Transcript of Q2FY27 Earnings Conference Call dated November 02, 2026

GANESH...=.: HOUSING LIMITEo'1 (formerly known as Ganesh HOW1g Coq,oration Limited) ISO 9001:2015 I ISO 14001 :2015 ISO 45001 :2018 REF.NO./GHL/A HMD/2026-2027 /363E DATE: NOVEMBER 04, 2026 To To BSE Limited National Stock Exchange of India Ltd. Corporate Relation Department Exchange Plaza, Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Dalal Street, Bandra-Kurla Complex Mumbai -400 001 Bandra (E), Mumbai -400 051 REF: Security Code No. 526367 REF: Company Symbol: GANESHHOU Dear Sir/Madam, Sub: Transcript of Q2 FY27 Earnings Conference Call dated November 02, 2026 In continuation of our letters dated October 23, 2026, October 30, 2026 and November 02, 2026 please find enclosed the transcript of Q2 FY27 Earnings Call on Un-Audited Financial Results of the Company for the quarter and half year ended September 30, 2026 for your information and records. We wish to bring to your attention that during the conference call, the Moderator inadvertently referred to the Company by its erstwhile name and also inadvertently mentioned the designation of Mr. Anmol D. Patel as Whole-time Director instead of Non - Executive, Non - Independent Director. The above mentioned transcript is also available on our website viz. https ://ga nesh housing. com/ assets/pdf /fi nan cia 1-presentation/q 2-fy-2 7-earn i ngs-tra nscri pt. pdf Thanking you, Yours faithfully, For GANESH HOUSING LIMITED (formerly known as GANESH HOUSING CORPORATION LIMITED) JASMIN JANI COMPANY SECRETARY & COMPLIANCE OFFICER Encl: As above GANESH CORPORATE HOUSE 100 ft. Hebatpur-Thaltej Road, Nr. Sola Bridge, Off. S.G. Highway, Ahmedabad-380 054. Gujarat, India. CIN:L45200GJ1991PLC015817 P +91 79 6160 8888 E ganesh@ganeshhousing.com W www.ganeshhousing.com GANESH HOUSING LIMITED (formerly knO'!IITI as Ganesh HOUSlrlQ Corpora'lion Limited) “Ganesh Housing Limited Q2 FY27 Earnings Conference Call” November 02, 2026 GANESH~ HOUSINGIII ~ GO INDIA ADVISORS LIMITED.., MANAGEMENT: MR. ANMOL PATEL – WHOLE-TIME DIRECTOR – GANESH HOUSING LIMITED. MR. RAJENDRA SHAH – CHIEF FINANCIAL OFFICER – GANESH HOUSING LIMITED MR. NEERAJ KALAWATIA – VICE PRESIDENT, FINANCE – GANESH HOUSING LIMITED MR. B. RAVI – CORPORATE AND FINANCIAL ADVISOR – GANESH HOUSING LIMITED MODERATOR: MR. RAJAT GUPTA – GO INDIA ADVISOR Page 1 of 13 GANESH-=-® HOUSING .. Ganesh Housing Limited LIMITED.., November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Ganesh Housing Corporation Limited's Q2 FY27 Earnings Conference Call hosted by Go India Advisors. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Rajat Gupta from Go India Advisors. Thank you, and over to you, Mr. Gupta. Rajat Gupta: Yes. Thank you, Michelle. Good afternoon, everyone, and welcome to Ganesh Housing Limited earnings call to discuss the Q2 FY27 results. We have on the call with us today, Mr. Anmol Patel, Whole-Time Director; Mr. Rajendra Shah, Chief Financial Officer; Mr. Neeraj Kalawatia, Vice President, Finance; and Mr. B. Ravi, Corporate and Financial Advisor. We must remind you that the discussion on today's call may include certain forward-looking statements and must be, therefore, viewed in conjunction with the risk that the company faces. I now request Mr. B. Ravi to take us through the company's business outlook and financial highlights, subsequent to which we'll open the floor for Q&A. Thank you, and over to you, sir. B. Ravi: Thank you, Rajat, and good afternoon, everyone, and a warm welcome to Ganesh Housing Limited's Q2 FY27 earnings call. You all must have seen the performance and the detailed presentation we uploaded on the site. First, let me take you through the results and then we can talk about the other projects and various other interesting matters that which we would like to bring to your notice. Revenue for Q2 was INR121 crores, consisting all of project land sales. EBITDA stood at INR98 crores with an EBITDA margin of 80.7%. PBT was INR89 crores and PAT was INR67 crores with a PAT margin of 55.1% and an EPS of INR8.02. Let me put this in context to enable proper comparison, both sequentially and Y-o-Y. Sequentially, the PAT rose 59% from INR42 crores to INR67 crores and the EBITDA margin recovered from 39.3% in Q1 of FY27 to 80.7%. While the EBITDA margins really have risen, I should explain that as I told you in July, Q1 carried a land with a high cost basis inherited through the 2020 amalgamation and a onetime tax charge on the sale of One 91 Thaltej land. Q2 shows the business at its normal margin without that differentiation. And therefore, the PAT decrease -- increase what you see is due to that. On a year-on-year basis, the PAT and the revenues have fallen slightly. Q2 FY26, as you know, was a high base with revenues of over INR174 crores and a PAT of INR108 crores. So as compared to that, Q2 of FY27 has been slightly lower. Page 2 of 13 GANESH-=-® HOUSING .. Ganesh Housing Limited LIMITED.., November 02, 2026 But I would like to clarify that in our business, reported quarterly numbers depend on which project reaches completion. And under Ind AS 115, as you know, it can be only recognized on completion. For that matter, Malabar Retreat is 87% complete, but we cannot recognize the revenue until it is completed, which will happen in Q4 of this year. For the first half, revenue stood at about INR402 crores, EBITDA at INR208 crores and PAT at about INR109 crores. We expect a much different and better performance during H2 and hence, our guidance which we have given in Q1 this year for FY27 of INR1,000 crores to INR1,200 crores revenue and INR300 crores to INR325 crores PAT is reaffirmed. Now let me talk to you about the market environment quickly before I turn to the project. Over the last 3 months, India's real estate market has been consolidating rather than retreating. In housing, Knight Frank's data for the month July to September quarter shows sales across the 8 major cities at about 86,800 units, broadly flat year-on-year, while ANAROCK's top 7 city data shows sales up 3% to over just 1 lakh units with prices up at about 7%. Supply, however, is running ahead of demand. Launches have now exceeded the sales for 16 consequent quarters on Knight Frank's count and ANAROCK sales, the launches rose 18% in the quarter and unsold inventory is up by 12%. Demand is also moving up the value curve. Homes above INR1 crores are now 55% of the sales, while the affordable segment continues to shrink. Offices remain the strongest part of the market. Leasing held steadily at about 66.7 million square feet in the first 9 months of 2026 calendar. Global Capability Centers, that is GCC took 41% of it, up from 37% a year ago and flexible operators took another 24%. That is precisely the occupier base to which we are leasing. The new factor is the cost of money. On the 7th October, RBI, as you know, raised the repo rates by 25 basis points to 5.5%. Its first increase since February 2023. And it also changed its stance to calibrated tightening. Home loan rates will not fall from here and that will weigh on stretched buyers as well as on leveraged developers. Our balance sheet, on the other hand, is almost debt free. So a rate cycle that squeezes others gives us room to be selective. Ahmedabad as a city has held up better than most. In the first 9 months of 2026, the city recorded about 14,300 housing sales, up 2% and its best January to September performance since 2018, with launches of about 16,700 units also at a post-2018 high. Price appreciation has stayed measured with a weighted average up about 3.7% to INR4,837 per square feet and homes about INR1 crores, which are following the India trend now make up 27% of the [Showing first 8,000 characters — download PDF for full document]