Ganesh Housing Q4 FY26: Revenue +33% QoQ, FY26 -46% YoY

Key takeaway

Ganesh Housing Limited (BOM: 526367), formerly Ganesh Housing Corporation Limited, reported a sequential improvement in Q4 FY26 performance, while the year-on-year comparison remained weak due to a sharp fall in revenue recognition. The quarter was marked by very high reported margins, a spike in other income, and a company narrative that increasingly highlights commercial leasing alongside its residential presence in Ahmedabad.

The board recommended a dividend of 15% or Rs 1.50 per equity share of face value Rs 10 for FY 2025-26. Management also highlighted the company’s land bank and balance sheet position, alongside progress at the Million Minds Tech City development.

What the company reported for Q4 FY26

On a consolidated basis, total income for Q4 FY26 rose 33.05% quarter on quarter to Rs 12,175.61 lakh (INR 121.76 crore) from Rs 9,151.11 lakh (INR 91.51 crore) in Q3 FY26. But it was down 53.01% year on year versus Rs 25,908.48 lakh (INR 259.08 crore) in Q4 FY25.

Revenue from operations, which is a narrower line item than total income, was Rs 9,506.07 lakh (INR 95.06 crore) in Q4 FY26. This was up 4.12% sequentially from Rs 9,129.55 lakh (INR 91.30 crore) in Q3 FY26, but down 62.19% from Rs 25,138.95 lakh (INR 251.39 crore) in Q4 FY25.

Net profit for the quarter came in at Rs 6,136.20 lakh (INR 61.36 crore), up 14.18% QoQ from Rs 5,374.20 lakh (INR 53.74 crore) and down 62.79% YoY from Rs 16,490.02 lakh (INR 164.90 crore). Diluted normalized EPS was Rs 7.36 versus Rs 6.44 in Q3 FY26 and Rs 19.77 in Q4 FY25.

Sequential rebound, but weak year-on-year base

The earnings call commentary and the company’s summary indicated “revenues of 122 crores” in Q4 FY26, registering 33% sequential growth. This aligns with the consolidated total income movement from INR 91.51 crore in Q3 FY26 to INR 121.76 crore in Q4 FY26.

The same commentary cited EBITDA of INR 98 crore (INR 98.3 crore in the operating profit including other income disclosure) and EBITDA margins of 80.7% for Q4 FY26. Profit after tax was stated at around INR 61 crore, with PAT margins of about 50% for the quarter.

Despite the sequential improvement, the year-on-year comparison remained the dominant feature of the quarter. Consolidated revenue from operations fell more than 60% YoY, and the quarter’s reported “total income” also halved compared to Q4 FY25.

Margins stayed high, even as revenue fell

The quarter retained unusually high profitability metrics. The Q4 results highlight operating margin at 73.62% (YoY change shown as -13.82%). The earnings call and summary also referred to EBITDA margin at 80.7% and PAT margin near 50%.

Another notable disclosure in the data set was the surge in other income to INR 26.70 crore in Q4 FY26, up from INR 0.22 crore in Q3 FY26 and INR 7.70 crore in Q4 FY25. With this jump, operating profit including other income was stated at INR 98.29 crore, and the gross profit margin was reported at 102.37% due to the other income contribution.

FY26 numbers: lower than FY25

For the full year FY26, the earnings call cited revenue of INR 539 crore (INR 538.5 crore) and PAT of INR 316 crore (INR 316.3 crore). Another set of consolidated figures reported net profit of Rs 31,625.81 lakh (INR 316.26 crore) and revenue declining to Rs 51,137.42 lakh (INR 511.37 crore), down from Rs 95,976.18 lakh (INR 959.76 crore) in FY25.

The consolidated financial highlights also put FY26 total income at Rs 53,850.93 lakh (INR 538.51 crore) versus Rs 99,349.22 lakh (INR 993.49 crore) in FY25. For FY26, EPS was Rs 37.93 compared with Rs 71.72 in FY25.

The narrative accompanying the numbers attributed FY26 performance to a tougher environment, including economic and geopolitical challenges, and pointed out that FY26 was lower compared to an “exceptionally strong FY25.” It also noted that sales de-grew by 45.8% and that the company witnessed a revenue contraction for the first time in the last three years.

Project update: Million Minds Tech City Phase 1

Ganesh Housing highlighted progress at Million Minds Tech City, where the first phase has been inaugurated. Phase 1 has a leasable area of 0.85 million square feet, and leasing traction was said to be at 60% to 65%, with inquiries rising post-inauguration.

This update matters because it supports the company’s positioning around commercial real estate alongside its residential business. The quarter’s communication repeatedly linked the investor narrative to the ramp-up of commercial leasing.

Balance sheet and land bank commentary

The company described its balance sheet as robust with low gearing, backed by strong internal accruals. It also highlighted a strategic land reserve of approximately 518 acres in Ahmedabad.

This land reserve was positioned as a long-term asset for future growth. The company’s commentary linked the land bank to the ability to execute over multiple cycles, although the reported quarterly revenue pattern shows the lumpiness typical of real estate recognition.

Dividend and corporate update

The board recommended a dividend of 15%, which equals Rs 1.50 per equity share for FY 2025-26. The company also stated that it has released the audio recording of its Q4 FY26 earnings call discussing audited results for the quarter and year ended March 31, 2026.

Separately, the company announced its rebranding to “Ganesh Housing Limited,” reflecting the updated corporate identity used in its latest disclosures.

Snapshot table: quarter and full-year metrics (INR crore)

*NA indicates the specific FY25 net profit figure was not provided in the supplied data set.

Market impact: what the numbers signal

The quarter showed a mixed picture for investors tracking near-term momentum. Sequentially, consolidated total income rose sharply, and net profit improved compared to Q3 FY26. But the year-on-year revenue decline was steep, and Q4 FY26 revenue from operations was far below the prior year’s level.

At the same time, the quarter’s profitability remained unusually high, supported by the disclosed jump in other income. The reported margin profile shows that costs did not rise in proportion to the revenue decline, but it also means analysts will likely separate core operating performance from the impact of other income when reading the quarter.

Why this update matters

This results season reinforced two parallel themes. First, Ganesh Housing continues to report very high margins and has maintained a narrative of low gearing and internal accrual strength. Second, revenue recognition appears lumpy, and FY26 marked a clear downshift from FY25 in both revenue and earnings.

The commercial real estate milestone at Million Minds Tech City, particularly the 60% to 65% leasing progress on 0.85 million square feet for Phase 1, is a measurable operational datapoint that investors can track alongside future quarterly recognition.

Conclusion

Ganesh Housing’s Q4 FY26 numbers delivered a sequential rebound in consolidated total income and profit, but the year-on-year decline across revenue and earnings remained pronounced. The company paired the results with a 15% dividend recommendation and updates on commercial leasing traction at Million Minds Tech City Phase 1. Next, investors will watch how quickly leasing converts into steady income visibility and how FY27 revenue recognition compares with the weaker FY26 base.