Ganesh Benzoplast - Cash rich chemical storage/tank king

Ganesh Benzoplast commercialized their JNPT liquid unit which now contributes monthly revenues of 1 cr. Their LPG unit will be commercialized in 2026 and their capex cost increased (already) to 650-700 cr. Concall notes below


  • Anil Kumar Goel invests 32.4 cr. @162 share price

  • JNPT : increased liquid capacity from 240,000 kl to 283,000 kl. 100% utilization (contributes 90% revenues ). Have 60% market share of third party operators of liquid tanks in JNPT

  • Goa : expanding portfolio. It was a dedicated fuel oil terminal which is now used for edible oil, specialized chemicals, POL products, motor spirit, HSD, molasses exports. 40-50% utilization (contributes 3% revenues ) and hope to increase to 70-75%

  • Cochin : 95% utilization (contributes 7% revenues ). Won a tender from IOC for ATF and ethanol for next 4-years

  • After LPG expansion, they won’t have any spare land

  • LPG terminal will cost 650-700 cr. (increased from 550-600 cr. earlier), Ganesh’s equity contribution will be 100 cr. (70% debt / 30% equity) EBITDA margin of 80%+. Have guaranteed revenue over 15-year period of 1,200 crores from one company (80 cr. annual)

Disclosure: Not invested (no transactions in last-30 days)


What do you think about the key risks affecting the company?
The delays in commercialisation of the plant and the rising competition especially with Aegis also planning to setup a plant at JNPT Terminal. Also the management entering verticals like ethanol and ev fleet leasing, are we too being too optimistic?

Understand that Confidence petro has joined hands with BW LPG and this new entity BW Confidence .
From last Con Call it mentions BW Confidence has entered into a SSA for Jointly operating the Company GBC LPG pvt ltd.
My question is-- Will Shareholders of GaneshBenzo benefit ? As GBC LPG is a Pvt Ltd concern !!

Respected boarders can shed some light.

Yes. GBL will have 45% economic interest and 50% voting rights of the said JV. This means, according to IND AS proportionate figures of the JV will populate in GBL’s consolidated FS.

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Fraud suspected in it’s chemical division and in WOS GBL Chemical Limited. Is corporate governance an issue with this company? Also, CEO Mr. Ramakant Pilani hands his resignation to ensure a fair investigation.

d0319957-4f6c-4f01-aa93-9b0a790862cb.pdf (184.2 KB)


This is serious , 20cr is a huge amount for a 1300 cr market cap

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Public notice issued by GBL in today’s news paper (Economic Times). It seems that its fraud done on the company than fraud in the company.

As per the above disclosure, Mr Ramakant Pilani is involved in the fraud reported earlier by the company on 2nd April 2024.
It is a serious red flag in my opinion.

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Also, the amount has increased from INR 20Cr to INR 40-45Cr. However, the company has taken the legal action against them and does not foresee any financial implication.

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Would it be a mistake to look at the situation in a slightly positive light(?)… that the company is proactively informing shareholders about this fraudulent activity.

Not disregarding in INR 40-45cr impact.

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How will this effect the bottom-line of the company ? also as this is a Family affair, so there is little hope of recovery !!
Pity this has come open just after the BW-Confidence deal !!

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Mr. Ramakant Pilani, the main accused is the brother of Mr. Ramesh Pilani, father of Raunak Pilani & uncle of Rishi Pilani (Ramesh Pilani’s son). They are marwari businessmen with a very keen eye on finances. It’s quite likely that this is some kind of a family settlement at the expense of minority shareholders.

If the promoters want us to believe that this is a fraud, then it speaks very poorly of their basic abilities to manage the company & safe guard the interests of minority shareholders.


I have gone through the latest updates from the Company to NSE. Incidentally, this update Dt 16.04 in BSE site is not opening, as it is showing “since moved”.
The Company has not taken any initiative for Forensic Audit, to ensure that everything comes out. They are still referring to initial investigation. This is a serious flag.
The Company is yet to disclose details of fraud to enable us to ascertain Company’s liability, though they assure that there will not be any financial implications. In my opinion, bank borrowing on the basis of fraud documents, will not be company’ s liability. But what are the other transactions? Civil suit has no meaning, as we know that in India they take decades to be resolved.
Overall, it is a serious negative hang on the quality of management. I am not much hopeful of recovery of amount. But much apprehensive that the amount may be much bigger.