At a Glance
Ganga Bath Fittings Ltd, a premium bathroom accessories company incorporated in 2004, went public in June 2025. With 68% of sales from its own brands, a high 33% ROE, and expansion-ready capacity utilization, the fundamentals look strong. But high receivables, low float, and promoter exit post-IPO raise some slippery questions.
🧼 1. What Do They Even Do?
Short answer: Everything your bathroom needs except toilet paper.
Ganga Bath Fittings Ltd (GBFL) is a vertically integrated bathroom fittings player engaged in:
- 🔧 Manufacturing: Chrome fittings, ABS taps, steel showers, and even Belgium-style mirrors.
- 📦 Trading: Imports third-party sanitaryware and resells under “Ganga” brand.
- 🧪 OEM Supply: Makes bath accessories for third-party brands via contract manufacturing.
- 🏷️ Brands: Ganga, Glimpse, Stepian, Tora.
This isn’t your average local plumber story. They’ve got 3 manufacturing units, and products placed in retail chains and OEM pipelines across 20+ Indian states.
🧠 2. Their Secret Sauce — The Brand Game
Let’s
talk about revenue diversification:
🔍 Revenue Mix – 9MFY25
| Type | Share |
|---|---|
| Own Brand | 68.09% |
| OEM Contract Manufacturing | 26.73% |
| Trading (Sanitaryware) | 5.18% |
👉 68% of revenue comes from products under their own brand umbrella. That’s impressive for an SME where most players just trade or do OEM work.
Why it matters? Higher brand share = Better margins, stronger pricing power, and less dependence on third parties.
🏭 3. Manufacturing — The Three Musketeers
GBFL operates three units:
| Unit Type | Installed Capacity (MTPA) | 9MFY25 Production (MT) | Utilization |
|---|---|---|---|
| Plastic Molded (GPI) | 300 | 173.25 | 77% |
| Chrome Casted (GI) | 225 | 133.06 | 79% |
| Steel Showers (GBS) | 279 | 136.01 | 65% |
GPI and GI are nearing optimal usage — great for leverage. GBS needs a little more fire under its steel cauldron.
📊 4. Segment Wise Revenue — What’s Selling?
The visual shared earlier shows how revenue is concentrated:
- Chrome-Plated (GI
