Ganesha Ecoverse Limited (formerly **SVP Housing Limited**) is an Indian listed entity undergoing a fundamental strategic transformation. Following a change in management in **May 2023**, the company pivoted from real estate and share trading to the **circular economy**, specifically focusing on the recycling and trading of plastic waste and sustainable textile products. The company is currently integrating vertically to become a "fibre-to-fashion" player within the **Recycled Polyethylene Terephthalate (rPET)** value chain. --- ### **Strategic Pivot: From Real Estate to Circular Economy** The company has completely overhauled its corporate identity and operational focus to align with global sustainability trends. * **Business Model Shift:** Effective **August 22, 2023**, the company altered its **Object Clause** to exit real estate and enter the manufacturing and trading of **PET Resin, flakes, chips, granules, and textile fibers**. * **Management Transition:** The company is now led by **Mr. Sandeep Khandelwal** (Managing Director) and **Mr. Vishnu Dutt Khandelwal**, who contribute **17 and 50 years** of experience in textile yarn trading, respectively. * **Geographic Realignment:** In **October 2025**, the registered office was moved from Delhi to **Uttar Pradesh** to capitalize on the state’s **Industrial Policy**, competitive labor costs, and proximity to major textile manufacturing hubs. --- ### **Core Operations & The rPET Value Chain** Ganesha Ecoverse operates at the intersection of waste management and textile manufacturing, focusing on **100% recycled polyester** derived from post-consumer PET bottle waste. **1. Waste Sourcing & Trading** The company collects PET bottle waste through a network of scrap dealers (**kabadis**), rag-pickers, and bailers. This scrap is supplied to recyclers, including **Ganesha Ecosphere Limited**, for processing into textile-grade materials. **2. Manufacturing Integration (GESL Spinners Merger)** A critical component of the company’s strategy is the integration of **GESL Spinners Private Limited (GSPL)**. * **Equity Stake:** In **October 2024**, the company acquired a **44.39% stake** in GSPL for **₹46.49 crore** (**2,73,50,000 shares at ₹17/share**). * **Reverse Merger:** In **January 2026**, the Board approved a merger where Ganesha Ecoverse will merge into **GSPL**. GSPL will be the surviving entity to retain **taxation and financial incentives**, while the resulting entity will remain listed on the **BSE-SME platform**. * **Facility Capacity:** The GSPL plant in Rampur, UP, houses **23,576 spindles** with a capacity of approximately **6,600 TPA**. As of September 2025, utilization exceeded **80%**. --- ### **Sustainable Product Portfolio** The company utilizes **dope dyeing technology** to minimize carbon footprints and water pollution. Its products serve as eco-friendly alternatives to virgin polyester. | Product Category | Specific Offerings | Key Applications | | :--- | :--- | :--- | | **Recycled Spun Yarns** | Ring spun yarns (various counts/colors) | Pullovers, jackets, shoes, bags, hats. | | **Sewing Threads** | Eco-friendly threads (**2/20s RT to 2/50 RT**) | Sustainable garment production. | | **Specialty Yarns** | **Flame Retardant (FR)**, **Biodegradable (BIO-R)** | Automotive, firefighting gear, fast fashion. | | **Fancy & Performance** | Injecting Slub, Neppy Slub, **Coolfast** | Specialized textures, sportswear. | | **Industrial Intermediates** | **rPSF**, PET Flakes, POY, FDY, Chips | Technical textiles, furniture, mattresses. | --- ### **Financial Performance & Capital Structure** The company achieved a financial turnaround in **FY 2023-24**, moving from losses to profitability following the shift to PET scrap trading. **Key Financial Metrics (₹ in Lakhs)** | Particulars | FY 2023-24 | FY 2022-23 | FY 2021-22 | | :--- | :--- | :--- | :--- | | **Total Income** | **1,238.53** | **23.02** | **2,309.83** | | **EBITDA** | **637.00** | - | - | | **Profit After Tax (PAT)** | **423.05** | **(323.59)** | **(128.44)** | | **Earnings Per Share (₹)** | **3.78** | **(2.89)** | **(1.15)** | **Capital Raising & Liquidity:** * **Rights Issue (Oct 2024):** Raised **₹46.95 crore** at **₹35 per share** to fund the GSPL investment. * **Preference Shares (Sep 2025):** Approved issuance of **1,00,00,000** 6% Redeemable Cumulative Preference Shares (**RCPS-II**) at **₹10/share** to raise **₹10 crore**. * **Lending:** The company is authorized to provide unsecured loans up to **₹25 crore** to GSPL to support spinning operations. --- ### **Market Dynamics & Growth Catalysts** * **rPET Market Growth:** India’s rPET market is projected to reach **2,759 Kilo Tons by 2029**, growing at a **24.5% CAGR**. * **Regulatory Tailwinds:** The **Plastic Waste Management Rules (2016)** and **Extended Producer Responsibility (EPR)** mandates are driving domestic demand. * **Policy Support:** The company benefits from the **Production Linked Incentive (PLI)** scheme and the **GST 2.0** rollout (September 2025), which aims to streamline manufactured goods' tax rates. * **Main Board Migration:** The company intends to migrate from the **BSE-SME platform** to the **BSE Main Board** to increase retail participation and institutional recognition. --- ### **Risk Factors & Operational Challenges** * **Operational Vulnerability:** GSPL operations were halted for six months in **August 2024** due to storm/flood damage, resulting in a **₹30.13 crore** loss. * **Concentration & Dependency:** In FY24, the company derived its entire revenue from a **single customer**. Furthermore, the business model is entirely dependent on the successful integration of GSPL. * **Compliance & Governance:** * Promoter shareholding is low at **1.34%**, posing a risk of **hostile takeovers**. * Migration to the Main Board has been delayed due to errors in past **Annual Reports** and late regulatory filings (Regulation 30 and 74(5)). * **Market Volatility:** Exposure to **Mark-to-Market (MTM) losses** on residual equity investments (recorded **₹5.49 crore** loss in FY25) and sensitivity to crude oil prices which dictate synthetic fiber pricing.