Ganesh Housing Ltd(GANESHHOU)

NSE: GANESHHOUBSE: 526367

₹ 654-1.54%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 5,454 crNext results: 30 Oct 2026Website: ganeshhousing.com/Updated: 24 Oct 2026

About

Ganesh Housing Ltd is an Ahmedabad-based real estate developer operating across land monetisation, residential development, and commercial leasing. Its ~518-acre fully paid land bank anchors a three-pillar platform spanning the 411-acre Godhavi Township, the 65-acre Million Minds SEZ, and standalone residential and commercial projects.^[1][2]

Business model

The company operates across three pillars: land monetisation (Godhavi Township plots and sales), development-led income (Malabar Retreat residential, One 91 Thaltej commercial), and annuity lease income (Million Minds SEZ commercial phases).^[3]
Revenue is recognised on project completion under Ind AS 115, so pre-sales bookings do not flow into reported financials until handover; this creates large timing gaps between booking activity and recognised income.^[1]

Land bank

Total fully paid land reserves stand at ~518 acres as of Q1 FY27, comprising 411 acres at Godhavi Township and 65 acres at the Million Minds SEZ; additional parcels under negotiation with partial payments made are not yet included in this figure.^[1]
Godhavi Township: cumulative 46 acres monetised at an average of INR 14.1 Cr/acre as of Q4 FY26, leaving 411 acres for a mix of construction, plotted development, and further land sales.^[4]
Godhavi realisations have run above initial projections; Phase 1 sales averaged ~INR 35,000/sqm against an original estimate of INR 30,000/sqm (~20% higher) as of Q2 FY26.^[5]

Million Minds SEZ - commercial leasing

Million Minds Phase 1 has 0.85 Mn sq ft of gross leasable area (GLA) within a 13.5 lakh sq ft built-up complex on the 65-acre SEZ; the project was inaugurated by Union Home Minister Amit Shah on 17 May 2026.^[4][3]
LOIs covering 43% of GLA (~2.64 lakh sq ft) were executed as of Q1 FY27, with a further 15 - 20% under active negotiation; demand is led by GCCs, tech firms, and managed co-working operators.^[1]
Agreed lease rentals for Phase 1 are above INR 100/sq ft carpet as of Q3 FY26; leases are structured on 9-year terms with 5-year lock-in and 5% annual or 15% triennial escalation.^[3][5]
At full occupancy, Phase 1 annual lease income is expected to exceed INR 75 Cr/annum; lease rental commencement is targeted for Q4 FY27 with full-year income from FY28.^[1]
All seven commercial phases of Million Minds SEZ together are expected to generate ~INR 500 Cr/annum in lease income over a 5 - 7 year horizon.^[5]

Key operating numbers

Malabar Retreat pre-sales: 73 units / INR 183 Cr cumulative to Q1 FY27, representing ~45% of total units and ~45% of total project sale value.^[1]
Malabar Retreat construction reached 83% completion in Q1 FY27, up from 79% in Q4 FY26 and 74% in Q3 FY26; no revenue has yet been recognised as completion-method accounting applies.^[1][4][3]
FY27 guidance (first explicit annual guidance issued by management): revenue of INR 1,000 - 1,200 Cr and PAT of INR 300 - 325 Cr, driven by Malabar Retreat completion, land monetisation (~INR 550 - 600 Cr including Thaltej), and Million Minds lease income from Q4 FY27.^[1]

Residential project - Malabar Retreat

Malabar Retreat is a residential project with a total sale value of INR 450 Cr; as of Q1 FY27, 73 units (45% of total) are booked at INR 183 Cr, with revenue recognition deferred until project completion.^[1][4]

Expansion and upcoming launches

Million Minds Phase 2 commercial launch is targeted for Q3 FY27; construction is expected to take approximately three years.^[1]
Million Minds Phase 1 residential launch is targeted for Q4 FY27.^[1]
Godhavi Township monetisation and development plans (mix of construction, plotted development, and land sales) are to be announced towards the later part of FY27; timing remains fluid.^[1]
A REIT or similar monetisation of Million Minds Phase 1 is being evaluated for 1 - 2 years out, once fully leased and stabilised.^[4]

Recent developments

Q1 FY27 PAT margin compressed to 15% (vs. ~85% EBITDA margins in prior quarters) due to a one-time elevated tax charge: the Thaltej land entered the company via a 2020 amalgamation and its tax cost basis was the historical acquisition cost of the amalgamated entity.^[1]
FY26: The company drew an INR 150 Cr lease-rental discounting (LRD) facility in the last week of March 2026 against Million Minds LOIs, ending more than three years of zero-debt status; total borrowings rose from INR 274 Mn in FY25 to INR 3,049 Mn in FY26.^[4]
FY26 board dividend reduced to 15% (INR 1.5/share) from 50% in FY25, with cash conserved for upcoming project launches and land acquisitions.^[4]
Q2 FY26: Company renamed to Ganesh Housing Limited; Board approved amalgamation of wholly-owned subsidiary GatIL to eliminate holding-company discount, simplify governance, and improve balance-sheet flexibility.^[5]

Market Cap

₹5,454 Cr

High / Low

₹900 / 503

Stock P/E

20.8

Price / Book

2.4

Book Value

₹280

EPS

₹37.9

No. of Shares

8.34 Cr

ROCE

18.8%

ROE

14.4%

OPM

82.3%

Debt / Equity

0.13

Sales

₹511 Cr

Net Profit

₹316 Cr

Promoter holding

73.1%

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