Ganesh Housing Reaffirms ₹1,200 Cr FY27 Guidance; Q2 EBITDA Margins Recover to 80.7%

Key numbers

Q2 EBITDA Margin	80.7%Up from 39.3% in Q1
Market Capitalization	₹5,568 CrRealty Sector
H1 FY27 Revenue	₹402 CrTowards ₹1,200 Cr Target
RSI	36.74Neutral Zone

Key highlights

• Reaffirmed FY27 revenue guidance of ₹1,000–1,200 Cr and PAT of ₹300–325 Cr
• Q2 FY27 EBITDA margins recovered to 80.7% from a high-cost base in the previous quarter
• H1 FY27 total revenue stands at ₹402 Cr, primarily driven by land sales in Q2
• Million Minds Tower 1 is 68.4% leased to blue-chip tenants including Airtel, IBM, and Myntra
• Virtual debt-free balance sheet supported by a 513-acre fully paid land bank in Ahmedabad
• Luxury residential demand (units >₹1 Cr) in Ahmedabad remains strong, now making up 27% of city sales

Back-Ended Completion Cycle Underpins FY27 Guidance

Ganesh Housing reported Q2 FY27 revenue of ₹121.28 crore, a decline of 30.4% year-on-year, consisting entirely of land sales. This sequential pressure is attributed to Ind-AS 115 revenue recognition norms, which only permit the booking of project revenue upon completion. Management reaffirmed its full-year guidance of ₹1,000–1,200 crore revenue, implying a massive surge in the second half of the fiscal year.

The Malabar Retreat project, currently 87% complete, is slated for Q4 FY27 completion, which will trigger significant revenue recognition. The EBITDA margin recovered sharply to 80.7% in Q2 after a high-cost base in Q1 due to the 2020 amalgamation accounting effects.

Million Minds Hub Secures Blue-Chip Tenants

• Million Minds Tower 1 leasing has reached 68.4% of the 6.16 lakh sq ft carpet area.
• New tenants added this quarter include Airtel, Cognizant, IBM, Myntra, and Flagler Health.
• Rental rates have escalated to ₹110.20 per sq ft, representing a 35% jump over 2025 levels.
• Tower 1 is expected to earn approximately ₹84 crore per year once fully occupied.
• Management is deliberately holding the final 1.95 lakh sq ft on the upper floors for a single large-scale transaction.

The Strategic Edge of a 513-Acre Debt-Free Land Bank

The company maintains a significant competitive advantage through its 513-acre land bank in Ahmedabad, all of which is fully paid. This inventory includes 405 acres at Godhavi, 65 acres at Million Minds, and various other parcels. Being virtually debt-free allows Ganesh Housing to be selective with land acquisitions and timing.

Management noted that Ahmedabad has outperformed most major metros, with housing sales up 2% despite a high base. The luxury segment (homes priced above ₹1 crore) is particularly robust, now accounting for 27% of Ahmedabad's sales compared to 24% a year ago, aligning with the company's shift toward high-end residential and REIT-ready commercial assets.

A Growth Pipeline Beyond Tower One

Tower two is the same product as Tower one on the same campus built by the same precast contractors so the design the construction method and the occupant proposition are all proven next door in Tower one.

What to watch next

• Bhoomi Pujan for Million Minds Tower 2 expected around November 24, 2026
• Launch of Million Minds Residential Phase 1 scheduled for Q4 FY27
• Rental income commencement from Million Minds Phase 1 in Q4 FY27
• Consolidated revenue recognition of Malabar Retreat following completion in Q4 FY27

“We expect a much different and better performance during H2 and hence our guidance which we had given in Q1 this year for FY27 of ₹1,000 to 1,200 crores revenue and ₹300 to 325 crores PAT is reaffirmed.”

GANESH HOUSING · financial snapshot

Share price	₹667.75
Market capitalisation	₹5,568.17 Cr
Revenue (annual)	₹511.37 Cr
Net profit (annual)	₹316.26 Cr
Revenue (latest quarter)	₹121.28 Cr-56.68% vs previous quarter
Net profit (latest quarter)	₹66.88 Cr+59.40% vs previous quarter
P/E (TTM)	24.86×Sector 34.43×
Promoter holding	73.06%0.00% QoQ
FII holding	0.55%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.