### **Overview** Ganesh Benzoplast Limited (GBL) is a leading Indian conglomerate with a diversified footprint across **liquid logistics, specialty chemicals, engineering & construction (EPC), and clean energy**. Headquartered in Mumbai and listed on the BSE (500153) and NSE (GANESHBE), GBL has evolved from a chemical manufacturer established in 1986 into one of India’s premier independent providers of **Liquid Storage Terminal (LST)** infrastructure. With over 38 years of experience, the company operates at the intersection of critical industrial supply chains in petrochemicals, food, pharmaceuticals, and automotive sectors. --- ### **Business Segments & Operations** #### **1. Liquid Storage Terminals (LST) – Core Infrastructure Business** GBL operates a **network of strategically located LST facilities** at three major Indian ports: - **Jawaharlal Nehru Port Trust (JNPT), Navi Mumbai** – Flagship terminal with 283,000 KL+ capacity. - **Cochin Port, Kerala** – Fully occupied 43,000 KL facility. - **Mormugao Port (Goa)** – 26,000 KL multi-product terminal operating at ~20% utilization, undergoing transformation. **Total Installed Capacity**: **352,000 KL** across **98 tanks**, compliant with **ISO 9001:2015** standards. **Key Features:** - Direct pipeline connectivity to **four jetties** at JNPT (including primary and secondary berths), minimizing vessel demurrage. - Capable of handling **Class A, B, and C flammable and hazardous liquids**, including HSD, naphtha, ethanol, acetic acid, caustic soda, edible oils, and specialty chemicals. - Offers **ancillary services**: drum filling (~100 containers/month), bunkering, barging, product blending, and on-site testing. - **High occupancy rates**: JNPT and Cochin terminals operate at or above **100% capacity**, driven by premium demand for specialty chemical storage. **Strategic Land Advantage:** - Holds **100% leasehold rights to 4.5 hectares** at JNPT on a **25-year lease (2022–2047)**, enabling **brownfield-style expansion** with shared infrastructure and cost efficiency. - High entry barriers due to **land scarcity and saturated pipeline capacity** at major ports, reinforcing GBL’s entrenched position. **Expansion Initiatives:** - Ongoing **height enhancement of existing tanks** to boost throughput. - Converting standard tanks to **heated/chilled variants** for high-margin specialty cargo. - Developing **30,000 tons of additional A-class chemical storage capacity**. - **Near-term CAPEX plan (INR 400–500 crores)** focused on expanding storage, LPG, and logistics. --- #### **2. Infrastructure Logistic Systems Ltd. (ILSL) – Rail-Based Logistics Arm** **ILSL** is a **material subsidiary (86.52% owned by GBL)** formed via acquisition of Stolt Rail Logistic Systems (SRLS) in FY21, now in joint venture with **Stolt-Nielsen Singapore PTE Ltd**. **Role & Services:** - Provides **end-to-end rail logistics** for bulk liquid cargo from ports to customer plants via **Indian Railways**. - Offers **integrated solutions**: storage, pumping, loading/unloading, and terminal operations. - Owns **45+ ISO tank containers** and leases **rail rakes**, with infrastructure at **JNPT, Daund, Nagpur, and Dahej**. - Key differentiator: **only rail-linked liquid logistics provider at JNPT**, acting as a **de facto operator**. **Performance & Contribution:** - Contributes **~20% of LST segment revenue** with **accretive margins**. - Emerged as **India’s largest rail transporter of edible oils** in FY25. - EBITDA of **INR 312 million in Q3FY25**, reflecting stable and scalable operations. **Strategic Value:** - Enables **door-to-door logistics**, enhancing customer retention and asset turnover. - Reduces road transport dependency, cutting costs and emissions—aligned with green logistics. --- #### **3. Joint Ventures & Expansion into LPG and Ammonia Storage** GBL is aggressively diversifying into **midstream energy infrastructure**: **LPG Import Terminal JV with BW Confidence Enterprise (BWC):** - A state-of-the-art **cryogenic LPG terminal** at **JNPT**, capable of discharging **93,000 cbm Very Large Gas Carriers (VLGCs)** in a single operation. - Designed to connect to **Uran-Chakan cross-country pipeline** for inland supply. - Project scheduled for **commissioning in FY26–27**, expected to be the **largest LPG import terminal at JNPA**. - **No immediate plans for cryogenic projects** or conversion of existing LSTs to LPG. **Future Focus:** - Actively exploring **LPG and ammonia storage** opportunities. - Prioritizing projects with **signed customer contracts** to ensure off-take certainty. --- #### **4. Specialty Chemicals Business** GBL is a **leading domestic manufacturer and exporter** of high-value specialty chemicals through its **MIDC Tarapur plant (24,000 MTPA capacity)** and wholly owned subsidiary **GBL Chemical Limited**. **Core Products:** - **Benzoic Acid & Sodium Benzoate**: - **Only Indian producer** of pure Benzoic Acid and derivatives. - **Virtual monopoly** in India; used as preservatives in food, beverages, and personal care. - **Benzoplast**: High-performance specialty plasticizer. - **Lubricant Additives**: Includes ZDDP, PIBSA, antioxidants, antiwear agents, and dispersants for automotive, rail, and industrial engines. - **Petroleum Sulfonates**: Sodium, calcium, barium, and magnesium variants for metalworking and industrial applications. **Manufacturing:** - **Unit 1**: Oil additives (12,000 MTPA) - **Unit 2**: Specialty chemicals and food preservatives (12,000 MTPA) **Markets & Presence:** - Exports to **USA, Brazil, Nigeria, South Africa, China, Taiwan, Argentina, and the Middle East** via distributor networks. - Products serve **food & beverage, pharmaceuticals, paints, lubricants, and automotive industries**. - **FY24–25 Chemical Division**: Improved profitability driven by **operational restructuring, optimized product mix, and reduced raw material costs**. --- #### **5. Engineering, Procurement & Construction (EPC) – GBL Infra Engineering Services Pvt. Ltd.** A wholly owned subsidiary established in 2021 to provide **end-to-end EPC solutions** for liquid logistics and industrial infrastructure. **Capabilities:** - Design, fabrication, construction, and commissioning of **tanks, pipelines, and terminal infrastructure**. - API 650 12th Edition certified—**among a select few in India**. - Focus on **brownfield upgrades, greenfield terminals, and client-specific projects**. **Recent Projects:** - Fabricated **60 tanks for ANA Oleo** at Krishnapatnam Port. - Executed **ATF fuel farm tanks** at Navi Mumbai International Airport (NMIA). - Secured **INR 1,758 million EPC contract** from **JSW Jaigarh Port Ltd** for a chemical tank farm (11 tanks + civil works). **Strategic Role:** - **Supports internal capacity expansion** with in-house, cost-efficient delivery. - Enhances client stickiness via **back-to-back contracts**: EPC construction → LST usage. - Generates **INR 1,851 million revenue in H1FY25**. --- #### **6. Clean Energy – GBL Clean Energy Pvt. Ltd.** A strategic venture aligned with **India’s biofuel and sustainability goals**. **Key Initiative:** - JV with **Golden Agri International (Singapore)** and **Bluebrahma Clean Energy** to acquire **Sagar Industries & Distilleries Pvt. Ltd. (SIDPL)** in **Nashik, Maharashtra**. - Operational **distillery producing ethanol and Extra Neutral Alcohol (ENA)**. - Aligns with **national ethanol blending mandate (20% by 2025)**. **Outlook:** - Not expected to contribute significant near-term revenue but represents a **long-term sustainable growth platform**. --- ### **Financial Highlights (H1FY25)** - **LST Segment EBITDA**: INR 581 million - **Consolidated PAT**: INR 329 million - **EPC Services Revenue (H1FY25)**: INR 1,851 million - **Rail Logistics EBITDA (Q3FY25)**: INR 312 million - Strong profitability trends continue, supported by **high occupancy, premium storage rates, and integrated services**. --- ### **Key Subsidiaries** | Subsidiary | Role | |-----------|------| | **Infrastructure Logistic Systems Ltd (ILSL)** | Rail-based bulk liquid logistics (86.52% owned) | | **GBL Chemical Limited** | Chemical manufacturing, R&D, and trading | | **GBL Infra Engineering Services Pvt. Ltd.** | EPC services for liquid storage and pipelines | | **GBL LPG Private Limited** | LPG storage and logistics ventures | | **GBL Clean Energy Pvt. Ltd.** | Ethanol, biodiesel, and biofuels production | ---