Ghcl Limited (GHCL) · mywealthgrid

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About

GHCL Limited operates in commodity chemicals within the Materials sector, serving price-sensitive industrial end-markets. With a ₹3,951 Cr market cap and recent quarterly revenues of ₹720–₹795 Cr, it is a small-cap player in a mature, competitive segment. Low leverage (D/E 0.02) and consistent dividend payouts indicate stable cash generation despite commodity-cycle exposure.

Face value: ₹10

Market cap

₹3,700 Cr

P/E

7.8×

P/B

1.0×

Dividend yield

ROE

13.4%

ROCE

17%

Debt / equity

0.02

OPM

22.5%

EPS (TTM)

₹51.4

Book value

₹386.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin cyclicality: OPM ranged from 20.97% (Dec 2025) to 26.98% (Jun 2026); commodity-chemical profitability is vulnerable to input-cost inflation and volume swings.
Revenue volatility: Quarterly sales fluctuated between ₹721–₹796 Cr over the past year, indicating demand or product-mix sensitivity.
Working-capital risk: Commodity-price cycles can spike working-capital needs if input costs rise; verify inventory and receivables trends.
Unexplained stock weakness: -22.98% 1-year return despite solid profitability (22.48% OPM) raises questions about competitive position or sector headwinds — verify market trends.

Generated analysis · source review pending

Growth drivers

Recent quarter EPS surged to 21.04 (Jun 2026) from 15.17 (Jun 2025), marking a 39% year-on-year jump suggesting operational improvement or cyclical upswing; verify sustainability.
Operating margin expanded 220 bps from 24.78% (Jun 2025) to 26.98% (Jun 2026), indicating cost efficiency or favorable input-cost environment; verify if structural or cyclical.
Strong cash generation demonstrated by consistent profitability and multiple recent dividend payouts despite revenue volatility.
Minimal leverage (D/E 0.02) provides financial capacity for reinvestment in capacity or operational efficiency without balance-sheet strain.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹401.8-0.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.5% (3-yr avg)
+High return on capital employed of 20.2%
+Healthy operating margin of 22.5%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 72.3×
+Dividend yield of 6%
+Dividend payout of 46.8% of profit

Cons

−Modest revenue growth of 1.1% a year over the last 5 years
−Low promoter holding of 19.8%

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 66
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,973	2,970	3,341	3,305	2,900	3,778	4,545	3,447	3,183	3,064
COGS	92	126	250	1,455	1,309	1,687	1,593	1,286	1,054	1,094
Gross profit	2,881	2,844	3,091	1,850	1,591	2,091	2,953	2,161	2,129	1,970
	2,200	2,238	2,332	1,122	955	1,112	1,472	1,313	1,253	1,282
	681	606	759	728	636	979	1,481	847	876	689
OPM %	22.9%	20.4%	22.7%	22%	21.9%	25.9%	32.6%	24.6%	27.5%	22.5%
Depreciation	86	110	117	131	133	117	94	102	112	111
Interest	137	127	127	120	91	64	39	25	16	9
	43	38	16	18	27	61	141	272	88	73
Profit before tax	495	407	531	495	439	859	1,489	992	836	642
Tax	115	51	180	98	112	213	348	198	212	170
Tax %	23.3%	12.5%	33.9%	19.8%	25.6%	24.7%	23.4%	20%	25.4%	26.5%
	380	356	351	397	326	647	1,142	794	624	472
PAT margin %	12.8%	12%	10.5%	12%	11.3%	17.1%	25.1%	23%	19.6%	15.4%
EPS (₹)	—	—	—	40.5	34.3	67.9	120.1	166.9	65.5	50.2
EPS adjusted (₹)	38.2	36.6	35.8	41.8	34.3	62.8	119.4	82.9	65.2	51.4
	—	—	—	7.4%	16%	22.1%	14.6%	7.2%	18.3%	23.9%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	100	99	97	98	95	95	95	96	96	96	92
Reserves	705	1,247	1,513	1,827	2,091	2,389	2,852	3,860	2,883	3,393	3,460
	1,183	1,245	1,153	1,111	1,077	768	767	348	197	98	62
	868	913	865	959	939	726	1,281	830	594	599	686
Total equity & liabilities	2,856	3,504	3,628	3,995	4,201	3,978	4,995	5,133	3,770	4,185	4,300
	1,934	2,401	2,493	2,583	2,641	2,663	2,457	1,731	1,842	1,827	1,805
CWIP	7	25	73	114	120	81	213	109	55	256	450
Investments	6	9	10	12	34	15	17	380	420	651	1,042
	909	1,068	1,052	1,287	1,406	1,219	2,309	2,914	1,453	1,452	1,004
Total assets	2,856	3,504	3,628	3,995	4,201	3,978	4,995	5,133	3,770	4,185	4,300

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2022 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Inorganic Chemocals	2,857.87	693.66	—	1,212.56
Textiles	920.49	225.03	—	303.48
Un-allocated	0	-1.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	92.5%	56%	54.9%	55.4%	65%	62.7%	66.9%	64.3%
EBITDA margin %	22.7%	22%	21.9%	25.9%	32.6%	24.6%	27.5%	22.5%
EBIT margin %	19.2%	18.1%	17.3%	22.8%	30.5%	21.6%	24%	18.9%
PAT margin %	10.5%	12%	11.3%	17.1%	25.1%	23%	19.6%	15.4%
Working capital
Receivable days	32	39	29	22	18	19	24	21
Inventory days	1,123	182	213	204	177	185	217	199
Payable days	598	3	105	75	53	63	57	94
NWC days	556	218	137	152	142	141	183	126
Leverage
Current ratio	1.08	1.36	1.7	1.42	3.71	4.3	5.31	4.38
Debt to EBITDA	1.46	1.48	1.21	0.78	0.23	0.23	0.11	0.09
Debt to equity	0.58	0.49	0.31	0.26	0.09	0.07	0.03	0.02
Interest coverage	5.2	5.1	5.8	13.8	36.9	31.3	52.9	72.3
Asset turnover	0.84	0.79	0.73	0.76	0.89	0.91	0.76	0.71
Return ratios
Return on assets %	8.8%	9.4%	8.2%	12.9%	22.2%	21.1%	14.9%	11%
Return on capital employed %	21.5%	20%	16.1%	24.2%	33.1%	19.8%	23.8%	17%
Return on equity %	18.2%	18.1%	13.1%	21.9%	28.9%	26.7%	17.9%	13.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	19.06%	19.03%	19.04%	19.04%	19.04%	19.04%	19.04%	18.97%	18.97%	19.83%	19.87%	19.83%
	25.27%	24.66%	24.99%	24.76%	25.7%	25.42%	26.07%	26.41%	25.67%	25.22%	24.66%	22.43%
	9.68%	8.62%	8.31%	9.3%	9.81%	10.37%	10.11%	10.29%	10.53%	9.5%	10.57%	11.22%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.99%	47.69%	47.66%	46.9%	45.45%	45.17%	44.78%	44.33%	44.83%	45.45%	44.9%	46.52%
No. of shareholders	—	—	—	—	—	—	—	—	96,988	95,574	94,819	98,031

Promoter holding up 0.77 percentage points since Sep 2023.

5 disclosures

Person	Deal	Shares	Value	Holding	Filed
K M VadherEmployees/Designated Employees	SellMarket Sale	1,010	₹5.98 L	0.03% → 0.02%	1 Oct 20257(2)
Mayuresh HedeEmployees/Designated Employees	SellMarket Sale	1,000	₹5.98 L

18 deals · 16 Sept 2022 – 2 Aug 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,07,263	₹615.79	₹43.55 Cr
2 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,07,263	₹615.37	₹43.52 Cr
4 Sept 2023	DHARAMPAL SATYAPAL LTD	Bulk	NSE	Sell	8,06,700	₹611.98	₹49.37 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,14,589	₹673.40	₹14.45 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,14,589	₹673.40	₹14.45 Cr
11 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	31,818	₹673.40	₹2.14 Cr
11 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	31,818	₹673.40	₹2.14 Cr
3 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	2,08,369	₹649.75	₹13.54 Cr
3 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	2,08,369	₹649.75	₹13.54 Cr
3 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	NSE	Buy	30,893	₹649.75	₹2.01 Cr

1–10 of 18

1 / 2

Mr. Anurag DalmiaNon-Executive - Non Independent Director-Chairperson
Mr. Dr. Manoj VaishNon-Executive - Independent Director
Mr. Justice Ravindra Singh(Rtd.)Non-Executive - Independent Director
Mr. Arun Kumar JainNon-Executive - Independent Director
Mrs. Vijaylaxmi JoshiNon-Executive - Independent Director
Mr. Ravi Shanker JalanExecutive Director-MD
Mr. Raman ChopraExecutive Director
Mr. Neelabh DalmiaExecutive Director
Mr. Raman ChopraChief Financial Officer & Executive Officer
Bhuwneshwar MishraSr. General Manager & Company Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

5.78%

of the company's equity

All mutual funds

9.53%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 4 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	22.73 L	99.52	0.46%	2.468%	-0
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	15.98 L	69.94	0.47%	1.735%	-0
ELSS Tax Saver Fund	DSP Mutual Fund	12.65 L	55.39	0.33%	1.374%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.87 L	8.21	0.33%	0.204%	-4,104
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	1,283	0.06	0.02%	0.001%	+6
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	210	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	92.5%	56%	54.9%	55.4%	65%	62.7%	66.9%	64.3%
EBITDA margin %	22.7%	22%	21.9%	25.9%	32.6%	24.6%	27.5%	22.5%
EBIT margin %	19.2%	18.1%	17.3%	22.8%	30.5%	21.6%	24%	18.9%
PAT margin %	10.5%	12%	11.3%	17.1%	25.1%	23%	19.6%	15.4%
Working capital
Receivable days	32	39	29	22	18	19	24	21
Inventory days	1,123	182	213	204	177	185	217	199
Payable days	598	3	105	75	53	63	57	94
NWC days	556	218	137	152	142	141	183	126
Leverage
Current ratio	1.08	1.36	1.7	1.42	3.71	4.3	5.31	4.38
Debt to EBITDA	1.46	1.48	1.21	0.78	0.23	0.23	0.11	0.09
Debt to equity	0.58	0.49	0.31	0.26	0.09	0.07	0.03	0.02
Interest coverage	5.2	5.1	5.8	13.8	36.9	31.3	52.9	72.3
Asset turnover	0.84	0.79	0.73	0.76	0.89	0.91	0.76	0.71
Return ratios
Return on assets %	8.8%	9.4%	8.2%	12.9%	22.2%	21.1%	14.9%	11%
Return on capital employed %	21.5%	20%	16.1%	24.2%	33.1%	19.8%	23.8%	17%
Return on equity %	18.2%	18.1%	13.1%	21.9%	28.9%	26.7%	17.9%	13.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Gujarat Narmada Valley Fertilizers And Chemicals LimitedGNFCGNFC	₹8,655 Cr	₹8,655 Cr	₹8,410 Cr	₹1,241 Cr	11.3%	₹1,037 Cr	10.4%	10.6%	9.1%	81
TANFAC Industries LtdTANFACINDTANFACIND	₹6,909 Cr	₹7,002 Cr	₹711 Cr	₹112 Cr	15.8%	₹70 Cr	9.9%	27.7%	20.5%	112
Gujarat Alkalies And Chemicals LimitedGUJALKALIGUJALKALI	₹4,430 Cr	₹4,998 Cr	₹4,498 Cr	₹510 Cr	9.3%	₹66 Cr	-0.1%	1.6%	-0%	25
Grauer & Weil India LimitedGRAUWEILGRAUWEIL	₹3,709 Cr	₹3,717 Cr	₹1,134 Cr	₹188 Cr	16.6%	₹69 Cr	13.9%	23%	18%	72
Ghcl LimitedGHCLGHCL	₹3,700 Cr	₹3,762 Cr	₹3,064 Cr	₹689 Cr	22.5%	₹472 Cr	15.4%	17%	13.4%	126
J.g.chemicals LimitedJGCHEMJGCHEM	₹2,392 Cr	₹2,399 Cr	₹1,071 Cr	₹96 Cr	8.4%	₹75 Cr	7.1%	18.2%	13.3%	101
Thirumalai Chemicals LimitedTIRUMALCHMTIRUMALCHM	₹1,764 Cr	₹3,857 Cr	₹1,832 Cr	₹20 Cr	-2%	₹-152 Cr	-9.7%	-3.3%	-12.3%	14
Ig Petrochemicals LimitedIGPLIGPL	₹1,754 Cr	₹2,110 Cr	₹2,073 Cr	₹207 Cr	4.9%	₹82 Cr	0.1%	3.2%	0.2%	23
Indo Borax & Chemicals LimitedINDOBORAXINDOBORAX	₹1,507 Cr	₹1,507 Cr	₹232 Cr	₹52 Cr	20.5%	₹56 Cr	23.3%	15.5%	15.1%	110
Innovassynth Technologies (India) LtdINOVSYNTHINOVSYNTH	₹1,462 Cr	₹1,466 Cr	₹0 Cr	₹-0 Cr	—	₹-5 Cr	—	-1.1%	-12%	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	509	458	590	530	624	622	643	856	797	638	687
	-249	-375	-279	-271	-206	-109	-337	-403	-534	-358	-291
	-252	-113	-308	-258	-339	-570	-98	-536	-338	-230	-451
Net cash flow	8	-30	2	1	80	-57	209	-83	-75	50	-55
Free cash flow	—	—	—	—	624	510	643	499	691	323	424
CFO / Operating profit %	—	67.3%	97.3%	69.8%	85.8%	97.8%	65.7%	57.8%	94.1%	72.8%	99.8%

Ghcl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

No announcements stored for this window

Not in the F&O segment

No announcements stored for this window

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

22

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Home Textiles · revenue

Ghcl Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

No announcements stored for this window

Ratio timeline

Not in the F&O segment

No announcements stored for this window

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends22

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Home Textiles · revenue

22

1