GHCL Limited held an investor conference call on January 29, 2026, to discuss its Q3 FY26 results. The company reported revenue of ₹773 crore and EBITDA of ₹175 crore. Key topics included soda ash demand, import pressures, operational efficiencies, and expansion projects in Bromine and Vacuum Salt. The management addressed questions about anti-dumping duties, solar industry growth, and diversification strategies.
Financial Performance Highlights
During the call, GHCL reported its Q3 FY26 performance, which included revenue of ₹773 crore, compared to ₹807 crore in the same quarter last year. The EBITDA stood at ₹175 crore, with an EBITDA margin of 22.7%. The company highlighted steady performance despite challenges in the pricing environment.
Soda Ash Market Dynamics
The discussion covered the soda ash industry, noting healthy demand growth in India around 5%. However, the market faces oversupply and increased imports, with import volumes up by 10% compared to the previous year. The company emphasized its focus on operational efficiencies and cost leadership to navigate these challenges.
Expansion and Diversification
GHCL is in the final stages of expansion projects for Bromine and Vacuum Salt, expecting commissioning by the end of Q4 FY26. These projects aim to diversify the business and provide new growth avenues. Progress on the Greenfield Soda Ash project has been slower than expected.
Answering Investor Questions
The management addressed investor questions on various topics. The company indicated that while anti-dumping duties were not confirmed, demand for soda ash is expected to be strong, driven by green energy initiatives. GHCL is focused on enhancing its cost advantages and sees diversification into Bromine and Vacuum Salt as strategic moves. The company estimates approximately 20,000 tons of production was lost due to a planned maintenance shutdown during the quarter.
Future Outlook
Looking ahead, GHCL anticipates benefits from the Bromine project in the next fiscal year, although revenue will not be significant initially. The company emphasized its commitment to rewarding shareholders and maintaining a strong balance sheet.
Source: BSE
