1. At a Glance – The Port Mafia of Liquid Chemicals?
₹570 crore market cap.
Stock price: ₹79.
Book value: ₹80.6.
Price-to-book: 0.98x.
P/E: 6.98x.
ROCE: 17.6%.
ROE: 13.5%.
Debt: ₹52.1 crore.
Debt-to-equity: 0.09.
Quarter ended December 2025 (Q3 FY26):
Revenue ₹105 crore.
PAT ₹16 crore.
EPS ₹2.24.
Three-month return: -9.67%.
One-year return: -33.6%.
So let’s get this straight.
A company trading below book value.
Earnings yield of 21%.
EV/EBITDA of 4.01.
And almost debt-free.
Either Mr. Market is sleeping…
Or he knows something you don’t.
Because this is not some loss-making PSU ghost. This is a port storage and specialty chemical company sitting at JNPT, Cochin and Goa — literally charging rent to store chemicals while the country imports more and more energy.
But wait.
There was a promoter arrest.
There was an income tax visit.
There was a JV termination.
And lease rentals at JNPT just exploded from ₹3 crore a year to ₹18–20 crore.
Welcome to Ganesh Benzoplast.
Where the tanks are full… but the drama is also fully loaded.
Let’s dive in.
2. Introduction – Storage King or Storage Sting?
Ganesh Benzoplast Ltd was incorporated in 1986.
It runs liquid storage terminals and manufactures specialty chemicals.
In simple terms?
It stores dangerous liquids for money.
And makes preservatives so your ketchup doesn’t expire.
Segment revenue split FY24:
- Liquid Logistics: 80%
- Chemicals: 20%
So this is not a “chemical growth story” company.
This is a storage rental business first. Chemicals are side hustle.
They operate 3 terminals:
- JNPT (Navi Mumbai)
- Cochin Port
- Goa
Total storage capacity: 352,000 KL.
96 trucks.
Manufacturing facility at Tarapur: 24,000 MTPA.
Clientele includes:
Cargill, BPCL, Jubilant, Aarti Industries, Deepak Nitrite, Pidilite, Asian Paints, Petronas.
Not exactly kirana stores.
But here’s where it gets spicy.
- Promoter arrest in fraud case involving subsidiary.
- CFO resignation Feb 2026.
- Income tax search October 2025.
- Lease cost shock at JNPT.
- LPG JV terminated.
And yet… profits continue.
So what is this company really?
A stable port storage cash machine?
Or a corporate governance thriller with tanks?
Let’s understand what they actually do.
3. Business Model – WTF Do They Even Do?
Imagine this.
A
