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

Current revenue growth is steady at 5%-10% annually from existing operations. The company has consistently achieved double-digit revenue growth of 15%-20% in recent years. Post LPG terminal and cryogenic expansion, expected in 2 to 2.5 years, a significant jump in revenues and profits is anticipated, potentially multiples of current numbers. EBITDA margins on new projects like LPG terminals expected around 80%, with current rental income EBITDA margins of approximately 52%-55%. Overall operating margins (EBITDA) around 50% are considered sustainable going forward. EPS for 9 months FY24 increas

Any current/future new fundraising through debt or equity?

The company is undertaking a large CAPEX project for an LPG terminal and cryogenic tanks with a total cost of around Rs. 650 - 700 crores. Financing for this project is planned with approximately 70% debt and 30% equity. GBL's equity contribution is estimated at around Rs. 100 crores out of the total CAPEX, with a targeted equity-debt mix of 30:70. Debt will be raised externally at the JV level, with minimum guarantees from partners to ensure debt servicing. A recent fundraise of Rs. 62.5 crores was done primarily to cover the equity portion for cryogenic expansion. There is no immediate

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

Ongoing large CAPEX of Rs. 650-700 crores primarily for LPG terminal and cryogenic tanks expansion, expected to complete by Q1 FY27 (around March-April 2026). Equity portion from Ganesh Benzoplast Limited (GBL) for the project is about Rs. 100 crores; debt-equity ratio targeted at 70:30, with debt raised at the JV level, structured to be serviceable via minimum guarantees from partners. Future expansions considered in cryogenic products including propylene, ammonia, and possibly hydrogen storage, pending concrete plans. Exploring inorganic opportunities and new port projects, but no conc

Future growth expectations in sales/revenue/volumes?

Current rental income is around Rs. 150-155 crores per year with an expected escalation of 8-10% annually. JNPT terminal operates at 100% capacity with potential 3-4% more revenue through product changes and tank modifications. Goa terminal utilization is at 40-50%, expected to reach 70-75% within 6-12 months. Cochin terminal currently at 90-95% utilization with new contracts expected to increase revenue. Minimum guaranteed throughput for LPG terminal is Rs. 1,100-1,200 crores over 15 years, with revenue potential exceeding Rs. 200 crores annually post-expansion. Midterm growth expec

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Ganesh Benzoplast LtdQ4 FY25Oil

Ganesh Benzoplast Ltd Q4 FY25 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 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Current rental income is around Rs. 150-155 crores per year with an expected escalation of 8-10% annually.
→JNPT terminal operates at 100% capacity with potential 3-4% more revenue through product changes and tank modifications.
→Goa terminal utilization is at 40-50%, expected to reach 70-75% within 6-12 months.
→Cochin terminal currently at 90-95% utilization with new contracts expected to increase revenue.
→Minimum guaranteed throughput for LPG terminal is Rs. 1,100-1,200 crores over 15 years, with revenue potential exceeding Rs. 200 crores annually post-expansion.
→Midterm growth expected at 5-10% annually based on current operations.
→Significant jump in growth anticipated within 2-2.5 years from LPG and cryogenic expansion projects.
→Current EBITDA margins around 50-55% on rental income are sustainable.

Margin guidance

Category 3

→Current revenue growth is steady at 5%-10% annually from existing operations.
→The company has consistently achieved double-digit revenue growth of 15%-20% in recent years.
→Post LPG terminal and cryogenic expansion, expected in 2 to 2.5 years, a significant jump in revenues and profits is anticipated, potentially multiples of current numbers.
→EBITDA margins on new projects like LPG terminals expected around 80%, with current rental income EBITDA margins of approximately 52%-55%.
→Overall operating margins (EBITDA) around 50% are considered sustainable going forward.
→EPS for 9 months FY24 increased by 9% year-on-year, reflecting continued profitability growth.
→Minimum guaranteed revenue from new projects is about Rs. 1,100-1,200 crores over 15 years, with potential for 3-4 times that from other customers.
→The company aims to maintain strong asset turns and cash flows post-expansion.

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Fundraise plans

Yes

→The company is undertaking a large CAPEX project for an LPG terminal and cryogenic tanks with a total cost of around Rs. 650 - 700 crores.
→Financing for this project is planned with approximately 70% debt and 30% equity.
→GBL's equity contribution is estimated at around Rs. 100 crores out of the total CAPEX, with a targeted equity-debt mix of 30:70.
→Debt will be raised externally at the JV level, with minimum guarantees from partners to ensure debt servicing.
→A recent fundraise of Rs. 62.5 crores was done primarily to cover the equity portion for cryogenic expansion.
→There is no immediate plan for additional equity raising for this project, but further fundraising depends on future opportunities and expansions.
→The debt will be long-term (15-20 years) and structured to avoid balance sheet stresses.

Order book

The transcript does not provide specific figures or detailed information about the Current or Expected Orderbook/Pending Orders of Ganesh Benzoplast Limited. However, relevant insights include: - The company has won the tender for the Cochin terminal from IOC (Indian Oil Corporation) for ATF and ethanol for the next four years, indicating secured contracts. - Discussions mention minimum guaranteed revenue of approximately Rs. 1,200 crores over 15 years from one company related to the LPG terminal project. - The company expects additional revenue from new contracts like the LPG terminal and cryogenic projects over the next 2-3 years, which will significantly increase throughput and revenues. - No explicit current or pending orderbook numbers are stated during the call. - The management encourages investors to contact them directly for any specific or follow-up queries regarding orders. For precise orderbook details, direct contact with management or company disclosures is recommended.

Capex plans

Yes

→Ongoing large CAPEX of Rs. 650-700 crores primarily for LPG terminal and cryogenic tanks expansion, expected to complete by Q1 FY27 (around March-April 2026).
→Equity portion from Ganesh Benzoplast Limited (GBL) for the project is about Rs. 100 crores; debt-equity ratio targeted at 70:30, with debt raised at the JV level, structured to be serviceable via minimum guarantees from partners.
→Future expansions considered in cryogenic products including propylene, ammonia, and possibly hydrogen storage, pending concrete plans.
→Exploring inorganic opportunities and new port projects, but no concrete commitments yet.
→There is a focus on green initiatives such as ethanol manufacturing, aligned with company expertise and sustainability goals.
→Fundraise of Rs. 62.5 crores done recently to support equity portion of cryogenic expansion.
→Additional land at JNPT fully utilized between chemical tanks and LPG terminal expansion, no spare land left for future projects.

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