GHCL Limited reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors convened their 217th meeting on May 5, 2026, approving the results under Regulation 33 of SEBI regulations. The company reported a year-on-year moderation in revenue and profitability for the fiscal year, while domestic demand provided support amidst global volatility. In continuation of its investor engagement, GHCL uploaded the audio recording of its Q4 FY26 Investors' Conference, held on May 5, 2026, on its official website ( www.ghcl.co.in ) in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Subsequently, on May 6, 2026, GHCL filed a published copy of the advertisement released in The Hindu - Business Line (English), The Economic Times (English) - Ahmedabad edition, and The Financial Express (Gujarati), pursuant to the requirements of Listing Regulations.

Standalone Financial Performance

GHCL's standalone financial results reflect a decrease in annual revenue and profit compared to the previous year. For the full year, total income stood at ₹3,143.93 crores against ₹3,273.21 crores in FY25, a decline of 4%. Net profit for FY26 was ₹478.81 crores, a decline of 24% from ₹626.23 crores in the prior year. In Q4 FY26, the company recorded total income of ₹808.44 crores and a net profit of ₹119.97 crores, up 12% quarter-on-quarter.

The following table summarises the key standalone financial metrics:

Consolidated Financial Performance

On a consolidated basis, GHCL reported total income of ₹3,137.64 crores for FY26, compared to a standalone total income of ₹3,143.93 crores for the same period. Consolidated net profit after tax for FY26 stood at ₹472.46 crores, while Q4 FY26 consolidated net profit was ₹115.64 crores. Total comprehensive income on a consolidated basis was ₹468.10 crores for FY26 and ₹111.96 crores for Q4 FY26.

The following table presents the key consolidated financial metrics alongside standalone figures:

Operational Highlights and Management Commentary

Mr. R S Jalan, Managing Director, GHCL, stated that Q4 FY26 performance reflects improving domestic market dynamics, even as the global soda ash landscape continues to experience underlying volatility. He noted that global markets have been driven by ongoing supply chain uncertainties, including disruptions in key shipping routes, geopolitical tensions in Western Asia, and the impact of a depreciating rupee on import economics. A moderation in import flows has provided relief to domestic manufacturers, with stable-to-improving realizations observed in India. GHCL's sustained focus on cost optimization, energy efficiency, and process improvements has enabled it to maintain margins and reinforce its competitive positioning.

The following table presents the detailed profit and loss performance across periods (₹ in Crore):

The following table summarises the key QoQ and YoY operational performance comparisons including cash profit (₹ in Crore):

The quarterly EBITDA margin trend reflects gradual recovery: Q4 FY25 at 30.20%, Q1 FY26 at 27.30%, Q2 FY26 at 23.70%, Q3 FY26 at 22.70%, and Q4 FY26 at 23.90%. This improvement was supported by domestic demand remaining healthy, a shift towards local sourcing due to global supply chain disruptions and currency pressures, and disciplined cost management.

Capital Allocation and Shareholder Returns

GHCL focused on efficient capital allocation during FY26. The company generated cash inflows of ₹603 crore, which were deployed towards growth capex of ₹265 crore, debt repayment of ₹35 crore, and rewards to shareholders totalling ₹415 crore. Working capital release stood at ₹(153) crore, resulting in an increase in cash and cash equivalents of ₹41 crore. Total payout to shareholders in FY26 amounted to ₹415 crore, representing 87% of FY26 PAT.

The buyback, conducted at ₹725 per share, saw the extinguishment of 4.14 million shares, reducing paid-up equity capital by 4.31%. The following table summarises the buyback details:

The Board has proposed a dividend of ₹12 per equity share for the year ended March 31, 2026, subject to shareholder approval. GHCL maintains a net cash surplus of ₹1,058 crore and continues to focus on cost optimization and energy efficiency. The EBITDA margin trend over the past five fiscal years averaged 27%, with FY22 at 24%, FY23 at 33%, FY24 at 26%, FY25 at 30%, and FY26 at 24%.

Industry Overview and Strategic Developments

GHCL holds a 26% market share in the domestic soda ash market, with imports estimated at approximately 1.0 MMT. Domestic soda ash demand is projected to grow at a 6% CAGR from FY25-30, driven by the glass and detergent sectors. Glass demand in India is expected to grow at approximately 8%, while detergent demand is expected to grow at approximately 5%. The India market is projected to generate approximately 2.5-3.0 lakh ton of incremental soda ash demand every year.

The following table summarises soda ash demand by user segment:

The company's diversification projects, including Bromine and Vacuum Salt, are in advanced stages and are expected to be commissioned in Q1 of the current financial year. The Bromine project at existing salt works carries a capacity of 2,800 MT and is expected to generate 40%+ EBITDA margin. Vacuum Salt capacity stands at 1.7 lakh MT at the existing plant. Progress on the greenfield soda ash project has been slower than anticipated, with GHCL stating it remains committed to aligning capital deployment with evolving market conditions. The greenfield project at Zara Zumara, Kutch, involves new salt works with production of approximately 17 lakh MT, with Phase 1 and Phase 2 soda ash capacity of 5.5 lakh MT each, and a Bromine capacity of 10,000 MT.

ESG and Sustainability Highlights

GHCL's sustainability framework targets a 30% reduction in Scope 1 and Scope 2 emissions by 2030. The company's CSR spends stood at ₹21.86 crore, with 87% customer satisfaction and over 1.36 lakh lives impacted. The company has partnered with 10 NGOs and has 15.24% of suppliers assessed on ESG by spend. GHCL has been awarded the "Great Place to Work" award for the 9th consecutive year and achieved a single-digit attrition rate in the executive cadre. The company's Khadsaliya Lignite Mine earned a 5-Star Rating in sustainable mining.

On the regulatory front, the company noted the Supreme Court's ruling regarding state taxation on mineral rights, stating it will assess the financial impact only upon the occurrence of uncertain future events. The new labour codes effective from November 21, 2025, have been assessed, and the impact is stated to be not material.

GHCL Limited's Board of Directors, at its 217th Board Meeting held on May 5, 2026, approved a series of auditor appointments and re-appointments pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The most significant decision was the recommendation of Deloitte Haskins & Sells Chartered Accountants LLP as the company's new Statutory Auditor, subject to shareholder approval at the upcoming 43rd Annual General Meeting.

Statutory Auditor Appointment

Based on the recommendation of the Audit & Compliance Committee, the board approved the appointment of Deloitte Haskins & Sells Chartered Accountants LLP as Statutory Auditor following the completion of the second term of the existing Statutory Auditor. The appointment, if approved by shareholders, will cover five consecutive financial years from FY 2026-27 to FY 2030-31.

Deloitte Haskins & Sells was constituted in 1997 and was converted to a Limited Liability Partnership under the name Deloitte Haskins & Sells Chartered Accountants LLP with effect from June 2, 2021. The firm is registered with the Institute of Chartered Accountants of India and is part of the Deloitte Haskins & Sells & Affiliates network of firms registered with the ICAI. No relationship between the firm and the company's directors has been disclosed.

Internal Auditors Re-appointed for FY 2026-27

The board also re-appointed two firms as Internal Auditors for the financial year 2026-27, each assigned to a distinct business division of the company.

Sharp and Tannan Associates (S&TA), established in 1934, has its head office in Mumbai with branches across India including Ahmedabad and Baroda. The firm currently has nine partners and brings more than six decades of experience in internal audit, assurance, and consulting. S&TA follows a risk-based auditing approach under the COSO 1992 framework and has adopted Robotic Process Automation (RPA) in its internal audit and consulting assignments.

SPMB & Co. LLP, established in 2024, is led by internal audit experts with a collective partner experience of more than 25 years. The firm focuses on Risk Advisory, Indirect Taxation Consultation, Accounts Book-keeping, and Transaction Advisory Services, and operates across sectors including Manufacturing, Service, Infrastructure, and Retail.

Cost Auditor Re-appointed for FY 2026-27

The board re-appointed R J Goel & Co., Cost Accountants, New Delhi as Cost Auditor for the financial year 2026-27, in compliance with the Companies Act, 2013.

The firm was established in 1978 and currently has four partners with more than three decades of experience in cost audit. R J Goel & Co. has expertise across a wide range of industries including Chemicals, Cement, Pharmaceuticals, Steel, Power, and Textiles, among others.

Disclosure and Compliance

All appointments were made pursuant to the applicable provisions of the Companies Act, 2013, and SEBI (LODR) Regulations, 2015. The intimation has been made available on the websites of BSE Limited, the National Stock Exchange of India Limited, and the company's own website. No relationship between any of the appointed auditors and the company's directors has been disclosed in any of the annexures.