally, revenue recognition under Ind AS 115 remains highly dependent on specific project completion milestones, which may cause volatility in quarterly reported numbers.

What to track next

Investors should monitor the monetization roadmap for the 513-acre land bank, particularly the 405-acre Godhavi site, which is expected to be finalized within the next six months.