Ganesh Housing Q1 FY27: Revenue Surges, Margins Normalize as Million Minds Nears Leasing

Revenue in Q1 FY27 was INR 2,802 mn, up 130% QoQ (vs INR 1,218 mn in Q4 FY26) and up 86% YoY (vs INR 1,510 mn in Q1 FY26).

EBITDA in Q1 FY27 was INR 1,100 mn (12% QoQ change and 14% YoY decline). EBITDA margin was 39.3%, compared with 80.7% in Q4 FY26 and 84.8% in Q1 FY26.

PAT in Q1 FY27 was INR 420 mn with PAT margin of 15.0%. EPS was INR 5.03 (vs INR 7.36 in Q4 FY26 and INR 11.16 in Q1 FY26).

Million Minds IT SEZ Phase 1 is described as nearing completion with expected completion in July 2026. The company indicates fit-outs are progressing and lease rentals are expected to commence by Q3 FY27.

The presentation reports about 518 acres of land reserves (fully paid). It includes about 411 acres at Godhavi Township and about 65 acres at Million Minds SEZ, with the balance in Thaltej and Malabar Retreat corridors.

The presentation states a target of about 31 msf of infrastructure and special projects such as Million Minds (IT SEZ) and township in the next few years, with total sales value of about INR 225,000 mn.