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Ganesh Housing Ltd

GANESHHOU

NSE

₹677.45-1.79%19 Oct 2026

Reports

Realty Construction and Contracting

Ganesh Housing Ltd

GANESHHOU

NSE

₹677.45

-1.79%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Realty Construction and Contracting

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Ganesh Housing is a real estate developer that has spent three decades reshaping Ahmedabad’s living standards, but its real engine is a 518-acre land bank bought early and cheap - a reservoir of fully paid-up land that lets it launch projects without scrambling for sites and earn margins that are among the strongest in the industry. The company was founded in 1991 as a housing finance firm, listed in 1993, and pivoted into development in 1999, growing from a mid-to-high-income homebuilder into an integrated platform that now spans residential townships, Grade‑A commercial offices, and outright land sales - all funded from internal cash and run with no net debt for more than twelve straight quarters. The recurring approach is simple: buy land in the path of growth, build faster than the market expects, and monetise in phases - whether by selling apartments, leasing office towers, or selling land parcels outright - so that every cycle feeds the next.

Business segments

Three engines at different stages - a residential cash generator, a commercial annuity platform under construction, and a land-monetisation reservoir - all built on the same 518‑acre land bank and funded without debt.

1. Residential development: the cash engine that builds ahead of schedule

The company sells apartments and townships to Ahmedabad homebuyers, using factory‑made precast construction to finish projects faster than local rivals and earn a brand premium.

Faster construction than the market - slabs and columns are cast and cured in a factory, then installed on‑site, cutting out most brickwork and plastering. The flagship Malabar Exotica project was completed ten months early, and Malabar County 3 was delivered in two‑and‑a‑half years.
A brand that commands rising prices - Malabar Exotica launched at INR 3,700 per square foot in July 2021; within two months the price was raised to INR 3,900-4,000, and the last units booked fetched roughly INR 4,500 - a hike of more than 20 % from launch. The company says it has never had to cut a launch price in four decades.
Deep local roots keep costs down - over 85 % of direct and indirect materials are sourced from vendors within a 100‑kilometre radius, and the company draws on a ready pool of skilled contract workers in Ahmedabad, so supply‑chain friction is low.
Digital marketing lowers selling cost - a deliberate shift to social‑media promotion has cut marketing overheads and improved conversion ratios, helping the company reach NRI investors, family offices, and SME owners without heavy advertising spend.

2. Commercial development and annuity portfolio: the recurring‑income engine being built now

The company is constructing Grade‑A office towers aimed at global tech firms and GCCs (global capability centres), designed to generate lease rents that will sit alongside lumpy home‑sale income.

Phase 1 is nearly ready to produce rent - the first phase offers about 0.85 million square feet of leasable area across IGBC Platinum‑rated towers with the largest floor plates in the region (42,000 sq. ft carpet) and 100 % power backup. Fit‑outs are approaching completion, and 55-65 % of the space is already under active discussion, LOI, or EOI with GCCs, hybrid‑workspace operators, and technology firms.
Policy tailwinds and a tight office market - Gujarat’s IT/GCC policy offers CAPEX and OPEX incentives to occupiers, while Ahmedabad’s office leasing hit a record 3.0 million square feet in 2024, a 64 % year‑on‑year jump, with prime rents rising 5-7 %.
A second commercial project in the pipeline - One 91 Thaltej, a premium commercial development with 1.8 million square feet of saleable area, is in the planning‑approval stage and expected to begin construction in the second quarter of FY27.

3. Land bank and land monetisation: the reservoir that feeds everything else

The company sits on 518 acres of fully paid‑up land across Ahmedabad’s growth corridors - a strategic reserve that provides raw material for its own projects and a source of outright land sales.

Land bought early, now worth far more - the company’s historic advantage has been identifying high‑growth locations and buying land at prices that multiply over time; raw land prices in its area more than doubled in the eight to ten months before March 2022 alone. The total development potential of the land bank is estimated at 36-40 million square feet.
Three big parcels, all paid for - the main holdings are roughly 411 acres at Godhavi Township, about 65 acres at the Million Minds SEZ, and the balance in the Thaltej and Malabar Retreat corridors, all fully paid and unencumbered. New acquisitions are already underway with partial payments made, not yet counted in the 518‑acre figure.
Land sold in chunks when it is not core - parcels that are not contiguous or not part of the core development pipeline are monetised through outright sales. At Godhavi Township, about 46 acres have been sold at average realisations of INR 14.1 crores per acre.
Projects can start without delay - because the land is already owned and paid for, the company can launch new developments immediately without negotiating acquisitions, giving it a speed advantage over competitors who must buy land first.

Group structure and partners

A family‑led group with a simplified structure, a global property‑management partner, and a history of folding land‑holding entities into the listed flagship.

Tishman Speyer runs the commercial platform - the global real‑estate firm manages leasing, product innovation, development, marketing, and property management for Million Minds Tech City, marking its first entry into the Ahmedabad market.
Lean permanent workforce - the company has only 113 permanent employees and executes its major projects through contractors, keeping its fixed cost base small while drawing on a deep local pool of contract labour.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹5,609Cr

Close Price

₹672.60

Industry

Realty Construction and Contracting

Price To Earnings

21.16

Price To Sales

8.76

Revenue

₹641Cr

Rev Gr TTM

Revenue Growth TTM

-28.55%

PAT Gr TTM

PAT Growth TTM

-54.07%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	163	181	277	214	237	257	251	151	174	91	95	280
Growth YoY Revenue Growth YoY%	-50.1	171.4	54.4	-20.8	45.2	41.7	-9.2	-29.6	-26.6	-64.5	-62.2	85.6
Expenses ExpensesCr	42	45	128	65	35	46	35	23	26	16	23	170
Operating Profit Operating ProfitCr	121	137	149	149	203	211	217	128	148	75	72	110
OPM OPM%	74.3	75.3	53.9	69.6	85.4	82.1	86.2	84.8	84.9	82.3	75.3	39.2
Other Income Other IncomeCr	1	2	3	6	12	7	8	0	0	0	27	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	4
Depreciation DepreciationCr	2	2	2	2	2	2	2	1	2	2	2	1
PBT PBTCr	120	136	149	153	212	215	221	126	145	73	96	105
Tax TaxCr	34	35	37	39	54	54	57	32	37	19	34	63
PAT PATCr	86	101	113	114	158	161	165	93	108	54	61	42
Growth YoY PAT Growth YoY%	345.6	231.7	186.2	-29.4	84.3	59.9	46.2	-18.3	-31.8	-66.6	-62.8	-54.9
NPM NPM%	52.6	55.4	40.8	53.2	66.8	62.6	65.6	61.7	62.0	58.9	64.5	15.0
EPS EPS₹	10.3	12.1	13.5	13.7	19.0	19.3	19.8	11.2	13.0	6.4	7.4	5.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	163	181	277	214	237	257	251	151	174	91	95	280
Growth YoY Revenue Growth YoY%	-50.1	171.4	54.4	-20.8	45.2	41.7	-9.2	-29.6	-26.6	-64.5	-62.2	85.6
Expenses ExpensesCr	42	45	128	65	35	46	35	23	26	16	23	170
Operating Profit Operating ProfitCr	121	137	149	149	203	211	217	128	148	75	72	110
OPM OPM%	74.3	75.3	53.9	69.6	85.4	82.1	86.2	84.8	84.9	82.3	75.3	39.2
Other Income Other IncomeCr	1	2	3	6	12	7	8	0	0	0	27	0
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	4
Depreciation DepreciationCr	2	2	2	2	2	2	2	1	2	2	2	1
PBT PBTCr	120	136	149	153	212	215	221	126	145	73	96	105
Tax TaxCr	34	35	37	39	54	54	57	32	37	19	34	63
PAT PATCr	86	101	113	114	158	161	165	93	108	54	61	42
Growth YoY PAT Growth YoY%	345.6	231.7	186.2	-29.4	84.3	59.9	46.2	-18.3	-31.8	-66.6	-62.8	-54.9
NPM NPM%	52.6	55.4	40.8	53.2	66.8	62.6	65.6	61.7	62.0	58.9	64.5	15.0
EPS EPS₹	10.3	12.1	13.5	13.7	19.0	19.3	19.8	11.2	13.0	6.4	7.4	5.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	322	402	499	258	267	172	384	616	892	960	511	641
Growth Revenue Growth%	28.1	24.8	24.3	-48.3	3.4	-35.8	123.6	60.7	44.7	7.6	-46.7	-28.6
Expenses ExpensesCr	118	196	304	188	320	220	249	365	269	180	89	236
Operating Profit Operating ProfitCr	204	206	195	71	-53	-48	134	252	623	779	423	404
OPM OPM%	63.4	51.2	39.0	27.4	-19.7	-28.1	35.0	40.9	69.9	81.2	82.6	63.1
Other Income Other IncomeCr	2	7	8	6	2	10	1	4	7	34	27	27
Interest Expense Interest ExpenseCr	100	93	101	92	80	75	36	13	4	4	4	7
Depreciation DepreciationCr	4	4	3	2	2	2	2	3	7	7	7	6
PBT PBTCr	102	116	100	-17	-132	-114	97	240	620	802	439	419
Tax TaxCr	32	42	49	-44	-13	-9	27	138	159	204	123	153
PAT PATCr	70	75	51	27	-120	-105	71	102	461	598	316	265
Growth PAT Growth%	34.1	6.0	-31.9	-47.7	-550.6	12.0	167.0	44.8	351.0	29.8	-47.1	-54.1
NPM NPM%	21.9	18.6	10.2	10.3	-44.8	-61.4	18.4	16.6	51.6	62.3	61.8	41.4
EPS EPS₹	9.4	15.9	10.4	5.4	-24.3	-21.4	12.5	12.3	55.3	71.7	37.9	31.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	322	402	499	258	267	172	384	616	892	960	511	641
Growth Revenue Growth%	28.1	24.8	24.3	-48.3	3.4	-35.8	123.6	60.7	44.7	7.6	-46.7	-28.6
Expenses ExpensesCr	118	196	304	188	320	220	249	365	269	180	89	236
Operating Profit Operating ProfitCr	204	206	195	71	-53	-48	134	252	623	779	423	404
OPM OPM%	63.4	51.2	39.0	27.4	-19.7	-28.1	35.0	40.9	69.9	81.2	82.6	63.1
Other Income Other IncomeCr	2	7	8	6	2	10	1	4	7	34	27	27
Interest Expense Interest ExpenseCr	100	93	101	92	80	75	36	13	4	4	4	7
Depreciation DepreciationCr	4	4	3	2	2	2	2	3	7	7	7	6
PBT PBTCr	102	116	100	-17	-132	-114	97	240	620	802	439	419
Tax TaxCr	32	42	49	-44	-13	-9	27	138	159	204	123	153
PAT PATCr	70	75	51	27	-120	-105	71	102	461	598	316	265
Growth PAT Growth%	34.1	6.0	-31.9	-47.7	-550.6	12.0	167.0	44.8	351.0	29.8	-47.1	-54.1
NPM NPM%	21.9	18.6	10.2	10.3	-44.8	-61.4	18.4	16.6	51.6	62.3	61.8	41.4
EPS EPS₹	9.4	15.9	10.4	5.4	-24.3	-21.4	12.5	12.3	55.3	71.7	37.9	31.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	49	49	49	49	49	83	83	83	83	83
Reserves ReservesCr	757	798	840	698	575	453	706	805	1,246	1,752	2,027
Current Liabilities Current LiabilitiesCr	374	490	357	419	308	288	224	217	193	256	337
Non Current Liabilities Non Current LiabilitiesCr	383	441	500	487	347	254	79	24	26	26	158
Total Liabilities Total LiabilitiesCr	1,648	1,884	1,839	1,746	1,372	1,131	1,179	1,419	1,769	2,338	2,826
Current Assets Current AssetsCr	1,267	1,548	1,543	1,446	1,047	636	576	1,120	1,174	1,541	1,853
Non Current Assets Non Current AssetsCr	381	336	296	300	324	495	603	299	595	798	973
Total Assets Total AssetsCr	1,648	1,884	1,839	1,746	1,372	1,131	1,179	1,419	1,769	2,338	2,826

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	49	49	49	49	49	83	83	83	83	83
Reserves ReservesCr	757	798	840	698	575	453	706	805	1,246	1,752	2,027
Current Liabilities Current LiabilitiesCr	374	490	357	419	308	288	224	217	193	256	337
Non Current Liabilities Non Current LiabilitiesCr	383	441	500	487	347	254	79	24	26	26	158
Total Liabilities Total LiabilitiesCr	1,648	1,884	1,839	1,746	1,372	1,131	1,179	1,419	1,769	2,338	2,826
Current Assets Current AssetsCr	1,267	1,548	1,543	1,446	1,047	636	576	1,120	1,174	1,541	1,853
Non Current Assets Non Current AssetsCr	381	336	296	300	324	495	603	299	595	798	973
Total Assets Total AssetsCr	1,648	1,884	1,839	1,746	1,372	1,131	1,179	1,419	1,769	2,338	2,826

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	168	202	75	129	123	132	41	31	638	410	213
Investing Cash Flow Investing Cash FlowCr	-86	-140	26	84	53	43	39	278	-489	-389	-543
Financing Cash Flow Financing Cash FlowCr	-60	-57	-105	-216	-202	-173	-85	1	-244	-94	232
Net Cash Flow Net Cash FlowCr	22	5	-3	-3	-26	3	-5	310	-95	-73	-99
Free Cash Flow Free Cash FlowCr	164	200	78	128	122	146	38	24	613	405	209
CFO To PAT CFO To PAT%	238.5	270.4	148.2	486.7	-102.5	-125.6	58.1	30.0	138.4	68.5	67.3
CFO To EBITDA CFO To EBITDA%	82.3	98.0	38.6	182.3	-232.7	-274.3	30.6	12.2	102.4	52.6	50.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	168	202	75	129	123	132	41	31	638	410	213
Investing Cash Flow Investing Cash FlowCr	-86	-140	26	84	53	43	39	278	-489	-389	-543
Financing Cash Flow Financing Cash FlowCr	-60	-57	-105	-216	-202	-173	-85	1	-244	-94	232
Net Cash Flow Net Cash FlowCr	22	5	-3	-3	-26	3	-5	310	-95	-73	-99
Free Cash Flow Free Cash FlowCr	164	200	78	128	122	146	38	24	613	405	209
CFO To PAT CFO To PAT%	238.5	270.4	148.2	486.7	-102.5	-125.6	58.1	30.0	138.4	68.5	67.3
CFO To EBITDA CFO To EBITDA%	82.3	98.0	38.6	182.3	-232.7	-274.3	30.6	12.2	102.4	52.6	50.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	336	412	583	299	89	277	2,227	2,234	6,189	8,804	4,231	5,609
Price To Earnings Price To Earnings	5.5	5.9	11.5	11.3			31.5	21.9	13.4	14.7	13.4	21.2
Price To Sales Price To Sales	1.1	1.0	1.2	1.2	0.3	1.6	5.8	3.6	6.9	9.2	8.3	8.8
Price To Book Price To Book	0.4	0.5	0.7	0.4	0.1	0.6	2.8	2.5	4.7	4.8	2.0	2.7
EV To EBITDA EV To EBITDA	3.8	4.5	5.7	10.7	-8.7	-13.8	17.5	7.7	9.6	11.1	10.6	14.8
Profitability Ratios Profitability Ratios
GPM GPM%	74.3	59.9	46.6	39.1	-9.5	-12.9	42.2	46.7	74.3	85.4	92.3	92.3
OPM OPM%	63.4	51.2	39.0	27.4	-19.7	-28.1	35.0	40.9	69.9	81.2	82.6	63.1
NPM NPM%	21.9	18.6	10.2	10.3	-44.8	-61.4	18.4	16.6	51.6	62.3	61.8	41.4
ROCE ROCE%	15.8	14.9	13.8	6.0	-5.2	-4.3	14.3	27.9	46.0	43.2	18.4	18.4
ROE ROE%	8.9	8.8	5.7	3.5	-19.2	-21.0	8.9	11.5	34.6	32.6	15.0	15.0
ROA ROA%	4.3	4.0	2.8	1.5	-8.7	-9.3	6.0	7.2	26.0	25.6	11.2	11.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	336	412	583	299	89	277	2,227	2,234	6,189	8,804	4,231	5,609
Price To Earnings Price To Earnings	5.5	5.9	11.5	11.3			31.5	21.9	13.4	14.7	13.4	21.2
Price To Sales Price To Sales	1.1	1.0	1.2	1.2	0.3	1.6	5.8	3.6	6.9	9.2	8.3	8.8
Price To Book Price To Book	0.4	0.5	0.7	0.4	0.1	0.6	2.8	2.5	4.7	4.8	2.0	2.7
EV To EBITDA EV To EBITDA	3.8	4.5	5.7	10.7	-8.7	-13.8	17.5	7.7	9.6	11.1	10.6	14.8
Profitability Ratios Profitability Ratios
GPM GPM%	74.3	59.9	46.6	39.1	-9.5	-12.9	42.2	46.7	74.3	85.4	92.3	92.3
OPM OPM%	63.4	51.2	39.0	27.4	-19.7	-28.1	35.0	40.9	69.9	81.2	82.6	63.1
NPM NPM%	21.9	18.6	10.2	10.3	-44.8	-61.4	18.4	16.6	51.6	62.3	61.8	41.4
ROCE ROCE%	15.8	14.9	13.8	6.0	-5.2	-4.3	14.3	27.9	46.0	43.2	18.4	18.4
ROE ROE%	8.9	8.8	5.7	3.5	-19.2	-21.0	8.9	11.5	34.6	32.6	15.0	15.0
ROA ROA%	4.3	4.0	2.8	1.5	-8.7	-9.3	6.0	7.2	26.0	25.6	11.2	11.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SIGNATURE	RAYMOND	GANESHHOU	PURVA	DBREALTY	RUSTOMJEE	SUNTECK
Market CapitalizationMkt CapCr	10,059	7,472	5,609	4,790	4,513	4,401	3,919
Close PriceClose₹	715.00	1,122.40	672.60	202.00	83.20	348.40	266.90
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE	9.63	201.51	21.16	29.88	361.74	37.42	18.37
Price To SalesPS	4.41	3.26	8.76	1.18	5.22	1.55	3.48
RevenueRevenueCr	2,282	2,293	641	4,064	864	2,832	1,127
Revenue Growth TTMRev Gr TTM%	-23.0%	13.4%	-28.6%	116.2%	-49.5%	52.6%	55.4%
PAT Growth TTMPAT Gr TTM%	709.9%	-98.9%	-54.1%	156.5%	113.2%	-26.7%	30.8%

	SIGNATURE	RAYMOND	GANESHHOU	PURVA	DBREALTY	RUSTOMJEE	SUNTECK
Market CapitalizationMkt CapCr	10,059	7,472	5,609	4,790	4,513	4,401	3,919
Close PriceClose₹	715.00	1,122.40	672.60	202.00	83.20	348.40	266.90
IndustryIndustry	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting	Realty Construction and Contracting
Price To EarningsPE	9.63	201.51	21.16	29.88	361.74	37.42	18.37
Price To SalesPS	4.41	3.26	8.76	1.18	5.22	1.55	3.48
RevenueRevenueCr	2,282	2,293	641	4,064	864	2,832	1,127
Revenue Growth TTMRev Gr TTM%	-23.0%	13.4%	-28.6%	116.2%	-49.5%	52.6%	55.4%
PAT Growth TTMPAT Gr TTM%	709.9%	-98.9%	-54.1%	156.5%	113.2%	-26.7%	30.8%

FY2026

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FY2026

Jun 26