Ganesh Benzoplast FY26 PAT jumps 93% to ₹73.3cr

Key takeaway from FY26 earnings

Ganesh Benzoplast Ltd (BSE: 500153) reported a sharp year-on-year jump in profitability for FY26, supported by steady growth in revenue across its Liquid Storage Tank (LST) and Chemical divisions. Consolidated profit after tax (PAT) rose 93% year-on-year to INR 733 million, while consolidated revenue increased 10% to INR 4,114 million. The March quarter (Q4 FY26) also marked a turnaround, with consolidated PAT at INR 152 million compared with a loss of INR 132 million in Q4 FY25. Even as headline numbers improved, management commentary and quarterly trend data pointed to pressure from higher fixed costs, especially lease and rental charges at JNPT. The company also highlighted operational constraints at the Goa terminal and working-capital stretch in parts of its EPC exposure.

Consolidated Q4 FY26: revenue up, profit turns positive

On a consolidated basis, Q4 FY26 revenue came in at INR 1,115 million, reflecting 12% year-on-year growth. The company reported consolidated PAT of INR 152 million for the quarter, reversing the loss of INR 132 million recorded in the same period last year. A separate quarterly snapshot in the provided data showed net sales (Q4 FY26) at INR 1,114.7 million, up 5.83% sequentially from INR 1,053.3 million in Q3 FY26 and up 11.55% year-on-year. However, the same snapshot indicated operating profit excluding other income fell to INR 205.5 million in Q4 FY26 from INR 291.0 million in Q3 FY26, pointing to weaker operating leverage in the quarter. Net profit for Q4 FY26 was reported at INR 152.9 million, down 5.33% quarter-on-quarter in that dataset. Together, these figures suggest that while revenue momentum improved, cost lines moved faster than the topline over the quarter.

FY26 performance: profit growth outpaces revenue

For FY26, consolidated revenue rose to INR 4,114 million from INR 3,743 million in FY25, a 10% year-on-year increase. Consolidated PAT climbed to INR 733 million from INR 380 million, translating into 93% growth year-on-year. Consolidated EPS for FY26 increased to INR 10.19 from INR 5.29 in the previous year, nearly doubling. The company’s revenue from operations was also referenced as INR 4,114.19 million, and FY26 PAT as INR 733.36 million in the provided figures, consistent with the rounded summary numbers. Management attributed the stronger performance to growth across the LST and Chemical divisions. The earnings update also described FY26 revenue as the highest achieved in the last two years.

Standalone numbers: sharper growth and a similar turnaround

On a standalone basis, Q4 FY26 revenue was INR 726 million, up 26% year-on-year from INR 575 million. Standalone PAT for Q4 FY26 was INR 122 million, compared to a loss of INR 158 million in the same quarter last year. For the full year, standalone revenue (turnover) rose 21% year-on-year to INR 2,600 million from INR 2,154 million. Standalone PAT increased 99% year-on-year to INR 613 million from INR 307 million. Standalone EPS for FY26 improved to INR 8.52 from INR 4.27. The standalone trend reinforces the consolidated picture: a strong recovery in profitability versus a weaker base year.

What management highlighted: divisions, costs, and one-offs

The company linked the consolidated performance to growth across the LST and Chemical divisions. At the same time, it flagged extraordinary expenses in the chemical division during Q4 FY26, which affected performance but were not expected to recur. It also noted a challenge in passing higher rental costs to customers, stating the adjustment could take two to three years. Receivables outstanding beyond six months increased partly because of extended credit in the EPC segment, which can weigh on cash flow timing. Separately, the Goa terminal was described as underutilized, with capacity utilization close to zero due to a halt in large ships visiting the port. These disclosures help explain why quarter-on-quarter operating profit softened despite sequential revenue growth.

Fixed cost pressure: JNPT rental reset and margin implications

A key item in the provided data is the jump in rental cost at JNPT from INR 20 million in FY25 to INR 242.5 million in FY26. The pre-tax impact was cited at INR 222.5 million. This magnitude of increase can materially change the cost base, especially in a business where terminal and lease costs are significant operating inputs. The company also described the increase as a twelvefold surge tied to a three-year reset, and noted that passing these costs through to customers takes time. That lag creates near-term pressure on operating margins even when volumes and revenue improve. In the quarterly trend data, this shows up as operating profit declining sequentially in Q4 FY26 despite net sales rising.

Capex and operational capacity: what is underway

The company is executing a capital expenditure initiative at JNPT aimed at boosting capacity, with completion expected by the end of the year. The dataset also referenced management investing INR 1,500 to 2,000 million in infrastructure development, particularly in the EPC sector, while maintaining a focus on long-term partnerships despite low margins on current contracts. While the article material does not quantify the expected revenue benefit, the stated intent is to expand capacity and support future opportunities. The combination of capex at terminals and infrastructure investments suggests management is balancing growth initiatives with current cost pressures.

Market impact and what investors typically track next

From a market-read perspective, FY26 showed a strong earnings recovery: consolidated PAT rose far faster than revenue, and FY26 EPS nearly doubled year-on-year. But the quarter-level datapoints highlighted operational efficiency concerns as operating profit fell sequentially even with higher sales. Investors are likely to watch whether the company can gradually pass through the higher JNPT rentals over the stated two-to-three-year window. Monitoring utilization at the Goa terminal will also matter, given management’s comment that capacity utilization is close to zero due to reduced large-ship traffic. Working-capital discipline is another focal point, as receivables over six months increased due to extended credit in EPC. The company also reported EBITDA of INR 1,190 million and operating cash flow of INR 793 million for FY26 in the provided figures, which adds context on operating strength beyond net profit.

Summary table of reported metrics (all INR million)

Conclusion

Ganesh Benzoplast closed FY26 with higher revenue and a sharp rebound in profit, including a return to profitability in Q4 FY26 on a consolidated basis. The same disclosures also pointed to near-term margin pressures from a steep JNPT rental reset, an underutilized Goa terminal, and slower receivables linked to extended credit in EPC. Management expects the ongoing capex at JNPT to be completed by the end of the year, while cost pass-through to customers is expected to take two to three years. Near-term performance will likely be assessed through the lens of operating profit stability, cash collection trends, and progress on utilization and capacity initiatives.