Ganesha Ecosphere
Ganesha Ecosphere
TextilesKey Fundamentals
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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.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoGanesha 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).
- 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
- 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
anthropic claude-opus-4.6 69d ago- 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.
- Independent Director resigns Jul 1
Narayanan Subramaniam resigned as Independent Director effective June 30, 2026, citing personal commitments. No governance concerns flagged.
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.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 254 | 278 | 285 | 306 | 337 | 387 | 398 | 344 | 337 | 363 | 357 | 424 | 424 |
| Expenses | 229 | 253 | 245 | 258 | 289 | 332 | 341 | 293 | 301 | 341 | 326 | 372 | 364 |
| Operating Profit | 26 | 25 | 40 | 47 | 48 | 55 | 57 | 51 | 36 | 22 | 31 | 52 | 60 |
| OPM % | 10% | 9% | 14% | 15% | 14% | 14% | 14% | 15% | 11% | 6% | 9% | 12% | 14% |
| 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 |
| Depreciation | 12 | 12 | 12 | 12 | 13 | 14 | 14 | 14 | 16 | 16 | 16 | 17 | 17 |
| PBT | 5 | 4 | 19 | 31 | 30 | 36 | 37 | 32 | 14 | 1 | 8 | 31 | 37 |
| Tax % | 29% | 38% | 33% | 29% | 25% | 25% | 20% | 27% | 25% | 186% | 42% | 25% | 22% |
| Net Profit | 3 | 3 | 13 | 22 | 23 | 27 | 30 | 24 | 11 | 0 | 5 | 23 | 29 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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.[1] It was incorporated in 1987 as Ganesh Polytex Ltd and was renamed as Ganesha Ecosphere Ltd in October 2011.[2]
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