Ganesh Green Bharat Limited

Sector n/a · NSE

₹481.90−₹1.75 (−0.36%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Constructive picture on fundamentals. Profitability, leverage and growth metrics are broadly healthy on this snapshot. That said, valuation should still be checked against direct sector peers (not just the generic P/E bands used here) before treating this as a buy signal.

Understanding the Business

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

How does it make money?

Turns over ₹1,063 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹10 left at the operating level before interest, tax and depreciation.

EBITDA margin10.4%

Net margin7.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 35.2%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE35.2%

ROE26.8%

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 +1146% while net margin moved -26% 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+1146%

Margin effect-26%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

72/ 100

Good

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

Valuation

60/ 100

Fair

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.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

11.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well6

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from 23.2% to 26.8%.
Return on capital is rising
ROCE has improved from 29.6% to 35.2%.
High return on capital employed
ROCE of 35.2% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.19x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Margins are compressing
EBITDA margin has slipped from 16.5% to 10.4% over 3 years.
Debt is rising
Total debt is up 91% over 3 years — worth checking what it funded.

Red Flags

2 items require attention · 2 high

🔴Debt has risen sharplyFinancial
Total debt is up 91% over 3 years, from ₹27 Cr to ₹52 Cr.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 6.1 points, from 16.5% to 10.4%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 35.2% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹6 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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?

Margins are being competed away
EBITDA margin has fallen from 16.5% to 10.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 99% a year✓ 131.8% CAGR
Latest reported year was 234.7%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 8%✓ 10.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹6 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 32%✓ 35.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 5 neutral · 0 weak

Market Cap

₹1,195 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

26.8%

Strong

Strong capital efficiency

ROCE

35.2%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.19x

Low

Conservative leverage

Revenue Growth (YoY)

234.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

148.8%

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

₹6 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹481.9

Gross Margin

12.9%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

7.1%

Average

Average bottom-line conversion

Current Ratio

1.91

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

215.0 / 223.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

53.1

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹85 Cr	₹170 Cr	₹318 Cr	₹1,063 Cr	+131.8%
EBITDA	₹14 Cr	₹36 Cr	₹51 Cr	₹111 Cr	+98.8%
EBITDA Margin	16.5%	21.4%	16.1%	10.4%	—
PAT (Net Profit)	₹8 Cr	₹20 Cr	₹30 Cr	₹75 Cr	+109.7%
EPS	₹3.29	₹8.03	₹13.14	—	—
ROE	23.2%	34.8%	14.7%	26.8%	—
ROCE	29.6%	43.6%	20.5%	35.2%	—
Total Debt	₹27 Cr	₹54 Cr	₹48 Cr	₹52 Cr	+24.1%
Free Cash Flow	-₹3 Cr	₹17 Cr	-₹62 Cr	₹6 Cr	—

🟢 Revenue has grown at 131.8% a year over 3 years.

🟢 EBITDA has grown at 98.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 16.5% to 10.4% over 3 years (-6.1 pts).

🟢 PAT (Net Profit) has grown at 109.7% a year over 3 years.

🟢 ROE has risen from 23.2% to 26.8% over 3 years (+3.7 pts).

🟢 ROCE has risen from 29.6% to 35.2% over 3 years (+5.6 pts).

🔴 Total Debt has grown at 24.1% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹3 Cr to ₹6 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹488 Cr

Total Liabilities

₹206 Cr

Total Debt

₹52 Cr

Cash & Equivalents

₹31 Cr

Operating Cash Flow

₹21 Cr

Capex

-₹15 Cr

Recent News

1 positive5 general

Ganesh Green Bharat's (NSE:GGBL) Shareholders May Want To Dig Deeper Than Statutory Profit

Simply Wall Street, 29 May

GANESH GREEN BHARAT LTD Share Price

Upstox, 05 May

Ganesh Green Bharat Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 29 Aug

Ganesh Green Bharat (NSE: GGBL): Sales Up 300.98% to Rs. 724.85 Cr.

Kalkine India, 05 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Compare with

Equitymaster, 07 Oct

Ganesh Green Bharat approves ₹6.85 crore warrant issue to promoters

scanx.trade, 01 Jun

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟢Financial HealthStrong15.6/20

🟢GrowthStrong14.7/20

🟢ProfitabilityStrong11.8/15

🟡ValuationFair7.5/15

🔴RiskHigh2.3/10

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 99% a year131.8% CAGR
✓EBITDA margin holds above 8%10.4%
✓Free cash flow remains positive₹6 Cr
✓Debt / EBITDA stays below 2x0.5x
✓ROCE stays above 32%35.2%