Ganesh Consumer Products Limited has used Rs 2.46 crore for Darjeeling

Ganesh Consumer Products had used Rs 2.46 crore of the Rs 45 crore earmarked for its Darjeeling roasted gram flour and gram flour unit by 30 September 2026, leaving Rs 42.54 crore unutilised. In contrast, it had fully deployed the Rs 60 crore allocated for repayment or prepayment of certain borrowings.

How much has Ganesh Consumer Products spent on the Darjeeling flour unit?

Ganesh Consumer Products had spent Rs 2.46 crore on the Darjeeling manufacturing unit as of 30 September 2026, against the Rs 45 crore allocation disclosed for the project. The unutilised balance was Rs 42.54 crore. The proposed West Bengal unit will manufacture roasted gram flour and gram flour, according to the stated object of the initial public offer, or IPO.

The filing does not provide a commissioning date, construction milestone, project-cost revision or explanation for the level of spending by 30 September 2026. It also does not identify whether the Rs 16.09 crore of capital work-in-progress reported at that date, compared with Rs 3.57 crore at 31 March 2026, relates to the Darjeeling unit.

Where has Ganesh Consumer Products used its IPO proceeds?

Ganesh Consumer Products had utilised Rs 77.19 crore of revised net IPO proceeds of Rs 120.23 crore by 30 September 2026, leaving Rs 43.05 crore unutilised. The company said the unutilised net proceeds were temporarily invested in fixed deposits and maintained in a designated special current bank account, without providing a split between those locations.

The entire Rs 60 crore earmarked for prepayment or repayment of certain outstanding borrowings had been used. General corporate purposes had received Rs 14.72 crore against a revised allocation of Rs 15.23 crore, leaving Rs 50.82 lakh. The allocation for general corporate purposes was initially Rs 14.20 crore and increased after estimated IPO expenses were revised.

Ganesh Consumer Products revised total IPO expenses, including tax, to Rs 30.89 crore from Rs 33.94 crore. The company said those expenses were allocated proportionately between selling shareholders and the company based on equity shares sold and issued. The IPO, completed in the quarter ended 30 September 2025, included a fresh issue of Rs 130 crore and an offer for sale of Rs 278.80 crore, while only the company’s fresh-issue proceeds were available for the utilisation schedule.

What changed in Ganesh Consumer Products' borrowings and finance costs?

Ganesh Consumer Products reported non-current borrowings of Rs 2.63 crore at 30 September 2026, down from Rs 7.12 crore at 31 March 2026, while current borrowings rose to Rs 1.51 crore from Rs 1.16 crore. These balance-sheet movements followed the reported full use of the Rs 60 crore IPO allocation for repayment or prepayment of certain borrowings.

Finance costs were Rs 1.18 crore for the half year ended 30 September 2026, compared with Rs 8.15 crore for the half year ended 30 September 2025. For the quarter ended 30 September 2026, finance costs were Rs 60.76 lakh, versus Rs 4.29 crore a year earlier. The filing does not quantify how much of the reduction was attributable specifically to IPO-funded borrowing repayments.

Cash and cash equivalents were Rs 50.18 crore at 30 September 2026, compared with Rs 72.54 crore at 31 March 2026. Bank balances other than cash equivalents stood at Rs 58.03 crore, compared with Rs 58.39 crore six months earlier. These balances provide context for the company’s disclosure that the unutilised IPO money was held in fixed deposits and a designated current account.

How did Ganesh Consumer Products perform in the latest quarter?

Ganesh Consumer Products reported profit after tax of Rs 18.77 crore for the quarter ended 30 September 2026, compared with Rs 11.12 crore in the quarter ended 30 September 2025. Revenue from operations declined to Rs 226.73 crore from Rs 238.66 crore, while profit before tax rose to Rs 25.17 crore from Rs 14.93 crore.

For the half year ended 30 September 2026, revenue from operations was Rs 415.26 crore, compared with Rs 441.62 crore a year earlier, while profit after tax rose to Rs 31.29 crore from Rs 20.65 crore. Total expenses fell to Rs 376.86 crore from Rs 416.30 crore. Ganesh Consumer Products reports one primary business segment, food and allied products, covering packaged wheat-based and gram-based products, spices, and flours of cereals and pulses.

Ganesh Consumer Products also agreed during the September 2026 quarter to sell its Telangana factory assets for Rs 32.50 crore. The assets had a carrying value of Rs 12.62 crore and were classified as held for sale at 30 September 2026 because physical transfer and legal title conveyance were due after the reporting date. The company had received an advance of Rs 3.22 crore, recorded under current liabilities.

Conclusion

Ganesh Consumer Products had completed its Rs 60 crore borrowing-repayment objective and had used nearly all of its Rs 15.23 crore general-corporate allocation by 30 September 2026. However, deployment against the Rs 45 crore Darjeeling roasted gram flour and gram flour project remained at Rs 2.46 crore, accounting for most of the Rs 43.05 crore total unutilised net IPO proceeds.

The next disclosure to watch is progress on the Darjeeling unit, as the filing gives no commissioning target, construction milestone or explanation of the Rs 42.54 crore unspent project allocation. Ganesh Consumer Products' later updates may also clarify completion of the Rs 32.50 crore Telangana factory-asset sale, for which legal conveyance was pending after 30 September 2026.