Ganesh Housing Q2 FY27 Results: Consolidated Net Profit ₹66.88 Crore on Total Income of ₹121 Crore
Earnings
Real estate
Blacklitt Research3 min read
Retired electrician, via Wikimedia Commons (CC0). Illustrative image.
Ganesh Housing (NSE: GANESHHOU) reported consolidated total income of ₹121.32 crore and net profit of ₹66.88 crore for the quarter ended 30 Sep 2026, it said in a filing on 30 Oct 2026. Standalone total income was ₹30.83 crore and standalone net profit ₹6.09 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹121.32 crore, down 30.4% YoY and 56.7% QoQ
Net profit and EPS: ₹66.88 crore, down 38.1% YoY and up 59.4% QoQ; basic EPS ₹8.02 against ₹12.96
Finance costs: ₹7.03 crore against ₹0.98 crore a year earlier
Profit before tax: ₹89.36 crore, down 38.5% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹30.83 crore, down 70.4% YoY and 88.8% QoQ
Net profit and EPS: ₹6.09 crore, down 89.3% YoY; basic EPS ₹0.73 against ₹6.84
Finance costs: ₹4.87 crore against ₹0.13 crore a year earlier
Profit before tax: ₹6.96 crore against ₹76.80 crore a year earlier
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
121.32
174.28
-30.4%
280.19
-56.7%
Revenue from operations
121.28
174.21
-30.4%
279.93
-56.7%
Other income
0.04
0.07
-49.2%
0.25
-85.5%
66.88
108.09
-38.1%
41.96
+59.4%
Profit before tax
89.36
145.31
-38.5%
104.86
-14.8%
Finance costs
7.03
0.98
+618.2%
3.85
+82.6%
Depreciation
1.53
1.77
-13.2%
1.32
+16.1%
Tax expense
22.48
37.22
-39.6%
62.90
-64.3%
Net profit margin
55.13%
62.02%
-6.89 pp
14.97%
+40.15 pp
EPS, basic (₹)
8.02
12.96
-38.1%
5.03
+59.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 38.1% year on year, more than total income, which fell 30.4%. Profit before tax fell 38.5%, to ₹89.36 crore from ₹145.31 crore, and tax expense fell 39.6%, to ₹22.48 crore from ₹37.22 crore. The tax expense is 25.2% of profit before tax this quarter.
Finance costs rose to ₹7.03 crore from ₹0.98 crore a year earlier, and were ₹3.85 crore in the quarter ended 30 Jun 2026. Finance costs are 5.8% of total income this quarter.
Against the quarter ended 30 Jun 2026, net profit rose 59.4% while total income fell 56.7%. Revenue from operations was ₹121.28 crore, against ₹279.93 crore in that quarter.
Exceptional items are shown as 0.00 in every period of the consolidated statement. The consolidated results include Madhukamal Infrastructure Private Limited, Gatil Properties Private Limited and Million Minds Techspace Private Limited. Goodwill is ₹223.89 crore at 30 Sep 2026, the same as at 31 Mar 2026.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
30.83
104.02
-70.4%
274.33
-88.8%
Revenue from operations
30.80
103.95
-70.4%
274.08
-88.8%
Other income
0.04
0.07
-49.8%
0.25
-85.8%
6.09
57.04
-89.3%
45.69
-86.7%
Profit before tax
6.96
76.80
-90.9%
108.38
-93.6%
Finance costs
4.87
0.13
n/a
2.86
+70.1%
Depreciation
1.53
1.77
-13.2%
1.32
+16.1%
Tax expense
0.87
19.76
-95.6%
62.69
-98.6%
Net profit margin
19.74%
54.83%
-35.09 pp
16.65%
+3.09 pp
EPS, basic (₹)
0.73
6.84
-89.3%
5.48
-86.7%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 89.3% year on year, more than total income (down 70.4%). Profit before tax was ₹6.96 crore, against ₹76.80 crore, and tax expense was ₹0.87 crore, against ₹19.76 crore. The tax expense is 12.5% of profit before tax this quarter.
Revenue from operations was ₹30.80 crore, against ₹103.95 crore a year earlier, and other income was ₹0.04 crore, which is 0.5% of profit before tax of ₹6.96 crore. Finance costs rose to ₹4.87 crore, from ₹0.13 crore a year earlier and ₹2.86 crore in the quarter ended 30 Jun 2026, and are 15.8% of total income this quarter.
Against the quarter ended 30 Jun 2026, net profit fell 86.7%, less than total income, which fell 88.8%.
The company is engaged in the promotion and development of real estate activities, which is its only reportable segment under Ind AS 108. Its market value is ₹5,568 crore at the 30 Oct 2026 close of ₹667.75 a share.
Inference
The filing includes a scheme of arrangement between Gatil Properties Private Limited, as transferor company, and Ganesh Housing Limited, as transferee company, which the board approved on 5 Dec 2025. The NSE issued a no-objection letter dated 6 Jul 2026, and BSE a no adverse observations letter dated 6 Jul 2026. Under an NCLT Ahmedabad order dated 7 Oct 2026, read with a corrigendum dated 9 Oct 2026, a meeting of equity shareholders will be convened on Friday, 27 Nov 2026. The company says no impact of the scheme is given in these results.
Current borrowings are ₹528.47 crore at 30 Sep 2026 in both statements. The cash flow statements show dividend paid of ₹12.51 crore in the column dated 30 Sep 2026.
A reader would want the reason for the lower revenue from operations and the higher finance costs, which the filing leaves open.
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