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Home / Company Results / Ganesh Housing Q1 FY27 Results: Revenue Surges 86% YoY; Million Minds IT SEZ Leasing Gains Momentum
RS · Company Results

Ganesh Housing Q1 FY27 Results: Revenue Surges 86% YoY; Million Minds IT SEZ Leasing Gains Momentum

BY ADMIN • FILED 24 Jul 2026, 11:19 PM

Ganesh Housing Corporation Limited, one of Gujarat’s leading real estate developers, reported a strong operational performance for the quarter ended June 30, 2026 (Q1 FY27), driven by robust project execution and continued progress across its commercial and residential developments.

The company posted 86% year-on-year growth in consolidated revenue, while maintaining a healthy balance sheet and advancing key strategic projects, including its flagship Million Minds IT SEZ.

Q1 FY27 Financial Highlights

Ganesh Housing delivered strong revenue growth during the quarter, supported by steady execution across its project portfolio.

Key Financial Metrics

  • Revenue from Operations: ₹280.2 crore, up 86% year-on-year from ₹151 crore in Q1 FY26 and 130% quarter-on-quarter compared with Q4 FY26.
  • EBITDA: ₹110.0 crore.
  • EBITDA Margin: 39.3%.
  • Profit After Tax (PAT): ₹42.0 crore.
  • Diluted Earnings Per Share (EPS): ₹5.03.

The company also continued to maintain a conservative capital structure with low leverage, providing financial flexibility for future growth.

Million Minds IT SEZ Progress

Ganesh Housing’s flagship Million Minds IT SEZ continues to attract strong interest from Global Capability Centers (GCCs) and technology companies.

Phase I Highlights

  • Total Development Area: Approximately 1.4 million square feet.
  • Gross Leasable Area (GLA): Around 8.5 lakh square feet.
  • Leasing Progress: Approximately 55% of the leasable area is under active discussions, Letters of Intent (LOIs), or advanced negotiations with prospective tenants.
  • Rental Income: Lease revenue is expected to commence from Q3 FY27.

The project is expected to become a key commercial asset supporting recurring rental income in the coming quarters.

Strategic Shift in One91 Project

The company has revised the development strategy for its One91 project.

Instead of pursuing immediate construction, management has adopted a land monetization strategy, which is expected to:

  • Generate upfront cash flows.
  • Improve capital allocation efficiency.
  • Enhance overall returns on the project.

Strong Land Bank Supports Future Growth

Ganesh Housing continues to maintain one of the largest fully paid land reserves among regional real estate developers.

Land Holdings

  • Total Land Bank: Approximately 518 acres.
  • Dholera Township: Around 411 acres.
  • Million Minds IT SEZ Land Parcel: Approximately 65 acres.

The company is also evaluating additional land acquisition opportunities to support its long-term development pipeline.

Outlook

Management remains optimistic about future growth, supported by:

  • Strong execution across residential and commercial projects.
  • Increasing leasing activity at the Million Minds IT SEZ.
  • Strategic land monetization initiatives.
  • A large debt-light land bank.
  • Continued demand for commercial office space from Global Capability Centers (GCCs).

These factors are expected to support both cash flow generation and long-term value creation.