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GHCL Q2 FY27 results: net profit up 18.7% to ₹127.42 crore, revenue up 12.0%
GHCL Limited reported standalone revenue of ₹808.03 crore and net profit of ₹127.42 crore for Q2 FY27. Revenue and profit increased from a year earlier, while the EBITDA margin declined from Q1 FY27 after lower other income and higher operating expenses affected the sequential comparison.
Key points
- Standalone Q2 FY27 revenue was ₹808.03 crore, up 12.0% from ₹721.29 crore in Q2 FY26.
- EBITDA was ₹189.23 crore, up 20.3% year on year, while the EBITDA margin rose 1.6 percentage points to 23.4%.
- Net profit was ₹127.42 crore, up 18.7% from ₹107.36 crore, and basic EPS was ₹14.02.
- Against Q1 FY27, revenue rose 4.4% to ₹808.03 crore, but net profit fell 33.4% and the EBITDA margin declined 3.6 percentage points.
- H1 FY27 revenue was ₹1,582.29 crore and net profit was ₹318.6 crore, up 4.3% and 26.4% from H1 FY26.
How did GHCL perform in Q2 FY27?
GHCL reported standalone revenue of ₹808.03 crore for Q2 FY27, against ₹721.29 crore in Q2 FY26 and ₹774.26 crore in Q1 FY27. Total income was ₹821.26 crore, compared with ₹738.97 crore a year earlier and ₹798.01 crore in the previous quarter.
EBITDA was ₹189.23 crore, up 20.3% from ₹157.25 crore in Q2 FY26, with a 23.4% margin, compared with 21.8% a year earlier. Profit before tax was ₹172.29 crore, against ₹145.19 crore and ₹257.53 crore, while net profit was ₹127.42 crore, against ₹107.36 crore and ₹191.18 crore.
Basic EPS was ₹14.02, compared with ₹11.23 in Q2 FY26 and ₹21.04 in Q1 FY27. The reported results are standalone; the filing also stated that consolidated results were not included in the quarterly approval described in the same-day board communication.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 808.03 | 774.26 | 721.29 | +12.0% | +4.4% |
| Other income | 13.23 | 23.75 | 17.68 | −25.2% | −44.3% |
| Total expenses | 648.97 | 594.10 | 593.78 | +9.3% | +9.2% |
| EBITDA | 189.23 | 208.86 | 157.25 | +20.3% | −9.4% |
| EBITDA margin | 23.4% | 27.0% | 21.8% | +1.6 pp | −3.6 pp |
| Profit before tax | 172.29 | 257.53 | 145.19 | +18.7% | −33.1% |
| Tax | 44.87 | 66.35 | 37.83 | +18.6% | −32.4% |
| Net profit | 127.42 | 191.18 | 107.36 | +18.7% | −33.4% |
| EPS (₹) | 14.02 | 21.04 | 11.23 | +24.8% | −33.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in GHCL's costs and profit?
Total expenses were ₹648.97 crore in Q2 FY27, up ₹55.19 crore from ₹593.78 crore in Q2 FY26. Cost of materials increased ₹14.21 crore to ₹254.83 crore, other expenses rose ₹23.85 crore to ₹315.68 crore, and depreciation increased ₹1.02 crore to ₹28.65 crore.
Employee cost declined ₹0.54 crore to ₹29.49 crore and finance costs fell ₹0.59 crore to ₹1.52 crore. Other income decreased ₹4.45 crore to ₹13.23 crore, while tax rose ₹7.04 crore to ₹44.87 crore. There was no exceptional item in Q2 FY27.
Against Q1 FY27, total expenses increased ₹54.87 crore, including a ₹12.89 crore rise in cost of materials and a ₹14.33 crore rise in other expenses. Other income fell ₹10.52 crore, while tax fell ₹21.48 crore. Q1 FY27 included an exceptional gain of ₹53.62 crore.
Management said the sequential margin decline reflected the tapering benefit of lower-cost inventory and higher energy and raw-material costs amid geopolitical volatility. It also said realisations experienced typical monsoon-led seasonal softness.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 254.83 | 240.62 | +14.21 | +5.9% |
| Employee cost | 29.49 | 30.03 | −0.54 | −1.8% |
| Finance costs | 1.52 | 2.11 | −0.59 | −28.0% |
| Depreciation | 28.65 | 27.63 | +1.02 | +3.7% |
| Other expenses | 315.68 | 291.83 | +23.85 | +8.2% |
| Total expenses | 648.97 | 593.78 | +55.19 | +9.3% |
| Other income | 13.23 | 17.68 | −4.45 | −25.2% |
| Tax | 44.87 | 37.83 | +7.04 | +18.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, standalone revenue was ₹1,582.29 crore, up ₹65.13 crore or 4.3% from ₹1,517.16 crore in H1 FY26. Total income was ₹1,619.27 crore, compared with ₹1,562.16 crore.
Profit before tax rose ₹89.40 crore or 26.3% to ₹429.82 crore, while net profit increased ₹66.46 crore or 26.4% to ₹318.6 crore. Basic EPS rose from ₹26.39 to ₹35.06. Management said Q1 FY27 included a one-time ESOS trust settlement gain of ₹54 cr, ₹40 cr net of taxes, so reported H1 PAT was less comparable with adjusted PAT.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,582 | 1,517 | +4.3% |
| Profit before tax | 429.82 | 340.42 | +26.3% |
| Net profit | 318.60 | 252.14 | +26.4% |
| EPS (₹) | 35.06 | 26.39 | +32.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,324.78 crore, compared with ₹4,299.71 crore at 31 March 2026. Total equity increased to ₹3,713.82 crore from ₹3,551.89 crore, while borrowings declined to ₹48.87 crore from ₹62.13 crore. Cash was ₹19.57 crore, compared with ₹44.12 crore.
Inventories rose to ₹635.82 crore from ₹596.77 crore, trade receivables increased to ₹221.51 crore from ₹173.02 crore, and trade payables declined to ₹164.71 crore from ₹280.29 crore. The investor presentation also reported cash, bank and investments of ₹1,072 crore at September 2026, compared with ₹1,121 crore in March 2026.
H1 FY27 operating cash flow was ₹104.28 crore, compared with ₹323.99 crore in H1 FY26. Investing cash flow was negative ₹9.37 crore against negative ₹235.89 crore, financing cash flow was negative ₹119.46 crore against negative ₹129.92 crore, and capital expenditure was ₹68.13 crore against ₹184.83 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,325 | 4,300 |
| Total equity | 3,714 | 3,552 |
| Borrowings | 48.87 | 62.13 |
| Cash and equivalents | 19.57 | 44.12 |
| Inventories | 635.82 | 596.77 |
| Trade receivables | 221.51 | 173.02 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 104.28 | 323.99 |
| Cash from investing | −9.37 | −235.89 |
| Cash from financing | −119.46 | −129.92 |
| Capital expenditure | 68.13 | 184.83 |
Source: Company's results filing (XBRL).
How has GHCL done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹808.03 crore in Q2 FY27, while its lowest point was ₹721.29 crore in Q2 FY26. The latest quarter rose from ₹774.26 crore in Q1 FY27, so revenue was moving higher after the year-ago low.
Net profit peaked at ₹191.18 crore in Q1 FY27 and bottomed at ₹106.7 crore in Q3 FY26. It fell to ₹127.42 crore in Q2 FY27 but remained above ₹107.36 crore in Q2 FY26; profit had risen year on year in each of the last two quarters.
The EBITDA margin peaked at 29.5% in Q3 FY25 and bottomed at 21.0% in Q3 FY26. It recovered to 27.0% in Q1 FY27 before easing to 23.4% in the latest quarter, above the 21.8% recorded in Q2 FY26.
What else did the company announce?
The board approved GHCL’s un-audited standalone financial results for the quarter and period ended 30 September 2026 on 31 October 2026. It also approved an additional capital budget of approximately ₹88.09 crore for FY27.
The same-day filings stated that the quarterly results complied with Ind-AS and included a limited review report from the statutory auditor. GHCL also filed the required disclosure on the use of funds, which was not applicable, and reported total financial indebtedness of ₹101.49 crore, including bank loans and revolving facilities.
What did GHCL's management say?
Management said global soda-ash oversupply and steady import pressure kept realisations soft, with the trend likely to persist over the next few quarters. It said low-cost operations, disciplined efficiencies and structural cost management supported resilience during the quarter, while monsoon-led seasonal softness affected realisations.
Management said Vacuum Salt, with 1.7 lakh MT annual capacity and ₹195 cr capex, was commissioned in August 2026. It added that Bromine, with 2,400 MT annual capacity and ₹120 cr capex, began commercial production in October 2026 using brine recovered at GHCL’s salt works.
Management said the salt-capacity expansion would raise capacity from 6.0 to 8.5 lakh MTPA, while the Zara Zumara salt works would have 17 lakh MT annual capacity. It also said the company would target handling capacity of 12 lakh MT at its own rail siding and reduce Scope 1, 2 and 3 emission intensity by 30% versus FY22 by FY30.
Management said global fuel surges threaten the cost competitiveness of energy-intensive soda ash. It also said Q1 FY27 included a one-time ESOS trust settlement gain of ₹54 cr, ₹40 cr net of taxes, which affected comparability of reported H1 PAT with adjusted PAT.
How did GHCL shares react?
GHCL’s shares rose 0.8% within 5 minutes of the after-market filing, then recorded gains of 0.3% after 15 minutes and 0.2% after 30 minutes. On the reaction day, the stock closed 5.5% above its previous close of ₹375.15, against a 0.9% median move for the other Commodity Chemicals stocks.
By the next day’s close, the stock was up 7.4% from its pre-results close, compared with a 0.7% median sector move. Its reaction-day move exceeded the industry median by 4.6 percentage points, and its next-day cumulative move exceeded the median by 6.7 percentage points.
Earlier results-day moves were mixed: GHCL rose 2.0% on 1 August 2026 and 1.6% on 31 January 2025, while it fell 5.5% on 31 July 2025 and 9.2% was not recorded on 29 October 2024.
| After the filing | Stock | Commodity Chemicals median |
|---|---|---|
| 5 minutes | +0.8% | |
| 15 minutes | +0.3% | |
| 30 minutes | +0.2% | |
| Reaction day | +5.5% | +0.9% |
| Next day | +7.4% | +0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 1 August 2026 | +2.0% |
| 5 May 2026 | −2.4% |
| 29 January 2026 | −1.1% |
| 1 November 2025 | −2.8% |
| 31 July 2025 | −5.5% |
| 8 May 2025 | −1.5% |
| 31 January 2025 | +1.6% |
| 29 October 2024 | +9.2% |
Source: MarketPing price-reaction measurement.
How did other Commodity Chemicals companies do?
Among 14 Commodity Chemicals companies compared for the quarter, the median revenue growth was 20.4%. GHCL’s 12.0% revenue growth was below that median; 5 peers grew more slowly than GHCL and 9 grew faster than GHCL.
Among the 17 peers for which profit was compared, 12 reported higher profit. The peer comparison was as of 4 November 2026.
| GHCL revenue growth (YoY) | +12.0% |
|---|---|
| Median of 14 other Commodity Chemicals companies | +20.4% |
| Companies with slower revenue growth than GHCL | 5 of 14 |
| Companies with faster revenue growth than GHCL | 9 of 14 |
| Companies whose net profit rose | 12 of 17 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was GHCL's revenue in Q2 FY27?
Revenue from operations was ₹808.03 crore, up 12.0% from ₹721.29 crore in Q2 FY26 (standalone).
Did GHCL make a profit in Q2 FY27?
Yes. Net profit was ₹127.42 crore, against a net profit of ₹107.36 crore in Q2 FY26.
What was GHCL's EPS in Q2 FY27?
Basic earnings per share were ₹14.02, against ₹11.23 in Q2 FY26.
How did GHCL shares react to the Q2 FY27 results?
On the reaction day the stock moved +5.5% from the previous close; the median Commodity Chemicals stock moved +0.9%.
When did GHCL announce its Q2 FY27 results?
On 31 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Notice Of 219Th Board Meeting Of The Company (BSE, 14 October 2026) · PDF
- Outcome Of The 219Th Board Meeting Of GHCL Limited, Pursuant To Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015, As Amended ('SEBI Listing Regulations') (BSE, 31 October 2026) · PDF
- Outcome Of 219Th Board Meeting Of The Company And Filing Of Integrated Financial Un-Audited Standalone Quarterly Results Along With Limited Review Report For The Quarter/Period Ended September 30, 2026 (BSE, 31 October 2026) · PDF
- The investor presentation (1 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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