GHCL
Micro CapGHCL Limited
Industrials
GHCL Limited manufactures Soda Ash, Sodium Bicarbonate, Bulk Bromine, and Vacuum Salt. It also has a consumer products segment with edible salt, industrial grade salt, and jujube honey under the I-Flo brand. Sustainability is a core element of its business strategy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -23% YoY · margin compression · Rev +1% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹791 Cr | +1.3% | +4.5% |
| EBITDA | ₹176 Cr | -19.3% | +10.7% |
| Operating margin | 22.0% | -600 bps | +100 bps |
| PAT | ₹116 Cr | -22.7% | +9.4% |
| PAT margin | 14.7% | -455 bps | +66 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GHCL reports flat Q4 FY26 revenue YoY, but 5% QoQ growth, with EBITDA up 10% QoQ, driven by improving domestic market dynamics and cost optimization despite global volatility.
The company demonstrated operational resilience in Q4 FY26, benefiting from healthy domestic demand and stable-to-improving realizations. Strategic capital allocation via buyback and dividends, alongside diversification projects, supports the long-term thesis, though greenfield soda ash project progress is slow.
Soda Ash Demand by User Segment (India)
Latest issuer-disclosed distribution across 4 reported categories.
Domestic Soda Ash Demand
Domestic Soda Ash demand is projected to grow at 6% CAGR from FY25-30.
Glass Manufacturing
Glass demand in India is expected to grow at ~8%, driven by infrastructure, automotive, and sustainable packaging.
Solar Glass
India aims for 300 GW of solar glass by 2030, supported by mega solar parks and PLI schemes.
New Applications
The booming EV market and push for domestic battery manufacturing are strong new vectors for soda ash.
Bromine Project
Bromine project with 10,000 MT capacity is in advanced stages and shall be commissioned in Q1 of current financial year.
Vacuum Salt Project
Vacuum Salt project with 1.7L MT capacity is in advanced stages and shall be commissioned in Q1 of current financial year.
Greenfield Soda Ash Project
Progress on our greenfield soda ash project is slow compared to our expectations.
New Salt Works
New Salt works with production of ~17L MT at Zara Zumara, Kutch, for captive consumption.
Improving Domestic Market Dynamics
Performance reflects improving domestic market dynamics and healthy domestic demand.
Moderation in Import Flows
A moderation in import flows has provided relief to domestic manufacturers.
Stable-to-Improving Realizations
Witnessing a more supportive demand environment in India, with stable-to-improving realizations.
Shift to Local Sourcing
Domestic demand supported by a shift towards local sourcing due to global supply chain disruptions and currency pressures.
Global Soda Ash Volatility
The global soda ash landscape continues to experience underlying volatility.
Supply Chain Uncertainties
Global markets have been driven by ongoing supply chain uncertainties, including disruptions in key shipping routes.
Geopolitical Tensions
Geopolitical tensions in Western Asia are impacting global markets.
Depreciating Rupee
The impact of a depreciating rupee on import economics affects the company.
Global Supply & Pricing Pressures
While domestic tailwinds help, global supply and pricing pressures persist.
Greenfield Project Delays
Progress on the greenfield soda ash project is slow compared to expectations, potentially delaying future capacity.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both YoY and QoQ comparisons. QoQ is relevant to show sequential momentum and improving domestic market dynamics, while YoY provides a longer-term perspective on performance.
Revenue
Q4 FY26 Revenue was Rs. 808 crore, 0% YoY and 5% QoQ.
EBITDA
Q4 FY26 EBITDA was Rs. 194 crore, down 21% YoY but up 10% QoQ.
PAT
Q4 FY26 PAT was Rs. 120 crore, down 21% YoY but up 12% QoQ.
EBITDA Margins
Q4 FY26 EBITDA Margin was 23.9%, down 630 bps YoY but up 120 bps QoQ.
Operational Discipline
GHCL has continued to demonstrate strong operational discipline, focusing on cost optimization, energy efficiency, and process improvements.
Capital Deployment
The company is committed towards aligning capital deployment with evolving market conditions.
Constructive Outlook
Stable domestic demand environment, while remaining attentive to global geopolitical developments, should provide a constructive outlook for the sector.
Strategic Positioning
Backed by a strong balance sheet and focus on cost optimization, GHCL is well-positioned to navigate near-term uncertainties.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bromine & Vacuum Salt Commissioning | Scheduled for Q1 FY27 | Successful commissioning and ramp-up of new projects to contribute to revenue and margins. |
| Greenfield Soda Ash Project | Progress is slow compared to expectations | Updates on progress and revised timelines for the greenfield soda ash project. |
| Domestic Realizations | Stable-to-improving | Sustained improvement in domestic realizations amidst global volatility. |
| EBITDA Margin | 23.9% (Q4 FY26) | Maintenance or improvement of EBITDA margins through continued cost management and efficiency gains. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -11.3% / mo · near 52W low
Technical chart
GHCLweekly · 1Y-30.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 38.
- SMA20 falling (~12.7% over last month) — short-term momentum negative.
- RSI(14) at 38 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 55.3%.
Main drags
- Quality is weaker at 4/20; verify the latest quarterly trend.
- Growth is weaker at 10/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 58th percentile within Industrials. Main check: results consistency is weak at 29/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 58th pctile, median 68 · Micro: 44th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.5%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 19.9%.
- ▸ROCE trend is -3%.
- ▸1/8 recent quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 8.63
- P/B
- 1.11
- EV/EBITDA
- 5.02
- Market Cap
- 3939.00Cr
Profitability
- ROE
- 13.00%
- ROCE
- 17.40%
- ROA
- 10.98%
- Dividend Y
- 2.80%
Growth (CAGR)
- Revenue 5Y
- 4.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- -12.00%
- EPS 3Y
- -25.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 69.00×
- Altman Z
- 5.83
- Book Value
- 386.00
Cash Flow
- FCF Yield
- 10.05%
- FCF Positive Y
- 12/5
- OCF
- 687.00 Cr
- EPS TTM
- 51.39
Shareholding
- Promoter Hold
- 19.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.