NSE: GHCL · BSE: 500171
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. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED ◆ | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.8 | 17.4 | 12 of 50 | 78% |
| P/B | 1.0 | 1.4 | 27 of 60 | 56% |
| ROCE | 16.6 | 6.0 | 11 of 62 | 84% |
| ROE | 13.3 | 5.0 | 10 of 60 | 85% |
| Debt / Equity | 0.0 | 0.2 | 17 of 60 | 73% |
| 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 | 3565 | 98 | 6 of 66 | 92% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · GHCL Q2FY27 results call scheduled for November 2, 2026 | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board meeting on Oct 31 to consider Q2 FY26 results | results | low | — | — |
| 12 Oct 2026 · GHCL begins commercial production of Bromine with 2800 MT annual capacity | business updates | high | — | — |
| 6 Oct 2026 · GHCL submits Q2 FY26-27 dematerialisation compliance certificate | compliance | minimal | — | — |
| 24 Sept 2026 · GHCL closes trading window ahead of Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · GHCL declared Preferred Bidder for limestone mining block in Gujarat | business updates | high | — | — |
| 15 Sept 2026 · GHCL explains standalone status after subsidiary closure | regulatory legal | medium | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.