Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
Source: Bse
GHCL Limited (GHCL)
Micro CapChemicals stocks · Micro cap · NSE
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.
₹388.15
-3.25 · -0.83%
Market cap ₹3,546 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result01 Aug, 06:59 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 32.2 (n=45)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -7.3% / mo · MACD + · near 52W low · sector -5.7pp vs Nifty 500 (3M)
Stock trend: 24
Sector RS: 39
Sector 3M: -11.3% vs Nifty 500 -5.6%
Chemicals FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
GHCLD candles · FIT view-24.4%Latest close ₹388.15 on 2026-10-21
Bar
-1.0%
RSI
32
MACD hist
0.08
52W pos
2%
2026-10-21O ₹392.20H ₹392.20L ₹383.50C ₹388.15Vol 1.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GHCLNifty ChemicalsNifty 500
- GHCL
- -10.3%
- Nifty 500
- -6.5%
- Nifty Chemicals
- -12.2%
- Vs Nifty 500
- -3.8 pp
Chart stats
21 Oct 2026- From 52W high
- -41.8%
- 52W range position
- 2%
- ATR (14)
- 2.4%
- Volume vs 20D
- 1.12x
- Avg traded value
- ₹5.5 Cr
- 20D price channel
- ₹381.1 - ₹432.5
₹667.2
₹381.1 - ₹667.2
₹9.2
Latest completed session
20-session average
18.5% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE75
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average30
Revenue -2.8% · PAT +31.7% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+64.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 30/100Rev -3% YoY · PAT +32% YoY · margin expansion · operating leverage
Filed 01 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹774 Cr | -2.8% | -2.1% |
| EBITDA | ₹209 Cr | +6.1% | +18.8% |
| Operating margin | 27.0% | +200 bps | +500 bps |
| PAT | ₹191 Cr | +31.7% | +59.2% |
| PAT margin | 24.7% | +646 bps | +951 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.30
- P/B
- 1.00
- EV/EBITDA
- 4.47
- Market Cap
- 3546.00Cr
Profitability
- ROE
- 13.20%
- ROCE
- 17.60%
- ROA
- 12.21%
- Dividend Y
- 3.12%
Growth (CAGR)
- Revenue 5Y
- 2.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- -12.00%
- EPS 3Y
- -25.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 87.50×
- Altman Z
- 5.51
- Book Value
- 386.00
Cash Flow
- FCF Yield
- 11.20%
- FCF Positive Y
- 12/5
- OCF
- 681.00 Cr
- EPS TTM
- 56.58
Shareholding
- Promoter Hold
- 19.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 774-2.1% vs prev
Net Profit
₹ CrLatest: 191+59.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 32. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.9% over last month) — short-term momentum negative.
- RSI(14) at 32 — rising, 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 & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 75 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth12/25
Quality5/20
Balance Sheet12/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
75
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
75/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 11.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.9%.
Main drags
- Quality is weaker at 5/20; verify the latest quarterly trend.
- Growth is weaker at 12/25; verify the latest quarterly trend.
- Balance sheet is weaker at 12/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
7.3
PB
1.0
EV/EBITDA
4.5
ROE
13.2%
ROCE
17.6%
FCF Yield
11.2%
Debt/Equity
0.0
MoS
+64.9%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 7.3, so peak-cycle earnings risk should be checked.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
75
Previous: 75
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+64.9%
Previous: +64.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
72
72
72
72
75
75
75
75
75
75
75
75
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹701
+44.6% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹1,106.14
+64.9% MoS
PEG
0.91
Comparable companies
Peers
Business-comparable peers in Chemicals — 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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ACI
Micro
Archean Chemical Industries Limited
Specialty Chemicals
match 127
33
57.8
5.4%
-29%
WATCHLIST
BALAMINES
Micro
Balaji Amines Limited
Specialty Chemicals
match 124
25
30.5
8.7%
-574%
OVERVALUED
ALKYLAMINE
Micro
Alkyl Amines Chemicals Limited
Specialty Chemicals
match 119
63
49.5
41.4%
-1%
UNDERVALUED
AETHER
Micro
Aether Industries Limited
Specialty Chemicals
match 114
29
94.9
9.7%
-175%
OVERVALUED
GRAUWEIL
Small
Grauer & Weil India Limited
Specialty Chemicals
match 114
54
23.6
15.2%
+44%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T07:39:34.916Z
Management commentary snapshot
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.
Current business mix
Soda Ash Demand by User Segment (India)
Latest issuer-disclosed distribution across 4 reported categories.
Glass31.0%
Detergent34.0%
Bi-Carbonate10.0%
Other25.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 34th percentile within Chemicals. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
167 docs text-extracted · 86 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Chemicals: 34th pctile, median 73 · Micro: 32nd pctile, median 73
Evidence depth
Financial-only
167 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
66
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.9%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 19.8%.
- ▸ROCE trend is -3.4%.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching GHCL Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Jun - GHCL 2nd Newspaper Advertisement for 43rd AGM
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 May
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.