Ganesh Consumer Products Limited

Consumer Defensive — Packaged Foods · NSE

₹158.50−₹4.52 (−2.77%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, but sales are shrinking. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Ganesh Consumer Products Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Ganesh Consumer Products Limited operates as a fast-moving consumer goods company in India.

IndustryPackaged Foods

SectorConsumer Defensive

Employees207

Annual revenue₹867 Cr

How does it make money?

Turns over ₹867 Cr a year. Of every ₹100 of sales, about ₹5 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation. Each of its 207 employees supports ₹4.19 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹4.19 Cr

Who are its competitors?

The closest listed comparisons in its industry are NESTLE INDIA LIMITED, BRITANNIA INDUSTRIES LTD, TATA CONSUMER PRODUCT LTD, DABUR INDIA LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE51.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +43% while net margin moved +10% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+43%

Margin effect+10%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✓ Profits have been consistent from year to year

Quality vs. Valuation

Company Quality

62/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

14.1x

1.3Y Median

21.9x

15 monthly readings · mean 21.9x · range 13.7x–32.5x

Sector Median

51.7x

median of 4 sector peers

🟢Current valuation is approximately 36% below its 1.3y median of 21.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 73% below the peer median of 51.7x.

vs. its own history

Cheap

21.9x median over 15 months · -36%

vs. sector peers

Cheap

51.7x median of 4 peers · -73%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

6.5x

PEG

0.87

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 75% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 19.5% to 17.1% — often a sign of competition or overexpansion.

Red Flags

1 item require attention · 1 high

🔴High leverageFinancial
Debt/Equity of 7.17x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 75% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 36% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 73% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 7.17x. Interest is payable whether or not the business has a good year.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 9% a year✓ 12.6% CAGR
Latest reported year was -7.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 10.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹36 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 14%✓ 17.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹641 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

14.1x

Cheap

Cheap against the generic band

P/B Ratio

1.72x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹11.28

Profitable

Profitable on a per-share basis

ROE

11.4%

Moderate

Moderate capital efficiency

ROCE

17.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

7.17x

High

High leverage

Revenue Growth (YoY)

-7.1%

Shrinking

Sales are contracting

Profit Growth (YoY)

19.8%

Healthy

Profits growing at a healthy clip

Dividend Yield

3.15%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹36 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

8.3%

Average

Average margins

Net Margin

5.3%

Average

Average bottom-line conversion

Current Ratio

4.24

Comfortable

Healthy short-term liquidity

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

158.0 / 162.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

48.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹607 Cr	₹755 Cr	₹846 Cr	₹867 Cr	+12.6%
EBITDA	₹60 Cr	₹69 Cr	₹78 Cr	₹91 Cr	+14.9%
EBITDA Margin	9.9%	9.2%	9.2%	10.5%	—
PAT (Net Profit)	₹27 Cr	₹27 Cr	₹35 Cr	₹42 Cr	+16.1%
EPS	₹6.71	₹6.68	₹8.77	₹11.04	+18.1%
ROE	13.3%	12.2%	15.6%	11.4%	—
ROCE	19.5%	18.4%	22.0%	17.1%	—
Total Debt	₹105 Cr	₹52 Cr	₹72 Cr	₹27 Cr	-36.7%
Free Cash Flow	-₹39 Cr	₹62 Cr	₹28 Cr	₹36 Cr	—

🟢 Revenue has grown at 12.6% a year over 3 years.

🟢 EBITDA has grown at 14.9% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 10.5% over 3 years.

🟢 PAT (Net Profit) has grown at 16.1% a year over 3 years.

🟢 EPS has grown at 18.1% a year over 3 years.

🔴 ROE has fallen from 13.3% to 11.4% over 3 years (-1.8 pts).

🔴 ROCE has fallen from 19.5% to 17.1% over 3 years (-2.4 pts).

🟢 Total Debt has shrunk at 36.7% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹39 Cr to ₹36 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹451 Cr

Total Liabilities

₹80 Cr

Cash & Equivalents

₹73 Cr

Operating Cash Flow

₹80 Cr

Capex

-₹45 Cr

Shareholding (proxy)

Institutional Holding

7.9%

Insider Holding

71.3%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

14 Aug 2026

Peer Comparison

Company	P/E	ROE
NESTLE INDIA LIMITED	59.8x	79.9%
BRITANNIA INDUSTRIES LTD	44.1x	51.0%
TATA CONSUMER PRODUCT LTD	59.3x	7.5%
DABUR INDIA LTD	34.7x	17.2%

Recent News

1 positive2 mixed3 general

GANESH CONSUMER PRODUCT L Share Price - Live NSE: GANESHCP Stock Price & Chart

Upstox, 16 Oct

Ganesh Consumer Products Ltd Upgraded to Hold on Technical and Financial Improvements

MarketsMojo, 16 OctAnalyst view

🟢Potentially positiveAn analyst opinion changing, which moves the price without changing the business.

GANESH CONSUMER PRODUCT L (GANESHCP) Share Price Rises 8.63% Today

Univest, 07 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Ganesh Consumer Products promoter buys shares worth ₹59.97 lakh

scanx.trade, 22 Jun

GANESHCP Stock Price and Chart — NSE:GANESHCP

TradingView, 26 Dec

GANESH CONSUMER PRODUCT L Share Price rise and valuation

Univest, 28 AugPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Revenue growth is negative (-7.1%) on the latest reported period — check if this is one-off or a trend.
Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Valuation

MiddlingBusiness Quality · Profitability

WeakRisk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑