Ganesh Housing Corporation Limited Q2 PAT rises 59% to Rs 67 crore

Ganesh Housing Corporation Limited reported a 59% sequential increase in Q2 FY27 profit after tax to Rs 67 crore, while revenue reached Rs 121 crore and EBITDA margin recovered to 80.7%. The quarter matters because the company reaffirmed its FY27 revenue guidance of Rs 1,000 crore to Rs 1,200 crore and PAT guidance of Rs 300 crore to Rs 325 crore.

What did Ganesh Housing Corporation Limited report for Q2 FY27?

Ganesh Housing Corporation Limited reported Q2 FY27 revenue of Rs 121 crore, entirely comprising project land sales, according to management's earnings-call remarks. EBITDA was Rs 98 crore, resulting in an EBITDA margin of 80.7%. Profit before tax stood at Rs 89 crore and profit after tax was Rs 67 crore.

The company reported earnings per share of Rs 8.02 for the quarter. Its PAT margin was 55.1%, reflecting the relationship between the quarter's reported profit and revenue. These results were released for the quarter and half year ended September 30, 2026, with the investor presentation and unaudited financial results disclosed on October 30.

Management also made the audio recording of its Q2 FY27 earnings call available on November 2. The call was hosted by GoIndia Advisors and included whole-time director Anmol Patel, chief financial officer Rajendra Shah and vice president finance Neeraj Kalawatia, among other senior management participants.

How did Ganesh Housing's profitability change from Q1 FY27?

Ganesh Housing's Q2 PAT rose 59% sequentially from Rs 42 crore in Q1 FY27 to Rs 67 crore in Q2 FY27. EBITDA margin improved substantially to 80.7% from 39.3% in the preceding quarter, based on management's stated comparison during the call.

The company attributed the Q2 revenue composition to project land sales. The disclosed figures show that the margin movement was a significant feature of the quarter, alongside the increase in profit. However, the company did not provide a quarter-on-quarter revenue comparison in the supplied material.

The sequential change should be read in the context of the company's revenue mix during the reported quarter. The available disclosures establish the contribution from land sales but do not provide a detailed project-wise breakup or a separate explanation of the Q1 margin level.

What were Ganesh Housing's first-half FY27 financial results?

Ganesh Housing reported first-half FY27 revenue of about Rs 402 crore, EBITDA of Rs 208 crore and PAT of about Rs 109 crore. The first-half figures combine the results for the quarters ended June 30 and September 30, 2026.

The Q2 result accounted for Rs 121 crore of the reported first-half revenue and Rs 67 crore of first-half PAT. That leaves the balance of the half-year performance attributable to the first quarter, although the supplied material does not provide every first-quarter financial line item.

Management said it expected a different and better performance in the second half of FY27. It therefore reaffirmed the annual guidance it had issued in the first quarter, rather than revising the revenue or profit ranges following the September-quarter results.

What FY27 guidance has Ganesh Housing reaffirmed?

Ganesh Housing reaffirmed FY27 revenue guidance of Rs 1,000 crore to Rs 1,200 crore and PAT guidance of Rs 300 crore to Rs 325 crore. These targets were initially provided in Q1 FY27 and were repeated during the Q2 earnings call.

Against the stated first-half revenue of about Rs 402 crore, the guidance indicates that management expects a larger contribution in the second half. Similarly, first-half PAT of about Rs 109 crore is below the full-year guidance range, making the company's comments on improved H2 performance material for investors tracking execution.

The company did not disclose a revised project schedule, sales booking target or detailed quarterly forecast in the provided information. As a result, the guidance remains management's stated range rather than a result already achieved.

How does the real estate backdrop relate to the Q2 update?

Management said that India's real estate market had been consolidating rather than retreating over the preceding three months. This observation formed part of the company's discussion of the operating environment during the earnings call.

For Ganesh Housing, the reported Q2 revenue was derived from project land sales, making the pace and mix of transactions relevant to reported quarterly financial performance. The sharp sequential improvement in EBITDA margin and PAT occurred alongside that disclosed revenue composition.

The company has also disclosed a shareholder meeting on November 27 related to the Gatil Properties scheme, with an NCLT meeting referenced in its October 30 announcements. The supplied information does not state the financial impact of this scheme or connect it to the FY27 guidance.

For investors, the key disclosed markers are the reaffirmed annual targets, the reported second-half expectation and subsequent information on the Gatil Properties process. The Q2 release itself does not provide a market-price reaction, order book measure, or new capital-expenditure commitment.

Conclusion

Ganesh Housing Corporation Limited delivered Q2 FY27 PAT of Rs 67 crore, up 59% sequentially, supported by Rs 121 crore of revenue from project land sales and an 80.7% EBITDA margin. First-half revenue was about Rs 402 crore and PAT was about Rs 109 crore, while management maintained its FY27 financial guidance.

The next disclosed event to watch is the November 27 shareholder meeting connected with the Gatil Properties scheme and related NCLT process. Investors will also assess future updates against the company's stated expectation of better second-half FY27 performance and its revenue and PAT targets.