1. At a Glance – The Recycling King with a Bad Quarter Hangover
Ganesha Ecosphere Ltd is what happens when sustainability meets the stock market’s mood swings. India’s largest PET bottle recycler, recycling 16–18% of India’s PET waste, processing 8+ billion bottles annually, and sitting on a ₹2,170 Cr market cap, is currently trading like the market forgot why ESG even exists.
At ₹810 per share, the stock is down ~60% YoY, -29% in 3 months, and -51% in 6 months. Meanwhile, Q3 FY26 revenue came in at ₹357 Cr, down 10.2% QoQ, while PAT collapsed 84% YoY to ₹4.75 Cr. Ouch.
Valuations haven’t cooled much though: P/E ~56, EV/EBITDA ~16.6, P/B ~1.72. Debt stands at ₹545 Cr, promoter holding 39.3%, with a spicy 29.8% promoter pledge for garnish.
This is a company planning ₹725 Cr capex, promising green growth, while current profits are doing yoga poses investors didn’t sign up for. Curious? You should be.
2. Introduction – From Green Darling to Earnings Detox
Ganesha Ecosphere isn’t some wannabe recycler. This company has been in the waste game since 1987, long before ESG became LinkedIn poetry. It converts PET trash into recycled polyester staple fibre (RPSF), yarns, and now food-grade rPET chips—the holy grail of plastic recycling.
For years, the story was clean: steady volume growth, rising sustainability mandates, big brands lining up for approvals, and government policy slowly forcing everyone to recycle whether they like it or not.
Then FY25–FY26 happened.
Revenue stayed respectable, but margins and profits started leaking faster than a punctured PET bottle. Input cost volatility, muted base textile demand, high depreciation, and interest costs
all decided to attack together—like a coordinated bear cartel.
So the big question:
Is this just a cyclical earnings dip before a massive capacity-led rebound, or is the market smelling execution risk in that massive ₹725 Cr expansion plan?
Let’s break the bottle and see what’s inside.
3. Business Model – WTF Do They Even Do?
Imagine India’s plastic problem. Now imagine monetising it.
That’s Ganesha Ecosphere.
Raw Material
- Collects ~450 tons/day of PET waste
- Works with 300+ suppliers
- Processes bottles that would otherwise end up in landfills, oceans, or political speeches
What They Make
- rPET Fibres (solid, hollow, conjugated, fire-retardant, micro, trilobal, etc.)
- Spun & dyed yarns
- rPET chips (food-grade & non-food-grade)
Who Buys
- Spinning mills (65%)
- Technical non-wovens (25%)
- Stuffing & others (10%)
- 400+ customers, top 5 <20% revenue (no dependency drama)
Why They Matter
Brands want recycled content. Governments mandate it. Consumers Instagram it. Ganesha supplies it.
Simple business. Execution is the only boss fight.
4. Financials Overview – Numbers Don’t Lie, They Roast
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 357.22 | 397.80 | 363.38 | -10.2% | -1.7% |
| EBITDA | 30.73 | 56.51 | 22.31 | -45.6% | +37.7% |
| PAT | 4.75 | 29.71 | -0.50 | -84.0% | NA |
| EPS (₹) | 1.77 | 11.72 | -0.19 | -84.9% | NA |
