Shree Ganesh Remedies Reports Q4FY26 Revenue Surge of 36% YoY, FY26 PAT Falls 23%
Shree Ganesh Remedies Limited reported Q4FY26 revenue from operations of ₹33.20 crore, up 36% YoY, with EBITDA of ₹11.37 crore and PAT of ₹6.27 crore. For FY26, revenue grew marginally 1% to ₹109.29 crore while PAT declined 23% to ₹17.77 crore amid rising operating expenses and challenging macro conditions. Management highlighted successful completion of pilot trials for CRAMS projects and reaffirmed the Block 7 expansion timeline for Q2FY27.
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Shree Ganesh Remedies Limited has announced its audited financial results for the quarter and financial year ended March 31, 2026. The Board of Directors approved the standalone and consolidated financial results at a meeting held on May 14, 2026, which commenced at 3:30 PM and concluded at 4:10 PM. The statutory auditors, Chaudhary Shah & Associates LLP, issued an unmodified opinion on the financial results, confirming that they give a true and fair view of the company's net profit and other financial information in conformity with Indian Accounting Standards. The consolidated financial results include the financials of SGRL USA INC, a wholly-owned subsidiary.
Q4FY26 Financial Performance
For the quarter ended March 31, 2026, Shree Ganesh Remedies delivered a strong sequential and year-on-year recovery. Revenue from operations stood at ₹33.20 crore, reflecting a 36% increase year-on-year and a 57% jump quarter-on-quarter. EBITDA for the quarter came in at ₹11.37 crore, up 15% YoY and 69% QoQ, though EBITDA margins contracted by 616 basis points YoY to 34.3%. Profit after tax (PAT) for the quarter was ₹6.27 crore, a decline of 5% YoY but a significant 103% recovery sequentially.
The table below presents the key quarterly and annual financial metrics:
| Particulars (₹ in Crores): | Q4FY25 | Q3FY26 | Q4FY26 | YoY Change | QoQ Change | FY25 | FY26 | YoY Change |
|---|---|---|---|---|---|---|---|---|
| Revenue from Operations: | 24.43 | 21.11 | 33.20 | 36% | 57% | 108.60 | 109.29 | 1% |
| Total Income: | 26.72 | 21.76 | 34.22 | 28% | 57% | 112.33 | 112.32 | 0% |
| Operating Expenses: | 14.55 | 14.38 | 21.82 | 50% | 52% | 69.38 | 74.27 | 7% |
| EBITDA (Excl. OI & EI): | 9.88 | 6.73 | 11.37 | 15% | 69% | 39.21 | 35.02 | -11% |
| EBITDA %: | 40.4% | 31.9% | 34.3% | -616 bps | 238 bps | 36.1% | 32.0% | -406 bps |
| Finance Cost: | 0.96 | 0.74 | 0.88 | -9% | 19% | 2.08 | 3.56 | 71% |
| Depreciation & Amortization: | 2.42 | 2.67 | 2.80 | 15% | 5% | 9.57 | 10.47 | 9% |
| PBT: | 8.78 | 3.98 | 8.72 | -1% | 119% | 31.30 | 24.01 | -23% |
| PAT: | 6.60 | 3.10 | 6.27 | -5% | 103% | 23.10 | 17.77 | -23% |
| EPS (₹): | 5.13 | 2.41 | 4.88 | -5% | 102% | 17.98 | 13.84 | -23% |
FY26 Annual Financial Performance
For the full year FY26, Shree Ganesh Remedies reported revenue from operations of ₹109.29 crore, a marginal 1% increase over ₹108.60 crore in FY25. Total income remained broadly flat at ₹112.32 crore versus ₹112.33 crore in the prior year. However, operating expenses rose 7% to ₹74.27 crore, weighing on profitability. EBITDA declined 11% YoY to ₹35.02 crore, with EBITDA margins contracting 406 basis points to 32.0%. PAT for FY26 stood at ₹17.77 crore, down 23% from ₹23.10 crore in FY25, while EPS fell to ₹13.84 from ₹17.98.
The segment-wise revenue breakdown for Q4FY26 and FY26 is presented below:
| Segment: | Q4FY26 | FY26 |
|---|---|---|
| Pharma Intermediates Revenue: | ₹19.72 Cr. | ₹68.81 Cr. |
| Speciality Chemicals Revenue: | ₹13.47 Cr. | ₹40.47 Cr. |
| Export Revenue: | ₹25.14 Cr. | ₹63.10 Cr. |
| Domestic Sales Revenue: | ₹8.05 Cr. | ₹46.18 Cr. |
Management Commentary
Commenting on the results, Mr. Gunjan Kothia, Promoter, described FY26 as a year of consolidation. "As guided through the course of the year, FY26 was envisaged as a year of consolidation for the Company, and the results of the year reflect that. Whilst the headline financial performance does not show significant growth, the business has become structurally and fundamentally stronger, and is now well placed for healthy growth in the years ahead," he said.
Mr. Kothia highlighted key operational milestones achieved during the year, including progress on CRAMS engagements across agrochemicals, pharmaceuticals, and electronic applications, with active projects spanning Europe and Japan. "I am pleased to report that we are making strong progress on our CRAMS engagements across agrochemicals, pharmaceuticals and electronic applications, with active projects spanning Europe and Japan. We have achieved significant milestones on these mandates, and I am delighted to share that the pilot trials for these projects have been successfully completed during Q4FY26. We will now move into the commercial trial phase, and subject to the requisite customer and regulatory approvals, we expect to commence commercial production of these molecules thereafter," he added. On capacity expansion, he noted that the Block 7 expansion programme remains on track, with commercial production expected to commence from Q2FY27.
Board Decisions
In addition to approving the financial results, the Board approved the re-appointment of M/s. S N D K & Associates LLP, Chartered Accountants, as the Internal Auditors of the company for the financial year 2026-27, effective from May 14, 2026.
About Shree Ganesh Remedies Limited
Shree Ganesh Remedies Limited is a leading player in the chemical manufacturing industry, specialising in pharmaceutical intermediates and specialty chemicals. With over 19 years of excellence, the company is renowned for its expertise in advanced chemical synthesis and complex chemical reactions. The company serves over 20 countries, including key markets in the EU and the US, and holds multiple accreditations including ISO certifications and EcoVadis Bronze. With ongoing expansions at its Ankleshwar and Dahej sites and a strategic focus on complex niche specialty chemicals, the company continues to deliver custom manufacturing solutions to its global clients.
Historical Stock Returns for Shree Ganesh Remedies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +15.36% | +17.73% | +21.58% | +21.49% | -22.13% | +130.74% |
How quickly could the CRAMS commercial trial phase convert into meaningful revenue contribution, and what is the potential revenue scale from the Europe and Japan projects once full commercial production begins?
Will the Block 7 capacity expansion commencing in Q2FY27 be sufficient to absorb the anticipated demand from new CRAMS mandates, or will further capital expenditure be required in the near term?
Given that operating expenses rose 7% while revenue grew only 1% in FY26, what specific cost optimization measures is management implementing to restore EBITDA margins toward the FY25 level of 36%?
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