Abstract A new epoxidic ganoderic acid, 8α,9α-epoxy-3,7,11,15,23-pentaoxo-5α-lanosta-26-oic acid (1), together with the known compounds 3β-hydroxy-7,11,15,23-tetraoxo-5α-lanosta-8-en-26-oic acid (2), ergosta-7,22-diene-3β-yl pentadecanoate (3), ergosta-7,22-diene-3β-ol (4), β-sitosterol (5), fatty acids (6–10), fatty acid ester (11) and octadecane (12) were isolated from the fruiting bodies of Ganoderma lucidum from south India. Their structures were determined by 1H, 13C, 13C DEPT, 1H–1H COSY, HMBC, HSQC, NOESY NMR, FT-IR, UV–vis and FABMS spectral analysis. Compounds (1–3) exhibited good antifungal activity against Candida albicans in disc diffusion assay (100 μg/disc). Steroid ester (3) showed moderate anti-inflammatory activity (59.7% inhibition, 100 mg/kg body weight) in carrageenan-induced paw edema.