Shree Ganesh Remedies Limited – Q3 FY26 Results Summary (Consolidated) Announcement Date: 23 Jan 2026
Financial Performance
Units: All figures below are in INR Crores (₹1 Cr = ₹100 Lakhs).
No Excise Duty/VAT line item is present; reported revenue is used as-is.
Key Numbers (Q3 FY26 vs Q2 FY26 vs Q3 FY25)
- Revenue from Operations:
- Q3 FY26: ₹21.11 Cr
- Q2 FY26: ₹30.32 Cr
- Q3 FY25: ₹27.05 Cr
- YoY: -22.0%
- QoQ: -30.4%
- Other Income: ₹0.66 Cr (Q3 FY26)
- Total Income: ₹21.76 Cr (Q3 FY26)
- Operating Expenses:
- COGS (after inventory adj.): ₹8.94 Cr (materials) - ₹2.61 Cr (inventory increase) = ₹6.33 Cr
- Employee Cost: ₹2.86 Cr
- Other Expenses: ₹5.18 Cr
- Operating Profit (EBITDA):
- Q3 FY26: ₹6.74 Cr
- Q2 FY26: ₹9.58 Cr
- Q3 FY25: ₹8.09 Cr
- YoY: -16.7%
- QoQ: -29.6%
- Operating Margin:
- Q3 FY26: 31.9%
- Q2 FY26: 31.6%
- Q3 FY25: 29.9%
- Net Profit (PAT):
- Q3 FY26: ₹3.09 Cr
- Q2 FY26: ₹4.96 Cr
- Q3 FY25: ₹5.42 Cr
- YoY: -43.0%
- QoQ: -37.7%
- Net Margin:
- Q3 FY26: 14.6%
- Q2 FY26: 16.4%
- Q3 FY25: 20.1%
- EPS (Basic/Diluted): ₹2.41 (Q3 FY26) vs ₹4.22 (Q3 FY25) vs ₹3.86 (Q2 FY26)
What’s Different This Quarter
- Sharp Revenue Decline: Revenue fell 30% QoQ and 22% YoY, the steepest drop in at least 8 quarters. This is well below the Q3 historical average (₹20.5 Cr), and marks a second consecutive quarter of weak sales (Q2 FY26 was also below trend).
- Growth Deceleration: The company’s recent 4Q average QoQ growth is now negative (-0.54%), a reversal from strong double-digit growth in prior periods. The 8Q average YoY growth (55%) has sharply decelerated.
- Margins Hold Despite Revenue Drop: Operating margin was stable at 31.9% (vs 31.6% in Q2), slightly above the Q3 historical average (29.3%), indicating cost flexibility. However, net margin compressed to 14.6% (from 20.1% YoY), reflecting higher finance costs and lower operating leverage.
- Cost Structure:
- COGS as % of revenue: 30.0% (vs historical avg 38.9%) – remains favorable.
- Employee costs: 13.6% of revenue (vs 8.6% historical avg) – a notable increase.
- Other expenses: 24.5% of revenue (vs 19.3% historical avg) – also elevated.
- Profitability Impact: Net profit nearly halved YoY, and is at its lowest in 8 quarters.
- No Segment or Geographic Diversification: Still a single-segment business; no new disclosures.
Historical Context
- Seasonality: Q3 is typically a softer quarter, but this result is materially below both the Q3 and overall historical averages.
- Margins: Operating margin remains within the historical range but is down from the record highs seen in FY24.
- Cost Ratios: Employee and other costs as a percentage of revenue are at multi-year highs, offsetting some of the benefit from lower COGS.
- Record Lows: This is the lowest quarterly net profit and EPS since at least FY24.
Company Updates
- No Management Commentary: No qualitative discussion of the revenue decline, cost increases, or outlook.
- No Corporate Actions: No new projects, capex, M&A, or restructuring disclosed.
- No Segmental or Geographic Data: Still reported as a single business line.
Summary:
Q3 FY26 saw a sharp sequential and annual decline in revenue and profit, with net profit at a multi-year low. Margins held up due to lower COGS, but higher employee and other costs compressed net margins. The company remains a single-segment operation with no new disclosures on growth initiatives or outlook. Investors should note the ongoing deceleration in growth and margin compression relative to historical performance.