Ganesh Housing Q2 FY27 Earnings Call — Analysis (NSE: GANESHHOU)
Ganesh Housing maintained FY27 revenue guidance of ₹1,000–₹1,200 Cr backed by upcoming Malabar Retreat completion and land monetization, while leasing at Million Minds Tower 1 reached 68.4%.
Result quality: stable — Results context unavailable. Management sentiment: optimistic.
The take
Q2FY27 Profit After Tax (PAT) ₹67 Cr ( +59% QoQ ) . Guidance raised . But missed — Commercial annuity business inflection . New story: Commercial annuity business inflection .
Results
Q2FY27 revenue stood at ₹121 Cr entirely from land sales with EBITDA of ₹98 Cr (80.7% margin) and PAT of ₹67 Cr (+59% QoQ, margin 55.1%).
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from Operations | ₹121 Cr | yoy · Q2FY27 · vs ₹174 Cr in Q2FY26 | |
| EBITDA | ₹98 Cr | none · Q2FY27 | |
| EBITDA Margin | 80.7% | +4140bps | sequential · Q2FY27 · vs 39.3% in Q1FY27 |
| Profit Before Tax (PBT) | ₹89 Cr | none · Q2FY27 | |
| Profit After Tax (PAT) | ₹67 Cr | +59% | sequential · Q2FY27 · vs ₹42 Cr in Q1FY27 |
| H1FY27 Revenue | ₹402 Cr | none · H1FY27 | |
| H1FY27 EBITDA | ₹208 Cr | none · H1FY27 | |
| H1FY27 PAT | ₹109 Cr | none · H1FY27 |
Guidance
Reaffirmed FY27 guidance of ₹1,000–₹1,200 Cr revenue and ₹300–₹325 Cr PAT, heavily back-ended into H2FY27.
What management committed to
- 90% of [Tower 1 Million Minds] leasable area will be let by March 2027. — 90%, Q4FY27
- Malabar Retreat will achieve possession intimation on 15th January 2027 and BU by mid-February 2027. — possession 15 Jan, BU mid-Feb, Q4FY27
- Tower 2 [Million Minds] target rent is INR118 per sq ft, implying INR94 crores annual rent at full occupancy. — INR118/sqft rent, INR94 Cr annual, FY29+
- Together, [Million Minds Tower 1 and Tower 2] will generate INR170 crores or more annual rental income at full occupancy. — >INR170 Cr, FY29+
- Malabar Retreat will achieve at least 75% sales by March 2027. — 75%, Q4FY27
Key themes
Million Minds leasing and project delivery ramp
How the narrative shifted
- Commercial annuity business inflection: Upgraded fully let rent estimate from INR70 Cr to INR84 Cr for Tower 1, and added Tower 2 target of INR94 Cr, strengthening the annuity narrative.
- Capital allocation discipline and opportunistic land monetisation: Godhavi update delayed by ~6 months due to delayed government announcements; management remains patient.
- Ahmedabad megatrends as a growth catalyst: Now includes specific impact of RBI rate hike as a tailwind for debt-free balance sheet.
- Project execution and residential delivery momentum: Execution milestones are more concrete with specific dates.
- Lumpy revenue and IndAS 115 volatility: No change; reiterated the same caution.
- Balance sheet strength as a competitive advantage: New angle: rising interest rates are a tailwind for the company's low leverage.
- RBI rate hike and tightening cycle: New macroeconomic factor introduced; they turned a potential negative into a positive by contrasting with leveraged developers.
Operational commentary
- Million Minds Tower 1 leasing reached 68.4% of leasable carpet area (4.21 lakh sq ft out of 6.16 lakh sq ft) across 15 deals, signing corporate tenants including Airtel, Conga Software, Flagler Health, and iBase-t.
- Million Minds Tower 2 plans finalized for 6.6 lakh sq ft leasable carpet (14.5 lakh sq ft built-up); groundbreaking targeted for Dev Diwali (Nov 24, 2026) with 18-24 month build time.
- Malabar Retreat residential project is 87% complete with 53% area booked (76 units sold, collections ₹132 Cr), targeting soft possession on Jan 15, 2027 and BU permission by mid-Feb 2027.
- Million Minds Residential Phase 1 planned for launch in Q4FY27 comprising 9 lakh sq ft (334 units) with an estimated GDV of ₹500 Cr.
- Fully paid land bank stands at 513 acres, including 405 acres at Godhavi and 65 acres at Million Minds SEZ, with additional large parcels under active negotiation.
Analyst Q&A
Q. How will the company bridge the ₹600-800 Cr revenue gap required in H2 to meet FY27 guidance?
Management confirmed H2 will see revenue recognition from Malabar Retreat upon completion in Q4 alongside planned project land sales in Q3 and Q4.
Q. What is the status of outstanding approvals for Tower 2 given groundbreaking is 3 weeks away?
Groundbreaking (Bhumi Pujan) does not require municipal approval; building plans have been submitted and construction timeline will officially start once Raja Chithi/approvals are received.
Q. Why has residential booking velocity at Malabar Retreat been sluggish and what is the plan for unsold inventory?
Management attributed slower bookings to overall market softness and monsoon seasonality, expecting sales velocity to accelerate toward 75-100% sellout as the building nears physical completion.
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