Ganesh Benzoplast Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • LST Division: 77.1% • Chemical Division: 22.9%
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Operating margins have improved to 43.4% from 20.9%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.22x)
- Company comfortably covers its interest (7.4x coverage)
CONS
- A large part of profit comes from other income (43.9% of PBT)
- Company's sales have been declining over the last five years
- Free cash flow has been persistently negative
- Total debt has risen sharply - up 49.1% year on year
- Company has delivered a poor profit growth of -1.8% over past five years
- Equity base is being diluted - shares outstanding up 15.4%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 21410.70 | 97.29 | 193745.54 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1632.00 | 62.71 | 166117.97 | 1.32 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2605.00 | 35.72 | 77218.67 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4691.60 | 83.80 | 51537.23 | 0.06 | 219.00 | 19.02 | 1588.00 | 23.97 | 9.58 | 26.83 |
| NAVINFLUOR | 8697.20 | 56.51 | 44623.69 | 0.17 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1155.90 | 33.12 | 38936.61 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1727.25 | 30.08 | 23558.49 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1656.35 | 93.47 | 21984.38 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6465.50 | 23.93 | 19035.57 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 501.75 | 34.27 | 18199.81 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1356.30 | 17.46 | 17179.29 | 0.74 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| GANESHBE | 122.20 | 12.09 | 879.71 | 0.00 | 17.58 | -3.04 | 117.50 | 22.88 | 10.98 | 22.98 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51 | 56 | 59 | 60 | 48 | 54 | 55 | 58 | 57 | 62 | 69 | 73 | 70 | |
| 30 | 34 | 35 | 39 | 25 | 33 | 32 | 31 | 34 | 44 | 51 | 54 | 57 | |
| Operating Profit | 22 | 22 | 25 | 22 | 23 | 22 | 23 | 27 | 23 | 17 | 18 | 18 | 14 |
| OPM % | 42.25% | 38.80% | 41.52% | 35.80% | 48.29% | 39.77% | 42.24% | 46.26% | 40.00% | 28.22% | 26.17% | 25.08% | 19.54% |
| 3 | 4 | 2 | 7 | 4 | 4 | 4 | -40 | 4 | 17 | 7 | 6 | 5 | |
| Interest | 2 | 1 | 2 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 1 | 2 | 2 |
| Depreciation | 4 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Profit before Tax | 19 | 20 | 21 | 22 | 21 | 20 | 21 | -20 | 20 | 28 | 19 | 16 | 18 |
| Tax % | 25.74% | 26.01% | 24.38% | 26.58% | 24.58% | 25.39% | 24.15% | 20.82% | 28.44% | 25.39% | 25.42% | 25.37% | 27.30% |
| Net Profit | 14 | 15 | 16 | 16 | 16 | 15 | 16 | -16 | 14 | 21 | 14 | 12 | 13 |
| 2.11 | 2.21 | 2.31 | 2.31 | 2.19 | 2.04 | 2.24 | -2.20 | 2.06 | 2.91 | 1.96 | 1.70 | 1.87 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 119 | 118 | 169 | 212 | 247 | 260 | 291 | 193 | 227 | 215 | 273 | |
| 82 | 80 | 117 | 156 | 184 | 184 | 233 | 115 | 137 | 122 | 206 | |
| Operating Profit | 37 | 38 | 52 | 56 | 63 | 76 | 58 | 78 | 89 | 93 | 67 |
| OPM % | 31.27% | 31.90% | 30.57% | 26.51% | 25.59% | 29.15% | 19.93% | 40.45% | 39.44% | 43.36% | 24.64% |
| 37 | 1 | 52 | -2 | -7 | -5 | 2 | 11 | 16 | -26 | 35 | |
| Interest | 16 | 15 | 11 | 10 | 9 | 6 | 3 | 5 | 6 | 7 | 7 |
| Depreciation | 11 | 11 | 12 | 12 | 13 | 14 | 13 | 15 | 17 | 19 | 21 |
| Profit before Tax | 48 | 13 | 81 | 31 | 34 | 51 | 44 | 68 | 82 | 42 | 82 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 53.44% | 27.23% | 25.28% | 25.68% | 26.52% | 25.83% |
| Net Profit | 48 | 13 | 81 | 31 | 34 | 24 | 32 | 51 | 61 | 31 | 61 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.23 | 5.14 | 7.93 | 8.42 | 4.27 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- -3%
- 3 Years:
- -10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 81%
- 5 Years:
- -2%
- 3 Years:
- -2%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -11%
- 1 Year:
- 27%
RETURN ON EQUITY
- 10 Years:
- 41%
- 5 Years:
- 12%
- 3 Years:
- 12%
- Last Year:
- 6%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 7 | 7 | 7 |
| -42 | -29 | 75 | 106 | 140 | 228 | 261 | 340 | 492 | 522 | |
| 194 | 185 | 105 | 85 | 80 | 48 | 33 | 58 | 54 | 63 | |
| Trade Payables | 43 | 51 | 59 | 55 | 46 | 48 | 37 | 22 | 26 | 26 |
| 11 | 13 | -6 | 0 | -1 | 29 | 36 | 60 | 50 | 62 | |
| Total Liabilities | 212 | 225 | 239 | 251 | 271 | 359 | 373 | 487 | 629 | 681 |
| 137 | 150 | 152 | 164 | 165 | 162 | 164 | 209 | 265 | 322 | |
| Capital Work in Progress | 15 | 3 | 8 | 12 | 11 | 12 | 20 | 44 | 46 | 6 |
| 0 | 0 | 1 | 1 | 1 | 68 | 68 | 69 | 69 | 69 | |
| 3 | 6 | 5 | 5 | 6 | 12 | 0 | 0 | 0 | 9 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37 | 36 | |
| Cash & Bank | 3 | 2 | 1 | 4 | 4 | 28 | 45 | 34 | 83 | 88 |
| 54 | 65 | 72 | 66 | 84 | 77 | 76 | 130 | 127 | 152 | |
| Total Assets | 212 | 225 | 239 | 251 | 271 | 359 | 373 | 487 | 629 | 681 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 42 | 36 | 39 | 60 | 27 | 48 | 70 | 83 | 55 | 51 | |
| Cash from Investing | -15 | -10 | -19 | -27 | -13 | -31 | -66 | -94 | -123 | -59 |
| Cash from Financing | -24 | -28 | -21 | -30 | -14 | -20 | -16 | 19 | 76 | -0 |
| 2 | -1 | -1 | 3 | 0 | 7 | 1 | -7 | 8 | -8 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 9.30 | 2.46 | 15.58 | 6.04 | 6.50 | 3.78 | 5.14 | 7.81 | 8.42 | 4.27 |
| Book Value (₹) | -7.08 | -4.62 | 15.48 | 21.53 | 28.01 | 37.64 | 42.78 | 53.18 | 69.38 | 73.56 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 11.37 | 4.59 | 17.90 | 8.44 | 9.01 | 6.05 | 7.18 | 10.16 | 10.85 | 6.91 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 31.15% | 33.70% | 31.31% | 26.97% | 25.76% | 29.61% | 20.88% | 46.14% | 39.44% | 43.36% |
| Net Margin % | 38.87% | 10.43% | 47.70% | 14.78% | 13.65% | 9.09% | 11.02% | 26.43% | 26.74% | 14.26% |
| ROE % | 0.00% | 0.00% | 286.88% | 32.65% | 26.25% | 12.42% | 12.78% | 16.61% | 14.33% | 5.97% |
| ROCE % | 38.94% | 17.98% | 57.27% | 24.07% | 22.38% | 23.21% | 16.13% | 21.69% | 19.81% | 9.11% |
| 21.97% | 5.84% | 34.82% | 12.78% | 12.91% | 7.49% | 8.76% | 11.85% | 10.87% | 4.69% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 52 | 59 | 58 | 55 | 49 | 52 | 44 | 46 | 44 | 62 |
| Inventory Days | 11 | 12 | 11 | 9 | 8 | 13 | 0 | 0 | 0 | 16 |
| Payable Days | 426 | 508 | 319 | 237 | 197 | 230 | 139 | 1508 | 1068 | 2941 |
| -362 | -437 | -250 | -174 | -140 | -164 | -95 | -1462 | -1024 | -2864 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | -5.37x | -7.59x | 1.07x | 0.59x | 0.42x | 0.20x | 0.07x | 0.05x | 0.03x | 0.04x |
| Interest Coverage (x) | 4.08x | 1.83x | 8.21x | 4.06x | 4.56x | 9.19x | 15.00x | 14.23x | 14.14x | 7.41x |
| 0.66x | 0.83x | 0.76x | 0.73x | 1.05x | 1.41x | 1.65x | 1.21x | 2.12x | 2.06x | |
| GROWTH | ||||||||||
| Revenue Growth % | -2.32% | -1.10% | 43.21% | 25.11% | 16.55% | 5.23% | 11.99% | -33.71% | 17.66% | -4.99% |
| Operating Profit Growth % | 154.19% | 6.78% | 28.52% | 7.75% | 11.33% | 20.96% | -21.02% | 46.48% | 18.38% | 6.16% |
| Net Profit Growth % | 0.00% | -73.52% | 532.65% | -61.23% | 7.61% | -29.94% | 35.83% | 59.00% | 19.02% | -49.32% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 7.76% | -49.32% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 21.82x | 24.59x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.65x | 1.43x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 11.90x | 6.15x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - Ganesh Benzoplast Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.
2026-08-28 - Ravi Pilani has submitted to the Exchange a copy of Disclosures under Regulation 10(6)-Report to stock Exchange in respect of any acquisition made in reliance upon exemption provided for in regulation 10 of SEBI (SAST) Regulations, 2011.
2026-08-28 - Ganesh Benzoplast Limited has informed the Exchange about Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
2026-08-20 - Ganesh Benzoplast Limited has informed the Exchange about disclosure under Regulation 30 of SEBI listing Regulations, 2015-updates
2026-08-19 - Ganesh Benzoplast Limited has informed the Exchange about Intimation under Regulation 30 of SEBI LODR Regulations
2026-08-14 - Ganesh Benzoplast Limited has informed the Exchange about incorporation of Wholly owned subsidiary in Singapore
2026-08-11 - Ganesh Benzoplast Limited has informed the Exchange about Statement Of Nil Deviation(S) Or Variation(S) Under Regulation 32 Of SEBI (LODR) Regulations, 2015
2026-08-11 - Ganesh Benzoplast Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-16 - Ganesh Benzoplast Limited has informed the Exchange about Disclosure Under regulation 30-updates
News
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