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Ganesha Ecosphere

GANECOS NSE
₹921.00 +11.10 (+1.22%)
P/E
43.71
View as Markdown
MCP
Close 4 Nov 2026 ₹921.00 −253.20 −21.6% 1Y
Start ₹1,174.20

Key Fundamentals

MicrocapTextilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
5.58%
Debt to Equity
0.39
EPS (TTM)
₹21.07
Book Value
₹494.01
Market Cap
—
P/E (TTM)
43.71
P/B
1.86
ROE
3.30%
Dividend Yield
0.38%
EBITDA
₹159 Cr
52W High
₹1,268.00
52W Low
₹653.55
Day Range
₹902.95 – ₹930.00
Volume
48,788

Peer Comparison

Consumer Discretionary › Textiles › Textile Processing › Other Textile Products

Ganesha Ecosphere peer comparison
KPR Mill
₹1,174.8044.02₹39,972 Cr6.460.43%15.70%19.60%₹6,820 Cr₹913 Cr
Welspun Living
₹264.5790.61₹25,018 Cr4.930.04%4.48%6.26%₹9,934 Cr₹287 Cr
Vardhman Textiles
₹529.8518.08₹14,989 Cr1.460.98%6.86%8.55%₹10,186 Cr₹860 Cr
Trident
₹23.8930.63₹12,083 Cr2.912.10%7.91%9.79%₹6,781 Cr₹395 Cr
Indo Count Industries
₹525.3569.03₹9,390 Cr4.420.32%5.52%8.19%₹4,390 Cr₹150 Cr
Garware Technical Fibres
₹753.6035.40₹7,222 Cr5.231.22%16.10%22.00%₹1,644 Cr₹210 Cr
Kusumgar
₹584.9545.34₹5,974 Cr12.250.00%18.60%18.80%₹701 Cr₹131 Cr
Ganesha Ecosphere (this company)
₹921.0043.71₹2,481 Cr1.860.38%3.30%5.58%₹1,568 Cr₹57 Cr
Median 8 companies₹557.4043.87₹10,736 Cr4.680.41%7.39%9.17%₹5,586 Cr₹249 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 100/100

pledge:41%

Category scores

Quality
51
Average
Returns, margins, earnings quality 22% weight
Valuation
40
Weak
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
49
Average
Solvency, leverage, coverage 9% weight
Momentum
33
Poor
Trend strength, vol-adjusted 12% weight
Ownership
82
Strong
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 18.1%

Weaknesses

2
  • Company has a low return on equity of 5.80% over last 3 years.
  • Promoters have pledged 31.9% of their holding.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1243
OscillatorsBullish243
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
36.80
Neutral
MACD (12,26,9)
−14.71
Bearish
SMA (50)
1,004.87
Bearish
SMA (200)
958.50
Bearish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+14.56%
3Y+7.89%
1Y+1.09%
TTM+6.96%

Net profit

Net profit growth by window
5Y−2.89%
3Y−18.03%
1Y−63.11%
TTM−38.04%

Operating cash flow

Operating cash flow growth by window
5Y+44.65%
3Y+104.48%
1Y+317.07%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−1.60 pp
3Y−1.13 pp
1Y−4.67 pp
TTM−3.05 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹889 Cr
Mar 2021₹751 Cr
Mar 2022₹1,021 Cr
Mar 2023₹1,180 Cr
Mar 2024₹1,123 Cr
Mar 2025₹1,466 Cr
Mar 2026₹1,482 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹64.00 Cr
Mar 2021₹44.00 Cr
Mar 2022₹62.00 Cr
Mar 2023₹69.00 Cr
Mar 2024₹41.00 Cr
Mar 2025₹103 Cr
Mar 2026₹38.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹234 Cr +47.1% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Ganesha Ecosphere Ltd is India's largest PET bottle recycler with a market cap of ₹2,833 crore trading at a P/E of 72.2x despite a 63% TTM profit decline. FY26 consolidated net profit fell sharply to ₹38.2 crore from ₹103.1 crore in FY25 due to raw material cost volatility and regulatory uncertainty, while revenue remained nearly flat at ₹1,482 crore (up just 1% YoY).

Bull Case 7
  • India's largest PET bottle recycler with total capacity scaled to 42,000 tonnes per annum of bottle-to-bottle rPET, giving it a structural moat in a market where mandatory recycled-content targets are rising through FY29
  • 10-year stock CAGR of 20% and 10-year compounded sales growth indicative of long-term secular demand for recycled polyester products
  • Q4 FY26 revenue surged 23% YoY to ₹423.9 crore with net profit recovering 389% QoQ to ₹23.2 crore, signalling margin normalisation after a tough first nine months
  • New greenfield project announced in Odisha (Feb 2025) to expand capacity further and diversify geographic presence beyond UP and Uttarakhand
  • Government regulation tailwind: FSSAI has approved total food-contact rPET capacity of ~300,000 TPA in India, and mandatory recycled content norms for PET bottles are tightening, directly benefiting scaled recyclers
  • Consistent dividend payout of 18.1% maintained even during a year of profit decline, indicating management confidence in cash flows
  • Low debt-to-equity of ~0.09 (per historical ratios) with total debt of only ~₹107 crore against a ₹2,833 crore market cap, providing balance sheet flexibility for expansion
Bear Case 8
  • Trailing twelve-month net profit declined 63% YoY with FY26 consolidated PAT falling to ₹38.2 crore from ₹103.1 crore in FY25, driven by raw material price volatility and margin compression
  • P/E ratio of 72.2x is extremely elevated for a company with shrinking earnings — 3-year compounded profit CAGR is negative 18%, implying the market is pricing in a recovery that may not materialise
  • Return on equity has deteriorated to just 3% in the last year and averaged only 5.74% over three years, well below cost of equity for most investors
  • Promoters have pledged 31.9% of their holdings, creating risk of forced selling or margin calls during stock price corrections
  • EBITDA margin compressed to as low as 6.1% in Q2 FY26, highlighting vulnerability to PET bottle waste procurement cost spikes that the company cannot fully pass through
  • Stock has declined 33% over the past 1 year and delivered 0% CAGR over 3 years, indicating prolonged erosion of investor confidence
  • Revenue growth has stagnated at just 1% TTM after compounding at 15% over 5 years, suggesting possible demand saturation or competitive pressures in the recycled fibre segment
  • Q2 FY26 saw net profit turn slightly negative, indicating the business can swing to losses during periods of raw material volatility and regulatory uncertainty

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Ganesha Ecosphere sees fresh institutional interest with India Capital Fund building a 5.07% stake over several months, which is a positive signal for a small-cap recycler. The independent director resignation appears routine with no red flags. No material headwinds emerged in this period. The institutional accumulation suggests improving sentiment, though limited news flow makes it hard to assess operational momentum.

Positives 1
  • India Capital Fund builds 5% stake Jun 30

    India Capital Fund Limited acquired 1,359,872 shares (5.07% stake) via open market purchases between February and June 2026, signaling institutional confidence in the company.

Neutral 1
  • Independent Director resigns Jul 1

    Narayanan Subramaniam resigned as Independent Director effective June 30, 2026, citing personal commitments. No governance concerns flagged.

Quarterly Results

₹ Cr
GANECOS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
254
278
285
306
337
387
398
344
337
363
357
424
424
513
Expenses
229
253
245
258
289
332
341
293
301
341
326
372
364
452
Operating Profit
26
25
40
47
48
55
57
51
36
22
31
52
60
61
OPM %
10%
9%
14%
15%
14%
14%
14%
15%
11%
6%
9%
12%
14%
12%
Other Income
3
3
4
4
4
4
5
5
3
5
4
5
4
—
Interest
11
12
13
9
8
10
11
10
10
11
10
9
9
9
Depreciation
12
12
12
12
13
14
14
14
16
16
16
17
17
18
PBT
5
4
19
31
30
36
37
32
14
1
8
31
37
36
Tax %
29%
38%
33%
29%
25%
25%
20%
27%
25%
186%
42%
25%
22%
22%
Net Profit
3
3
13
22
23
27
30
24
11
0
5
23
29
28
EPS (₹)
1.58
1.28
5.83
8.52
8.9
10.7
11.72
9.33
4.22
−0.19
1.77
8.66
10.83
—

Sep 2026: from the results filed on 31 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GANECOS profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
889
751
1,021
1,180
1,123
1,466
1,482
1,568
Expenses
777
666
907
1,052
985
1,255
1,337
1,403
Operating Profit
112
85
114
128
138
211
144
165
OPM %
13%
11%
11%
11%
12%
14%
10%
11%
Other Income
7
9
7
13
15
18
15
18
Interest
8
9
10
17
45
38
40
39
Depreciation
28
27
28
29
49
55
65
67
PBT
83
58
83
95
59
135
54
77
Tax %
24%
25%
25%
27%
31%
24%
29%
—
Net Profit
64
44
62
69
41
103
38
56
EPS (₹)
29.17
19.94
28.39
31.82
16.01
40.51
14.26
21.07
Div. Payout %
7%
10%
7%
6%
19%
11%
25%
—

Balance Sheet

₹ Cr
GANECOS balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
22
22
22
22
25
25
27
Reserves
456
495
552
616
1,027
1,125
1,249
Borrowings
92
127
358
505
399
556
496
Other Liabilities
96
103
163
179
173
227
232
Total Liabilities
666
747
1,095
1,323
1,624
1,934
2,003
Fixed Assets
303
311
300
523
780
926
925
CWIP
2
17
276
235
71
51
193
Investments
83
72
69
55
33
40
26
Other Assets
277
346
449
510
739
916
860
Total Assets
666
747
1,095
1,323
1,624
1,934
2,003

Cash Flow

₹ Cr
GANECOS cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
80
27
65
20
43
41
171
Investing
−72
−49
−253
−166
−227
−125
−158
Financing
−23
23
208
128
223
157
−9
Net Cash Flow
−15
1
20
−18
39
73
4
Free Cash Flow
48
−31
−208
−166
−112
−166
−4
CFO/OP
93
48
78
34
44
31
133

Ratios

GANECOS financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
40
51
42
36
45
43
49
Inventory Days
97
132
109
131
159
142
111
Days Payable
23
27
36
34
39
32
33
Cash Conversion Cycle
114
157
115
132
165
153
127
Working Capital Days
62
66
45
43
127
91
93
ROCE %
—
11%
12%
11%
8%
11%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ganesha Ecosphere insights

71 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 39.33%
  • Public 21.21%
  • DIIs 16.53%
  • Others 12.22%
  • FIIs 10.71%

41.11% of promoter holding pledged as of Sep 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ganesha Ecosphere

What does Ganesha Ecosphere Ltd do?
Ganesha Ecosphere Ltd is a leading PET Waste Recycling company in India and is engaged in the manufacturing of Recycled Polyester Staple Fibre (RPSF), Spun yarn and dyed texturised yarn in India.
Where is Ganesha Ecosphere Ltd (GANECOS) listed?
Ganesha Ecosphere Ltd trades as GANECOS on the NSE and under code 514167 on the BSE.
Which sector does Ganesha Ecosphere Ltd belong to?
Ganesha Ecosphere Ltd is classified under the Textiles sector, in the Textile Processing industry.
What is the PE ratio of Ganesha Ecosphere Ltd?
Ganesha Ecosphere Ltd trades at a PE ratio of 43.71 as of 4 Nov 2026, on earnings per share of ₹21.07, against a book value of ₹494.01 per share.
What is the 52-week high and low of Ganesha Ecosphere Ltd?
Over the last 52 weeks Ganesha Ecosphere Ltd has traded between ₹653.55 and ₹1,268 as of 4 Nov 2026.
Does Ganesha Ecosphere Ltd pay dividends?
Ganesha Ecosphere Ltd has a dividend yield of 0.38%.
What is the Return on Equity (ROE) of Ganesha Ecosphere Ltd?
Ganesha Ecosphere Ltd reported a return on equity of 3.30%. Its debt-to-equity ratio is 0.39.

Company Information

Ganesha Ecosphere Ltd is a leading PET Waste Recycling company in India and is engaged in the manufacturing of Recycled Polyester Staple Fibre (RPSF), Spun yarn and dyed texturised yarn in India. It was incorporated in 1987 as Ganesh Polytex Ltd and was renamed as Ganesha Ecosphere Ltd in October 2011.

Website ganeshaecosphere.com
CEO Mr. Sharad Sharma
Employees 2,276
Listed 9 Mar 2015
Face Value ₹10

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