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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Inorganic Chemicals (81%), Textiles (19%). Cyclical commodity chemicals (soda ash) with growing diversification into bromine and vacuum salt.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,778 | 4,545 | 3,447 | 3,183 | 3,064 |
| EBITDA (ex other income) | 979 | 1,557 | 1,067 | 876 | 689 |
| margin % | 25.9 | 34.2 | 31.0 | 27.5 | 22.5 |
| Owners' profit | 598 | 1,142 | 794 | 624 | 472 |
| EPS, as reported (₹) | 67.89 | 120.06 | 166.86 | 65.50 | 50.17 |
| ROE % · ROCE % | 21.0 · 22.5 | 28.9 · 31.8 | 26.7 · 30.3 | 17.9 · 22.3 | 13.3 · 16.9 |
| Debt / equity (x) | 0.25 | 0.09 | 0.07 | 0.03 | 0.02 |
| Cash from operations | 643 | 856 | 797 | 638 | 687 |
| Capex | 0 | (358) | (107) | (315) | (264) |
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 830 | 793 | 779 | 781 | 796 | 721 | 757 | 791 |
| Profit before tax | 203 | 196 | 227 | 209 | 195 | 145 | 143 | 160 |
| Net profit | 151 | 155 | 168 | 150 | 144 | 107 | 106 | 116 |
| EPS (₹) | 15.81 | 16.28 | 17.70 | 15.72 | 15.10 | 11.16 | 11.26 | 12.28 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DEEPAK FERTILIZERS & PETR | 16,727 | 17.0 | 2.24 | 12.2 | 9.9 | 8.4 | 14.6 | 26.1 |
| TATA CHEMICALS LTD | 15,683 | — | 0.71 | 141.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| GUJ NAR VAL FER & CHEM L | 8,273 | 8.0 | 0.91 | 6.0 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,773 | 55.4 | 18.15 | — | 18.8 | 24.3 | — | 16.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · NSE seeks clarification on missing consolidated financial results | regulatory legal | high | — | — |
| 31 Aug 2026 · GHCL begins commercial production of Vacuum Salt, 1.7 Lakh MT annual capacity | business updates | high | — | — |
| 22 Aug 2026 · GHCL wins NGT order dismissing appeals against Soda Ash project clearances | regulatory legal | high | — | — |
| 7 Aug 2026 · GHCL to attend EMKAY Confluence 2026 investor conference on Aug 13 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · GHCL Q1 FY27: EBITDA margin up to 29.1%, but mgmt flags normalization ahead | investor communications | medium | — | — |
| 3 Aug 2026 · GHCL uploads Q1 FY27 investors conference audio recording | investor communications | low | — | — |
| 3 Aug 2026 · GHCL shares link to recording with exchange | investor communications | low | — | — |
| 3 Aug 2026 · Newspaper publication copy submitted to Exchange | compliance | minimal | — | — |
| 1 Aug 2026 · GHCL Q1 FY27: Net Profit up 32% at Rs 191 cr, revenue dips 3% | compliance | low | — | — |
| 1 Aug 2026 · GHCL Q1 FY27: EBITDA Up 20% QoQ at 29.1% Margin, New Projects to Start in Q2 | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| GUJARAT ALKALIES & CHEM | 5,179 | 78.0 | 1.00 | 10.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED ◆ | 3,879 | 8.4 | 1.09 | 5.1 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,469 | 21.2 | 3.21 | 14.1 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,330 | 31.0 | 4.31 | 23.7 | 12.7 | 16.9 | — | 11.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.4 | 17.0 | 14 of 57 | 77% |
| P/B | 1.1 | 1.4 | 25 of 59 | 59% |
| ROCE | 16.6 | 6.2 | 12 of 65 | 83% |
| ROE | 13.3 | 4.9 | 11 of 65 | 84% |
| Debt / Equity | 0.0 | 0.2 | 22 of 65 | 67% |
| EBITDA margin | 23.9 | 13.3 | 8 of 58 | 88% |
| Revenue growth | 1.2 | 6.7 | 37 of 54 | 32% |
| Profit growth | (23.1) | 21.0 | 45 of 64 | 30% |
| Market cap | 3879 | 77 | 6 of 65 | 92% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
