Ganga Papers September profit rises 83% as revenue grows 32%

Ganga Papers India Limited reported net profit of Rs 56.01 lakh for the quarter ended September 30, 2026, up 83% from Rs 30.57 lakh a year earlier, as revenue from operations rose 32% to Rs 93.38 crore. Profit before tax increased to Rs 74.85 lakh from Rs 40.66 lakh in the comparable quarter.

How did Ganga Papers perform in the September 2026 quarter?

Ganga Papers earned Rs 56.01 lakh in profit after tax in the quarter ended September 30, 2026, compared with Rs 30.57 lakh in the quarter ended September 30, 2025. The 83% increase in profit exceeded the 32% rise in revenue from operations, which reached Rs 93.38 crore from Rs 70.90 crore.

Total revenue, including other income, was Rs 93.40 crore in the September 2026 quarter, compared with Rs 70.63 crore a year earlier. Other income declined to Rs 2.65 lakh from Rs 2.98 lakh, while total expenses rose to Rs 92.66 crore from Rs 70.22 crore.

Ganga Papers also reported a sequential increase from the quarter ended June 30, 2026. Revenue from operations rose from Rs 86.01 crore in the June quarter to Rs 93.38 crore in the September quarter, while net profit increased from Rs 49.91 lakh and profit before tax rose from Rs 66.69 lakh.

Basic and diluted earnings per share, not annualised, were Rs 0.52 in the September 2026 quarter, against Rs 0.28 a year earlier. Paid-up equity share capital was unchanged at Rs 10.79 crore, based on equity shares with a face value of Rs 10 each.

What changed in Ganga Papers’ quarterly costs?

Ganga Papers’ cost of materials consumed declined to Rs 58.04 crore in the September 2026 quarter from Rs 59.34 crore in the September 2025 quarter, despite the increase in revenue from operations. This was the largest expense line reported for the paper manufacturing business.

Other expenses increased to Rs 29.01 crore from Rs 9.21 crore year on year, while the change in inventories was an expense of Rs 2.76 crore after a Rs 57.40 lakh reduction in the comparable quarter. Employee benefits expense declined to Rs 61.20 lakh from Rs 76.99 lakh.

Finance costs fell to Rs 45.06 lakh from Rs 78.92 lakh, and depreciation and amortisation expense was Rs 56.17 lakh compared with Rs 58.50 lakh. Ganga Papers reported no purchases of stock-in-trade and no excise duty in either of the two September quarters presented.

The September 2026 tax charge comprised current tax of Rs 15.11 lakh and deferred tax of Rs 3.73 lakh. There were no exceptional items or other comprehensive income reported, leaving profit after tax at Rs 56.01 lakh from profit before tax of Rs 74.85 lakh.

How did Ganga Papers’ first-half earnings compare with last year?

Ganga Papers reported first-half net profit of Rs 1.06 crore for the half year ended September 30, 2026, compared with Rs 61.33 lakh for the half year ended September 30, 2025. Revenue from operations increased 36% to Rs 179.39 crore from Rs 132.06 crore across the two six-month periods.

Profit before tax rose to Rs 1.42 crore from Rs 81.96 lakh, while total revenue was Rs 179.43 crore, including other income of Rs 4.76 lakh. In the previous first half, total revenue was Rs 133.01 crore and other income was Rs 4.90 lakh.

First-half total expenses were Rs 178.02 crore, compared with Rs 132.19 crore a year earlier. Cost of materials consumed increased to Rs 140.87 crore from Rs 105.31 crore, and other expenses rose to Rs 33.39 crore from Rs 20.95 crore.

Finance costs for the half year declined to Rs 1.03 crore from Rs 1.43 crore, while depreciation and amortisation was Rs 1.16 crore against Rs 1.18 crore. Basic and diluted earnings per share, not annualised, increased to Rs 0.98 from Rs 0.57.

What do Ganga Papers’ balance sheet and cash flows show?

Ganga Papers had total assets of Rs 102.23 crore at September 30, 2026, compared with Rs 100.32 crore at March 31, 2026. Trade receivables rose to Rs 51.04 crore from Rs 41.30 crore, while inventories declined to Rs 18.34 crore from Rs 24.38 crore.

Cash and cash equivalents stood at Rs 10.87 lakh at September 30, 2026, down from Rs 4.05 crore at March 31, 2026. Bank balances other than cash and cash equivalents increased to Rs 3.29 crore from Rs 1.23 crore, and other current assets rose to Rs 7.43 crore from Rs 6.17 crore.

Total equity increased to Rs 33.32 crore from Rs 32.26 crore, with other equity rising to Rs 22.53 crore from Rs 21.47 crore. Equity share capital remained Rs 10.79 crore at both reporting dates.

Current borrowings declined to Rs 36.60 crore from Rs 40.23 crore, while non-current borrowings decreased to Rs 73.16 lakh from Rs 4.08 crore. Trade payables increased to Rs 23.23 crore from Rs 16.06 crore, contributing to total current liabilities of Rs 66.02 crore, compared with Rs 61.89 crore at March 31, 2026.

Ganga Papers generated net cash from operating activities of Rs 5.96 crore in the half year ended September 30, 2026, compared with net cash used in operating activities of Rs 3.00 crore a year earlier. A Rs 6.04 crore reduction in inventories and a Rs 7.65 crore increase in trade and other payables were partly offset by a Rs 11.01 crore increase in trade and other receivables.

The statutory auditors issued an unmodified limited-review conclusion on the unaudited standalone results for the quarter and half year ended September 30, 2026. Ganga Papers identified paper manufacturing as its single primary business segment in the results filing approved by its board on November 14, 2026.

Conclusion

Ganga Papers reported faster year-on-year growth in September-quarter profit than in revenue, alongside lower material consumption and finance costs than a year earlier. For the first half, net profit rose to Rs 1.06 crore as revenue from operations reached Rs 179.39 crore, while operating cash flow turned positive from an outflow in the prior-year period.

The disclosed balance-sheet movement leaves receivables as a matter to watch: trade receivables were Rs 51.04 crore at September 30, 2026, up Rs 9.74 crore from March 31, 2026. Their conversion into cash will be relevant after the company generated Rs 5.96 crore of operating cash in the first half.