Ganesh Benzoplast Ltd

Ganesh Benzoplast Ltd trading window closure from October 01, 2026 till 48 hours after the un-audited financial results of the Company for the quarter and half year ended on September 30, 2026 are approved by the Board of Directors and filed with stock exchanges

AGM Details

• Date and time: September 30, 2026, 3:00 PM; Mode: VC/OAVM.
• Meeting concluded at 3:35 PM.
• Remote e-voting: September 27–29, 2026; on-day e-voting available.

Key Resolutions

• Adoption of audited standalone and consolidated financial statements (Ordinary).
• Re-appointment of director retiring by rotation (Ordinary).
• Appointment of statutory auditors (Ordinary).
• Ratification of remuneration of cost auditors for FY 2026-27 (Special).

Voting Results

• E-voting results to be posted on company and exchange websites.

Director Changes

• Director retirement by rotation; re-appointment proposed.

Auditors

• Statutory auditors appointed.
• Remuneration of cost auditors ratified for FY 2026-27.

Transaction overview

• AGREEMENT to sell LST business at JNP, Goa, and Cochin ports, and ILSL Rail stake.
• Aggregate consideration for the sale is INR 1,154 crore.
• Completion subject to regulatory and shareholders' approvals; expected in 18-24 months.
• GBL may consider buyback to enhance shareholder value per regulations.
• Proceeds to fund capacity expansion in chemicals and EPC projects.
• CLPL EPC work for JNP pipeline expansion; approx INR 280 crore revenue.

Strategic investment and future plans

• KKR to hold majority investment in CLPL per definitive documents.
• EPC revenue potential around INR 280 crore over 18-24 months.

Key board approvals

• Sale of LST Undertaking to Cisternina Logistics Private Limited on a going-concern slump sale.
• Sale of Rail Logistics Undertaking to ILSL Rail Logistics Private Limited (ILSL WOS) with ILSL stake transfer.
• Aggregate consideration for both transactions: INR 1,154 crore, subject to adjustments.
• Definitive documents executed on September 29, 2026.
• Transactions outside Scheme of Arrangement; requires shareholder approval via Postal Ballot.
• Buyer linked to funds managed by KKR; investment documents in place.
• Rail Logistics sale to ILSL WOS is a related party transaction, but at arm's length.
• LST Undertaking sale to Buyer not a related party transaction.
• Rationale: transaction aims to unlock significant value for stakeholders.
• Completion subject to conditions precedent, including shareholder approvals and regulatory consents.
• FY 2025-26 revenue and net worth disclosures for LST and Rail Undertakings included in Annexure A.

AGM details

• 39th AGM scheduled for 30 September 2026 at 3:00 PM IST via VC/OAVM.

AR access

• Notice and Annual Report for FY2025-26 available via web-link; AR also on BSE/NSE.

KYC & demat

• Shareholders with unregistered emails urged to update KYC details and dematerialize physical shares.

E-voting & contacts

• Web-links provided for AR and path; e-voting via CDSL; investor contacts listed.

Regulatory reminders

• Reminder to update SEBI-mandated KYC data: PAN, address, mobile, bank details.

AGM Details

• Date and time: 30 September 2026 at 3:00 PM IST.
• Mode: VC/OAVM.
• Register of Members closed 24 Sep 2026 to 30 Sep 2026.
• AGM held via VC/OAVM as per MCA/SEBI guidance.

Ordinary Business

• Adopt audited standalone and consolidated financial statements for FY 2025-26.
• Director re-appointment: Rishi Pilani as Director on rotation.
• Appoint Samria Kabra & Associates as Statutory Auditors for five-year term.

Special Business

• Ratify cost auditors remuneration for FY 2026-27.

Voting Results

• Voting results not provided in this filing excerpt.

AGM Details

• 39th AGM scheduled for 30 September 2026 at 3:00 PM IST; VC/OAVM via CDSL.
• Register of Members and Share Transfer Books closed 24 September 2026 to 30 September 2026 (inclusive).

Voting and Eligibility

• Remote e-voting from 27 September 2026, 10:00 AM IST to 29 September 2026, 5:00 PM IST.
• Cut-off date for voting eligibility fixed at 23 September 2026.
• E-voting is provided through Central Depository Services (India) Ltd. (CDSL).

Financial highlights

• Consolidated revenue ₹4,114.19m; up 9.9% YoY to FY26.
• EBITDA ₹1,190.10m; EBITDA margin 28.9%.
• PAT (consolidated) ₹733.36m; EPS ₹10.19.
• Net profit margin 17.8%; ROE 12.0%.
• Like-for-like PAT declined ~22% pre-exceptionals; EBITDA -5.5%.
• CSR spend ₹12.53m; no dividend declared for FY25-26.

Operational performance

• LST capacity ~350,000 KL across three ports; utilisation ~90%.
• JNPT throughput ~1,328,000 MT; Cochin ~348,000 MT.
• LST revenue ₹2,258.73m; Chemicals ₹1,855.45m; consolidated ₹4,114.19m.
• Expansion: JNPT capacity addition of 122,000 KL (Plot 14 & 15).
• Rail logistics (ILSL) revenue ₹277m; EBITDA ₹92m; PAT ₹50m.

Capital structure and liquidity

• Debt-to-equity ratio 0.04x; net debt at ₹(559.8)m.
• Cash & bank balance ₹795m; cash exceeds gross debt on a net basis.
• Total assets ₹₹8,495m; equity ₹₹6,177m; strong balance-sheet posture.
• No debt covenant breaches; expansion funded from internal accruals.

Business developments & growth

• EPC: ₹513m order from Reliance Industries for Hazira carbon-fibre project.
• Plot 14 & 15 tankage expansion to deepen LST platform; expected long-term revenue uplift.
• EU/UK REACH registrations for Benzoic acid and sodium benzoate; GAIL Benzoic acid supply of 668 MT.
• Chemicals: diversified portfolio; overseas exhibitions and exports expanded.

Governance & controls

• Board size seven; Amruta Thali appointed Aug 11, 2025; Jagruti Gaikwad ceased Sep 25, 2025.
• CFO Mr. Ramesh Pilani stepped down effective May 12, 2026.
• Statutory auditors Mittal & Associates; unmodified audit opinions for standalone and consolidated.
• Internal financial controls deemed adequate; secretarial audits with no material qualifications.

ESG, CSR & risk

• BRSR aligned; ESG risk management via Sustainability & Risk Management (SRM) Committee.
• CSR focus: education, healthcare, nutrition and community development; CSR spend 12.53m.
• CSR governance: policy on material subsidiaries; oversight by CSR Committee.
• Risks: JNPT land-lease reset; Goa terminal underutilisation; commodity prices; regulatory compliance.

Dividend & capital allocation

• Board did not declare a dividend for FY2025-26 to conserve capital for capex and working capital.
• Retention of earnings to strengthen balance sheet and fund growth.

Outlook & risks

• India GDP growth projected around 6-6.6%; continued energy-commodity demand supports LST/chemicals.
• LST capacity expansion, specialty-storage growth, and rail-link efficiencies to drive volumes.
• Goa terminal revival plan and continued EPC/rail expansions to de-risk by diversification.

Audit flags & disclosures

• Auditors' report: no qualifications; emphasis on JNPT lease-impact; full disclosures on related-party transactions.
• Secretarial reports: no adverse remarks; compliance with SEBI LODR and corporate governance requirements.