Ganesh Benzoplast Ltd.

•

ganeshbenzoplast.comBSE: 500153NSE: GANESHBE

Market Cap₹ 880 Cr.

Current Price

High / Low₹ 130 / 68

Stock P/E14.5

Book Value₹ 84

Price to Book1.43

Dividend Yield0.00 %

ROCE9.1 %

ROE6.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • LST Division: 77.1% • Chemical Division: 22.9%

AI Sector View

AI GENERATED

Chemicals

Hold

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.

Confidence

55%

View full sector analysis →

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

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	GANESHBE	122.20	12.09	879.71	0.00	17.58	-3.04	117.50	22.88	10.98	22.98

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	39.02	39.02	39.02	39.02	39.02	39.02	39.02	39.02	39.02
	5.24	5.08	5.09	5.07	5.62	3.96	3.45	0.73	1.12
	0.01	0.00	0.00	0.00	0.33	0.52	0.76	0.76	0.98
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	55.73	55.90	55.89	55.91	55.03	56.50	56.78	59.50	58.87

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

Outcome of Board Meeting

2026-09-02 - Ganesh Benzoplast Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026.

2026-08-28

Disclosure under SEBI Takeover Regulations

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

General Updates

2026-08-28 - Ganesh Benzoplast Limited has informed the Exchange about Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015

2026-08-20

General Updates

2026-08-20 - Ganesh Benzoplast Limited has informed the Exchange about disclosure under Regulation 30 of SEBI listing Regulations, 2015-updates

2026-08-19

General Updates

2026-08-19 - Ganesh Benzoplast Limited has informed the Exchange about Intimation under Regulation 30 of SEBI LODR Regulations

2026-08-14

General Updates

2026-08-14 - Ganesh Benzoplast Limited has informed the Exchange about incorporation of Wholly owned subsidiary in Singapore

2026-08-11

General Updates

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

Outcome of Board Meeting

2026-08-11 - Ganesh Benzoplast Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-16

General Updates

2026-07-16 - Ganesh Benzoplast Limited has informed the Exchange about Disclosure Under regulation 30-updates

News

Recent coverage and analyst commentary for GANESHBE

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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

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

Operating Profit

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%

-40

Interest

Depreciation

Profit before Tax

-20

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

-16

2.11

2.21

2.31

2.19

2.04

2.24

-2.20

2.06

2.91

1.96

1.70

1.87

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

117

156

184

233

115

137

122

206

Operating Profit

OPM %

31.27%

31.90%

30.57%

26.51%

25.59%

29.15%

19.93%

40.45%

39.44%

43.36%

24.64%

-2

-7

-5

-26

Interest

Depreciation

Profit before Tax

Tax %

0.00%

53.44%

27.23%

25.28%

25.68%

26.52%

25.83%

Net Profit

EPS

0.00

4.23

5.14

7.93

8.42

4.27

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

-42

-29

106

140

228

261

340

492

522

194

185

105

Trade Payables

-6

-1

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

Cash & Bank

130

127

152

Total Assets

212

225

239

251

271

359

373

487

629

681

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-15

-10

-19

-27

-13

-31

-66

-94

-123

-59

Cash from Financing

-24

-28

-21

-30

-14

-20

-16

-0

-1

-7

-8

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

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%

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

Inventory Days

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%

7.76%

-49.32%

VALUATION

P/E (x)

0.00x

21.82x

24.59x

P/B (x)

0.00x

2.65x

1.43x

Dividend Yield %

0.00%

0.00x

11.90x

6.15x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

39.02

5.24

5.08

5.09

5.07

5.62

3.96

3.45

0.73

1.12

0.01

0.00

0.33

0.52

0.76

0.98

Government

0.00

55.73

55.90

55.89

55.91

55.03

56.50

56.78

59.50

58.87

Ganesh Benzoplast Ltd.

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Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Ganesh Benzoplast Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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