Construction - Real Estate · Founded 1991 · www.ganeshhousing.com · BSE 526367 · NSE GANESHHOU · ISIN INE460C01014
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Business
Ganesh Housing Ltd. is an Indian real estate development company. Its core business involves acquiring land parcels, planning, designing, and developing various real estate projects, primarily across residential, commercial, and retail segments. The company generates revenue by selling developed properties (e.g., apartments, villas, office spaces, retail units) and, in some cases, through rental income from leased commercial or retail assets within its portfolio.
Revenue Mix
Specific revenue breakdowns by segment are not provided. However, as a real estate developer, its operations typically span:
Residential: Development and sale of apartments, villas, and plotted developments.
Commercial: Development and sale or lease of office spaces, IT parks.
Retail: Development and sale or lease of shopping malls, complexes, and high-street retail spaces.
The primary revenue driver is expected to be the sale of completed or under-construction properties.
Industry
The Indian real estate sector is characterized by its cyclical nature, high capital intensity, and significant regulatory oversight. It is highly fragmented, with numerous regional players alongside a growing number of large, organized national developers. Ganesh Housing Ltd. operates within this competitive landscape, positioning itself as an organized real estate developer, likely with a strong regional focus given its company name and typical market structure for Indian developers of its size. Its positioning would be against both local competitors and the regional presence of larger national players.
MOAT
Ganesh Housing Ltd.'s competitive advantages, if any, are likely to stem from:
Local Market Expertise: Deep understanding of specific regional markets, including land acquisition, local regulations, and consumer preferences.
Established Land Bank: Ownership or access to strategically located land parcels acquired at favorable costs.
Execution Capabilities: A track record of successful project completion and delivery, building trust with buyers and investors.
Brand Reputation: A local or regional brand known for quality and timely delivery can create repeat customers and referrals.
Durable competitive advantages like network effects or high switching costs are generally less prevalent in the real estate sector.
Growth Drivers
Key factors that can drive Ganesh Housing Ltd.'s growth over the next 3-5 years include:
Urbanization and Population Growth: Continued migration to urban centers drives demand for housing and commercial spaces.
Rising Disposable Incomes: Increasing affluence among the Indian middle class fuels demand for better quality and larger homes.
Favorable Demographics: A large young population reaching peak home-buying age.
Government Policies: Initiatives like 'Housing for All,' infrastructure development, and smart cities can stimulate demand and investment.
Lower Interest Rates: A conducive interest rate environment for home loans can boost affordability and demand.
Economic Growth: Overall economic expansion positively impacts commercial real estate demand and consumer confidence.
Risks
Ganesh Housing Ltd. faces several business risks:
Economic Downturns: Real estate is highly sensitive to economic cycles, with downturns impacting demand and pricing.
Interest Rate Fluctuations: Rising interest rates can increase borrowing costs for the company and make home loans more expensive for buyers, affecting demand.
Regulatory & Approval Delays: Lengthy and complex approval processes can cause project delays, cost overruns, and impact cash flows.
Land Acquisition Challenges: Difficulty in acquiring suitable land at viable prices, or legal disputes related to land titles.
Input Cost Volatility: Fluctuations in the cost of construction materials (cement, steel) and labor can impact project profitability.
High Debt Levels: Real estate development is capital-intensive and often involves significant debt, making companies vulnerable to liquidity crises.
Competition: Intense competition from other developers, both local and national, can lead to price pressures.
Management & Ownership
Ganesh Housing Ltd. is typically promoted and controlled by its founding family, a common structure in Indian businesses. The promoter group likely holds a significant equity stake. Details on specific management quality or individual ownership percentages are not available in the provided information, but the overall strategic direction and long-term vision are usually guided by the promoter family.
Outlook
The outlook for Ganesh Housing Ltd. presents a balanced picture. On the bullish side, India's strong underlying demographics, rapid urbanization, and government support for housing and infrastructure create a tailwind for long-term real estate growth. A well-managed company with a strong land bank and execution capabilities in its focused regions can capitalize on this demand. However, the real estate sector is inherently cyclical and capital-intensive. The company faces significant risks from interest rate volatility, regulatory hurdles, economic slowdowns, and intense competition. Its ability to manage its debt, secure timely project approvals, control construction costs, and adapt to changing market dynamics will be crucial for sustained performance.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 277 | 214 | 237 | 257 | 251 | 151 | 174 | 91 | 95 | 280 |
| Other Income | 3 | 6 | 12 | 7 | 8 | 0 | 0 | 0 | 27 | 0 |
| Total Income | 280 | 221 | 250 | 264 | 259 | 151 | 174 | 92 | 122 | 280 |
| Total Expenditure | 128 | 65 | 35 | 46 | 35 | 23 | 26 | 16 | 23 | 170 |
| Operating Profit | 152 | 156 | 215 | 218 | 224 | 128 | 148 | 75 | 98 | 110 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 4 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 1 | 2 | 2 | 2 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 149 | 153 | 212 | 215 | 221 | 126 | 145 | 73 | 96 | 105 |
| Provision for Tax | 37 | 39 | 54 | 54 | 57 | 32 | 37 | 19 | 34 | 63 |
| Profit After Tax | 113 | 114 | 158 | 161 | 165 | 93 | 108 | 54 | 61 | 42 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 113 | 114 | 158 | 161 | 165 | 93 | 108 | 54 | 61 | 42 |
| Adjusted Earnings Per Share | 13.5 | 13.7 | 19 | 19.3 | 19.8 | 11.2 | 13 | 6.4 | 7.4 | 5 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 322 | 402 | 500 | 261 | 275 | 172 | 384 | 616 | 892 | 960 | 511 | 640 |
| Other Income | 2 | 7 | 8 | 6 | 2 | 10 | 1 | 4 | 7 | 34 | 27 | 27 |
| Total Income | 324 | 409 | 508 | 267 | 277 | 182 | 385 | 621 | 899 | 993 | 539 | 668 |
| Total Expenditure | 118 | 196 | 305 | 190 | 328 | 220 | 249 | 365 | 269 | 180 | 89 | 235 |
| Operating Profit | 206 | 213 | 203 | 77 | -50 | -38 | 135 | 256 | 630 | 813 | 450 | 431 |
| Interest | 100 | 93 | 101 | 92 | 80 | 75 | 36 | 13 | 4 | 4 | 4 | 7 |
| Depreciation | 4 | 4 | 3 | 2 | 2 | 2 | 2 | 3 | 7 | 7 | 7 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 102 | 116 | 100 | -17 | -132 | -114 | 97 | 240 | 620 | 802 | 439 | 419 |
| Provision for Tax | 32 | 42 | 49 | -44 | -13 | -9 | 27 | 138 | 159 | 204 | 123 | 153 |
| Profit After Tax | 70 | 75 | 51 | 27 | -120 | -105 | 71 | 102 | 461 | 598 | 316 | 265 |
| Adjustments | -9 | -5 | 0 | 0 | -0 | 0 | 0 | -2 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 62 | 69 | 51 | 27 | -120 | -105 | 71 | 100 | 461 | 598 | 316 | 265 |
| Adjusted Earnings Per Share | 12.6 | 14.2 | 10.3 | 5.4 | -24.4 | -21.4 | 8.5 | 12 | 55.2 | 71.7 | 37.9 | 31.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -47% | -6% | 24% | 5% |
| Operating Profit CAGR | -45% | 21% | 0% | 8% |
| PAT CAGR | -47% | 46% | 0% | 16% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -17% | 17% | 32% | 25% |
| ROE Average | 14% | 27% | 21% | 9% |
| ROCE Average | 19% | 36% | 30% | 17% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 790 | 847 | 889 | 747 | 624 | 502 | 790 | 1110 | 1550 | 2057 | 2331 |
| Minority's Interest | 101 | 106 | 93 | 93 | 93 | 87 | 87 | 68 | 0 | 0 | 0 |
| Borrowings | 362 | 421 | 483 | 473 | 335 | 235 | 67 | 18 | 23 | 23 | 156 |
| Other Non-Current Liabilities | 18 | 19 | 16 | -36 | -65 | -85 | -65 | 5 | 2 | 1 | 1 |
| Total Current Liabilities | 437 | 569 | 447 | 522 | 398 | 294 | 229 | 258 | 385 | 468 | 723 |
| Total Liabilities | 1708 | 1962 | 1929 | 1798 | 1386 | 1033 | 1108 | 1459 | 1959 | 2549 | 3211 |
| Fixed Assets | 221 | 231 | 223 | 225 | 223 | 208 | 208 | 261 | 438 | 435 | 433 |
| Other Non-Current Assets | 158 | 104 | 72 | 25 | 25 | 184 | 315 | 37 | 156 | 360 | 540 |
| Total Current Assets | 1329 | 1628 | 1633 | 1549 | 1138 | 641 | 585 | 1161 | 1365 | 1753 | 2239 |
| Total Assets | 1708 | 1962 | 1929 | 1798 | 1386 | 1033 | 1108 | 1459 | 1959 | 2549 | 3211 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 22 | 44 | 49 | 46 | 43 | 17 | 20 | 15 | 325 | 231 | 157 |
| Cash Flow from Operating Activities | 168 | 202 | 75 | 129 | 123 | 132 | 41 | 31 | 638 | 410 | 213 |
| Cash Flow from Investing Activities | -86 | -140 | 26 | 84 | 53 | 43 | 39 | 278 | -489 | -389 | -543 |
| Cash Flow from Financing Activities | -60 | -57 | -105 | -216 | -202 | -173 | -85 | 1 | -244 | -94 | 232 |
| Net Cash Inflow / Outflow | 22 | 5 | -3 | -3 | -26 | 3 | -5 | 310 | -95 | -73 | -99 |
| Closing Cash & Cash Equivalent | 44 | 49 | 46 | 43 | 17 | 20 | 15 | 325 | 231 | 157 | 59 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 12.55 | 14.16 | 10.33 | 5.4 | -24.39 | -21.38 | 8.47 | 12 | 55.25 | 71.72 | 37.93 |
| CEPS(Rs) | 15.2 | 15.95 | 10.84 | 5.85 | -23.88 | -21.03 | 8.7 | 12.58 | 56.04 | 72.61 | 38.71 |
| DPS(Rs) | 1.33 | 2 | 1.8 | 0.5 | 0 | 0 | 0 | 2.4 | 11 | 5 | 1.5 |
| Book NAV/Share(Rs) | 160.65 | 172.4 | 180.59 | 151.79 | 126.8 | 101.98 | 94.72 | 133.06 | 185.91 | 246.63 | 279.56 |
| Core EBITDA Margin(%) | 63.39 | 51.23 | 38.99 | 27.15 | -19.17 | -28.09 | 34.99 | 40.85 | 69.86 | 81.19 | 82.63 |
| EBIT Margin(%) | 62.8 | 52.11 | 40.08 | 28.62 | -19.08 | -23 | 34.81 | 41.14 | 69.9 | 83.93 | 86.66 |
| Pre Tax Margin(%) | 31.71 | 28.97 | 19.99 | -6.52 | -48.13 | -66.57 | 25.35 | 38.95 | 69.48 | 83.53 | 85.88 |
| PAT Margin (%) | 21.88 | 18.58 | 10.16 | 10.17 | -43.5 | -61.35 | 18.39 | 16.57 | 51.65 | 62.31 | 61.84 |
| Cash Profit Margin (%) | 23.13 | 19.45 | 10.67 | 11.03 | -42.74 | -60.34 | 18.9 | 17.02 | 52.39 | 63.09 | 63.12 |
| ROA(%) | 4.26 | 4.07 | 2.61 | 1.42 | -7.51 | -8.7 | 6.59 | 7.96 | 26.95 | 26.54 | 10.98 |
| ROE(%) | 9.34 | 9.15 | 5.86 | 3.24 | -17.45 | -18.69 | 10.92 | 10.76 | 34.64 | 33.16 | 14.42 |
| ROCE(%) | 14.93 | 13.94 | 12.51 | 4.97 | -4.09 | -3.81 | 14.49 | 24.61 | 46.1 | 44.02 | 18.78 |
| Receivable days | 270.5 | 235.17 | 288.64 | 413.38 | 126.53 | 89.71 | 55.23 | 61.04 | 43.24 | 88.4 | 226.8 |
| Inventory Days | 791.88 | 650.91 | 448.86 | 926.7 | 897.79 | 965.78 | 380.19 | 279.46 | 195.8 | 169.02 | 337.01 |
| Payable days | -394.88 | -1866.63 | 79.41 | 164.16 | 47.61 | 49.08 | 28 | -58.17 | 84.3 | -3220.04 | -313.99 |
| PER(x) | 5.47 | 5.94 | 11.47 | 11.24 | 0 | 0 | 31.54 | 22.32 | 13.43 | 14.72 | 13.38 |
| Price/Book(x) | 0.43 | 0.49 | 0.66 | 0.4 | 0.14 | 0.55 | 2.82 | 2.01 | 3.99 | 4.28 | 1.82 |
| Dividend Yield(%) | 1.94 | 2.38 | 1.52 | 0.82 | 0 | 0 | 0 | 0.9 | 1.48 | 0.47 | 0.3 |
| EV/Net Sales(x) | 2.78 | 2.81 | 2.49 | 3.52 | 2.2 | 3.88 | 6.14 | 3.13 | 6.71 | 9.04 | 8.76 |
| EV/Core EBITDA(x) | 4.34 | 5.3 | 6.13 | 11.93 | -12.01 | -17.65 | 17.38 | 7.52 | 9.5 | 10.67 | 9.96 |
| Net Sales Growth(%) | 28.13 | 24.77 | 24.51 | -47.8 | 5.33 | -37.62 | 123.59 | 60.67 | 44.73 | 7.6 | -46.72 |
| EBIT Growth(%) | 49.33 | 3.53 | -4.22 | -62.73 | -170.23 | 24.82 | 438.44 | 89.88 | 145.91 | 29.21 | -44.99 |
| PAT Growth(%) | 34.13 | 5.96 | -31.93 | -47.74 | -550.63 | 12.02 | 167.03 | 44.79 | 350.99 | 29.81 | -47.12 |
| EPS Growth(%) | 11.44 | 12.79 | -27.03 | -47.79 | -552.02 | 12.34 | 139.62 | 41.7 | 360.35 | 29.81 | -47.12 |
| Debt/Equity(x) | 0.76 | 0.9 | 0.79 | 0.89 | 0.85 | 0.82 | 0.18 | 0.02 | 0.02 | 0.01 | 0.13 |
| Current Ratio(x) | 3.04 | 2.86 | 3.65 | 2.97 | 2.86 | 2.18 | 2.56 | 4.49 | 3.55 | 3.75 | 3.1 |
| Quick Ratio(x) | 1.41 | 1.59 | 2.51 | 1.41 | 1.51 | 0.92 | 0.68 | 2.5 | 2.4 | 2.79 | 2.41 |
| Interest Cover(x) | 2.02 | 2.25 | 1.99 | 0.81 | -0.66 | -0.53 | 3.68 | 18.8 | 167.06 | 210.13 | 111.07 |
| Total Debt/Mcap(x) | 1.79 | 1.85 | 1.21 | 2.22 | 6 | 1.48 | 0.06 | 0.01 | 0 | 0 | 0.07 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 |
| FII | 0.89 | 1.08 | 0.97 | 0.75 | 0.95 | 0.47 | 0.43 | 0.57 | 0.7 | 0.64 |
| DII | 0.04 | 0.05 | 0.06 | 0.33 | 0.14 | 0.54 | 0.45 | 0.42 | 0.32 | 0.32 |
| Public | 26.01 | 25.81 | 25.91 | 25.86 | 25.86 | 25.92 | 26.06 | 25.95 | 25.92 | 25.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 |
| FII | 0.07 | 0.09 | 0.08 | 0.06 | 0.08 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 |
| DII | 0 | 0 | 0.01 | 0.03 | 0.01 | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 |
| Public | 2.17 | 2.15 | 2.16 | 2.16 | 2.16 | 2.16 | 2.17 | 2.16 | 2.16 | 2.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -47% | -6% | +24% | +5% |
| Operating Profit CAGR | -45% | +21% | — | +8% |
| PAT CAGR | -47% | +46% | — | +16% |
| Share Price CAGR | -17% | +17% | +32% | +25% |
| ROE Average | +14% | +27% | +21% | +9% |
| ROCE Average | +19% | +36% | +30% | +17% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 | 73.06 |
| FII | 0.89 | 1.08 | 0.97 | 0.75 | 0.95 | 0.47 | 0.43 | 0.57 | 0.7 | 0.64 |
| DII | 0.04 | 0.05 | 0.06 | 0.33 | 0.14 | 0.54 | 0.45 | 0.42 | 0.32 | 0.32 |
| Public | 26.01 | 25.81 | 25.91 | 25.86 | 25.86 | 25.92 | 26.06 | 25.95 | 25.92 | 25.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 | 6.09 |
| FII | 0.07 | 0.09 | 0.08 | 0.06 | 0.08 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 |
| DII | 0 | 0 | 0.01 | 0.03 | 0.01 | 0.05 | 0.04 | 0.04 | 0.03 | 0.03 |
| Public | 2.17 | 2.15 | 2.16 | 2.16 | 2.16 | 2.16 | 2.17 | 2.16 | 2.16 | 2.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 | 8.34 |
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