Stock Reaction & Market Context
Ganesh Housing Corporation Limited (NSE: GANESHHOU) shares fell in intraday trade following its Q3 FY26 earnings announcement, declining by low-single digits during the session. The stock has remained volatile in recent weeks, tracking weaker quarterly disclosures. It currently trades below its 52-week high levels, reflecting pressure after a strong run through FY25. No analyst upgrades, downgrades, or price-target revisions were reported immediately following the earnings release.
Q3 FY26 Financial Performance
Ganesh Housing reported a sharp year-on-year decline in revenue and profit for the December quarter, primarily due to project execution timing and lower recognition.
- Revenue: ₹915 million (₹91.5 crore), down ~65% YoY
- EBITDA: ₹753 million
- EBITDA Margin: 82.3%
- PAT: ₹537 million (₹53.7 crore)
- PAT Margin: 58.7%
- EPS: ₹6.44
Despite the steep topline contraction, profitability ratios remained elevated, supported by cost discipline and project mix. Operating margin held broadly stable on a yearly basis. Sequentially, revenue and earnings also declined due to slower project monetisation during the quarter.
9M FY26 Performance
For the nine months ended December FY26, the company reported:
- Revenue: ₹4,168 million
- EBITDA: ₹3,514 million
- EBITDA Margin: 84.3%
- PAT: ₹2,549 million
- PAT Margin: 61.2%
On a year-over-year basis, revenue and profit declined, reflecting lower booking recognition versus the high base of the previous year. However, margins expanded due to favourable cost structures and premium project contributions.
Operational & Project Updates
The company maintained its debt-free balance sheet, continuing a position it has held for more than three years.
Key project developments include:
- Addition of “One 91 Thaltej”, a premium commercial development with ~1.8 million sq. ft. saleable area and ~₹2,100 crore revenue potential.
- Million Minds IT SEZ Phase 1 nearing completion, with leasing discussions underway.
- Malabar Retreat project progressing toward completion.
The firm retains a sizable land bank of over 500 acres to support long-term development.
Year-on-Year Context
The Q3 decline contrasts with the strong performance recorded in the prior fiscal year, when revenue and profit saw robust growth on higher project deliveries, creating a high base effect for FY26 comparisons. Overall, Ganesh Housing’s Q3 FY26 reflected weak revenue recognition but resilient margins and balance-sheet strength, with future growth linked to execution of its commercial and township pipeline.