Ganesh Benzoplast Ltd Management Discussions

Economic Review

Global Economy

The global economy maintained a stable growth trajectory in CY 2024, recording a GDP expansion of 3.3%, despite persistent headwinds from geopolitical tensions, trade disruptions and evolving monetary policy landscapes. Headline inflation moderated to 5.8% in CY 2024 from 6.7% in the previous year, reflecting the continued impact of tighter monetary policies and easing commodity prices.

Central banks in major economies have initiated a gradual shift toward monetary easing, with initial rate cuts introduced in late CY 2024. Further reductions are anticipated in CY 2025, which could enhance liquidity and support a recovery in private sector investment activity. While global manufacturing exhibited signs of moderation driven by supply chain realignments and shifting demand, industrial output remained resilient. Growth was underpinned by robust activity in construction, utilities and essential services. Increased emphasis on regional trade integration and diversified supply chains is expected to bolster cross-border economic resilience. Emerging markets continue to be pivotal contributors to global growth. In the Eurozone, a modest recovery is underway, supported by improving consumer demand, stabilising industrial production and an accommodative monetary stance.

Outlook

Global economic growth is anticipated to remain modest over the next few years, with forecasts indicating a 2.8% increase in CY 2025 and 3.0% in CY 2026. This outlook is supported by a gradual reduction in inflation and sustained efforts by central banks to maintain economic stability through targeted monetary measures. Emerging markets are projected to sustain robust growth, with an estimated expansion of 3.7% in CY 2025, whereas advanced economies are expected to recover at a slower pace, posing a growth rate of approximately 1.4% in the same year.

Inflation is expected to continue its downward trend, reaching 4.3% in CY 2025 and 3.6% in CY 2026, which is likely to bolster consumer spending. Despite recent tari_ increases impacting global trade, the resilience and interdependence of the global economy remain intact.

Indian Economy

India sustained its strong economic performance in FY 2024-25, securing its position as the fastest-growing economy among all G20 nations, with GDP growth rate of 6.5%. This outpaces both advanced and emerging market peers, reafirming India?s global economic leadership despite a challenging global environment. ²This resilience stems from strong macroeconomic fundamentals, robust domestic demand and ongoing structural reforms. Inflation remained largely within the Reserve Bank of India?s (RBI) target range, supported by proactive monetary policy despite supply-side pressures and global commodity volatility.

India?s GDP Growth

Macroeconomic fundamentals remained strong through the year. Headline inflation moderated to 3.3%, well within the RBI?s target band supported by easing food and fuel prices. ³The Reserve Bank of India maintained a prudent yet supportive stance- balancing liquidity conditions while curbing inflation volatility. Improved urban demand, favourable monsoon and government tax relief for salaried individuals in the Union Budget also supported household consumption and credit growth. India recently became the world?s fourth-largest economy, overtaking Japan in terms of nominal GDP.

Headline Inflation Over the Years

Outlook

Looking ahead to FY2025-26, the Reserve Bank of India projects GDP growth to remain at 6.5%, with quarterly growth expected to stay above 6% through the year. Stable inflation, improving rural demand, robust capex cycles and a young workforce are expected to support consumption and investment. Continued government focus on infrastructure, digital inclusion, and industrial policy reforms will further sustain India?s leadership among emerging markets.

Industry Overview

Liquid Storage Terminal (LST), Logistics and Infrastructure

Global Landscape

The global oil and liquid storage terminal industry continues to grow steadily. According to Fortune Business Insights, the global oil storage terminal market was valued at USD 32.71 billion in 2023 and is projected to reach approximately USD 44.6 billion by 2032, at a CAGR of around 3.5%–4.4% ⁴Grand View Research reports storage volumes reached 2,199 million cubic meters in 2024, with a forecast CAGR of 4.8% between 2025 and 2030⁵. Growth is largely concentrated in the Asia Pacific region (accounting for roughly one-third of capacity), driven by industrial expansion, expanding oil and chemicals trade, and modernization of terminal infrastructure^{6 7}.

Major terminals globally are being upgraded with advanced systems such as automated valves, vapour recovery systems and remote monitoring as demand shifts toward high-value liquids like specialty chemicals, edible oils and biofuels.

Indian Landscape

India?s liquid storage sector is experiencing robust momentum, supported by macroeconomic stability and port-led trade. The Reserve Bank of India has projected India?s real GDP growth at 6.5% for FY 2025–26, citing resilience amid global uncertainties⁸ India?s coastal infrastructure which handles approximately 95% of external trade by volume facilitates growth in bulk liquid movement.

Within this ecosystem, liquid bulk categories such as petroleum products, chemicals, and edible oils continue to register positive demand. Government-led initiatives like Sagarmala, combined with regulatory stability under PESO and CPCB, support terminal operators. There is a clear trend towards multi-product capacity, premium tank configurations, and ancillary services (drum filling, heating, blending). Private operators are gaining market share at key ports such as JNPT, Cochin and Goa owing to strategic assets and long-standing customer contracts.

Outlook

The global terminal industry is expected to grow at 4–5% CAGR, driven by increased energy demand, modernization cycles, and value-added storage requirements. Major Asian economies, including India, are set to remain at the forefront of this growth.

In India, sustained macroeconomic growth, rising industrial and trade activity, and capacity build-outs both in port and inland regions such as the expanded JNPT facilities will continue to sustain high utilization levels. Ganesh Benzoplast?s recent addition of 18,882 KL of specialist tanks aligns with these trends. The increased focus on differentiated storage solutions offers scope for improved yield and competitive positioning.

Rail Logistics

In India, rail continues to play an important role in supporting the movement of chemical and industrial liquids between ports and inland locations. With ongoing investments in dedicated freight corridors and multimodal infrastructure, the operating environment for rail logistics is steadily improving. The increasing shift from road to rail for safety-critical cargo and the growing demand for integrated liquid logistics solutions have further enhanced the relevance of this mode. Rail-linked private terminals offering door-to-door delivery are becoming a preferred choice for industrial customers.

Outlook

The rail logistics segment for liquid cargo is expected to benefit from ongoing capacity expansion, policy focus on multimodal connectivity and increased private participation. Companies with an established network of terminals and rail-linked infrastructure are well-positioned to support this evolving demand.

Liquid Storage Engineering, Procurement and Construction (EPC)

In India, the ongoing development of ports, industrial corridors and integrated logistics hubs has supported sustained EPC activity in the liquid storage domain. Companies with in-house capabilities in tank fabrication, pipeline laying and project management are playing a vital role in enabling timely and cost-e_cient execution. The government focus on infrastructure investment and ease of doing business has further strengthened the pipeline of liquid handling and allied infrastructure projects.

Outlook

The EPC segment for liquid storage infrastructure is expected to remain stable, supported by continuous expansion of capacity, asset modernization and increased complexity in storage requirements. Organizations that offer integrated design-to-commissioning capabilities are likely to see continued traction across both brownfield and greenfield projects.

Chemicals (Food Preservatives, Lubricant Additives and Speciality Chemicals)

Global Landscape

The global specialty chemicals sector has sustained robust expansion, driven by growing demand for performance-based additives across end-use industries such as lubricants, food processing, coatings and adhesives. In emerging markets, particularly, the need for efficiency, quality and regulatory-compliant solutions has led to increased spending on specialty inputs. The margins have normalized following a post-pandemic rebound, the underlying demand remains strong due to long-term secular trends such as decarbonisation, digitalisation and food safety compliance.

Within the food preservation segment, demand is strengthening worldwide due to rising consumption of processed and convenience foods. Innovations in natural and clean-label preservative systems are redefining product specifications and quality expectations.

Indian Landscape

India?s specialty chemicals industry is a key segment of its overall chemicals and petrochemicals market. it accounts for around 22% of the national chemical sector, with exports from this segment contributing over 50% to total chemical exports⁹. Reports project that India may grow into the next global manufacturing hub, with high-value chemical exports rising over time.

In 2022, the broader Indian chemicals sector was valued at approximately USD 233 billion and has grown at a 9% CAGR, with expectations to reach around USD 304 billion by 2025¹⁰.

Food preservatives in India alone were valued at roughly USD 104 million in 2024, driven by demand for packaged foods and consumer health awareness¹¹. Meanwhile, the processed food industry has doubled over recent years, reinforcing sustained demand for preservatives¹².

The lubricants additives segment resonates with India?s increasing transportation fleet and industrial performance demand. Both lubricant and automotive sector growth continue to bolster the consumption of performance chemical additives.

Outlook

The specialty chemicals sector in India is poised for continued double-digit growth, with projection of national industry growth of 11–12% between 2021 and 2027¹³. The food preservation segment is expected to grow steadily in line with processed food inflation and compliance norms, while lubricant additive demand will parallel broader automotive and industrial usage. Strong foundation in export markets, policy support and improved competitiveness positions India to improve its global market share from 4% to approximately 6% by 2026¹⁴.

Clean Energy

Overview

India?s clean energy sector has emerged as a key pillar of its long-term energy strategy, driven by the dual imperatives of reducing dependence on fossil fuels and meeting international climate obligations. The country has made steady progress in expanding its renewable energy footprint, supported by policy interventions, infrastructure investment, and private sector participation. In FY 2024–25, India recorded one of its highest annual capacity additions in the sector, led primarily by solar power. This momentum enabled the country to surpass 100 GW of installed solar capacity during the year.

Looking ahead, India aims to achieve 500 GW of non-fossil fuel capacity by 2030, with solar and wind expected to remain central to this expansion. The target includes scaling up grid-connected solar parks as well as decentralised systems such as rooftop solar. The government?s focus on energy transition, alongside initiatives in green hydrogen and biofuels, continues to create opportunities across the clean energy value chain. These trends align with the broader global push towards carbon neutrality and position India as a key market for infrastructure-linked clean energy development.

Outlook

Domestic electricity demand is expected to grow at a CAGR of 5–6% over the next decade, driven by industrial expansion and urbanisation. Within this growth trajectory, the share of clean energy is steadily increasing. With a solid foundation in place for long-term energy sustainability and self-reliance, current efforts are focused on expanding and modernising the power grid, scaling up energy storage infrastructure, and strengthening integration across the renewable energy value chain. Energy storage, in particular, is expected to address intermittency challenges and enhance system reliability as renewables form a larger part of the energy mix.

Government Initiatives

The Indian government has undertaken a series of sector-specific initiatives that continue to enable the growth of key infrastructure, logistics, energy and industrial segments. These initiatives have contributed to improving regulatory clarity, attracting private investment and enabling long-term capital deployment in critical sectors relevant to Ganesh Benzoplast Limited?s operations.

Ports and Liquid Storage Infrastructure

Under the Sagarmala Programme, port infrastructure is being upgraded with a focus on enhancing capacity, reducing logistics costs, and improving connectivity to hinterland regions. This initiative directly benefits bulk liquid terminals by encouraging deeper draft ports, modern cargo-handling facilities and multimodal integration. Policies encouraging private participation in port-based infrastructure have further supported capacity additions and operational efficiencies at key locations such as JNPT, Cochin and Goa.

Rail Logistics and Multimodal Transport

The development of Dedicated Freight Corridors (DFCs) and the PM Gati Shakti National Master Plan aim to improve cargo movement efficiency through enhanced rail-road-port linkages. These initiatives are facilitating faster turnaround, higher cargo volumes and safety enhancements particularly for hazardous and bulk liquids. Rail-linked private terminals are now integral to the national logistics framework, with support for containerised and customised chemical freight movement.

Chemical Industry and Specialty Exports

The government has introduced targeted schemes to strengthen India?s position in the global specialty chemicals market. The Production Linked Incentive (PLI) Scheme and Petroleum, Chemicals and Petrochemicals Investment Regions

(PCPIR) policy framework incentivise investment in high-value chemical manufacturing, with benefits such as capital subsidies, infrastructure support and simplified regulatory approvals. These efforts are complemented by export facilitation, encouraging greater competitiveness in sectors such as food preservatives, lubricant additives and other specialty intermediates.

Clean Energy Transition

The Ministry of New and Renewable Energy (MNRE) continues to anchor India?s clean energy shift through multiple policy interventions. The National Solar Mission and the target of 500 GW of non-fossil fuel capacity by 2030 have created a robust ecosystem for utility-scale and distributed renewable energy projects. Additional initiatives such as Green Energy Corridors,

Solar Park Schemes and emerging support for Green Hydrogen and ethanol blending contribute to a comprehensive clean energy value chain. Fiscal incentives, viability gap funding and priority sector lending status for renewable infrastructure further facilitate sectoral investment.

Collectively, these policies not only enable infrastructure development and capacity expansion but also support private-sector participation in storage, logistics, chemicals, and clean energy creating a favourable environment for Ganesh Benzoplast Limited to align with national priorities while pursuing long-term growth.

Company Overview

Liquid Storage Terminal (LST)

Overview

Ganesh Benzoplast Limited (GBL) has over three decades of experience in the liquid storage infrastructure segment. The Company began operations in this domain in the 1990s and today manages one of India?s largest networks of independent shore-based storage terminals. These terminals located at

Jawaharlal Nehru Port (JNPT) in Navi Mumbai, Cochin Port and Mormugao Port in Goa are ISO 9001:2015 certified and handle a wide range of Class A, B and C liquids including petrochemicals, petroleum products, edible oils and various specialty chemicals.

As of March 31, 2025, the total installed capacity across the three terminals stood at over 3,52,000 KL, distributed across 98 storage tanks constructed using stainless steel, mild steel and pre-coated steel. All terminals are directly connected to port berths via pipeline infrastructure and supported by tank lorry gantries, railway loading systems, vapour recovery units and 24x7 surveillance systems. The LST business continues to contribute significantly to the Company?s consolidated revenues through lease rentals, handling charges and allied services.

The JNPT terminal, which commenced operations in 1996, remains the Company?s largest facility with 83 tanks and a capacity of 283,000 KL. GBL completed the commissioning of an expanded terminal block on an adjacent 4.5-hectare land parcel at JNPT. This new setup added 17 tanks and 18,882 KL of additional capacity, taking the terminal?s total footprint further while enabling storage of higher-margin specialty chemicals such as acetic acid, acetone and dilute nitric acid. The existing terminal infrastructure includes three jetties, piggable pipelines, 26 tank lorry filling bays and rail wagon loading systems. Throughput at this facility has consistently remained at or above full capacity, supported by long-term contracts and recurring cargo volumes from repeat customers.

The Cochin terminal, operational since 1999, comprises 11 mild steel tanks with a combined capacity of 43,000 KL. The infrastructure includes heating arrangements, multiple weighbridges, and automated handling systems. During FY 2024–25, the terminal was partly operational , due to modification of certain tanks. This year the company bagged a Five year contract from Indian Oil Corporation Limited (IOC) for storage of its products i.e ethanol, ATF etc.. The facility continues to serve as a key logistics hub for the southern region due to sustained high utilization levels and handling of a mix of industrial chemicals, petroleum products and edible oil.

The Goa terminal, operational since 2000, has four mild steel tanks with a capacity of 26,000 KL. It is connected to the port?s jetty via two dedicated 12-inch pipelines and is supported by a lorry gantry and firefighting systems. In the current year, the terminal operated at a very low capacity , though it compliant with all statutory safety and environmental norms.

GBL?s LST division is supported by ancillary service offerings such as drum filling, product blending, bunkering and on-site product testing.

During the year the company has been awarded an order from JSW Jaigarh Port Ltd worth I 1,758 million, for Engineering, Design, Manufacturing, Supply, Erection & commissioning of Chemical Tank Farm Project on EPC basis, including construction of 11 Chemical tanks, Dock Pipeline and civil works for Jaigarh Port.

The LST business continues to reflect the Company?s longstanding expertise in tank farm operations and port logistics. With high asset utilization, sustained rental income and integrated service capabilities, the division remains a key pillar of GBL?s consolidated business.

Outlook

The LST division is expected to maintain stable performance supported by high utilization levels at the JNPT and Cochin terminals. The JNPT terminal, operating at 100% occupancy, continues to benefit from a diversified product mix and sustained demand from long-standing customers. The newly added capacity of 18,882 KL and enhanced rental yields due to the handling of higher-value specialty chemicals.

At Cochin, the terminal remains fully occupied, contributing to steady throughput volumes. The Goa terminal, although currently underutilized, presents a medium-term opportunity to improve capacity usage, with efforts underway to reposition it as a multiproduct terminal.

The integration of rail logistics through Infrastructure Logistic Systems Limited (ILSL) continues to strengthen the end-to-end offering. This business line is expected to contribute approximately 20% of the LST segment revenue in FY 2025–26. Overall, the LST business remains well-positioned to deliver consistent cash flows, with total installed capacity across terminals at 3,52,000 KL and high client retention driving revenue visibility.

Overview

Ganesh Benzoplast Limited operates its rail logistics vertical through Infrastructure Logistic Systems Limited (ILSL), a material subsidiary with an 86.52% ownership. The business provides integrated bulk liquid transportation solutions by connecting port terminals with inland customer locations using Indian Railways infrastructure. ILSL owns tank containers, leases rakes, and manages loading and unloading facilities at key nodes such as JNPT, Daund and Nagpur.

By complementing GBL?s port-based storage with inland connectivity, the rail logistics business enables efficient, safe, and cost-e_ective cargo movement. It handles both hazardous and non-hazardous liquids and offers support services including storage, pumping and terminal operations. In FY 2024–25, ILSL emerged as one of the largest edible oil transporters via Indian Railways and contributed around 20% of the LST segment revenue. Its captive infrastructure and long-standing client base underpin its role as a strategic extension of GBL?s liquid logistics platform.

Outlook

The rail logistics business is expected to maintain stable performance, supported by its integration with GBL?s terminal infrastructure and its established footprint across key inland locations. Infrastructure Logistic Systems Limited (ILSL) continues to provide end-to-end connectivity from port to plant, particularly for edible oils and industrial liquids. With owned tank containers, leased rakes and operational facilities at JNPT, Daund and Nagpur, the business is positioned to handle recurring volumes efficiently.

Engineering, Procurement and Construction (EPC) Services

Overview

Ganesh Benzoplast Limited offers Engineering, Procurement and Construction (EPC) services through its wholly owned subsidiary, GBL Infra Engineering Services Private Limited. The business focuses on providing turnkey project execution in the liquid logistics and industrial infrastructure space. The scope includes site surveys, detailed engineering, procurement of equipment, construction management, and post-commissioning operational support.

The Company has built expertise in tank fabrication, pipeline installation, and terminal construction for hazardous and non-hazardous liquids. It caters to both in-house requirements and external clients, particularly in the oil, chemical, and port infrastructure sectors.

The company started its operations in the year 2022 with its first order from a renowned company, M/s Ana Oleo, to build sixty (60) Liquid Storage Tanks for their edible Old refinery at Krishnapatnam , Andhra Pradesh. The said project was completed on time with high safety and quality standards. During the year 2024, the company also completed a project from M/s NCC Limited for designing, fabrication, testing and commissioning of ATF fuel farm tanks at Navi Mumbai International Airport.

The company is currently working with Mundra Petrochemicals Ltd(MPL) for its two projects one is for Design, Engineering, Fabrication and Commissioning of tanks (12 set of 05 types) & 5,000 cbm Gas Holders for Acetylene unit at Mundra, Gujarat and the other one if for Site Fabricated Rubber Lined Degassed Water Storage Tanks (2 Set). GBL Infra has got an order of I 30 crores for Civil Infrastructure work from JSW Jaigarh Port Limited for their upcoming Chemical Storage Terminal at Jaigarh port in Maharashtra.

The EPC vertical complements GBL?s core logistics and storage operations by offering in-house capability for timely and cost-e_cient infrastructure development. While it remains a smaller revenue contributor, it plays a critical enabling role in expansion and maintenance projects across the Group.

Outlook

The EPC services vertical is expected to remain focused on internal infrastructure development and selective third-party assignments within the liquid logistics space. Its core strength lies in tank fabrication and pipeline installation, which continue to support expansion and maintenance projects across GBL?s terminals and joint ventures. While external order flow may vary, the vertical is expected to play a supporting role in the timely execution of capital projects and in sustaining operational readiness across the Group?s logistics assets.

Chemicals (Food Preservatives, Lubricant Additives and Speciality Chemicals)

Overview

Ganesh Benzoplast Limited?s Chemical Division operates from its manufacturing facilities located at MIDC Tarapur, Maharashtra. The division has an installed capacity of 24,000 MTPA and produces a wide portfolio of food preservatives, specialty chemicals and lubricant additives. It comprises two units one focused on Lubricants and oil additives and the other on specialty and food-grade chemicals.

The product range includes Benzoic Acid, Sodium Benzoate, Methyl Benzoate, lubricant additive packages and petroleum sulfonates, catering to sectors such as food and beverages, pharmaceuticals, automotive, paints and industrial lubricants. The Company serves both domestic and export markets, with customers across the USA, South America, Africa, the Middle East and Asia.

Over the years, the division has developed strong technical capabilities and built a diversified customer base. In FY 2024–25, the segment reported improved profitability due to operational restructuring, changes in sourcing strategies and a more favourable product mix, despite muted revenue growth. The Chemical Division continues to complement GBL?s broader portfolio with value-added manufacturing and international market reach.

Outlook

The Chemical Division is expected to maintain operational stability, supported by the measures undertaken during FY 2024–25 to improve plant efficiency and product margins. Strategic sourcing of raw materials and realignment of the product mix contributed to higher profitability in the current year, despite external market constraints. The business continues to benefit from its diversified product portfolio and presence in both domestic and international markets. While global demand conditions may remain uneven, the division is positioned to leverage its existing capacity and customer relationships to sustain performance in the near term.

Clean Energy

Overview

Ganesh Benzoplast Limited has entered the clean energy space through its wholly owned subsidiary, GBL Clean Energy Private Limited. The Group?s clean energy initiatives are focused on developing infrastructure for ethanol production, aligning with the broader energy transition underway in India.

GBL had earlier announced its entry into ethanol and extra neutral alcohol (ENA) manufacturing through a joint venture with Golden Agri International Pte Ltd. in Nashik. This initiative complements the government?s biofuel blending programs and expands the Group?s presence in the renewable fuels segment.

The clean energy business is still in its development phase but is positioned as a future growth driver, leveraging GBL?s infrastructure expertise and partnerships with global and domestic players in the energy sector.

Outlook

The ethanol venture in Nashik provides exposure to renewable fuels and supports national biofuel objectives. While revenue contribution from this vertical is not expected in the immediate term, the business is positioned to add long-term strategic value through asset-backed growth.

Strengths

- Established leadership in LST segment with over 3,52,000 KL of installed capacity across three key ports JNPT, Cochin and Goa with high occupancy rates at JNPT and Cochin terminals.

- Integrated logistics offering through subsidiary Infrastructure Logistic Systems Limited (ILSL), enabling end-to-end cargo movement via rail, enhancing customer stickiness and operational throughput.

- Technical expertise in hazardous cargo handling, supported by ISO-certified facilities, modern firefighting systems and vapor recovery systems.

- Strong customer relationships with a portfolio of marquee clients in petrochemicals, FMCG, agri-business and industrial sectors.

- High asset utilization at key terminals, with JNPT operating at over 100% capacity and recent expansion of 17 tanks (18,882 KL) strengthening capacity for high-value specialty chemical storage.

- Monopoly Products GBL is India?s oldest manufacturer of Benzoic Acid and Sodium Benzoate using the Toluene Oxidation Route, and is the only Indian manufacturer producing the entire range of Lubricant Additives and Components.

- Established export markets for chemical products such as Benzoic Acid and Sodium Benzoate, reaching customers in the USA, Brazil, Nigeria, South Africa and the Middle East.

-Robust safety, compliance, and environmental practices, including ISO 9001:2015-certified terminals, piggable pipelines, vapour recovery and zero liquid discharge systems.

Opportunities

- Monetization of new tank capacity at JNPT, offering potential for higher yields through handling of premium products.

- Further scale-up of rail logistics, as industries shift bulk liquid movement from road to rail for safety and cost efficiency; ILSL is well-positioned with rail-linked infrastructure and existing customer traction.

- Clean energy infrastructure in progress, ethanol manufacturing in Nashik, aligning with national energy priorities.

- Growing demand for specialized storage, such as for chilled and heated products, presents scope for product mix improvement and differentiated service offerings.

- Spot contract gains at JNPT, leveraging its strategic location and high throughput to capture short-term, higher-value cargo contracts.

Weaknesses

- High working capital intensity in the chemical segment, influenced by raw material costs and export cycle timelines.

Threats

- Regulatory and environmental compliance risks, especially concerning hazardous cargo handling, port operations, and industrial e_uent management.

- Execution risks in capital projects, particularly for the ethanol facility, which may face delays due to construction, approvals, or supply chain constraints.

- Volatility in chemical raw material prices and export market conditions, which can impact profitability and working capital cycles.

Business performance

Financial Highlights

Profit and Loss Statement Analysis (E in million)

	Standalone	Standalone	Standalone	Consolidated	Consolidated	Consolidated
Particulars	FY?25	FY?24	% Change	FY?25	FY?24	% Change
Revenue from Operations	2,154.01	2,267.15	(5.0%)	3,743.11	4,770.77	(21.5%)*
Other Income	168.40	158.31	6.4%	176.93	134.81	31.2%
Total Income	2,322.41	2,425.46	(4.2%)	3,920.04	4,905.58	(20.1%)
Cost of Goods Sold	32.73	81.98	(60.1%)	1,059.79	2,156.40	(50.9%)
Employee benefits expense	234.28	220.38	6.3%	294.83	270.96	8.8%
Other expenses	938.04	1,070.60	(12.4%)	1,305.65	1,387.64	(5.9%)
EBITDA	1,117.36	1,052.50	6.2%	1,259.77	1,090.58	15.5%
Exceptional Items	443.78	-	-	447.31	-	-
Depreciation and amortization expense	190.21	174.68	8.9%	223.78	202.59	10.5%
Finance cost	65.23	62.09	5.1%	69.46	48.08	44.5%
Profit Before Tax	418.14	815.73	(48.7%)	519.22	839.91	(38.2%)**
Profit After Tax	307.25	606.25	(49.3%)	380.86	614.41	(38.0%)
EPS (D)	4.27	8.95	(52.3%)	5.29	9.07	(41.7%)

* due to the decline in EPC business turnover

** Note: Reduced owing to exceptional expenses of I438.63 million pursuant to a one-time settlement agreement entered into by the Company, along with other exceptional items of I8.68 million.

Standalone Performance (FY?25 vs FY?24)

Revenue from Operations declined by 5.0% to I 2,154.01 million, due to planned modifications carried out on the existing tanks to improve the product handling capability and reduction in EPC revenue.

Other Income increased by 6.4%, reflecting better returns from non-core activities or investments. Total Income decreased by 4.2%, consistent with the drop in operational revenue.

Employee Benefits Expense rose by 6.3%, showing a normal increase possibly due to salary increments or hiring.

Other Expenses reduced by 12.4%, contributing positively to operational margins.

EBITDA improved by 6.2% to I1,117.36 million, reflecting better operational efficiency.

Exceptional Items of I443.78 million impacted profit before tax significantly.

Depreciation and Finance Cost increased moderately, affecting profitability.

Profit Before Tax (PBT) dropped by 48.7% due to the exceptional item and higher fixed costs.

Profit After Tax (PAT) fell by 49.3% to I307.25 million. Earnings Per Share (EPS) declined steeply by 52.3%. due to exceptional items.

Consolidated Performance (FY?25 vs FY?24)

Revenue from Operations declined by 21.5% to I3,743.11 million, due to reduced turnover of EPC business.

Other Income grew sharply by 31.2%, helping offset some revenue decline.

Total Income dropped by 20.1%, in line with the fall in operating revenues.

COGS reduced by 50.9%, suggesting cost rationalization or reduced volume.

Employee Costs and Other Expenses saw moderate increases and decreases respectively.

EBITDA rose by 15.5% to I1,259.77 million, driven by effective cost control.

Exceptional Items I447.31 million influenced PBT and PAT materially.

Depreciation and Finance Costs rose, especially finance cost by 44.5%, impacting profitability. PBT decreased by 38.2% and PAT declined by 38.0% to I380.86 million.

EPS dropped by 41.7%.

Balance Sheet Analysis (E in million)

Particulars	Standalone	(%) Change	Consolidated	(%) Change
	FY?25	FY?24		FY?25	FY?24
Equity Share Capital	71.99	71.99	0.0%	71.99	71.99	0.0%
Net worth	5295.40	4,994.80	6.0%	5,444.03	5,069.98	7.4%
Borrowings	191.82	128.69	49.1%	193.13	132.46	45.8%
Non-current
Investments	676.30	683.54	(1.1%)	156.89	164.28	(4.5%)
Total Capital Employed	5,816.33	5,281.81	10.1%	5,863.73	5,405.66	8.5%
Property, Plant	2,820.20	2,231.24	26.4%	3,263.95	2,692.91	21.2%
& Equipment

Equity Share Capital

X No change in equity share capital at I 71.99 million for both standalone and consolidated levels, indicating no new equity issuance during the year.

Net Worth

X Standalone net worth increased by 9.0% to I 5,295.40 million.

X Consolidated net worth rose by 7.4%, reflecting retained earnings and profit accretion across group entities.

Borrowings

X Standalone borrowings increased by 49.1%, and consolidated borrowings by 45.8%, signaling a notable rise in debt to fund expansion, working capital, or other needs.

Non-Current Investments

X A slight decline in standalone non-current investments by 1.1%, and 4.5% decline at the consolidated level suggests possible liquidation or revaluation of long-term holdings.

Total Capital Employed

X Standalone capital employed increased by 10.1%, and consolidated by 8.5%, indicating capital infusion and internal growth to support business assets.

Property, Plant & Equipment (PPE)

X Standalone PPE grew by 26.4%, while consolidated PPE rose by 21.2%, reflecting significant investments in fixed assets, likely indicating capacity expansion or asset modernization.

Ratio Analysis

	Standalone
Particulars	FY?25	FY?24	(%) Change
Current Ratio	2.06	2.12	(3.0%)
Debt-equity ratio	0.04	0.03	33.0%
Return on equity ratio %*	6.0%	14.0%	(57.0%)
Inventory turnover ratio (in days)	8.0%	-	-
Trade receivables turnover ratio (in days)	62.0	44.0	41.0%
Trade payables turnover ratio (in days)	99.0	76.0	30.0%
Net capital turnover ratio	2.45	3.03	(19.0%)
Net profit ratio %	14.0%	27.0%	(48.0%)
Return on capital employed %	16.0%	17.0%	(2.0%)
Return on investment %	15.0%	37.0%	(59.0%)

Note:* Reduced owing to exceptional expenses of I438.63 million pursuant to a one-time settlement agreement entered into by the Company, along with other exceptional items of I5.15 million.

Human Resource

During FY 2024–25, the Company continued to align its human resource practices with evolving operational requirements and project execution timelines. Manpower deployment remained focused on critical functions such as logistics, engineering, project management, and support services to ensure continuity across business divisions.

Recruitment during the year was primarily undertaken to meet the needs of the expanding storage infrastructure at JNPT and to support early-stage activities under the clean energy vertical. The organisation also strengthened roles in areas such as finance, procurement, and compliance to support business scale and operational complexity.

Skill development initiatives were undertaken through functional and on-the-job training modules, with emphasis on process efficiency, documentation, and technical competencies. Internal systems were also aligned to ensure timely resource availability for high-priority projects.

The Company maintained stable workforce dynamics through FY 2024–25, with structured reviews and performance tracking mechanisms implemented across functions. As of March 31, 2025, the total number of employees & workers stood at 500+.

Industrial Health and Safety

The Company maintained a structured and preventive approach to industrial health and safety across all operational sites during FY 2024–25. All terminals continued to operate in compliance with applicable statutory requirements, including those laid down by the Petroleum and Explosives Safety Organization (PESO), Port Authorities and State Pollution Control Boards.

Periodic safety audits, equipment checks and emergency preparedness drills were carried out as per defined schedules. Standard operating procedures were followed across tank terminal operations, with documented work permit systems covering hot work, electrical isolation and confined space entry. Firefighting systems, vapour recovery units and e_uent treatment plants remained operational and subject to routine inspection and maintenance.

Staff at operational sites underwent regular safety training and refresher modules to reinforce procedural compliance and incident response protocols. The Company also ensured timely renewals of regulatory approvals and updated its on-site and off-site emergency plans in line with evolving norms.

No major incidents were reported during the year. The Company remains focused on maintaining a safe and compliant working environment across all its terminals and project locations.

CSR And Sustainability

The Company undertook its Corporate Social Responsibility (CSR) activities in accordance with the requirements under the Companies Act, 2013 and the CSR Rules. During FY 2024–25, initiatives were directed towards areas including education, healthcare, nutrition and community development, with a focus on projects that offer measurable benefits at the local level.

CSR projects were implemented either directly or through registered implementing agencies, following due diligence and assessment procedures. The Company?s approach remained aligned with statutory guidelines, with monitoring mechanisms in place to track fund utilisation and project completion milestones.

In addition to its CSR obligations, the Company continued to integrate basic sustainability practices into its operations. These included adherence to waste and e_uent management norms, maintenance of zero liquid discharge systems at select terminals and implementation of pollution control measures in line with regulatory standards.

The Company remains focused on fulfilling its responsibilities as a corporate citizen through structured compliance and targeted community engagement, with reporting aligned to applicable disclosure norms.

Risk Management

The Company operates in a dynamic environment that presents a range of operational, regulatory, financial and strategic risks. Identifying, evaluating and responding to these risks in a timely manner is integral to sustaining business continuity and achieving long-term objectives. The risk management framework at Ganesh Benzoplast Limited is embedded across functional and project-level operations, with periodic reviews undertaken by the management and Board to ensure that risk exposures are adequately monitored and mitigated through structured controls and governance processes.

Risk Category	Description	Mitigation Measures
Macro-economic and Infrastructure Risk	The Company continues to derive a significant share of its revenue from its bulk liquid terminals at JNPT, Cochin and Goa. As a result, it remains exposed to policy-related changes, infrastructure constraints at ports and geopolitical developments that may impact demand visibility or delay project timelines due to environmental and regulatory clearances.	The Company monitors the regulatory landscape closely and undertakes proactive engagement with relevant authorities. Management regularly evaluates operational dependencies and implements planning bu_ers to manage licensing or infrastructure-related delays.
Commodity Price Risk	Volatility in raw material prices, driven by global supply disruptions or market shifts, may impact the cost structure of the Chemical Division. This, in turn, can affect working capital intensity and margin stability.	Pricing mechanisms in the Chemical Division allow for partial pass-through of commodity cost changes to customers. Periodic review of sourcing strategies and inventory planning helps moderate the impact of price volatility.
Fraud and Governance Risk	Potential risks arising from unethical practices, internal control failures, or governance lapses.	Strengthening internal controls, regular audits, Strong Corporate Governance Framework, code of conduct enforcement, and whistleblower mechanisms.
Human Resource Risk	The ability to attract, retain and upskill talent remains important in supporting business continuity and strategic execution, particularly in a competitive industry environment.	The Company continues to invest in employee development and engagement through training initiatives, role enhancements, and internal mobility. Organisational practices are aligned to promote retention and ensure workforce stability.
Information Security Risk	Evolving cybersecurity threats and risks of software or system obsolescence may affect the integrity of digital operations and IT infrastructure, with implications for business continuity and data protection.	The Company has adopted layered IT security controls, including firewall protection and antivirus systems. Policies and protocols are in place to manage cybersecurity risk, and regular reviews are conducted to ensure system resilience.

Internal Control System

Ganesh Benzoplast Limited has implemented a structured internal control framework designed to support operational integrity, financial accuracy, and regulatory compliance. The Company?s internal controls are tailored to its business model and scale of operations, covering core functions such as finance, procurement, logistics, project execution, and compliance.

The Board of Directors is responsible for overseeing the adequacy and effectiveness of internal controls, particularly those related to financial reporting. These controls are evaluated periodically to ensure they remain commensurate with the nature and complexity of the Company?s operations.

Routine inspections, process reviews, and control testing are undertaken to verify compliance with internal policies and applicable statutory guidelines. Senior management is also involved in certifying the effectiveness of internal financial controls, adherence to Company policies, and the resolution of any transactions that may give rise to conflicts of interest. The internal control systems continue to support the Company?s efforts to maintain operational discipline and financial reliability.

Cautionary Statement

The Management Discussion and Analysis section contains forward-looking statements that involve risks and uncertainties. These include predictions about Ganesh Benzoplast objectives, strategies and expected performance. It is important to note that actual results may differ from these projections due to various factors such as increased competition, economic conditions affecting market dynamics, changes in government regulations, tax laws and other