GHCL LIMITED

Manufactures soda ash (sodium carbonate), bromine and vacuum salt through its Inorganic Chemicals segment, which contributed 81.1% of segment revenue at ₹3,266.14 crore with segment EBIT of ₹1,119.99 crore. The Textiles segment contributes the remaining 18.9% at ₹761.88 crore with EBIT of ₹71.01 crore. Management describes the soda ash business as one of the lowest-cost globally. For FY26, total revenue was ₹3,064.21 crore with EBITDA margin of 24.87% and net profit of ₹472.46 crore. Q4 FY26 alone delivered ₹808 crore revenue at 23.9% EBITDA margin, with 11% YoY volume growth offset by a 10% pricing decline. Two new bromine and vacuum salt projects are commissioning from Q1 FY27 with around ₹330 crore of capex; management is guiding ₹120 crore revenue in FY27 at 40-45% EBITDA margins, scaling to about ₹170 crore at peak utilization. FY26 cost shape: raw materials 29.6% of revenue, employees 3.9%, other operating expenses 37.9%, depreciation 3.6%. On cash, the company ended FY26 with a net cash surplus of ₹1,058 crore and returned ₹415 crore to shareholders via dividends and a ₹300 crore buyback (87% of FY26 PAT). Domestic Indian demand is improving, with solar glass capacity additions driving incremental dense soda ash demand of several thousand tons per month.