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Ganesha Ecosphere Investors Presentation | Q2FY26
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Safe Harbour Statement 2 Except for the historical information contained herein, statements in this presentation and the subsequent discussions, whichinclude words or phrases such as "will", "aim", "will likely result", "would", "believe", "may", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", seek to", "future", "objective", "goal", "likely", "project", "should", "potential", "will pursue", and similar expressions of such expressions may constitute "forward-looking statements“. These forward looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy,our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. The Company does not undertake any obligation to update forward- looking statements to reflect events or circumstances after the date thereof.
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Towards A Greener Future 3 OUR VISION To become a global corporate citizen, committed to recycle every PET bottle, which is thrown into waste, with world class recycling facilities and to create wealth for our stakeholders through conducting business around social & environmental concerns. OUR MISSION We will continue to deliver enhanced value for our stakeholders by being the preferred choice of our customers, delivering highest quality products and work towards making our planet a better place to live in for the present and future generations.
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01 Financial Overview
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36,049 38,845 33,650 39,132 Q1FY26 Q2FY26 Q2FY26 Consolidated Performance Highlights (QoQ) 5 Revenue from operations 337.1 363.4 Q1FY26 Q2FY26 36.3 22.3 Q1FY26 Q2FY26 10.8% 6.1% Q1FY26 Q2FY26 10.8 5.7 Q1FY26 Q2FY26 EBITDA EBITDA Margin EBITDA / Ton INR Cr INR Cr INR ‘000s Profit/ (loss) after tax 10.8 -0.5 Q1FY26 Q2FY26 26.3 15.2 Q1FY26 Q2FY26 4.23 -0.28 Q1FY26 Q2FY26 Cash Profits Volume Basic EPS INR Cr INR Cr INRMT *Production Data excluding captive consumption Production* Sales
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25,392 25,689 24,040 29,068 Q1FY26 Q2FY26 Q2FY26 Standalone Performance Highlights (QoQ) 6 Revenue from operations 221.5 259.4 Q1FY26 Q2FY26 9.3 8.2 Q1FY26 Q2FY26 4.2% 3.2% Q1FY26 Q2FY26 3.9 2.8 Q1FY26 Q2FY26 EBITDA EBITDA Margin EBITDA / Ton INR Cr INR Cr INR ‘000s PAT 7.7 7.8 Q1FY26 Q2FY26 13.6 13.8 Q1FY26 Q2FY26 3.01 2.94 Q1FY26 Q2FY26 Cash Profits Volume Basic EPS INR Cr INR Cr INRMT *Production Data excluding captive consumption Production* Sales
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39,551 38,845 39,689 39,132 Q2FY25 Q2FY26 Production* Sales Q2FY26 Consolidated Performance Highlights (YoY) 7 Revenue from operations 386.8 363.4 Q2FY25 Q2FY26 55.3 22.3 Q2FY25 Q2FY26 14.3% 6.1% Q2FY25 Q2FY26 13.9 5.7 Q2FY25 Q2FY26 EBITDA EBITDA Margin EBITDA / Ton INR Cr INR Cr INR ‘000s Profit/ (loss) after tax 27.1 Q2FY25 Q2FY26 40.6 15.2 Q2FY25 Q2FY26 10.73 Q2FY25 Q2FY26 Cash Profits Production Volume Basic EPS INR Cr INR Cr INRMT *Production Data excluding captive consumption
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28,372 25,689 28,073 29,068 Q2FY25 Q2FY26 Q2FY26 Standalone Performance Highlights (YoY) 8 Revenue from operations 255.3 259.4 Q2FY25 Q2FY26 26.6 8.2 Q2FY25 Q2FY26 10.4% 3.2% Q2FY25 Q2FY26 9.5 2.8 Q2FY25 Q2FY26 EBITDA EBITDA Margin EBITDA / Ton INR Cr INR Cr INR ‘000s PAT 20.3 7.8 Q2FY25 Q2FY26 25.9 13.8 Q2FY25 Q2FY26 7.99 2.94 Q2FY25 Q2FY26 Cash Profits Volume Basic EPS INR Cr INR Cr INRMT *Production Data excluding captive consumption Production* Sales
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Quarter Wise Performance 9 390.5 403.0 349.1 340.5 368.7 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 INR Cr 55.3 56.5 51.1 36.3 22.3 14.3% 14.2% 14.8% 10.8% 6.1% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBITDA MarginINR Cr 27.1 29.7 23.8 10.8 -0.5 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 INR Cr 262.1 277.2 223.6 229.6 270.0 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 INR Cr 26.6 23.3 20.7 9.3 8.2 10.4% 8.7% 9.6% 4.2% 3.2% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 EBITDA MarginINR Cr 20.3 19.6 14.7 7.7 7.8 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 INR Cr Total Income ConsolidatedStandalone EBITDA PAT
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Production vs Sales Volume (in MT) 10 28,372 28,916 26,526 25,392 25,689 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 28,073 29,594 23,508 24,040 29,068 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Production & Sales Volume on Standalone basis Production Volume (Standalone) Sales Volume (Standalone) 39,689 41,513 34,308 33,650 39,132 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Production Volume (Consolidated) Sales Volume (Consolidated) 39,551 40,630 38,790 36,049 38,845 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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Highlights of Q2FY26(1/2) 11 ➢ Current quarter recorded higher revenue of Rs. 363.38 Crore-an increase of 7.8% ➢ Legacy business sales growth is 17.1% while subsidiaries witnesses revenue declined by 10% ➢ Consolidated production volume rose by 7.8% ➢ Achieved sales volume of 39,132 MT- increase of 16.3% (20.9% in legacy business & 4.7% in subsidiary business); ➢ Gross profit margins declined to 31% from 35.4% during the last quarter; ➢ Due to sudden and steep hike in bottle scrap prices during June quarter, average raw material carrying cost was ~Rs 50 per kg as against the prevailing ruling prices of about Rs. 44-45 per kg. This mismatch led to higher raw material consumption and lower gross margins. The gap was largely absorbed by the end of September 2025.
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Highlights of Q2FY26 (2/2) 12 ➢ The average selling prices in legacy business dropped by 3% and for subsidiaries, the drop was 6%. ➢ Demand in legacy business had witnessed a steady revival despite textile business in India is facing a rough phase due to US tariff of 50%. Presently, we are having a good order book position as well as visibility of future demand with stability in prices. ➢ Because of the uncertainty in draft notification of MOEF issued on June 3, 2025, the demand and sale of rPET granules is not on expected line. We are getting the commitments from our existing buyers to start deliveries from January, 2026 onwards.
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02 Business Overview
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Ganesha Ecosphere | Leading PET Plastic Recycling Company 14 3+ Decades Rich Industry Experience 500+ Product Variants 400+ Customers across 16+ countries 6 Manufacturing Facilities 196,440 MTPA Recycling & Washing Capacity 300+ Supplier Network Pan India 8.5 bn+ Scrap bottles recycled annually 150,000+ MTPA PET Waste converted 2,800+ Employees
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Ganesha Ecosphere | Company Structure 15 Ganesha Ecosphere Limited Flagship company housing Kanpur, Bilaspur & Temra facilities for washing, PSF & dope dyed yarns Ganesha Ecopet Private Limited Ganesha Ecotech Private Limited Ganesha Overseas Private Limited Wholly Owned Subsidiaries Commenced commercial operations partially on April 1, 2023 Commenced commercial operations on February 1, 2023 Commenced commercial operations on February 1, 2023 One of the leading players in PET plastic recycling space in India with a total installed capacity of 196,440 tons across products like RPSF, rPET granules, rPET filament yarn, Spun Yarn, dyed filament yarn, PPSF and washed flakes. Incorporated in 1987 by Mr. Shyam S. Sharmma, Ganesha Ecosphere Limited engaged in manufacturing of Recycled Polyester Staple Fiber (RPSF), Dyed yarn and Recycled Spun Yarn and recently ventured into rPET chips and rPET filament yarn. Committed to its mission of recycling, carrying out production of its major products rPSF, rPET Granules, rPET Filament Yarn through waste PET bottles Long standing track record of 3+ decades in the industry, large scale of operations, ability to source repeat business from a diversified client base & an established supplier network Established strong collection network across the country (especially Northern & Southern regions), mobilizes ~450 tons of PET bottle waste every day rPET chips (Bottle & Textile grade) rPET Filament Yarn PPSFRPSF Warangal Operations Nepal Operations for Washed PET Flakes
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Branding initiative and Visibility of Go Rewise 16 Flags made out of rPET at the ICC T20 World Cup 2024 & ICC Women's Cricket World Cup 2025 Tote-bad campaign – brand building & new product launch Recognition & Awards Discussing our solutions on Packaging South Asia magazine Distributed 21,500 recycled PET jackets through Maidaan Saaf, preventing 6,45,000 bottles from ending up in landfills. Participated in 15+ conferences for visibility & brand growth Nature appreciation contest for brand visibility under Social Engagement & Awareness Campaign
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03 Industry Overview
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India’s PET Market Set for Strong Growth, Fueled by Government Recycling Push 18 11.9 15.4 19.1 3.5 5.0 7.1 CY17 CY24 CY29F PET Bottle rPET Bottle CAGR: 4% Global PET Bottle Production (Mn Ton) 0.8 1.3 2.3 CY17 CY24 CY29F CAGR: 10% 15 Lac Ton India PET Bottle expected consumption in CY25 30% India Recycled content use EPR Target in PET bottles in FY26 India PET Bottle Production (Mn Ton) Rapidly rising rPET demand projected at 2.0–2.5 lakh tons in FY26 EPR Type Category Recycling Target Recycling Content Use Target Reuse Target FY25 FY28 FY26 FY29 FY26 FY29 Rigid Plastics 50% 80% 30% 60% 10% 25% Flexible Packaging 30% 60% 10% 20% 0% 0% Multi-Layer Packaging 30% 60% 5% 10% 0% 0% Compostable Plastic 50% 80% 0% 0% 0% 0% India’s EPR Rules fuelling the Recycling Demand
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Key Growth Drivers for Recycled PET 19 Growing adoption of rPET to reduce reliance on virgin plastic and support circular economy Innovations in recycling technologies is enhancing high quality & cost effective rPET Rising demand for sustainable packaging solutions, global regulations compelling brands to adopt rPET packaging Durability, safety & recyclability are making rPET a preferred option among diverse end user industries Defined standards & certifications from regulatory bodies like FSSAI, FDA & EFSA has strengthened consumer confidence
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04 Key Strengths Leading PET Plastic Recycling Company with deep domain expertise driving towards a sustainable future
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Key Strengths 21 Leading the PET recycling revolution with early-mover dominance in India’s B2B rPET granules space Cultivating Deep Domain Expertise – Establishing Distinctive and Inimitable Competencies Expanding product portfolio with a leap into the next generation of recycling - GoRewise State-of-the-art manufacturing facilities strategically located across India; Strategically realigning product portfolio towards high-margin, value-added products Experienced Management and Board of Directors driven towards a sustainable future 1 5 2 4 3
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Leading the PET recycling revolution with early-mover dominance in India’s B2B rPET granules space 22 Temra facility with capacity of 21,600 TPA Crossed INR 500 crore Revenue Expansion of Temra facility to a total capacity of 45,000 TPA Crossed INR 1,000 crore Revenue Nepal (Capacity of 12,000 TPA) & Warangal (50,000 TPA) facilities operationalized rPET & rPET FDY facilities operationalized Ganesha recycles significant share of India’s PET bottle waste A leading force in PET plastic recycling for over three decades and the largest player in the RPSF segment 1 Deep domain expertise Best in class technologies for recycling PET bottles Research and Development capabilities Large network of suppliers & customers Certified & approved processes 2012 2014 2017 2019 2023 2024 150,000+ MTPA of PET waste converted in FY25 8+ Billion of PET bottles recycled in FY25 Ramping up capacities in rPET granules to 42,000 TPA 2025
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Strong collection network Joint ventures/ Partnerships Distribution Creating the ecosystem of waste collection Cultivating Deep Domain Expertise – Establishing Distinctive and Inimitable Competencies 23 Used Pet Bottle Collection Post Consumer PET Bottles sent to recycling facility Recycling Facility rPET Flakes End User Industries Recycling facilities crush these bottles to flakes rPET flakes converted to pellets/resins which are supplied to end user industries Bottles Fiber Sheets & Film Bags & Containers Strong relations and collection network of 300+ suppliers across India based on which the company mobilizes ~450 tons of PET waste every day Strategic JV with Race Eco Chain (49:51) to secure PET flakes supply via a nationwide hub-and-spoke sourcing model Company has 6 sales office across the expanse of India and has a reach to 400+ clients in India as well as Globally to 16+ countries Ganesha has created a strong ecosystem of organized vendors on a Pan India basis to collect plastic waste 2 Value chain Domain expertise PET Bottle Collection Sorting Washing Shredding & Cleaning Conversion of Flakes to Resin Storing Transporting to End- user Industries
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Expanding product portfolio with a leap into the next generation of recycling - GoRewise 24 3 Focus on Sustainability Optimized processes for minimum resource consumption Zero Liquid Discharge facility Strong focus on R&D to continuously improve processes & products Unmatched Legacy Managed by industry experts with an average of 25+ years experience Large network of suppliers & customers to be leveraged State of art Technology Partnered with best PET recycling technology providers Customized & re-designed technology to process Indian waste Super-clean technology (approved by Global organizations) to produce rPET resin The brand was launched with a commitment for the good of tomorrow. GoRewise is dedicated to conserving resources and establish sustainability supremacy by efficiently recycling PET plastic into premium quality products
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New Products in the Space Under GoRewise 25 3 Every product manufactured under the brand goes through stringent quality checks to ensure only highest quality rPET products are supplied to our partners Product Name Target Customers Partner with F&B industry for packaging needs rPET Chips – Bottle Grade rPET Chips – Textile Grade rPET Fibers & Yarns Partner with sustainability focused apparel & textile brands Partner with sustainability focused apparel & textile brands Differentiation Almost virgin like properties High customization that deliver better than virgin properties Specialty product basket to cater to niche sectors Certifications USFDA, EFSA & FSSAI approved technology for food grade packaging GRS & Oekotex certified rPET chips for high end textile applications GRS and Oekotex certified Fibers and Yarns with high consistency and strength
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State-of-the-art manufacturing facilities strategically located across India 26 Facility Capacity (TPA) Kanpur 10,200 rPET Fibre 7,200 Dyed Textured Yarn 3,000 Rudrapur 39,600 rPET Fibre 39,600 Bilaspur & Temra 57,000 rPET Fiber 49,800 rPET Spun Yarn 7,200 Warangal 77,640 rPET Granules 42,000 B2F Chips/Filament yarn 12,240 RPSF 12,600 PPSF 10,800 Nepal 12,000 Washed Flakes 12,000 Rudrapur Kanpur Bilaspur & Temra Nepal Warangal Additional approvals for food grade applications in Warangal Best in class certifications having a strong focus on quality 4 Existing Facilities Proposed Greenfield Expansion
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Experienced Management and Board of Directors… 27 5 Akshay Kumar Gupta Non-Executive Independent Director • 60+ years of experience • Visionary to bring PET recycling revolution in India • Responsible for looking into the overall management, strategic planning and development of the company Shyam Sunder Sharmma Founder and Non -Executive Chairman • 35+ years of experience • Expertise in operations, marketing and distribution • Responsible for overseeing day to day management and overall operations of the Company Sharad Sharma Managing Director • 50+ years of experience • Expertise include business development, and marketing • Oversees marketing & business development for the group Vishnu Dutt Khandelwal Executive Vice- Chairman • 35+ years of experience • Expertise in plant administration & operations • Responsible for looking after the administration and operations of the Company’s Rudrapur and Bilaspur unit Rajesh Sharma Joint Managing Director • 35+ years of experience • Expertise in the field of management consulting, international business • He is a management graduate from IIM Ahmedabad Jagat Jit Singh Non-Executive Independent Director • 30+ years of experience • Post graduate from IIMA, FCA, Grad CMA and FCS • Deep proficiency in asset management, risk management, system implement- tation, corporate governance etc. Narayanan Subramaniam Non-Executive Independent Director • 40+ years of experience • He is a CA by profession and past member of Central Council of ICAI • Has served on board of Northern Coalfields, presently on board of Kanpur Plastipack Limited • 30+ years of experience • Ph.D. in Pollution Abatement from H.B.T.I., Kanpur, Master Degree in Chemistry • She was working as a Regional Officer, UP Pollution Control Board and functioned across various roles Dr. Shobha Chaturvedi Non-Executive Independent Director
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Zero discharge facility at Warangal Warangal facility equipped to recycle ~90% of water required in operations and only ~10% fresh water is needed …driven towards a sustainable future 28 5 Partnership with a leading IPP for supply of Solar Power for captive consumption Shifting towards clean renewable energy plant’s across production facilities with total installed capacity of 16.53 MWp of Rooftop Solar power installations Impacting the environment by reducing burden of waste on Planet Creating a sustainable, circular economy on a Global level Helping industries to take steps towards sustainability
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Strive to become the Preferred & Largest provider for Recycled Plastic products globally 05 Key Strategies
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• Unlock the potential of high margin products. Target revenue contribution of value added products ~65% (vs 40% currently) • Constantly strengthen our overseas presence through participation in international events and exhibitions • Seize the demand for rPET in bottle grade applications • Capitalize on the regulations, being one of the few companies to have a large B2B facility • Increasing rPET granules capacities by 90,000 MTPA to meet the growing demand • Focus on increasing market share in technical textiles and household textiles sector. • Working with 40+ brands across various stages of approvals to provide rPET products helping them meet their sustainability goals The Way Forward 30 1 2 4 5 3
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06 Financial Summary
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Profit & Loss Statement - Standalone 32 Particulars (INR Crore) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 Net Revenue from operations 259.35 221.47 255.32 480.82 499.41 Other Income 10.66 8.17 6.78 18.83 16.83 Total Income 270.01 229.64 262.10 499.65 516.24 Expenses Cost of materials consumed/ traded goods 159.74 161.17 166.47 320.91 319.25 Changes in inventories 30.40 (5.40) (0.12) 25.00 5.82 Employee benefits expense 17.55 17.89 16.63 35.45 32.78 Finance costs 2.42 1.32 0.79 3.73 1.23 Depreciation and amortization 5.99 5.87 5.65 11.86 11.81 Other expenses 43.48 38.51 45.75 81.99 90.02 Profit before tax 10.43 10.28 26.93 20.71 55.33 Tax Expense (2.62) (2.62) (6.68) (5.23) (14.08) Net Profit after tax 7.82 7.66 20.25 15.48 41.25 Other Comprehensive income (0.91) (0.23) 0.02 (1.14) 0.03 Total Comprehensive Income 6.91 7.43 20.27 14.34 41.28
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Profit & Loss Statement - Consolidated 33 Particulars (INR Crore) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 Net Revenue from operations 363.38 337.12 386.81 700.51 723.36 Other Income 5.29 3.38 3.73 8.66 7.97 Total Income 368.67 340.50 390.54 709.17 731.33 Expenses Cost of materials consumed/ traded goods 240.10 226.70 228.17 466.80 428.36 Changes in inventories 10.75 (8.80) 16.30 1.95 21.92 Employee benefits expense 23.60 23.56 21.61 47.16 42.37 Finance costs 11.29 9.84 9.56 21.14 17.91 Depreciation and amortization 15.74 15.50 13.52 31.24 26.96 Other expenses (incl. share of profit/ (loss) of an associate) 66.60 59.38 65.45 125.97 127.73 Profit before tax 0.59 14.32 35.93 14.91 66.08 Tax Expense (1.09) (3.57) (8.82) (4.66) (16.42) Net Profit/ (Loss) after tax (0.50) 10.75 27.11 10.25 49.66 Other Comprehensive income (0.89) (0.22) 0.04 (1.11) 0.08 Total Comprehensive Income/ (loss) (1.39) 10.53 27.15 9.14 49.74
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Balance Sheet - Standalone 34 Particulars (INR Crore) HY1FY26 HY1FY25 FY25 ASSETS Non- Current Assets (a) Property, Plant and Equipment 233.51 239.10 235.67 (b) Capital Work - in – Progress 15.52 6.30 12.78 (c) Other Non - Current Assets 727.03 536.32 581.59 Current assets (a) Inventories 202.70 223.05 233.06 (b) Trade Receivables 131.45 133.67 107.77 (c) Cash and Cash Equivalents 31.36 23.21 108.67 (d) Other Current Assets 156.66 161.98 109.39 TOTAL ASSETS 1498.23 1323.63 1388.93 Equity (a) Equity Share Capital 26.80 25.35 25.46 (b) Other Equity 1251.37 1098.57 1134.44 Total Equity 1278.17 1123.92 1159.90 Liabilities Non- Current Liabilities (a) Long Term Borrowings 0.86 2.55 0.83 (b) Long Term Provisions 11.05 9.16 8.49 (c) Other Non-Current Liabilities 21.33 22.30 21.35 Current Liabilities (a) Short Term Borrowings 97.10 70.22 106.43 (b) Short Term Provisions 2.31 2.12 4.65 (c) Trade Payables 50.55 56.80 55.22 (d) Other Current Liabilities 36.86 36.56 32.06 TOTAL EQUITY AND LIABILITIES 1498.23 1323.63 1388.93
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Balance Sheet - Consolidated 35 Particulars (INR Crore) HY1FY26 HY1FY25 FY25 ASSETS Non- Current Assets (a) Property, Plant and Equipment 902.60 801.80 915.06 (b) Capital Work - in – Progress 114.86 119.13 50.97 (c) Other Non - Current Assets 167.90 66.31 122.34 Current assets (a) Inventories 355.60 319.90 355.41 (b) Trade Receivables 179.69 196.09 171.57 (c) Cash and Cash Equivalents 41.79 27.24 116.08 (d) Other Current Assets 271.56 237.87 202.77 TOTAL ASSETS 2034.00 1768.34 1934.20 Equity (a) Equity Share Capital 26.80 25.35 25.46 (b) Other Equity 1235.38 1070.00 1125.22 Total Equity 1262.18 1095.35 1150.67 Liabilities Non- Current Liabilities (a) Long Term Borrowings 353.13 367.22 368.37 (b) Long Term Provisions 11.94 9.87 9.13 (c) Other Non-Current Liabilities 67.92 39.56 69.92 Current Liabilities (a) Short Term Borrowings 192.24 118.69 187.78 (b) Short Term Provisions 2.35 2.12 4.97 (c) Trade Payables 71.40 75.72 80.69 (d) Other Current Liabilities 72.84 59.81 62.67 TOTAL EQUITY AND LIABILITIES 2034.00 1768.34 1934.20
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Thank You 113/216-B, First Floor, Swaroop Nagar, Kanpur, Uttar Pradesh- 208002, India Email: secretarial@ganeshaecosphere.com