Ganesh Benzoplast Ltd(GANESHBE)

NSE: GANESHBEBSE: 500153

₹ 86-0.69%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 619 crWebsite: www.ganeshbenzoplast.comUpdated: 27 Oct 2026

About

Ganesh Benzoplast runs liquid storage tank (LST) terminals at JNPT, Cochin and Goa. It also has a chemicals division, rail logistics and EPC work. In FY26 its revenue was Rs 411.42 Cr and its total LST capacity was 3,52,000 KL. It is selling its tank farm businesses at JNPA, Goa and Cochin, plus the JNPA-linked rail business, for Rs 1,154 cr, and is repositioning EPC as a standalone growth division.^[1][2][3]

Business segments

LST division (including rail logistics, EPC and wharfage): 54.9% of revenue in FY26, at Rs 225.87 Cr.^[4]
Chemical division: 45.1% of revenue in FY26, at Rs 185.54 Cr. Its share fell 6.2 percentage points over FY2019-FY2026.^[4]
Chemical segment profit grew from about Rs 5 cr in FY24 to Rs 15-16 cr; in Q1 FY27 chemical turnover was about Rs 60 cr with Rs 6 cr of profit.^[3]
Revenue from ILSL rail logistics was ₹277 Mn in FY26.^[1]

Divestment of storage and rail businesses

On 29 Sep 2026 the company signed definitive agreements to sell its liquid storage tank and railway logistics businesses for Rs 1,154 crore.^[5]
The sale covers the tank farms at JNPA, Goa and Cochin and the JNPA-linked rail business to Daund. About Rs 500 cr is expected by January 2027, about Rs 300 cr by March 2027 and Rs 354 cr over 12-18 months on milestones.^[3]
From the first tranche, about Rs 200 cr of buyback plus special dividend is planned around January 2027; promoters will not join the buyback.^[3]
Taxes are to be paid and bank limits of about Rs 190-200 cr closed from the first tranche, with minimal debt planned afterwards.^[3]
Alongside the sale, the company expects additional EPC revenue of Rs 280 crore (excluding taxes) over 18-24 months.^[5]

Chemical plants and capacity

Two chemical plants of about 1,000 tons a month each run at 70-80% utilisation (Q2 FY27).^[3]
Capacity at the REACH-certified plant is to double by July 2027.^[3]
Stage 1 capex for chemical and EPC is planned at no more than Rs 150 cr.^[3]
Management is in advanced talks on technology licence tie-ups for possible new plants making niche agro and other derivatives.^[3]

Storage terminals (being divested)

Total LST capacity was 3,52,000 KL in FY26. Of this, JNPT holds 2,83,000 KL.^[1]
Capacity utilisation in FY26 was about 100% at JNPT, 80-85% at Cochin and about 95% for LST overall.^[1]
Throughput in FY26 was 1,328 '000 MT at JNPT and 348 '000 MT at Cochin.^[1]
The Goa terminal has 26,000 KL of capacity and runs at minimum levels because of the mining ban (Q3 FY26).^[6]

EPC orders and customers

KKR awarded an EPC order of about Rs 300 cr; with it, management puts the FY27 EPC book at about Rs 500 cr.^[3]
Subsidiary GBL Infra won an INR51.33 Cr EPC order from Reliance Industries for a carbon fibre project (Q3 FY26).^[6]
In FY25 the company won a ₹1,758 million EPC contract from JSW Jaigarh Port for a chemical storage terminal.^[7]
Management targets an EPC order book of Rs 500-600 cr next year and Rs 2,500-3,000 cr in 4-5 years.^[3]

Exports

Benzoic acid and sodium benzoate are now REACH-certified for the UK and Europe; export orders of over 600 tons have been received, expected to grow to about 2,000 tons a year (Q2 FY27).^[3]
A Singapore wholly owned subsidiary is being set up for chemical basket trading to European customers; management calls this a very preliminary stage (Q4 FY26).^[1]

Earlier developments

The Morgan litigation, which ran about 25 years, was settled and formally closed on 7 Aug 2025, lifting the restrictions on the company.^[8]
The LPG terminal JV with BW was dissolved. BW paid a one-time breakup fee of INR 97.26 Mn, booked as exceptional income in Q2 FY26.^[9]
The JNPT Plot 7 & 13 lease was renewed for 25 years. Rental cost rose from ₹20.0 Mn in FY25 to ₹242.5 Mn in FY26.^[1]
The credit rating was IVR BBB+/Stable Outlook in FY25.^[7]

Market Cap

₹619 Cr

High / Low

₹142 / 68

Stock P/E

8.7

Price / Book

1.0

Book Value

₹85

EPS

₹10.1

No. of Shares

7.2 Cr

ROCE

14.6%

ROE

12.6%

OPM

21.8%

Debt / Equity

0.04

Sales

₹411 Cr

Net Profit

₹73 Cr

Promoter holding

39.0%

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