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Swing Capital

GHCL Ltd

NSE: GHCL BSE: 500171

GHCL Limited is a leading producer of soda ash in India and the total Soda Ash business contributes ~98.30% of total standalone revenue of the company. [1]

₹449
52W: ₹419 — ₹668
PE 8.61 · Book ₹386 · +16% vs book
Market Cap₹4,124 Cr
Stock P/E8.61Price to Earnings
ROCE18.2%Return on Capital
ROE13.6%Return on Equity
Div. Yield2.65%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Stock is trading at 1.15 times its book value
  • +Company has been maintaining a healthy dividend payout of 18.6%

Weaknesses

  • −The company has delivered a poor sales growth of 1.65% over past five years.
  • −Promoter holding is low: 19.9%
  • −Working capital days have increased from 90.6 days to 166 days

Shareholding Pattern

Promoters19.87%
FIIs24.66%
DIIs10.57%
Public44.89%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters19.03%19.03%19.03%19.03%18.97%▼0.118.97%19.83%▲0.919.87%▲0.0
FIIs24.76%25.7%▲0.925.41%▼0.326.06%▲0.626.41%▲0.425.67%▼0.725.22%▼0.524.66%▼0.6
DIIs9.29%9.79%▲0.510.35%▲0.610.09%▼0.310.28%▲0.210.52%▲0.29.49%▼1.010.57%▲1.1
Public46.91%45.45%▼1.545.17%▼0.344.79%▼0.444.32%▼0.544.82%▲0.545.46%▲0.644.89%▼0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales798823830793779781796721757791
Expenses648639614582549563599564598615
Operating Profit150184217211230218197157159176
OPM %19%22%26%27%30%28%25%22%21%22%
Net Profit100125151155168153145107107120
EPS ₹10.4413.0215.7216.1617.5815.9415.0711.1711.6113.05

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,064Cr, down 3.7% YoY. OPM at 22%.

Debt Position

Borrowings at ₹83Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹450Cr (25% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 10.57% (-0.21pp change). FIIs: 24.66% (-1.38pp change). Promoters hold 19.87%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 18% (Mar 2026). Working capital days: 166.

Valuation

PE 8.61x with 18.2% ROCE. Price is 16% above book value of ₹386. Dividend yield: 2.65%.

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