Ganesh Benzoplast Ltd

Litigation update

• SC dismissed Progfin's appeal, upholding NCLAT order against initiating CIRP on Ganesh Benzoplast.
• No financial implications or claims disclosed; matter considered concluded.

Inter-se promoter gift transfers

• Date of proposed transaction: on or before August 27, 2026.
• Rishi Pilani transfers 17,76,003 shares to Ravi Pilani as a gift.
• Poonam Pilani transfers 10,80,807 shares to Ravi Pilani as a gift.
• Aggregate promoter and promoter group holdings remain unchanged before and after the transfers.
• Exemption under SEBI SAST Regulation 10(1)(a)(i) applies to the inter-se transfer.
• Disclosures under Regulation 10(5) of SAST were received from acquirer.

Incorporation of WOS in Singapore

• GANESH BENZOPLAST (SINGAPORE) PTE. LTD. incorporated on August 13, 2026.
• Initial capital is cash funding; 100% ownership held by Ganesh Benzoplast.
• WOS will engage in trading of chemicals and general warehousing.
• WOS not yet commenced business operations.
• Purpose: expand and grow GBPL's business per strategic plans.

Utilisation of funds deviations

• No deviation in use of proceeds for the quarter ended 30 Jun 2026.
• Issue 1 (01-03-2024): Rs 324.0m raised; utilization as of 30 Jun 2026: Nil.
• Issue 2 (12-01-2024): Rs 303.5m raised; utilization as of 30 Jun 2026: Rs 279.26m.
• No deviation despite AGM 25 Sep 2025 object modification.
• Monitoring: Not Applicable; Audit Committee: NIL; Auditors: NIL.
• Note states objects modified per AGM; no impact on utilization.

Financial results approved

• Unaudited standalone and consolidated results for quarter ended June 30, 2026 approved with limited review.

NCLAT ruling

• NCLAT dismissed Progfin's appeal challenging NCLT's CIRP dismissal against GBL Chemical Limited.
• No financial implications or penalties disclosed.

Dematerialisation status

• Dematerialisation requests up to 30 June 2026 were confirmed to the depositories.
• Dematerialised securities are listed on the stock exchanges where the originals are listed.
• Physical dematerialisation certificates were mutilated and cancelled; depository name substituted as registered owner within prescribed time.

Ganesh Benzoplast Ltd: Closure of Trading Window from July 01, 2026 till 48 hours after the un-audited financial results for the quarter ending June 30, 2026 are approved by the Board of Directors and filed with stock exchanges.

Business

• Integrated liquid logistics and chemicals platform with port-linked terminals and chemicals manufacturing.
• Operates across liquid storage terminals, chemicals, rail logistics, and EPC services.

FY26 performance

• Revenue rose 9.9% YoY to ₹4,114 million.
• EBITDA fell 5.5% to ₹1,190 million; margin was 29.0%.
• Reported PAT increased 92.5% to ₹733 million, aided by exceptional-item base effects.
• PAT before exceptional items fell about 22% to ₹645 million.
• Operating cash flow improved 33% to ₹793 million.

Segments

• LST revenue grew 12.7% to ₹2,259 million; segment result was ₹732 million.
• Chemicals revenue grew 6.8% to ₹1,855 million; segment result was ₹213 million.
• LST remained the main profit driver, while Chemicals provided steadier growth.

Operations

• Total LST capacity was 352,000 KL across JNPT, Cochin, and Goa.
• JNPT operated near 100% utilisation with 1,328,000 MT throughput in FY26.
• Cochin throughput recovered to 348,000 MT after planned tank modification.
• Goa throughput was negligible, leaving revival optionality.
• Proposed JNPT Plot 14 and 15 expansion adds 122,000 KL, lifting JNPT capacity 43%.

Capital and liquidity

• Total assets rose 17.4% to ₹8,495 million; equity increased 13.5% to ₹6,177 million.
• Gross debt was ₹235 million versus cash and bank balances of ₹795 million.
• Debt-to-equity remained 0.04x, indicating a near debt-free balance sheet.

Outlook

• Management expects margin management after the JNPT lease rental reset.
• Growth priorities include Cochin recovery, Goa revival, and rail logistics expansion.
• EPC and rail logistics are positioned as additional earnings levers funded by operating cash flow.

Risks

• JNPT lease renewal raised rental cost from ₹20.0 million to ₹242.5 million annually.
• Chemical margins remain exposed to feedstock and demand volatility.
• Low utilisation at Goa and customer or port concentration could affect throughput.

Governance

• Board-approved Singapore wholly owned subsidiary will pursue regional business development.