Ganesha Ecosphere Ltd(GANECOS)

NSE: GANECOSBSE: 514167

₹ 987.5+2.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,646 crWebsite: www.ganeshaecosphere.comUpdated: 24 Oct 2026

About

Ganesha Ecosphere Ltd (GANECOS) is India's largest PET bottle recycler, having processed over 41 billion PET bottles in the last decade, and manufactures Recycled Polyester Staple Fibre (RPSF), Recycled Polyester Spun Yarn (RPSY), dyed texturised yarn, rPET granules, and bottle-grade rPET chips across six facilities in three states. The consolidated business reported revenue of ₹1,481.66 Cr in FY26, with a manufacturing capacity of 1,96,440 MTPA for recycling and washing. The company operates under its Go Rewise® brand for food-grade rPET and serves 400+ customers across 16+ countries.^[1][2]

Business segments

Legacy standalone segment (RPSF, spun yarn, dyed texturised yarn) contributed ~65% of consolidated revenue in Q2 FY26, with the rPET granule subsidiary contributing the remaining ~35%.^[3]
Value-added products (rPET chips and filament yarn) account for ~40% of consolidated revenue currently; the target is ~65% by FY28.^[3][4]
Over 35% of standalone quarterly sales volume in Q3 FY26 came from non-woven and home furnishing segments, reducing dependency on yarn spinning.^[4]

Products and brands

Product portfolio spans RPSF, RPSY, dyed texturised yarn, rPET granules, and bottle-grade rPET chips, with 500+ product variants across the range.^[1]
Go Rewise® brand, launched in FY23, covers FDA-approved premium-grade rPET for sustainable packaging and textiles, targeting 25% of India's PET bottle waste recycled by 2026.^[1]
Bottle-grade chips at Warangal are certified by FSSAI, USFDA, and EFSA for food-grade packaging; facilities also hold GRS, OEKO-TEX Standard 100, Ocean Bound Plastic Certificate, and SEDEX certifications.^[1]
The company has begun consuming 20 - 25% post-industrial textile waste as a substitute feedstock for PET bottle scrap, with maximum usable textile waste varying 20 - 50%+ by product, as of Q1 FY27.^[5]

Manufacturing capacity and operations

Total recycling and washing capacity is 1,96,440 MTPA across 6 manufacturing facilities in 3 states as of FY25.^[1]
Warangal (subsidiary) facility capacity is 77,640 TPA: rPET granules 42,000 TPA, B2F Chips/Filament yarn 12,240 TPA, rPSF 12,600 TPA, and PPSF 10,800 TPA as of FY25.^[1]
The second 22,500 TPA brownfield rPET granule line at Warangal commenced production in Q1 FY27, bringing total installed rPET granule capacity to 64,500 MT; FSSAI physical audit for domestic food-grade expected August 2026.^[5]
Standalone legacy facilities (Kanpur, Bilaspur, Temra, Rudrapur) ran at 102% capacity utilisation in Q1 FY27 and 105% in Q4 FY26.^[5][6]
Warangal rPET granule subsidiary operated at 72% utilisation in Q1 FY27, up from 67% in Q4 FY26 and 50% in Q3 FY26.^[5][6][4]

Key operating numbers

Consolidated sales volume was 40,113 MT in Q1 FY27 (vs 33,650 MT in Q1 FY26) and 1,54,930 MT in full-year FY26.^[5][6]
Consolidated EBITDA per tonne was ₹14,900 in Q1 FY27, up from ₹10,800 in Q1 FY26 and ₹11,600 in Q4 FY26.^[5][6]
PET bottle scrap (primary feedstock) was priced at ₹48 - 50/kg in Q1 FY27, up from ₹46 - 47/kg in Q3 FY26; rPET granules are priced 5 - 10% cheaper than virgin PET (vPET) as of Q1 FY27.^[5][4]
Consolidated EBITDA margin was 14.1% in Q1 FY27 (vs 10.8% in Q1 FY26); full-year FY26 consolidated EBITDA margin was 9.6% vs 14.4% in FY25.^[5][6]
Export revenue share was ~10% of consolidated revenue in Q1 FY27; US rPET exports have been economically unviable since September 2025 due to a 50% reciprocal tariff.^[5][4]

Customers and distribution

The company serves 400+ customers across 16+ countries and 28 Indian states; top 5 customers account for less than 20% of revenue as of FY25.^[1]
Named brand partnerships under Go Rewise® include Coca-Cola India, Clear Premium Water, Diageo India, and Race Eco Chain Limited; over 40 brand collaborations are in progress as of FY25.^[1]
rFilament yarn successfully qualified with a leading global textile brand in Q3 FY26, with offtake commencing from February 2026 and expected to increase filament yarn capacity utilisation by 20 - 30%.^[4][6]

Expansion and capex

A third 22,500 MT brownfield rPET granule line at Warangal is under construction at a total capex of ₹150 Cr (~60% already spent as of Q1 FY27), with commissioning targeted December 2026 - January 2027.^[5]
Debottlenecking of 10,000 - 12,000 MT at Warangal will bring total installed rPET granule capacity to ~1,00,000 MTPA by December 2026 - January 2027; debottlenecking does not require FSSAI approval.^[5]
Polyolefin (HDPE and flexible plastic) recycling is being actively developed, with entry into other recycling categories planned beyond 3 - 4 years.^[5][4]

Recent developments

MOEF&CC issued its notification on 31 March 2026 keeping mandatory recycled-plastic content targets intact, preserving the 40% mandatory recycled content requirement for rigid plastics in FY27.^[6]
The Telangana Government disbursed ₹70 Cr in January 2026 against outstanding incentives of ~₹110 Cr for the Warangal plant, improving near-term liquidity.^[4]
Industry rPET adoption was running at 20 - 25% against a government mandate of 40% in Q1 FY27; total industry installed rPET capacity is ~4.2 lakh MT vs ~5.5 - 6 lakh MT required to meet the mandate.^[5]
Operating cash flow (consolidated) was ₹170.70 Cr in FY26, up sharply from ₹41.2 Cr in FY25, as rPET demand deferred in earlier quarters was partly absorbed.^[6]

Market Cap

₹2,646 Cr

High / Low

₹1,271 / 653

Stock P/E

48.8

Price / Book

2.2

Book Value

₹476

EPS

₹14.3

No. of Shares

2.68 Cr

ROCE

5.4%

ROE

3.1%

OPM

6.3%

Debt / Equity

0.39

Sales

₹1,482 Cr

Net Profit

₹38 Cr

Promoter holding

39.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials