GHCL

GHCL share price & financials

India's largest single-location soda ash producer; also makes sodium bicarbonate and i-Flo/Sapan branded salt.

Price: ₹433.75
Market cap: ₹4.0k Cr
Sector: Chemicals
Calls analysed: 7

Latest concall · Q1 FY27 · call held 03 Aug 2026

GHCL Limited Q1 FY27

Revenue ₹798 cr −3%EBITDA ₹233 cr +4%EBITDA Margin 29.1% PAT ₹151 cr

What went well

EBITDA for Q1 FY27 stood at ₹233 crores, up from ₹194 crores sequentially and ₹225 crores YoY, demonstrating strong operational performance.
EBITDA margin improved significantly to 29.1% in Q1 FY27, compared to 23.9% in Q4 FY26 and 27.3% in Q1 FY26, driven by better realization and lower cost input inventory.
PAT (including exceptional items) reached ₹191 crores in Q1 FY27, a substantial increase from ₹120 crores in Q4 FY26 and ₹145 crores in Q1 FY26, reflecting strong profitability despite global headwinds.

What to watch

Revenue for Q1 FY27 was ₹798 crores, a slight decline from ₹808 crores sequentially and ₹823 crores YoY, reflecting challenging global scenarios and domestic market dynamics.
Global soda ash market continues to face pressure with supply exceeding demand and weak prices, with China's demand recovery slower than expected and high inventories.

Read the full call →

What GHCL Limited does

GHCL Limited manufactures inorganic chemicals — dense and light soda ash (used by the glassmaking, detergent and water-treatment industries) and sodium bicarbonate (baking soda, used in cleaners, personal care and pharma manufacturing) — at an integrated plant in Sutrapada, Gujarat, making it one of India's largest soda ash manufacturers at a single location. It backward-integrates into its own limestone and lignite mines and salt works in Gujarat and Tamil Nadu, and sells packaged edible and industrial salt under the i-Flo and Sapan brands through a dealer network. The company also exports soda ash and salt to overseas markets. It formerly ran textile/spinning and home-textile operations, which were divested (2022) and demerged into GHCL Textiles Limited (2023-24), leaving the current entity focused on chemicals and consumer salt products.

Segments

Inorganic Chemicals (Soda Ash & Sodium Bicarbonate)
Consumer Products (Salt)

Soda ash production capacity: 12 lakh MTPA (single largest single-location soda ash manufacturer in India)
Sodium bicarbonate production capacity: 1.2 lakh MTPA (120,000 MTPA)
Domestic soda ash market share: ~26%
Export footprint: Sells into 10 countries
Dealer network: 385 dealers for soda ash and salt
Manufacturing, mining and salt-works sites: Soda ash & salt plant at Sutrapada (Gir Somnath, Gujarat); salt works at Port Albert Victor (Amreli, Gujarat) and Vedaranyam & Thiruporur (Tamil Nadu); limestone mines in Junagadh/Gir Somnath; lignite mines in Bhavnagar/Krishnanagar

Founded 1983Headquarters Ahmedabad, Gujarat, India (registered office); corporate office in Noida, Uttar PradeshEmployees 1,016 (FY2024-25 (permanent wor) Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 1 delivered 4 missed 12 open

Share Buyback Program delivered said Q2 FY26 Promised: INR 300 crores Q1 FY27: Not mentioned, as completed.
Greenfield Soda Ash Project Ultimate Vision went quiet said Q4 FY25 Promised: 2 million tons Q1 FY27: Not mentioned. Focus remains on land acquisition delays for the project.
Greenfield project completion delayed said Q3 FY25 Promised: 3 years (by FY28) Q1 FY27: The project continues to be delayed due to land acquisition issues, with management unable to provide a timeline for commencement. Quote: 'we are primarily on the land acquisitions... at this point of time, I'm unable to give you a kind of a time line when this issue will get resolved.'

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 2.8%, net profit up 31.7% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	793	779	781	796	721 −9%	757 −3%	791 +1%	774 −3%
Expenses	582	549	563	599	564	598	615	565
EBITDA	211	230	218	197	157 −26%	159 −31%	176 −19%	209 +6%
Margin	27%	30%	28%	25%	22%	21%	22%	27%
Other income	17	29	26	27	18	17	18	77
Interest	4	4	4	2	2	3	2	2
Depreciation	28	28	28	27	28	29	27	27
Profit before tax	196	227	212	195	145 −26%	144 −37%	164 −23%	258 +32%
Tax rate	21%	26%	28%	26%	26%	26%	27%	26%
Net profit	155	168	153	145	107 −31%	107 −36%	120 −22%	191 +32%
EPS	16.16	17.58	15.94	15.07	11.17	11.61	13.05	20.80

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −23.7% 1Y

1Y: ₹551.8 on 10 Sept 2025 → ₹421.15. High ₹656.55 (21 Oct 2025), low ₹419.4 (11 Jun 2026).

How the price took the results

close before → close after

Q1 FY27: +1.4%; 3 Aug
Q4 FY26: −1.2%; 5 May
Q3 FY26: −0.8%; 29 Jan
Q2 FY26: +1.2%; 7 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 13.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.5%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹4.8k Cr	₹3.4k Cr	₹3.2k Cr	₹3.1k Cr
Operating profit	₹1.5k Cr	₹846 Cr	₹876 Cr	₹689 Cr
Operating margin	31.8%	24.6%	27.5%	22.5%
Interest	₹41 Cr	₹26 Cr	₹16 Cr	₹9 Cr
Depreciation	₹103 Cr	₹102 Cr	₹111 Cr	₹111 Cr
Net profit	₹1.1k Cr	₹794 Cr	₹627 Cr	₹479 Cr
Net margin	24.0%	23.0%	19.7%	15.6%
ROCE	35.0%	21.0%	24.0%	18.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹95 Cr	₹95 Cr	₹96 Cr	₹96 Cr	₹96 Cr	₹92 Cr
Reserves	₹2.4k Cr	₹3.0k Cr	₹3.8k Cr	₹2.9k Cr	₹3.5k Cr	₹3.5k Cr
Borrowings	₹782 Cr	₹782 Cr	₹361 Cr	₹210 Cr	₹97 Cr	₹83 Cr
Other liabilities	₹707 Cr	₹1.1k Cr	₹830 Cr	₹581 Cr	₹540 Cr	₹665 Cr
Total liabilities	₹4.0k Cr	₹5.0k Cr	₹5.1k Cr	₹3.8k Cr	₹4.3k Cr	₹4.3k Cr
Fixed assets	₹2.7k Cr	₹2.5k Cr	₹1.7k Cr	₹1.8k Cr	₹1.8k Cr	₹1.8k Cr
Capital work in progress	₹81 Cr	₹213 Cr	₹109 Cr	₹55 Cr	₹370 Cr	₹450 Cr
Investments	₹40 Cr	₹17 Cr	₹380 Cr	₹420 Cr	₹831 Cr	₹1.0k Cr
Other assets	₹1.2k Cr	₹2.3k Cr	₹2.9k Cr	₹1.4k Cr	₹1.2k Cr	₹987 Cr
Total assets	₹4.0k Cr	₹5.0k Cr	₹5.1k Cr	₹3.8k Cr	₹4.3k Cr	₹4.3k Cr

How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Mutual funds in GHCL

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds: ₹16 Cr; 1 schemes
Biggest holder: HDFC Dividend Yield Fund; ₹16 Cr · 0.3% of that fund

Scheme	Holding	Last month	Held since
HDFC Dividend Yield Fund HDFC Mutual Fund	₹16 Cr	held	Dec '22

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on: -15%; vs est. average cost
Held by funds: ₹16 Cr; 1 schemes · ≈ 0.40% of the company

Shares held by these funds −8%

Aug '23 3.70 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹421, this stock must grow earnings at -3% every year for 7 years. Our analysis caps realistic growth at ~-22%. At that growth it is worth ₹146 — downside of 65%.

Growth the price implies: -2.7% a year; for 7 years, fading to 4%
It has actually compounded at: -22.5% a year; net profit, FY23–FY26 · EPS -22.1%
The gap: 0.2 pp; -65% downside if it only repeats history

Price today ₹421.15 Value at the reference growth ₹146.25

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse GHCL Limited

Guides on how to read this kind of business and the numbers that matter.