GHCL

GHCL · NSE · Small Cap

K
Data Room
Back to companies
Specialty Chemicals·Listed·Directness 25/100

GHCL

Major soda ash producer; solar glass demand uplift.

Specialty Chemicals
Hold
Last price
₹493.00
52W: ₹419 – ₹668
-26.2% from 52W high
Mkt Cap
₹4.53K Cr
P/E
9.6x
EV/EBITDA
6.7x
ROCE
18.0%
ROE
13.4%
Book Value
₹386.0
Promoter
19.9%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
52
Valuation (20%)
93
Technical (20%)
50
Solar exposure (10%)
25
Policy beneficiary (7.5%)
55
Project pipeline (5%)
50
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹419Current: ₹493₹668
P/E
9.6x
P/B
1.3x
Div Yield
2.39%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. GHCL: ancillary solar input exposure via fluoropolymers / soda ash / silver pastes.

Bull case

Bull case for GHCL: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for GHCL: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentSpecialty Chemicals
Directness25/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)9.6x—
Forward P/E——
EV/EBITDA6.7x—
EV/Sales1.5x—
P/B1.3x—
FCF Yield8.7%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker GHCL · last updated 2026-05-11

Open on Screener.in
Market Cap
₹4.53K Cr
Price
₹493.00
Stock P/E
9.6x
Book Value
₹386.0
ROCE
18.0%
ROE
13.4%
Div Yield
2.39%
52W Range
₹419 – ₹668

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y-3.7%
Sales 3Y CAGR-12.3%
Sales 5Y CAGR-5.1%
PAT 1Y-24.4%
PAT 3Y CAGR-25.5%
PAT 5Y CAGR-7.6%
Profitability
OPM latest22.0%
PAT margin latest15.4%
PAT margin 3Y avg19.3%
ROE13.4%
ROCE18.0%
Asset turnover0.71x
Leverage & cash
D / E0.02x
Net Debt / EBITDA0.12x
Borrowings / Assets1.9%
CFO / EBITDA1.00x
CFO / PAT1.46x
FCF (TTM proxy)₹396 Cr
Valuation
P/E9.6x
EV/EBITDA6.7x
EV/Sales1.51x
P/B1.28x
FCF Yield8.74%
Div Yield2.39%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales3,7784,5453,4473,1833,064
Operating Profit9821,497851877689
OPM %26%33%25%28%22%
Net Profit6471,142794624472
EPS (₹)67.79119.4182.9465.1851.39

Quarterly results · last 4 quarters

₹ Crore.

MetricDec 2024Mar 2025Jun 2025Sep 2025
Sales779781796721
OPM %30%28%25%22%
Net Profit168150144107

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital9596969692
Reserves2,9903,8602,8833,3933,460
Borrowings78836121011983
Fixed Assets—————
Total Assets4,9955,1333,7704,1854,300

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating643856797638687
Investing-337-403-534-358-291
Financing-98-536-338-230-451
Net Cash Flow208-83-7550-55

Shareholding pattern

Latest disclosed

Promoters
19.87%
FII
24.66%
DII
10.57%
Public
44.89%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.