Ganesh Benzoplast FY26 PAT rises 93% to INR733 million

Ganesh Benzoplast Limited reported a 93% year-on-year increase in profit after tax (PAT) to INR733 million for the financial year 2026, driven by a 10% rise in turnover to INR4,114 million. The company’s earnings per share (EPS) nearly doubled to INR10.19 from INR5.29 in the previous year. On a consolidated basis, Q4FY26 revenue stood at INR1,115 million, while PAT reached INR152 million compared to a loss of INR132 million in the corresponding quarter of the previous year.

The management attributed the strong performance to growth across its Liquid Storage Tank (LST) and Chemical divisions. On a stand-alone basis, the company achieved a turnover of INR2,600 million for FY26, an increase of 21% year-on-year, with PAT rising 99% to INR613 million. The results were discussed during a conference call held on June 08, 2026.

Operational Highlights and Capacity Expansion

Ganesh Benzoplast is currently executing a capital expenditure plan to expand its storage capacity at JNPT by approximately 50,000 kiloliters (kL). The capex for this phase is estimated between INR40 crores and INR50 crores, with commissioning expected by the end of the calendar year 2026. The overall capacity utilization across ports stands at about 95%, with JNPT operating at nearly 100% and Cochin above 80%.

Metric	Q4FY26	FY26
Consolidated Revenue	INR1,115 million	INR4,114 million
Consolidated PAT	INR152 million	INR733 million
Stand-alone Revenue	INR726 million	INR2,600 million
Stand-alone PAT	INR122 million	INR613 million

Strategic Initiatives and Future Outlook

The company is exploring opportunities to revive its Goa terminal, which currently has near-zero utilization due to a mining ban. Statutory approvals have been received to modify tanks for handling blended petrol, with work expected to start post-monsoon and finish by March 31, 2027. Regarding the significant increase in JNPT lease rentals, management noted that the reset, occurring every 30 years, has led to a rise from INR2 crores to INR25 crores per annum. The company expects to pass this burden to customers over the next 2 to 3 years, stabilizing EBITDA margins.

A larger capex plan for ammonia storage and LPG bullets, estimated around INR450-500 crores, remains under discussion with land earmarked at JNPT. The company also plans to incorporate a wholly-owned subsidiary in Singapore to facilitate basket trading of chemicals, aiming to become a one-stop supplier for international clients.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+1.37%	+15.10%	+13.52%	+37.45%	-0.66%	+14.59%

Ganesh Benzoplast Limited reported a 92.5% year-on-year increase in profit after tax (PAT) to ₹733 Mn for the financial year ended March 31, 2026. The company recorded revenue from operations of ₹4,114 Mn, a 9.9% increase compared to the previous year, while operating cash flow improved 33% to ₹793 Mn. Despite the reported PAT surge, underlying profitability before exceptional items declined approximately 22% due to a significant increase in lease rental costs at its JNPT terminal.

The company’s audited consolidated results for FY26 show that while reported metrics reached five-year highs, the financial performance was impacted by a structural cost reset. JNPT Plot 7 & 13 rental costs rose from ₹20.0 Mn in FY25 to ₹242.5 Mn in FY26 following a 25-year lease renewal. This increase of ₹222.5 Mn on a pre-tax basis created a higher fixed cost base, reducing PAT before exceptional items to ₹645 Mn from ₹828 Mn in the prior year.

Segment Performance

Ganesh Benzoplast operates through two primary divisions: Liquid Storage Terminals (LST) and Chemicals. The LST division, which includes EPC services, wharfage, and rail logistics, reported revenue of ₹2,259 Mn, up 12.7% year-on-year. The segment result stood at ₹732 Mn. The Chemicals division contributed revenue of ₹1,855 Mn, a 6.8% increase, with a segment result of ₹213 Mn.

Segment	FY26 Revenue (₹ Mn)	YoY Growth	FY26 Result (₹ Mn)
LST Division	2,259	12.7%	732
Chemicals Division	1,855	6.8%	213
Total	4,114	9.9%	945

Balance Sheet and Outlook

The company maintained a strong balance sheet with total assets growing 17.4% to ₹8,495 Mn. Total equity increased 13.5% to ₹6,177 Mn, resulting in a debt-to-equity ratio of 0.04x. Cash and bank balances of ₹795 Mn exceeded gross borrowings of ₹235 Mn, indicating a net cash position.

Management highlighted that the JNPT lease rental reset represents a key risk for the next 25 years, necessitating a focus on product mix improvement and yield management. For FY27, the company aims to deliver Cochin throughput recovery, revive operations at the Goa terminal, and drive accretive growth from its rail logistics platform, Infrastructure Logistic Systems Limited.