Ganesh Consumer Products Q2 FY26 Concall Decoded: From Sattu to Spices — IPO Freshness Meets Market Heat 🍲

1. Opening Hook

When your first con call as alisted companysounds more like a family gathering than a finance meet, you know the management’s still buzzing from IPO glory. Ganesh Consumer Products’ debut call was all aboutatta, besan, and belief— sprinkled with optimism and a dash of “we’ll figure it out.” Between a debt cleanup, a solar project, and 200+ SKUs, the company’s cooking a full-course FMCG dream. But can this Sattu-to-Spices story stay spicy when wheat and gram prices decide the menu?

Stick around — because by the end, you’ll realize the real flavor of this business isn’t just in flour; it’s in its ambition. 🌾

2. At a Glance

• Revenue ₹2,387 Cr– Up 7.2% YoY; festive kitchens did their job.
• EBITDA ₹239 Cr (+25%)– Margin at 10%; CFO calls it “healthy digestion.”
• PAT ₹110 Cr (+17%)– Profits now garnished with IPO seasoning.
• Gross Margin 26% (+350 bps)– Cheaper sourcing, tastier math.
• Debt down ₹97 Cr– From “kneaded dough” to “cleaned balance sheet.”
• B2C 78% of sales– Consumer focus rising like good yeast.
• Spices +23% YoY– The masala that’s actually making things hot.

3. Management’s Key Commentary

“This is our maiden con call as a listed company.”(Translation: Please clap, we’re public now! 🥳)

“Revenue grew 7.2% YoY, EBITDA up 25%, margins at 10%.”(Translation: The math looks great when you don’t count last year’s wheat shocks.)

“We have repaid ₹97 crore debt, making our balance sheet stronger.”(Translation: IPO money did more detox than a green juice cleanse.)

“Inventory levels tripled this year.”(Translation: We panic-bought wheat before it turned into gold again.)

“Sattu demand fell due to short summer, but recovery ahead.”(Translation: Weather, our new CFO.)

“Spices business grew 23% YoY and will hit ₹100 crore soon.”(Translation: New vertical, same spice-level optimism.)

“Dividend policy set at 25–50% payout.”(Translation: We’re