Financial Performance - Q2FY27
Revenue: ₹821 crore, increased 11% YoY (Q2FY26: ₹739 crore) and 3% QoQ (Q1FY27: ₹798 crore)
Operating Expenses: ₹619 crore, increased 10% YoY (Q2FY26: ₹564 crore) and 9% QoQ (Q1FY27: ₹565 crore)
EBITDA: ₹202 crore, increased 16% YoY (Q2FY26: ₹175 crore) but decreased 13% QoQ (Q1FY27: ₹233 crore)
EBITDA Margins: 24.7%, improved 100 bps YoY (Q2FY26: 23.7%) but declined 450 bps QoQ (Q1FY27: 29.1%)
Depreciation: ₹29 crore, increased 4% YoY (Q2FY26: ₹28 crore) and 6% QoQ (Q1FY27: ₹27 crore)
EBIT: ₹174 crore, increased 18% YoY (Q2FY26: ₹147 crore) but decreased 15% QoQ (Q1FY27: ₹205 crore)
Interest: ₹2 crore, decreased 28% YoY (Q2FY26: ₹2 crore) and 2% QoQ (Q1FY27: ₹2 crore)
PBT before exceptional item: ₹172 crore, increased 19% YoY (Q2FY26: ₹145 crore) but decreased 16% QoQ (Q1FY27: ₹204 crore)
Exceptional Item: None in Q2FY27 (Q1FY27 had exceptional gain of ₹54 crore from ESOS trust settlement)
Tax: ₹45 crore, increased 19% YoY (Q2FY26: ₹38 crore) but decreased 32% QoQ (Q1FY27: ₹66 crore)
Profit After Tax: ₹127 crore, increased 19% YoY (Q2FY26: ₹107 crore) but decreased 33% QoQ (Q1FY27: ₹191 crore)
Adjusted PAT (excluding exceptional): ₹127 crore, increased 19% YoY (Q2FY26: ₹107 crore) but decreased 16% QoQ (Q1FY27: ₹151 crore)
Financial Performance - H1FY27
Revenue: ₹1,619 crore, increased 4% YoY (H1FY26: ₹1,562 crore)
Operating Expenses: ₹1,184 crore, increased 2% YoY (H1FY26: ₹1,163 crore)
EBITDA: ₹435 crore, increased 9% YoY (H1FY26: ₹399 crore)
EBITDA Margins: 26.9%, improved 130 bps YoY (H1FY26: 25.6%)
Depreciation: ₹56 crore, increased 2% YoY (H1FY26: ₹55 crore)
PBT before exceptional item: ₹376 crore, increased 11% YoY (H1FY26: ₹340 crore)
Exceptional Item: Gain of ₹54 crore (H1FY26: none)
Tax: ₹111 crore, increased 26% YoY (H1FY26: ₹88 crore)
Profit After Tax: ₹319 crore, increased 26% YoY (H1FY26: ₹252 crore)
Adjusted PAT (excluding exceptional): ₹278 crore, increased 10% YoY (H1FY26: ₹252 crore)
Balance Sheet Position (as of September 2026)
Net Fixed Assets: ₹1,986 crore (March 2026: ₹1,821 crore)
CWIP: ₹274 crore (March 2026: ₹450 crore)
Cash, Bank & Investments: ₹1,072 crore (March 2026: ₹1,121 crore)
Inventories: ₹636 crore (March 2026: ₹597 crore)
Trade Receivables: ₹222 crore (March 2026: ₹173 crore)
Other Assets: ₹135 crore (March 2026: ₹138 crore)
Total Assets: ₹4,325 crore (March 2026: ₹4,300 crore)
Share Capital: ₹92 crore (unchanged from March 2026)
Reserve and Surplus: ₹3,622 crore (March 2026: ₹3,460 crore)
Borrowings: ₹49 crore (March 2026: ₹62 crore)
Lease Liabilities: ₹21 crore (unchanged from March 2026)
Trade Payables: ₹165 crore (March 2026: ₹280 crore)
Deferred Tax Liabilities: ₹255 crore (March 2026: ₹249 crore)
Other Liabilities and Provisions: ₹121 crore (March 2026: ₹136 crore)
Net Debt: Negative ₹1,023 crore (cash and investments exceed borrowings)
Operational Highlights and Diversification
Vacuum Salt: Successfully commenced commercial production during Q2FY27, powered by waste heat recovered from soda ash operations. Installed capacity: 1.7 lakh MT per annum.
Bromine: Commenced commercial production in October 2026 (subsequent to quarter close). Installed capacity: 2,400 MT per annum.
Product Portfolio: Soda Ash (12 lakh MT capacity), Sodium Bicarbonate (1.2 lakh MT capacity), Vacuum Salt (1.7 lakh MT capacity), Bromine (2,400 MT capacity).
Management Commentary
Mr. R S Jalan, Managing Director, stated that the global soda ash industry continued to face pricing pressure with soft realizations amid ongoing global oversupply, a trend likely to persist over the next few quarters. He highlighted that despite near-term softness, GHCL's low-cost positioning, disciplined operational efficiencies, and structural cost management enabled resilience. The strategic focus remains on operational excellence, optimizing newly commissioned Vacuum Salt and Bromine capacities, and advancing long-term greenfield expansion plans.
Industry Outlook
Soda Ash Demand Drivers: Traditional glass expected to grow at ~8%, detergents at ~5%, with India market growing at 5-6% generating ~2.5-3.0 lakh ton incremental demand annually. Emerging drivers include solar glass (India targeting 300 GW by 2030) and EV battery manufacturing.
Vacuum Salt: India's production capacity ~1.8 Mn MT, with shift from solar salt to higher purity vacuum salt (>99.8% NaCl) driven by packaged food growth, purity-sensitive users (pharma, textiles), and water treatment.
Bromine: India market growing at ~5%, with key end-use drivers being agrochemicals & pharma (~60-70% of demand), PTA catalyst (~10-15%), and oil drilling (~10-15%). India has ~10% share of global bromine capacity.
Strategic Initiatives
Greenfield Expansion: Received EC clearance for Greenfield Soda Ash Project in Kutch, Gujarat and secured land lease at Zara Zumara Salt Field in Kutch, Gujarat.
Sustainability Initiatives: Shifting fuel mix to biomass & renewables, electrifying logistics with EV trucks, adopted internal carbon pricing (ICP). Zero environmental incidents in FY26, LTIFR down 15% in FY26.
CSR: Focused on agriculture, education, healthcare, and women empowerment with FLAGSHIP PROGRAMME empowering 10,000+ women through self-help groups and skill development.