Trading · Founded 1985 · www.ganonproducts.com · BSE 512443 · · ISIN INE162L01017
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Business
Ganon Products Ltd. is an Indian company primarily engaged in the Trading sector. As a trading company, its core business involves acting as an intermediary in the supply chain, purchasing goods or commodities from suppliers and selling them to customers, often domestically or internationally. The company generates revenue through the markup or margin applied to the goods it trades, leveraging its network, logistical capabilities, and market knowledge to facilitate these transactions. This can involve sourcing, warehousing, distribution, and managing supply chain logistics for various products.
Revenue Mix
Specific details on major business segments or the exact revenue mix are not provided. However, given its "Trading" industry classification, potential segments could include trading in specific product categories (e.g., industrial goods, agricultural commodities, consumer durables), or based on geographical focus (domestic vs. international trade). Without further information, a detailed breakdown of revenue contribution by segment is unavailable.
Industry
The trading industry in India is generally fragmented and competitive, characterized by thin margins, high volume requirements, and significant reliance on efficient logistics and robust working capital management. Companies often compete on price, delivery speed, reliability, and the breadth of their supplier and customer networks. Without specific market share or operational details, Ganon Products Ltd.'s precise positioning against peers (e.g., market leader, niche player, generalist distributor) cannot be determined. Its success would likely depend on its specific product focus, geographical reach, and efficiency of its supply chain.
MOAT
For a pure trading company, establishing a strong, durable competitive advantage can be challenging. Potential moats for Ganon Products Ltd. could include:
Established Relationships: Deep, long-standing relationships with key suppliers and customers, leading to preferential terms or reliable order flows.
Logistical Efficiency: A highly efficient and cost-effective supply chain and distribution network, allowing for faster delivery or lower operational costs.
Market Intelligence: Superior knowledge of specific product markets, including pricing trends, demand-supply gaps, and regulatory landscapes.
Scale & Capital: Ability to deploy significant working capital to manage large inventory volumes and offer favorable credit terms, which can deter smaller competitors.
A strong brand is less common for generic trading operations, and switching costs are generally low unless the company offers highly specialized services or integrated solutions.
Growth Drivers
Key factors that could drive growth for Ganon Products Ltd. over the next 3-5 years include:
Economic Growth: India's overall economic expansion and increased consumption/industrial activity will naturally drive demand for traded goods.
Diversification: Expansion into new product categories or geographical markets with higher growth potential or better margins.
Supply Chain Optimization: Leveraging technology for improved logistics, inventory management, and operational efficiency to enhance profitability.
Digitalization of Trade: Adoption of e-commerce platforms or digital marketplaces for B2B trading, potentially expanding reach and reducing costs.
Strategic Partnerships: Formation of alliances with manufacturers or large retailers for exclusive distribution or sourcing agreements.
Risks
Ganon Products Ltd. faces several inherent risks typical of the trading industry:
Commodity Price Volatility: Fluctuations in the prices of goods traded can significantly impact margins and inventory valuation.
Currency Risk: For international trade, adverse movements in exchange rates can erode profitability.
Competition & Margin Pressure: The highly competitive nature of the trading sector often leads to thin margins, which can be further squeezed by new entrants or aggressive pricing by competitors.
Supply Chain Disruptions: Geopolitical events, natural disasters, logistical bottlenecks, or supplier issues can disrupt operations and impact delivery schedules.
Credit Risk: Exposure to the financial health of counterparties (buyers and sellers) and the risk of payment defaults.
Regulatory Changes: Changes in trade policies, tariffs, import/export duties, or other government regulations can impact business viability.
Working Capital Management: Trading is capital-intensive; inefficient management of inventory and receivables can strain liquidity.
Management & Ownership
In India, many trading companies are promoter-led, often with a significant portion of ownership held by the founding family or individuals. The quality of management, particularly their ability to navigate market cycles, manage working capital efficiently, and build strong relationships with suppliers and customers, is crucial for success in this industry. Without specific details, it is assumed that Ganon Products Ltd. follows a similar structure, with key decisions likely influenced by the promoter group.
Outlook
Ganon Products Ltd. operates in a fundamental yet challenging sector of the Indian economy. The bull case suggests that the company can capitalize on India's robust economic growth and increasing demand for goods by expanding its trading network, optimizing its supply chain, and diversifying its product portfolio. Efficient capital management and astute market intelligence would be key differentiators in this scenario, allowing the company to identify and exploit profitable arbitrage opportunities.
Conversely, the bear case highlights significant risks such as intense competition leading to continued margin compression, susceptibility to commodity price and currency volatility, and the inherent working capital intensity of the business. Without a clear competitive moat or significant scale, Ganon Products Ltd. could struggle to achieve sustainable, high-margin growth in a sector where operational efficiency and strong relationship management are paramount for survival.
| #(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 | 10 | 6 | 7 | 4 | 0 | 0 | 1 | 1 | 4 | 1 |
| Other Income | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 10 | 7 | 8 | 5 | 0 | 0 | 1 | 1 | 4 | 1 |
| Total Expenditure | 10 | 6 | 7 | 4 | 0 | 0 | 1 | 1 | 3 | 1 |
| Operating Profit | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | -0.4 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.2 | 0.2 | 0 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 151 | 36 | 2 | 34 | 0 | 0 | 0 | 0 | 13 | 28 | 17 | 7 |
| Other Income | 0 | 0 | 0 | 0 | 3 | 1 | 1 | 1 | 1 | 1 | 2 | 0 |
| Total Income | 151 | 36 | 2 | 34 | 3 | 1 | 1 | 1 | 14 | 29 | 19 | 7 |
| Total Expenditure | 151 | 36 | 2 | 34 | 0 | 0 | 1 | 1 | 14 | 29 | 18 | 6 |
| Operating Profit | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 1 | 1 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 3 | -2 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0.1 | 0 | 0 | 0.1 | 2.7 | 0.2 | 0.1 | 0 | 0 | 0.1 | 0 | 0.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -39% | 0% | 0% | -20% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -39% | -15% | -2% | 11% |
| ROE Average | 0% | 1% | 0% | 3% |
| ROCE Average | 9% | 7% | 6% | 5% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 10 | 10 | 10 | 11 | 13 | 11 | 11 | 11 | 11 | 11 | 11 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 4 | 5 | 6 | 2 | 7 | 2 |
| Total Current Liabilities | 14 | 2 | 2 | 35 | 2 | 1 | 1 | 1 | 8 | 15 | 13 |
| Total Liabilities | 24 | 12 | 13 | 45 | 16 | 16 | 16 | 18 | 21 | 33 | 26 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 10 | 10 | 12 | 12 | 15 | 15 | 16 | 17 | 20 | 31 | 24 |
| Total Current Assets | 14 | 2 | 0 | 33 | 0 | 1 | 0 | 0 | 1 | 1 | 2 |
| Total Assets | 24 | 12 | 13 | 45 | 16 | 16 | 16 | 18 | 21 | 33 | 26 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | 0 | 0 | -0 | 0 | -1 | -1 | -0 | 6 | 6 | -3 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | -0 | -2 | -0 | -1 | -2 | -10 | 9 |
| Cash Flow from Financing Activities | -0 | -0 | 0 | -0 | -0 | 4 | -0 | 1 | -4 | 4 | -6 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | -0 | -0 | 1 | -1 | -0 | 0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.12 | 0.05 | 0.05 | 0.06 | 2.72 | 0.22 | 0.07 | 0.02 | 0.02 | 0.14 | 0.05 |
| CEPS(Rs) | 0.12 | 0.05 | 0.05 | 0.06 | 2.72 | 0.22 | 0.07 | 0.02 | 0.02 | 0.14 | 0.05 |
| DPS(Rs) | 0.05 | 0 | 0 | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 11.14 | 11.18 | 11.23 | 11.26 | 13.96 | 11.49 | 11.55 | 11.59 | 11.61 | 11.76 | 11.82 |
| Core EBITDA Margin(%) | 0.16 | 0.2 | 3.41 | 0.23 | 11.67 | -2479.85 | 0 | 0 | -6.58 | -2.55 | -5.33 |
| EBIT Margin(%) | 0.16 | 0.2 | 3.47 | 0.23 | 1012.7 | 2354.73 | 0 | 0 | 4.04 | 2.5 | 5.63 |
| Pre Tax Margin(%) | 0.11 | 0.18 | 3.41 | 0.23 | 1012.09 | 2181.8 | 0 | 0 | 0.16 | 0.6 | 0.34 |
| PAT Margin (%) | 0.07 | 0.12 | 2.28 | 0.17 | 1009.71 | 1832.04 | 0 | 0 | 0.12 | 0.46 | 0.26 |
| Cash Profit Margin (%) | 0.07 | 0.12 | 2.28 | 0.17 | 1009.71 | 1832.04 | 0 | 0 | 0.12 | 0.46 | 0.26 |
| ROA(%) | 0.27 | 0.24 | 0.34 | 0.2 | 8.35 | 1.33 | 0.39 | 0.09 | 0.08 | 0.47 | 0.15 |
| ROE(%) | 1.05 | 0.42 | 0.4 | 0.55 | 21.57 | 1.76 | 0.58 | 0.14 | 0.14 | 1.17 | 0.4 |
| ROCE(%) | 2.26 | 0.67 | 0.61 | 0.76 | 21.64 | 2.27 | 4.51 | 4.05 | 4.75 | 6.41 | 8.74 |
| Receivable days | 62.03 | 0 | 0 | 352.66 | 0 | 6303.28 | 0 | 0 | 5.31 | 5.18 | 14.98 |
| Inventory Days | 3.91 | 16.73 | 0 | 0.69 | 93.84 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 73.73 | 78.59 | 354.55 | 195.86 | 0 | 9123.02 | 0 | 0 | 119.89 | 144.75 | 246.45 |
| PER(x) | 0 | 0 | 0 | 0 | 3.92 | 0 | 0 | 704.43 | 0 | 63.66 | 132.98 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0.76 | 0 | 0 | 0.96 | 0 | 0.74 | 0.53 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.06 | 0.26 | 4.87 | 0.27 | 39.58 | 716.29 | 0 | 0 | 0.72 | 0.28 | 0.34 |
| EV/Core EBITDA(x) | 39.26 | 131.99 | 140.45 | 115.99 | 3.91 | 30.42 | 19.03 | 23.76 | 17.89 | 11.32 | 6 |
| Net Sales Growth(%) | 219 | -76.47 | -94.82 | 1743.41 | -99.26 | -95.45 | -100 | 0 | 0 | 119.02 | -38.81 |
| EBIT Growth(%) | 188.31 | -70.28 | -8.27 | 24.32 | 3099.41 | -89.42 | 80.2 | -9.99 | 17.74 | 35.76 | 37.61 |
| PAT Growth(%) | 122.05 | -60.12 | -3.16 | 37.03 | 4310.14 | -91.74 | -70.09 | -76.54 | 0.68 | 760.81 | -65.78 |
| EPS Growth(%) | 121.9 | -60.09 | -3.23 | 37.11 | 4308.43 | -91.75 | -70.07 | -76.49 | 0.63 | 758.49 | -65.79 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1 | 1.09 | 0.16 | 0.95 | 0.14 | 1.39 | 0.32 | 0.18 | 0.12 | 0.09 | 0.12 |
| Quick Ratio(x) | 0.88 | 0.08 | 0.16 | 0.95 | 0.11 | 1.39 | 0.32 | 0.18 | 0.12 | 0.09 | 0.12 |
| Interest Cover(x) | 3.59 | 16.66 | 64 | 5982.24 | 1680.36 | 13.62 | 1.21 | 1.09 | 1.04 | 1.32 | 1.07 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 18.36 | 12.2 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 81.64 | 87.8 | 100 |
| 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 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.17 | 0.11 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.76 | 0.82 | 0.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -39% | — | — | -20% |
| Operating Profit CAGR | 0% | — | — | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -39% | -15% | -2% | +11% |
| ROE Average | 0% | +1% | 0% | +3% |
| ROCE Average | +9% | +7% | +6% | +5% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 25.25 | 18.36 | 12.2 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 74.75 | 81.64 | 87.8 | 100 |
| 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 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.24 | 0.17 | 0.11 | 0 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.76 | 0.82 | 0.93 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 | 0.93 |
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