Ganesh Housing Ltd Q1 FY26 – ₹93 Cr Quarterly Profit, 85% OPM, 37.8% ROE, and a Township Buffet in Ahmedabad
1. At a Glance
Ganesh Housing Corporation Ltd (GHCL) is Ahmedabad’s favourite builder that went from local housing society developer to a ₹6,972 Cr market-cap real estate powerhouse. Current price ₹835/share (52W high: ₹1,485, low: ₹774), P/E 12x, ROE 37.8%, ROCE 44%. In the latest quarter, revenue fell 30% YoY to ₹151 Cr, but thanks to god-level margins of ~85%, they still posted a ₹93 Cr net profit (down just 18%). Their 5-year profit CAGR? 47%. And promoter holding? A rock-solid 73.1% with zero pledges. If DLF is the Ambani of real estate, Ganesh Housing is that Gujarati baniya who sells fewer dhoklas but at 85% margin.
2. Introduction
Picture this: Ahmedabad, land of endless ring roads, Garba nights, and 450-acre real estate townships. Enter Ganesh Housing – a company that has sold 22+ mn sqft already and still sits on another 35 mn sqft waiting to be monetised. They’re ISO-certified, KPMG-endorsed, and probably Vaastu-compliant too.
The funny part? This is a real estate company that posts OPMs like a SaaS startup – 85% margins, 60%+ net margins. Forget cement and bricks, this looks more like selling software subscriptions with GST billing. But no, it’s just land banking at its finest.
So, why’s the stock 40% down from its high? Investors are jittery over execution, land monetisation timing, and Gujarat market concentration. But if you’re asking “Do they make money?” – yes, faster than your uncle flipping land on SG Highway.
Question for you: would you rather trust a builder with 85% margins or your local broker who takes 2% and still delays registry?
3. Business Model – WTF Do They Even Do?
Ganesh Housing is basically Gujarat’s land-to-condo machine.
Residential: 17 projects – Malabar Exotica, Maple Counties, Shangrila, Satva, Maniratnam, etc. Ahmedabad residents probably live in a GHCL building without realising.
Commercial: 4 projects including Maple Trade Centre, Magnet Corporate Park, GCP Business Centre. Think glass towers with “import-export” companies inside.
Townships: The 450-acre Gatil project (15.3 mn sqft) launched in Q4 FY24, phased over 10 years. That’s like building a small Gandhinagar within Ahmedabad.
Future Bets: Aiming at SEZ development (6 mn sqft). Because nothing screams “growth” like tax-free office space.
Revenue model is simple: acquire land early, develop in phases, and book profits at high margins when Gujarat’s industrialists need offices and NRI uncles want luxury flats.
4. Financials Overview
Quarterly Comparison (₹ Cr)
Source table
Metric
Jun ’25 (Latest Qtr)
Jun ’24 (YoY)
Mar ’25 (QoQ)
YoY %
QoQ %
Revenue
151
214
251
-29.6%
-39.8%
EBITDA
128
149
217
-14.1%
-41.0%
PAT
93.1
114
165
-18.2%
-43.6%
EPS (₹)
11.16
13.65
19.78
-18.3%
-43.6%
Commentary: Sales dip, profits dip, but margins are still as fat as Gujarati thalis. Clearly, their cost structure is more “land arbitrage” than “construction expense.”
