1. At a Glance
Ganesh Housing, Gujarat’s old-school real estate boss, just posted an ₹93 Cr Q1 profit. ROE is flying at 35%, debt has practically vanished, and OPM has entered the stratosphere (85%). But… sales fell 29% YoY. This company builds towers, not consistency.
2. Introduction with Hook
If Ambuja makes cement, Ganesh Housing makes empires—quietly, in Ahmedabad. It’s the kind of stock your CA cousin mentions once at a wedding and then ghosts you till it hits 5x.
- 22+ mn sqft delivered, 35 mn sqft upcoming.
- Q1 FY26 Net Profit: ₹93 Cr
- OPM: 85% (yes, even Zomato isn’t that profitable delivering your paneer wrap)
3. Business Model (WTF Do They Even Do?)
- Real Estate Dev: Residential & commercial spaces (mostly in Gujarat)
- Township Planning: Themed, large-format gated communities
- SEZ Ventures: Planned but largely untapped
- Land Bank: Oh, they’re hoarders—in a good way.
Certifications from ISO, KPMG, and even your Fufa’s broker.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 | TTM |
|---|---|---|---|---|
| Revenue (₹ Cr) | 616 | 891 | 960 | 896 |
| EBITDA (₹ Cr) | 252 | 624 | 779 | 758 |
| Net Profit (₹ Cr) | 102 | 461 | 598 | 577 |
| OPM % | 41% | 70% | 81% | 85% |
| EPS (₹) | 12.25 | 55.25 | 71.72 | 69.24 |
In short: profit compounding at 48%+ and they’re doing it without adding leverage. Haters will say “low topline”—but hey, margins are flexing.
5. Valuation
TTM EPS: ₹69.24
Current P/E: ~13.6
Realty Peer Avg P/E: 30–45
Fair Value Range:
- Bear Case: ₹69 × 12 = ₹830
- Bull Case: ₹69 × 20 = ₹1,380
→ FV Range: ₹830 – ₹1,380
At CMP ₹942, it’s sipping nimbu-pani midway.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26: PAT strong at ₹93 Cr, but sales fell 29%
- Land Monetization: Expected over next 2 years
- Infra Push: Ahmedabad’s RE boom = natural tailwind
- Investor Meet (July 2025): Concall confirms expansion in outer-Gujarat
Bonus: Zero buybacks, but they ain’t borrowing either.
7. Balance Sheet
| Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity | ₹83 Cr | ₹83 Cr | ₹83 Cr |
| Reserves | ₹805 Cr | ₹1,246 Cr | ₹1,973 Cr |
| Borrowings | ₹240 Cr | ₹247 Cr | ₹27 Cr |
| Net Worth | ₹888 Cr | ₹1,329 Cr | ₹2,056 Cr |
| Total Assets | ₹1,419 Cr | ₹1,769 Cr | ₹2,338 Cr |
Key Points
- Debt down 90% over 2 years
- Net cash positive
- Asset light? Nah. Land heavy.
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | ₹31 Cr | ₹278 Cr | ₹1 Cr | ₹310 Cr |
| FY24 | ₹638 Cr | ₹-489 Cr | ₹-244 Cr | ₹-95 Cr |
| FY25 | ₹410 Cr | ₹-389 Cr | ₹-94 Cr | ₹-73 Cr |
Insights:
- Cash from ops strong.
- Investing cashflow = land purchases (likely)
- Free cash flow still healthy despite growth capex.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROCE | 23% | 45% | 44% |
| ROE | 13% | 35% | 35% |
| D/E | 0.27 | 0.18 | 0.01 |
| OPM | 41% | 70% | 85% |
| EPS | ₹12.25 | ₹55.25 | ₹71.72 |
Verdict: These are not ratios. These are flex stats.
10. P&L Breakdown – Show Me the Money
| Year | Sales | EBITDA | PAT | EPS | OPM |
|---|---|---|---|---|---|
| FY22 | ₹383 Cr | ₹134 Cr | ₹71 Cr | ₹8.47 | 35% |
| FY23 | ₹616 Cr | ₹252 Cr | ₹102 Cr | ₹12.25 | 41% |
| FY24 | ₹891 Cr | ₹624 Cr | ₹461 Cr | ₹55.25 | 70% |
| FY25 | ₹960 Cr | ₹779 Cr | ₹598 Cr | ₹71.72 | 81% |
Q1 FY26 sales fell, but PAT held up = margin muscle or a sneaky land deal?
11. Peer Comparison
| Company | CMP | P/E | ROCE | Sales (₹ Cr) | PAT (₹ Cr) | OPM |
|---|---|---|---|---|---|---|
| DLF | ₹853 | 45.3 | 6.5% | 7,994 | 1,282 | 26.4% |
| Lodha | ₹1,449 | 52.3 | 15.6% | 13,780 | 922 | 28.9% |
| Oberoi | ₹1,835 | 30.8 | 17.7% | 5,286 | 433 | 58.7% |
| Ganesh Housing | ₹942 | 13.6 | 44% | 896 | 577 | 85% |
TL;DR: Small cap, massive margins, P/E discount = value pick or ignored gem?
12. Miscellaneous – Shareholding, Promoters
| Category | Mar 2023 | Jun 2025 |
|---|---|---|
| Promoters | 73.06% | 73.06% |
| FIIs | 0.92% | 0.47% |
| DIIs | 0.05% | 0.54% |
| Public | 25.96% | 25.92% |
- Retail Love Growing: Shareholders rose from 14K to 40K in 2 years
- Institutional Interest? Nah bro, it’s still underground
13. EduInvesting Verdict™
Ganesh Housing is printing money like it owns the RBI’s basement—but with legal paperwork. It has one of the best ROEs in the real estate biz, high promoter holding, and zero debt. Yet the market treats it like a second cousin from Gujarat who never left town.
Sales can be lumpy (typical of real estate), but margins, profits, and balance sheet strength scream: “You’re missing something big.”
Whether it gets re-rated or remains Gujarat’s best-kept secret… is up to the market. Or your F&O uncle who just discovered smallcaps.
Metadata
– Written by EduInvesting Team | 21 July 2025
– Tags: Ganesh Housing, Q1 FY26, Real Estate, Gujarat Developers, High Margin Stocks, Low Debt
