Any current/future new fundraising through debt or equity?

There is no fresh capex envisaged that would require new debt or equity funding for Ganesh Benzoplast Limited at present. The LPG capex, including the 64,000 capacity tanks, is estimated around INR 700 to 750 crores. The equity contribution required for the LPG project has already been secured internally by the company. Future capex plans, such as maintenance and new tank construction, are expected to be funded through internal resources. Therefore, no current or immediate plans for external fundraising via debt or equity were indicated in the call.

Any current/future capex/capital investment/strategic investment?

Ganesh Benzoplast has an ongoing large LPG terminal capex at JNPT with increased capacity from 48,000 to 64,000 tons, expected to complete by October 2026. Estimated capex for the LPG terminal is around INR 700 crores to INR 750 crores. The company is in the process of obtaining approvals for the LPG tanks and has secured critical approvals such as from the Petroleum and Explosive Safety Organization (PESO). There is also regular maintenance capex for existing terminals. Plans exist for building new tanks at JNPT, subject to approvals; these expansions will be funded internally without new deb

Future growth expectations in sales/revenue/volumes?

LST (Liquid Storage Terminal) division expects a growth of 5% to 8% annually due to maxed-out capacities and market conditions. Chemical division aims for closer to 8% to 10% growth yearly in volume and revenue. From Q3 FY '25 onwards, significant volume and margin growth are expected in the Chemical segment. New LPG terminal with 64,000-ton capacity at JNPT expected operational by October 2026, contributing to step jump growth. Realization growth of 5%-7% is anticipated in LST division, with most expected to translate to EBITDA growth. Overall consolidated EBITDA growth of 7%-8% projected, tr

Future growth expectations in earnings/operating earnings/profits/EPS?

EBITDA is expected to grow by 7%-8% year-on-year, aiming around INR 120 crores consolidated for FY '25. Chemical division volumes and margins are projected to improve significantly from Q3 FY '25 onward. EBITDA margins in Chemical division anticipated to rise from 5%-6% to 8%-9%, with PAT around 6%. LST (Liquid Storage Terminal) division expects 5%-7% realization growth, which mostly percolates to the bottom line. Overall revenue growth for Chemical segment targeted at 8%-10%. Capex for new LPG capacity (64,000 tons) is INR 700-750 crores, project completion expected by October 2026,

Current/ Expected Orderbook/ Pending Orders?

Orders for new LPG tanks at JNPT typically start rolling in closer to the completion of the tanks. The company already has certain capacity tied up with existing customers like BW LPG and CPIL. Based on demand-supply assessment, there is a confirmed requirement for the new LPG capacity at JNPT. The expansion from 40,000 to 64,000 tons capacity tanks at JNPT is underway, with approvals in place. No specific mention of a current large orderbook or pending orders beyond ongoing contracts and tied-up capacities. EPC business is being gradually transferred to a subsidiary, and no fresh EPC projects

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Ganesh Benzoplast LtdQ2 FY24Oil

Ganesh Benzoplast Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹106P/E: 8.3Market Cap: ₹675 CrSector: Oil

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→LST (Liquid Storage Terminal) division expects a growth of 5% to 8% annually due to maxed-out capacities and market conditions.
→Chemical division aims for closer to 8% to 10% growth yearly in volume and revenue.
→From Q3 FY '25 onwards, significant volume and margin growth are expected in the Chemical segment.
→New LPG terminal with 64,000-ton capacity at JNPT expected operational by October 2026, contributing to step jump growth.
→Realization growth of 5%-7% is anticipated in LST division, with most expected to translate to EBITDA growth.
→Overall consolidated EBITDA growth of 7%-8% projected, translating to approximately INR 120 crores.
→Chemical segment targeted for EBITDA margin improvement from 5%-6% to around 8%-9% in coming years.

Margin guidance

Category 3

→EBITDA is expected to grow by 7%-8% year-on-year, aiming around INR 120 crores consolidated for FY '25.
→Chemical division volumes and margins are projected to improve significantly from Q3 FY '25 onward.
→EBITDA margins in Chemical division anticipated to rise from 5%-6% to 8%-9%, with PAT around 6%.
→LST (Liquid Storage Terminal) division expects 5%-7% realization growth, which mostly percolates to the bottom line.
→Overall revenue growth for Chemical segment targeted at 8%-10%.
→Capex for new LPG capacity (64,000 tons) is INR 700-750 crores, project completion expected by October 2026, which should drive step-up growth thereafter.
→Single-digit growth expected in LST division until the new LPG joint venture terminal becomes operational.
→Management focused on improving Chemical segment profitability and sustainably growing both divisions.

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Fundraise plans

→There is no fresh capex envisaged that would require new debt or equity funding for Ganesh Benzoplast Limited at present.
→The LPG capex, including the 64,000 capacity tanks, is estimated around INR 700 to 750 crores.
→The equity contribution required for the LPG project has already been secured internally by the company.
→Future capex plans, such as maintenance and new tank construction, are expected to be funded through internal resources.
→Therefore, no current or immediate plans for external fundraising via debt or equity were indicated in the call.

Order book

→Orders for new LPG tanks at JNPT typically start rolling in closer to the completion of the tanks.
→The company already has certain capacity tied up with existing customers like BW LPG and CPIL.
→Based on demand-supply assessment, there is a confirmed requirement for the new LPG capacity at JNPT.
→The expansion from 40,000 to 64,000 tons capacity tanks at JNPT is underway, with approvals in place.
→No specific mention of a current large orderbook or pending orders beyond ongoing contracts and tied-up capacities.
→EPC business is being gradually transferred to a subsidiary, and no fresh EPC projects are being taken until the transfer finishes.
→Wharfage and rental businesses continue with steady, mostly contractual revenue streams rather than new pending orders.

Capex plans

Yes

→Ganesh Benzoplast has an ongoing large LPG terminal capex at JNPT with increased capacity from 48,000 to 64,000 tons, expected to complete by October 2026.
→Estimated capex for the LPG terminal is around INR 700 crores to INR 750 crores.
→The company is in the process of obtaining approvals for the LPG tanks and has secured critical approvals such as from the Petroleum and Explosive Safety Organization (PESO).
→There is also regular maintenance capex for existing terminals.
→Plans exist for building new tanks at JNPT, subject to approvals; these expansions will be funded internally without new debt or equity.
→No current plans to invest outside existing business areas.
→The company is strategically transferring its EPC business into a subsidiary and is not taking fresh EPC projects at the moment.

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