GHCL Limited, incorporated in 1983, is the largest manufacturer of soda ash at a single location in India. The company has established itself as a prominent player in the chemicals sector, with the soda ash business contributing approximately 98.30% of the company's total standalone revenue. GHCL Limited was incorporated in 1983 and is based in Noida, India, with operations spanning both domestic and international markets.
The company operates through multiple business segments, primarily focusing on chemical manufacturing while also maintaining interests in consumer products. GHCL Limited, together with its subsidiaries, manufactures and trades inorganic chemicals in India and internationally, positioning itself as a key supplier to various industries including glass, detergents, and other industrial applications.
The chemical division represents the core business of GHCL Limited, with the company specializing in the production of industrial chemicals. In chemicals, the company mainly manufactures soda ash (anhydrous sodium carbonate), which is a major raw material for detergents and glass industries, and sodium bicarbonate (baking soda). The company's soda ash production serves multiple industrial applications, with the soda ash being used to make glass and detergents apart from other industrial applications and serving as an important raw material for solar glass and lithium-ion batteries.
The company manufactures 60,000 MTPA of refined sodium bicarbonate or baking soda, which is marketed under the brand name LION. This product finds application as a food additive, animal nutritive, plating and dyeing agent, demonstrating the versatility of the company's chemical products across various industries.
Beyond industrial chemicals, GHCL Limited has diversified into consumer products, particularly in the salt segment. The consumer product division markets edible salt and crystal salt under the brand names i-Flo and Sapan. i-FLO's brand philosophy is to provide valuable benefits to consumers with good quality products and a wonderful brand experience, indicating the company's focus on quality and customer satisfaction in the consumer segment.
GHCL Ltd has a market capitalization of ₹5,942 Crore as of July 4, 2025, reflecting its significant presence in the Indian stock market. The company has demonstrated resilience in its financial performance despite market challenges.
For the fiscal year 2024-25, the company's net profit declined 21.38% to ₹624.15 Crore in the year ended March 2025, as against ₹793.90 Crore during the previous year ended March 2024, while sales declined 7.63% to ₹3,183.48 Crore in the year ended March 2025, as against ₹3,446.54 Crore during the previous year ended March 2024.
However, the company showed improvement in quarterly performance. Net profit of GHCL rose 20.35% to ₹150.27 Crore in the quarter ended March 2025, as against ₹124.86 Crore during the previous quarter ended March 2024, though sales declined 5.09% to ₹781.47 Crore in the quarter ended March 2025, as against ₹823.38 Crore during the previous quarter ended March 2024.
- Revenue (Q4 FY25): ₹781.47 Crore
- Net Profit (Q4 FY25): ₹150.27 Crore
- Annual Revenue (FY25): ₹3,183.48 Crore
- Annual Net Profit (FY25): ₹624.15 Crore
- Market Cap: ₹5,942 Crore (as of July 4, 2025)
The promoters of GHCL Ltd are Hindustan Commercial Company Limited and Gems Commercial Company Limited, who collectively own 6.15% of the total equity. The chairman of the company is Anurag Dalmia, and the promoters have pledged 0.21% of the total equity as of March 2025.
The company has undertaken significant corporate restructuring in recent years. Post completion of demerger, there will be two listed entities: GHCL Limited (chemical business) and GHCL Textiles Limited (spinning business). This strategic move allows each business segment to focus on its core competencies and unlock shareholder value.
The company maintains a strong balance sheet with minimal debt burden. The company is almost debt-free, providing financial flexibility for future growth initiatives. The P/B ratio of GHCL Ltd is 1.71 times as of July 4, 2025, representing a 14% discount to its peers' median range of 1.99 times, while the P/E ratio is 9.52 times, representing a 77% discount to its peers' median range of 41.31 times.
GHCL Ltd. anticipates range-bound EBITDA margins in FY26 due to soft global markets, but the company plans to invest ₹4,000-4,200 Crore in new projects, including a vacuum salt facility and a bromine plant, to drive revenue growth despite price pressures.
GHCL Limited is among India's leading manufacturers of soda ash (anhydrous sodium carbonate), holding a significant market position in the domestic chemical industry. The company's focus on soda ash production aligns with the growing demand from glass and detergent industries, particularly with the increasing emphasis on solar energy and electric vehicles requiring specialized glass and battery materials.
The company's strategic positioning in the chemicals sector, combined with its debt-free status and planned capital investments, positions it well for future growth opportunities in the expanding Indian chemical market.
