Ganesh Housing's MillionMinds leasing slipped to 43% with rentals delayed to Q4 FY27
Management pushed leasing targets twice, with rentals now starting Q4 FY27 and long-term development potential cut from 18 mn to 15 mn sq ft.
What's new
- Q1 revenue of ₹280 cr, up 86% YoY and 130% sequentially.
- Thaltej 191 monetized instead of developed, with management calling immediate value superior to 5-year project cash flows.
- MillionMinds Phase 1 leasing at 43% LOIs, with 15-20% under negotiation.
- FY27 revenue guided at ₹1,000-1,200 cr; PAT at ₹300-325 cr.
Themes from the call
Demand
MillionMinds leasing demand from GCCs, tech companies, and co-working operators, but only 43% of leasable area under LOI.
Margins
Thaltej sale reduced gross margin due to higher book cost; a one-time tax charge pulled PAT to ₹42 cr from clean levels.
Capital allocation
Monetized Thaltej for immediate cash, prioritizing MillionMinds development and land acquisitions over multi-year project cash flows.
Guidance watch
- FY27 revenue of ₹1,000-1,200 cr and PAT of ₹300-325 cr (includes one-time tax impact).
- MillionMinds full leasing within 2-3 months, rentals from Q4 FY27.
- Phase 2 launch in Q3 FY27, residential launch in Q4 FY27.
- Godavi launch uncertain; management hopes for later in FY27 but no quarter given.
Risk flags
- MillionMinds leasing slippage repeats: 100% leasing target missed twice.
- Development potential cut from 18 mn to 15 mn sq ft without explanation.
- Q1 PAT depressed by one-time tax; clean earnings not disclosed.
- Godavi launch timing fluid with no firm commitment.
Key quotes
-
"We did the math and a present value calculation of the flows we would get over the next 5 years versus what we are getting immediately, and the latter makes far more economic sense."
— Management, on Thaltej 191 -
"The total LOIs already executed are to the tune of about 43%... An additional 15-20% of the area is under various stages of negotiation."
— Management, Jul 2026 call
The brief
Ganesh Housing's transition from developer to annuity platform is hitting execution speedbumps. The flagship MillionMinds project, intended to demonstrate leasing capability, achieved only 43% LOIs despite an earlier target of full leasing by March. Rentals, promised from Q3, now start in Q4 FY27. The long-term development potential has been cut from 18 million to 15 million square feet with no master-plan explanation. That is three credibility hits on the same asset in six months. The Thaltej 191 monetisation, meanwhile, gave Q1 a revenue pop of ₹280 crore, up 86%, but a one-time tax charge left PAT at just ₹42 crore, clean figures undisclosed. Management argues immediate cash is better than a five-year buildout, but the choice masks the absence of recurring income. FY27 guidance of ₹1,000-1,200 crore revenue and ₹300-325 crore PAT implies significant second-half loading, reliant on further land sales and project completions. Godavi, the other big land bank, remains in a holding pattern. Ahmedabad's demand story is intact, but Ganesh Housing has not yet shown it can convert that demand into predictable annuity income. The slippages suggest execution risk is real.
Ganesh Housing's leasing narrative has slipped twice. The annuity transition is real, but the timing keeps moving.