Ganesh Consumer Products Ltd(GANESHCP)

NSE: GANESHCPBSE: 544528

₹ 156.5-2.73%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 632 crWebsite: www.ganeshconsumer.comUpdated: 24 Oct 2026

About

Ganesh Consumer Products makes packaged wheat-based staples such as atta, Sattu and spices, mainly for consumers in Eastern India, and also sells to business (B2B) customers. It reported FY26 revenue of Rs 871.41 Cr and revenue from operations of ₹1,885 million in Q1 FY27. In Q1 FY27 it gained 1 percentage point of value share in packaged wheat products in West Bengal.^[1][2]

Business segments

B2C (consumer) revenue fell 4.1% YoY and B2B revenue fell 17.9% YoY in Q1 FY27. The company says part of the B2B fall came from deliberately cutting lower-margin B2B business.^[2]
Value-added and emerging products made up 68% of B2C revenue in Q1 FY27, up from 56% in FY26.^[2]
Masala/spices made up about 6-7% of company revenue as of Q1 FY27. Revenue from outside West Bengal was about 7-8% of the total.^[2]
Sattu revenue was more than INR130 crores in FY25, with a gross margin above 30%.^[3]
Spices revenue was expected to close FY26 above INR35 Cr, after growing 31% YoY in 9M FY26.^[4]

Products and brands

The portfolio covers atta, Sattu, besan, spices and soya chunks. Sattu was the main driver of value-added product sales in Q1 FY27.^[2][4]
Distribution of Soya Chunks, made at the Amta unit, began in Q1 FY27. This extends the protein-led range of kitchen staples.^[2]
An ethnic snacks range has been soft-launched, with a wider rollout planned in Q3 FY27. Packaged sweets made at Amta are also due to launch in Q3 FY27.^[2]
Cricketer Ravindra Jadeja fronted a Sattu advertising campaign in Q1 FY27.^[2]

Manufacturing capacity

Installed capacity rose to 374,508 TPA (annualised) in Q1 FY27 with the addition of the Amta unit.^[2]
Capacity utilisation was 43.9% in Q1 FY27, compared with 57.4% in FY26 and 57.5% in FY25.^[2]
An atta manufacturing line at the Agra facility was planned for commissioning in Q4 FY26, to serve Bihar and the Northeast.^[4][3]

Key operating numbers

In 9M FY26, B2C volume grew 5% and B2C value grew 6%. Atta volume grew 13% over the same period.^[4]
Gross margin was 28.47% in Q1 FY27, compared with 25.9% in Q3 FY26.^[2][4]
Advertising spend was 3.1% of revenue in Q1 FY27, up from 1.9% in FY26.^[2]
The cash conversion cycle was 43 days in Q1 FY27.^[2]
In Q3 FY26, wheat and gram prices were 8-10% lower than a year earlier. Competition came from Emami, established brands and unorganised regional millers.^[4]

Customers and distribution

The company had 1,003 distributors in Q1 FY27. Weighted distribution improved by 1 percentage point in the quarter.^[2]
The company reached 3.5 lakh+ general trade outlets as of Q3 FY26.^[4]
E-commerce and quick-commerce revenue grew about 58% YoY in 9M FY26. E-commerce was about 10.4% of B2C revenue in FY25.^[4][3]
Bihar revenue grew 36% YoY in Q3 FY26, from a small base.^[4]

Expansion and capex

A Sattu and Besan plant in Darjeeling, funded from the IPO, is now expected to be commissioned towards the end of FY28, later than the IPO timeline. As of June 2026, ₹24.6M of the ₹450M allocated to it had been deployed.^[2]
Solar power is being installed across four manufacturing units to cut power costs.^[2][4]
The company plans to reach 5 lakh touchpoints and add 300-400 distributors over 2-3 years. Target markets include Jharkhand, Bihar, Odisha and Assam.^[2]
Within 2-3 years, the company aims for revenue outside West Bengal to reach 18-20% of the total and for Soya Chunks to reach at least 2-3% of revenue. It aims for spices to reach 11-12% of revenue within 3 years.^[2]

Recent developments

On 01 Oct 2026, the company announced the sale of its Hyderabad unit's assets for ₹32.50 crore. The unit's net block was ₹11.98 crore as at August 31, 2026, and it earned ₹12.53 crore of revenue in FY26 (about 1.4% of revenue from operations).^[5]
The IPO raised a fresh issue of INR130 crores. After the IPO, the company repaid INR970 million of debt: INR600 million from IPO proceeds and INR370 million through repayment of promoter group inter-corporate loans.^[3]
As of the Q3 FY26 call, the company said it had no debt and about INR1,100 million of surplus cash.^[4]
In Q2 FY26, the company adopted a dividend policy of paying out 25-50% of PAT and declared an interim dividend of INR2.5 per share.^[3]

Market Cap

₹632 Cr

High / Low

₹295 / 145

Stock P/E

13.9

Price / Book

1.7

Book Value

₹92

EPS

₹10.5

No. of Shares

4.04 Cr

ROCE

17.1%

ROE

11.4%

OPM

7.7%

Debt / Equity

0.02

Sales

₹871 Cr

Net Profit

₹42 Cr

Promoter holding

65.8%

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