Ganga Bath FittingsShare price, financial results, shareholding and management
- Market cap
- ₹51 cr
- Stock P/E
- 40.2peers 15.3
- Book value
- ₹24.6
- Price to book
- 0.94
- EV / operating profit
- 12.4
- Market cap to sales
- 1.47
- ROCE · FY26
- 5.6%
- ROE · FY26
- 3.3%
- ROE, 3-year average
- 18.0%
- Operating margin · FY26
- 14.9%peers 10.6%
- Sales growth, 3 years
- 42.2%
- Profit growth, 3 years
- 142.3%
- Debt to equity
- 0.27peers 0.30
- Borrowings
- ₹14.7 cr
- Interest cover
- 2.8×
- Cash from business / op. profit
- -110%
- Debtor days
- 117
- Pledged
- 0.00%
- Promoter holding
- 69.16%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,136
- 52-week high / low
- ₹26 / ₹16
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Ganga Bath Fittings share price chart
Close on 6 Nov 2026 · +2.21% on the day · Vol 24,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +7.2%
- 3 months
- +1.1%
- 6 months
- -4.1%
- 1 year
- -5.1%
- Since IPO
- -52.8%
- Traded a day, 20 days
- ₹0.14 cr
- Taken for delivery
- 65%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +10% | -64% |
| 3 years, a year | +42% | +142% |
| Latest half, H2 FY26 | +17% | -22% |
About Ganga Bath Fittings: business, products and customers
Ganga Bath Fittings makes taps, showers, drains and other bathroom fittings in brass, plastic and stainless steel at three units in Rajkot, and sells them under its own brands through dealers across India. Its shares trade on NSE Emerge.
Ganga Bath Fittings brings together three family businesses run from Shapar near Rajkot: a brass unit making chrome plated taps and parts, a plastic moulding unit making ABS and PTMT taps, showers and health faucets, and a stainless steel unit making showers and drain channels. Its own brands are Ganga, Glimpse, Stepian and Tora, and it also buys in sanitaryware such as sinks and vanities and sells it under the Ganga name.
Money comes in three ways. Own brand goods, sold to distributors and dealers, gave about two thirds of sales in the nine months to December 2024; contract manufacturing for other companies' brands gave about a quarter; and traded sanitaryware the rest. Own brand sales carry the company's design and dealer costs, while contract work runs on the buyer's brand and terms, so the mix between the two moves margins. The offer document says it passes changes in stainless steel prices on to customers.
Read more about the business
The model holds a lot of stock. With more than four hundred products across the three units and credit offered to win new dealers, inventory at March 2026 was close to a full year's sales, and in FY26 operating cash flow was negative. All three units are on rented premises, the brass unit in a building owned by the promoters' firm Ganga Industries.
The offer document names Cera Sanitaryware and Hindware Home Innovation, listed makers of sanitaryware and bath fittings, as its peers, while noting no listed company of its size does the same work. It listed on NSE Emerge in June 2025, spent the money mainly on new furnaces, presses and grinding machines, and set up a subsidiary, Ganga Bathwares Solutions, in February 2026.
From the red herring prospectus (May 2025) and the annual report for FY26.
Read the deeper study ↓In its favour
- Sales have grown fast: 42% a year over three years.
- It has little debt for its size: debt to equity 0.27.
- The promoters own a large part of the company: 69.16%.
To watch
- Whether the new furnaces and presses bought with the IPO money in FY26 lift production and sales, as the offer document planned.
- Inventory, which stood close to a full year of sales at March 2026.
- The ₹1.8 cr of IPO money the offer document set aside for working capital in FY27.
- What the new subsidiary Ganga Bathwares Solutions, set up in February 2026, will do.
- Customers take longer to pay than before: 117 days in FY26, against 56 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Ganga Bath Fittings revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Ganga Bath Fittings half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 16.35 | 15.58 | 16.72 | 18.27 |
| Expenses | 12.36 | 12.99 | 15.49 | 14.29 |
| Operating profit | 3.99 | 2.59 | 1.23 | 3.98 |
| OPM | 24.4% | 16.6% | 7.4% | 21.8% |
| Interest | 0.46 | 0.84 | 0.44 | 0.61 |
| Depreciation | 0.29 | 0.26 | 0.26 | 2.24 |
| Profit before tax | 3.26 | 1.50 | 0.53 | 1.40 |
| Net profit | 2.50 | 1.14 | 0.39 | 0.89 |
Ganga Bath Fittings profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 10.67 | 12.18 | 13.58 | 31.93 | 34.99 |
| Expenses | 9.94 | 10.77 | 12.04 | 25.35 | 29.78 |
| Operating profit | 0.73 | 1.41 | 1.54 | 6.58 | 5.21 |
| OPM | 6.8% | 11.6% | 11.3% | 20.6% | 14.9% |
| Other income | 0.03 | 0 | 0.10 | 0.02 | 0.27 |
| Interest | 0.35 | 0.86 | 0.38 | 1.30 | 1.05 |
| Depreciation | 0.42 | 0.39 | 0.40 | 0.54 | 2.50 |
| Profit before tax | -0.01 | 0.16 | 0.86 | 4.76 | 1.93 |
| Tax rate | -200.0% | 43.8% | 31.4% | 24.8% | 33.7% |
| Net profit | 0.01 | 0.09 | 0.59 | 3.58 | 1.28 |
| EPS ₹ | · | · | · | 2.30 | 0.57 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Ganga Bath Fittings profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a low return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 6.8% | 11.6% | 11.3% | 20.6% | 14.9% |
| Tax rate | -200.0% | 43.8% | 31.4% | 24.8% | 33.7% |
| ROCE | · | 21.6% | 19.8% | 27.4% | 5.6% |
| ROE | · | · | · | 32.8% | 3.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ganga Bath Fittings debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Ganga Bath Fittings balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 15.54 | 22.21 |
| Reserves | 0.01 | 0.01 | 0.01 | 6.29 | 32.39 |
| Net worth | 0.01 | 0.01 | 0.01 | 21.83 | 54.60 |
| Borrowings | 4.28 | 5.15 | 7.38 | 15.03 | 14.66 |
| Other liabilities | 2.73 | 3.45 | 3.02 | 9.95 | 9.51 |
| Total liabilities | 7.02 | 8.61 | 10.41 | 46.81 | 78.77 |
| Fixed assets | 1.84 | 1.56 | 1.83 | 2.36 | 25.16 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 1.03 |
| Other assets | 5.18 | 7.05 | 8.58 | 44.45 | 52.58 |
| Receivables | · | · | · | 11.65 | 11.25 |
| Inventory | · | · | · | 27.08 | 33.17 |
| Cash | · | · | · | 2.37 | 1.62 |
| Trade payables | · | · | · | 6.62 | 7.29 |
Ganga Bath Fittings cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0.68 | 0.16 | -0.99 | -1.24 | -5.73 |
| Cash from investing | -0.66 | -0.50 | -0.41 | -1.30 | -25.10 |
| Cash from financing | -0.13 | -0.06 | 1.25 | 4.83 | 30.07 |
| Net cash flow | -0.11 | -0.40 | -0.15 | 2.29 | -0.76 |
| Capital spending | · | · | · | 0.10 | 25.30 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 56 | 52 | 38 | 133 | 117 |
| Inventory days | 101 | 156 | 212 | 435 | 460 |
| Days payable | 96 | 113 | 84 | 106 | 101 |
| Cash conversion cycle | 61 | 95 | 166 | 462 | 476 |
| Working capital days | -36 | -47 | -49 | 202 | 318 |
Ganga Bath Fittings peers and competitors
Listed SME companies in the same industryBy sales, Ganga Bath Fittings is number 65 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Omara Ventures India | 138 | 14.7 | 45.9 | 9.4 | 31.8% | 1.79 |
| Black Opal Consultants | 190 | 15.9 | 42 | 12 | 40.0% | 0.31 |
| Marc Loire Fashions | 29 | 16.4 | 35.4 | 1.8 | 7.7% | 0.00 |
| Ganga Bath Fittings | 51 | 40.2 | 35 | 1.3 | 14.9% | 0.27 |
| Varyaa Creations | 13 | 24.3 | 34.9 | 0.5 | 3.7% | 0.18 |
| Pulz Electronics | 46 | 10.0 | 33.8 | 4.6 | 17.9% | 0.01 |
| Dolphin Kitchen Utensils and Appliances | 10 | 2.9 | 33.2 | 3.6 | 13.5% | 0.05 |
| Super Fine Knitters | 20 | 22.2 | 31 | 0.9 | 5.9% | 0.42 |
| Comrade Appliances | 23 | - | 30.1 | -9.5 | -10.2% | 2.89 |
| Riddhi Display Equipments | 23 | 5.4 | 29.1 | 4.3 | 26.5% | 0.28 |
| Shashwat Furnishing Solutions | 12 | - | 24 | -0.4 | -0.2% | 0.44 |
| Median of the 10 others | 23 | 15.3 | 33.5 | 2.7 | 10.6% | 0.30 |
Ganga Bath Fittings shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Ganga Bath Fittings shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 25 | Sep 25 | Mar 26 | |
|---|---|---|---|
| Promoters | 69.16% | 69.16% | 69.16% |
| Foreign investors (FIIs) | 0.22% | - | - |
| Indian institutions (DIIs) | 0.18% | 0.14% | - |
| HNIs (over ₹2 lakh each) | 5.47% | 2.67% | 3.47% |
| Small holders (up to ₹2 lakh) | 21.51% | 20.39% | 18.73% |
| Companies and others | 3.46% | 7.64% | 8.64% |
| Number of shareholders | 1,491 | 1,269 | 1,136 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Ganga Bath Fittings study: the business from its own documents
Read from 2 of the company's own documentsGanga Bath Fittings so far
From the company's own record
- 11 June 2025Listed on NSE Emerge at ₹49
- 31 March 2026Promoters at 69.16%
- 11 June 2025Highest close since listing, ₹53.50
Ganga Bath Fittings key facts from the filings
Each figure with the document it comes from
- Own brand share
- 68.09%
- Share of sales from its own brands in April to December 2024; contract manufacturing gave 26.73%.Red herring prospectus, p.150
- Dealers
- 2,567
- Dealers at FY25, of which 2,301 were active, up from 1,984 two years earlier; sold through 30 distributors.Red herring prospectus, p.183 and p.184
- Capacity in use
- 73%
- Average use of the three units' capacity in April to December 2024, up from 41% in FY22.Red herring prospectus, p.187
- Top ten customers
- 61.75%
- Share of April to December 2024 sales from ten customers, up from 46.77% in FY24.Red herring prospectus, p.47
- IPO money for machines
- ₹20.1 cr
- Planned for electric furnaces, a large power press and grinders in FY26, to lift brass casting from 225 to 630 tonnes a year.Red herring prospectus, p.108 and p.155
Show 5 more facts
- Spent on fixed assets
- ₹25.3 cr
- Purchases of fixed assets in FY26, against ₹0.1 cr a year earlier; tangible assets rose to ₹23.0 cr.Annual report FY26, p.48 and p.52
- Inventory
- ₹33.2 cr
- Stock at March 2026, against FY26 sales of ₹35.0 cr; it rose by ₹6.1 cr in the year.Annual report FY26, p.49, p.50 and p.52
- Depreciation
- ₹2.5 cr
- FY26 charge on the new machines, up from ₹0.5 cr, the main reason the directors give for lower profit.Annual report FY26, p.6
- Rented units
- 3 of 3
- All three plants are leased; the brass unit and office stand in premises owned by the promoters' firm Ganga Industries.Red herring prospectus, p.37
- People
- 154
- Permanent employees on the rolls at the end of FY26.Annual report FY26, p.23
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The offer document planned to spend ₹20.1 cr of the IPO money on machines and ₹5.3 cr on repaying loans in FY26, and ₹2.7 cr on working capital across FY26 and FY27. The FY26 annual report says the directors are cautiously optimistic and will focus on efficiency, cost control, using the new capacity and reaching more markets. The offer document also says the company plans to reach more states and overseas markets. No sales or profit guidance is given.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Ganga Bath Fittings earns money by making low and mid priced taps, showers and drains and selling them through a growing dealer network, plus contract work for other brands.
Its weak spots are a lot of cash tied up in stock, profit hit by new machines not yet fully used, and much larger branded rivals.
AverageCan it set its own prices?Partly. It says it passes steel price changes to customers, but it sells on competitive pricing against big brands and offers credit to win dealers.
WatchHow strong is it against rivals?It is a small regional maker in a crowded market where large organised brands and many unorganised makers compete.
AverageWho are its customers?Mostly distributors and dealers buying its brands, plus contract manufacturing clients, with Gujarat the largest market.
WatchDoes it need a lot of money?Yes. Stock is close to a year of sales, and new machines took most of the IPO money.
AverageCan it keep finding new work?Its dealer count has grown each year, and new presses let it make larger showers, but sales grew slowly in FY26.
AverageDo good and bad years swing a lot?Demand follows housing and renovation, and profit can move far more than sales when costs such as depreciation jump.
Who runs Ganga Bath Fittings?
Promoters, directors and officers; tap a name for the background
JTJimmy Tusharkumar TilvaPromoter, Chairman and Managing Director · holds 22.82%
Higher secondary education, with over 20 years in plastics and technical product manufacturing. Started in a family owned piping company, then made PTMT taps and ABS products on own account, and set up Ganga Plast Industries LLP in 2018. Leads production and marketing, and the offer document says personally drives sales and marketing. Managing Director since July 2024. The offer document states that Jimmy Tusharkumar Tilva and Sajan Tusharbhai Tilva are sons of Tusharkumar Vithaldas Tilva and are brothers.
Red herring prospectus, p.213, p.214 and p.185; Annual report FY26, p.4 and p.9STSajan Tusharbhai TilvaPromoter and Executive Director · holds 25.60%
Higher secondary education, with over 14 years handling finance and administration for the group's manufacturing units; oversees the administration and finance department and, the offer document says, brought in business from multinational companies.
Red herring prospectus, p.213TVTusharkumar Vithaldas TilvaPromoter and Non-Executive Director · holds 10.64%
Studied to class nine. Began in distribution for a known company over 30 years ago, founded Ganga Industries in 2010 to make chrome plated brass taps, and was a partner in Ganga Plast Industries LLP; experience in marketing, sales and business development.
Red herring prospectus, p.213BBBharat Bhikubhai ChavdaChief Financial Officer
Master of Commerce from Saurashtra University, with over 17 years in finance and accounts; accounts and finance officer at Major Cement from 2006 to 2015. Responsible for payables, receivables and cash control.
Red herring prospectus, p.227; Annual report FY26, p.4PBPrashant Bharatkumar PatelIndependent Director
Master of Commerce, Bachelor of Laws, Fellow of the Institute of Company Secretaries of India and an insolvency professional; a company secretary before practising as an advocate from 2017, with more than 17 years in corporate and secretarial advice. On the board since July 2024.
Red herring prospectus, p.213 and p.214SMShreyaben Milankumar ShahIndependent Director
Company secretary with an M.Com and LLB from Gujarat University and more than seven years in governance and SEBI compliance; company secretary at PSP Projects. On the board since July 2024.
Red herring prospectus, p.214Ganga Bath Fittings latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹18.3 cr (+17%), net profit ₹0.9 cr (-22%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 69.16%.
Ganga Bath Fittings announcements
20 on record, latest first; each opens the filing on the exchange
- Outcome of Board MeetingHeld on October 05, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- ResignationOf Ms Kajal Soni as Company Secretary & Compliance Officer of the company w.e.f. October 05, 2026PDF ↗
- Change in Company Secretary/Compliance OfficerChange in Company Secretary/Compliance OfficerPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 24, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 24, 2026PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 24, 2026PDF ↗
- Outcome of Board MeetingHeld on August 31, 2026PDF ↗
- Shareholders meetingSrutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Outcome of Board MeetingHeld on August 26, 2026PDF ↗
- AppointmentOf J O M S & ASSOCIATES as Other of the company w.e.f. August 26, 2026PDF ↗
Ganga Bath Fittings annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Ganga Bath Fittings share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Ganga Bath Fittings' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,22,07,848 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Ganga Bath Fittings
What does Ganga Bath Fittings do?
Ganga Bath Fittings makes taps, showers, drains and other bathroom fittings in brass, plastic and stainless steel at three units in Rajkot, and sells them under its own brands through dealers across India. Its shares trade on NSE Emerge.
What is the share price of Ganga Bath Fittings?
₹23.2 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Ganga Bath Fittings?
₹51 cr at the close on 6 Nov 2026, on 2,22,07,848 shares.
What is the P/E of Ganga Bath Fittings?
40.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Ganga Bath Fittings' revenue and profit?
Revenue ₹35 cr and profit after tax ₹1 cr in FY26.
Who are the promoters of Ganga Bath Fittings?
Jimmy Tusharkumar Tilva, Sajan Tusharbhai Tilva, Tusharkumar Vithaldas Tilva; promoters held 69.16% at 31 March 2026.
What was the IPO price of Ganga Bath Fittings?
₹49 a share; it listed on 11 June 2025.
What is Ganga Bath Fittings' website?
www.gangabathfittings.com
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Built from 1 offer document, 1 annual report, 20 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.