Ganesh Housing Limited (formerly known as Ganesh Housing Corporation Limited) has submitted its Business Responsibility & Sustainability Report (BRSR) for the financial year 2025-26 to BSE Limited and the National Stock Exchange of India Limited. The filing was made pursuant to Regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and forms an integral part of the company's Annual Report for FY 2025-26. The report is prepared on a standalone basis and covers disclosures across all nine principles of the National Guidelines on Responsible Business Conduct (NGRBC).

Company Overview and Financial Profile

Incorporated on 13 June 1991, Ganesh Housing Limited is one of the leading real estate companies in Gujarat, engaged in the construction of residential, commercial, and infrastructure development projects. The company operates from a single national office located at Ganesh Corporate House, 100 Feet Hebatpur-Thaltej Road, Near Sola Bridge, Off S.G. Highway, Ahmedabad – 380054. Its real estate portfolio spans affordable housing for lower income groups, middle and high income group residential projects, commercial office spaces, retail shops, and Special Economic Zones (SEZs). The following table summarises key financial parameters disclosed in the report:

The company holds three wholly owned subsidiaries — Gatil Properties Private Limited, Madhukamal Infrastructure Private Limited, and Million Minds Techspace Private Limited — none of which participate in the Business Responsibility initiatives of the listed entity.

Workforce Composition and Employee Well-Being

As at the end of FY 2025-26, Ganesh Housing Limited had a total permanent employee strength of 123, comprising 110 male employees (89.43%) and 13 female employees (10.57%). The company does not have a direct workforce and instead engages workers through contracted services, resulting in zero permanent or other-than-permanent workers on its payroll. The Board of Directors comprises 10 members, of whom 2 (20%) are female, while Key Management Personnel total 4, with 1 female (25%).

Retirement benefit coverage in FY 2025-26 included Provident Fund at 47.96% of total employees, Gratuity at 98.37%, and ESI at 5.69%, with all deductions deposited with the respective authorities. All 123 permanent employees received wages above the statutory minimum wage. Gross wages paid to female employees constituted 7.00% of total wages in FY 2025-26, compared to 5.92% in FY 2024-25. Performance and career development reviews were completed for 119 out of 123 employees (96.74%) during the year.

Training, Governance, and Ethical Conduct

The company conducted training and awareness programs covering all nine NGRBC principles during FY 2025-26, achieving 100% coverage across the Board of Directors, Key Managerial Personnel, and other employees. The Board received 2 programs, KMPs received 24 programs, and other employees received 16 programs. Topics covered included fire and lift safety, AI at Work, SEBI compliances, IND AS, new income tax and labour codes, and communication skills development.

The company reported no monetary or non-monetary fines, penalties, or settlements with regulators or law enforcement agencies in FY 2025-26. There were zero disciplinary actions for bribery or corruption against any directors, KMPs, employees, or workers. The company maintains an Anti-Money Laundering, Anti-Bribery & Anti-Corruption Policy as part of its Code of Conduct, applicable to all individuals associated with the company.

The Managing Director & CEO, Mr. Shekhar G. Patel (DIN: 00005091), serves as the highest authority responsible for implementation and oversight of Business Responsibility policies. The company's policies across all nine NGRBC principles have been approved by the Board and translated into procedures, though they do not currently extend to value chain partners.

Environmental Performance

Ganesh Housing Limited's environmental disclosures for FY 2025-26 reflect increased operational activity compared to the previous year. Total energy consumption from non-renewable sources rose to 18,46,50,691.2 Kilo Joules in FY 2025-26 from 9,98,24,308.8 Kilo Joules in FY 2024-25, with no energy consumed from renewable sources in either year. Total water withdrawal declined marginally to 37,620 kilolitres in FY 2025-26 from 38,873 kilolitres in FY 2024-25.

Scope 1 greenhouse gas emissions decreased to 1663.58 MtCO2e in FY 2025-26 from 1765.78 MtCO2e in FY 2024-25, while Scope 2 emissions remained nil. Construction and demolition waste generated fell significantly to 13.96 metric tonnes from 50.01 metric tonnes in the prior year. The company disposed of 380 Kg of E-waste during the year through Ecoli Waste Management Private Limited, an authorised recycler under the Gujarat Pollution Control Board. Air quality assessments are conducted annually by an external agency, Standard Environment Management Systems. The company holds ISO 14001:2015 (Environment Management System), ISO 45001:2018 (Occupational Health and Safety Management System), and ISO 9001:2015 (Quality Management System) certifications.

Sustainable Sourcing and Community Engagement

Ganesh Housing Limited sources over 85% of its direct and indirect materials from local vendors within a 100-kilometre radius, supporting local businesses and reducing transportation-related carbon emissions. In FY 2025-26, 10% of input materials were sourced directly from MSMEs or small producers, while 89% were sourced from within the district and neighbouring districts. The company is affiliated with two industry associations — GIHED–CREDAI (State level) and the Indian Green Building Council (National level). Community grievances are addressed through dedicated email and telephone channels, and the company has established a Stakeholder Grievances Redressal Policy. No Social Impact Assessments or Rehabilitation and Resettlement projects were applicable to the company's operations during the reporting period.

Ganesh Housing Limited reported a robust first quarter of FY27, with revenue from operations surging to ₹280 crore, an 86% year-on-year increase and a 130% sequential jump. The strong top-line performance was primarily driven by the strategic monetization of the One91 Thaltej land parcel, a decision aimed at optimizing capital allocation rather than addressing liquidity needs. While profitability metrics were moderated by a one-time tax impact related to the land sale, the company reaffirmed its FY27 revenue guidance of ₹1,000–₹1,200 crore and net profit (PAT) guidance of ₹300–₹325 crore. This update underscores the company’s shift towards a diversified real estate platform with multiple growth engines, including residential development, commercial leasing, and land monetization.

Q1FY27 Financial Performance

The financial results for the quarter ended June 30, 2026, reflect significant operational progress and strategic asset reallocation. The following table details the key financial metrics for Q1FY27:

The moderation in EBITDA and PAT margins was attributed to the specific nature of the One91 Thaltej land sale. The land was acquired through an amalgamation in 2020, which is a tax-neutral arrangement. Consequently, the cost of acquisition for tax purposes was higher than historical book values, leading to a higher effective tax rate for this transaction. Management emphasized that this is a one-time impact and does not reflect the company’s ongoing operational efficiency.

Strategic Asset Monetization

A pivotal development during the quarter was the decision to sell the One91 Thaltej land parcel instead of developing it into a commercial project. Corporate and Financial Advisor B. Ravi explained that while the project had approvals, the five-year execution and sales cycle posed risks that outweighed the immediate cash realization. The present value of immediate monetization was deemed superior to delayed returns from construction. This move aligns with Ganesh Housing’s disciplined capital allocation strategy, allowing the redeployment of funds into high-potential opportunities such as the Million Minds project and selective land acquisitions.

Million Minds Leasing Momentum

The Million Minds Tech City project continues to gain traction, marking the beginning of Ganesh Housing’s recurring income stream. Approximately 60% of the leasable area is under active discussion, with Letters of Intent (LoIs) executed for 43% (about 2.64 lakh square feet). An additional 15–20% is in advanced negotiation stages. Lease rentals are scheduled to commence in Q4 FY27, with full-year rental income expected in FY28. Annualized rentals are projected to potentially exceed ₹75 crore, adding a stable annuity component to the business model. Demand is primarily driven by Global Capability Centers (GCCs), technology firms, and co-working spaces.

Project Updates and Future Guidance

Residential operations remain steady, with the Malabar Retreat project reaching 83% completion. Total bookings stand at 73 units, representing 45% of total units and ₹183 crore in sale value. For FY27, management expects revenue contributions from both project sales (approximately ₹470 crore) and land/project sales (approximately ₹550–₹600 crore). The company plans to launch Phase-II of Million Minds in Q3 FY27 and the residential phase in Q4 FY27. Regarding the Godhavi land parcel (411 acres), management indicated that mixed-use development plans, including plotted development and land sales, will be announced later in the year as market conditions evolve.