Ganesh Holdings Limited

Financial Services — Capital Markets · BSE

₹130.00+₹2.30 (+1.80%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

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

What does this company do?

Ganesh Holdings Limited provides non-banking financial services in India. The company buys, underwrites, invests in, acquires, holds shares, stocks, debentures, debentures-stock, bonds, obligations, units, securities, and other investment products.

IndustryCapital Markets

SectorFinancial Services

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹57 reaches shareholders as profit, with ₹57 left at the operating level before interest, tax and depreciation.

Who are its competitors?

The closest listed comparisons in its industry are BAJAJ FINANCE LIMITED, HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO 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?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.7%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +127% while net margin moved +261% 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+127%

Margin effect+261%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ No meaningful P/E — the company is lossmaking

Quality vs. Valuation

Company Quality

68/ 100

Good

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

Valuation

19/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

EV/EBITDA

31.8x

PEG

—

What's Good / What's Bad

🟢 What's Going Well1

Margins are improving
EBITDA margin is up from 19.7% to 57.0% over 3 years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 watch

🟡Shareholders have been dilutedOwnership
Shares outstanding are up 76% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 19.7% to 57.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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 24% a year✓ 31.4% CAGR
Latest reported year was 416.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 55%✓ 57.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Return on equity stays above 8%✗ 3.8%
For a lender this is the cleanest single read on whether the book is being grown profitably.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ 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

2 good · 4 neutral · 5 weak

Market Cap

₹12 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.11

Loss-making

Negative earnings per share — the business is losing money

ROE

3.8%

Weak

Weak capital efficiency

ROCE

3.8%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

416.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

186.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹0 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

0.0%

Weak

Thin margins leave little room for error

Net Margin

0.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

262.55

Comfortable

Healthy short-term liquidity

52W Range Position

97%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

111.1 / 108.9

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

66.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹0 Cr	₹0 Cr	₹0 Cr	+31.4%
EBITDA	₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	+87.4%
EBITDA Margin	19.7%	-34.4%	-341.5%	57.0%	—
PAT (Net Profit)	₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	+101.7%
EPS	₹0.65	₹-0.8	₹-6.19	₹2.92	+65.1%
ROE	1.6%	-2.0%	-4.5%	3.8%	—
ROCE	2.0%	-2.3%	-4.5%	3.8%	—
Free Cash Flow	-₹1 Cr	-₹0 Cr	₹1 Cr	-₹0 Cr	—

🟢 Revenue has grown at 31.4% a year over 3 years.

🟢 EBITDA has grown at 87.4% a year over 3 years.

🟢 EBITDA Margin has risen from 19.7% to 57.0% over 3 years (+37.4 pts).

🟢 PAT (Net Profit) has grown at 101.7% a year over 3 years.

🟢 EPS has grown at 65.1% a year over 3 years.

🟢 ROE has risen from 1.6% to 3.8% over 3 years (+2.2 pts).

🟢 ROCE has risen from 2.0% to 3.8% over 3 years (+1.9 pts).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹7 Cr

Total Liabilities

₹0 Cr

Total Debt

—

Cash & Equivalents

₹3 Cr

Operating Cash Flow

-₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.0%

Peer Comparison

Company	P/E	ROE
BAJAJ FINANCE LIMITED	30.2x	17.8%
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%

Recent News

2 mixed4 general

Ganesh Holdings AGM: 100% approval for FY26 financials, minor dissent on capital hike

scanx.trade, 30 Sept

Ganesh Consumer Products Ltd Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 04 Sept

Why Is Ganesh Housing Corporation Share Price Falling Key Reasons 2026

Univest, 22 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Rane Holdings promoter Meenakshi Ganesh acquires 1,348 shares

scanx.trade, 05 Oct

Eternal Ltd Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

GANESH HOUSING Share Price Target 2027, 2028 and 2030: Long Term Analyst Forecast

Univest, 07 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
2 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingBusiness Quality

WeakProfitability · Valuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you.

1 of 3 tripwires tripped — Return on equity stays above 8% · see Key things to watch ↑