Key Metrics of Ghcl Limited
About Ghcl Limited
Company details
- Registered office
- Ghcl House Opp.punjabi Hall Navrangpura, Ahmedabad, In-gj, 380009
- Listed
- NSE: GHCL · ₹419.70
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 10 Aug 2026 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹880 Cr | View |
| 07 Aug 2025 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹911 Cr | View |
| 06 Aug 2024 | CARE | Reaffirmed | AA- | — | Stable | ₹1,010 Cr | View |
| 24 Jul 2023 | CARE | Reaffirmed | AA- | — | Stable | ₹1,213 Cr | View |
| 06 Jul 2022 | CARE | Reaffirmed | AA- | A1+ | Stable | ₹3,938 Cr | View |
| 30 Jul 2021 | CARE | Revised (from AA-) | AA- | A1+ | Stable | ₹3,841 Cr | View |
| 05 Oct 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,040 Cr | View |
| 04 Aug 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,652 Cr | View |
| 02 Jan 2020 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,668 Cr | View |
| 07 Oct 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,558 Cr | View |
| 22 Feb 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,947 Cr | View |
Credit strengths (CARE, Aug 2026)
+ Established position in oligopolistic domestic soda-ash industry
GHCL has an established position in the oligopolistic domestic soda ash industry, where top four manufacturers, including GHCL, account for ~85% of total domestic production capacity. The company is India’s second-largest soda ash manufacturer, with a market share of ~26%. Its operating profile benefits from partial captive availability of key raw materials, such as lignite, limestone, and salt, providing a degree of cost competitiveness. GHCL also has long-standing relationships with leading do
+ Large scale of operations with healthy profitability despite moderation in FY26
GHCL is one of the leading domestic soda ash manufacturers, with an installed capacity of 12 lakh metric tonne per annum (MTPA). Its soda ash facility has consistently operated at healthy utilisation levels, with capacity utilisation improving to ~96% in FY26 (FY25: ~95%) while sales volume grew by ~3%. The PBILDT margin moderated in FY26, although continued to remain healthy at 22.58% (FY25: 27.56%), considering 7% decline in average soda ash realisation to ₹23,709 per MT, and elevated freight-
+ Comfortable leverage and debt coverage indicators
Despite share buyback of ~₹300 crore in FY26, GHCL’s tangible net-worth base stood strong at ₹3,535 crore as on March 31, 2026 supported by accretion of profits. GHCL’s capital structure remained comfortable, with overall gearing (gross debt basis) and total outside liabilities to tangible net worth (TOL/TNW; gross debt basis) at 0.02x and 0.14x, respectively, as on March 31, 2026 (FY25: 0.03x and 0.13x respectively). The company’s low debt level and healthy cash accruals supported strong debt c
+ Efficient working capital management leading to strong operating cash flow
GHCL’s efficient working capital management, and healthy operating profitability, has supported consistent cash flow generation. Operating cycle improved to 96 days from 107 days , while cash flow from operations increased to ₹719 crore in FY26 (FY25: ₹604 crore). Consequently, cash and liquid investments increased to ~₹1,113 crore as on March 31, 2026 (FY25: ₹1,073 crore), providing a strong liquidity cushion. CareEdge Ratings expects the company to maintain its working capital cycle at broadly
+ Stable domestic demand prospects, exposed to import pressure
India is expected to emerge as the world’s third -largest consumer of soda ash. The domestic industry had an installed capacity of ~4.85 MMT, against estimated production of 3.92 MMT. Domestic soda ash demand has historically grown by ~5% annually and is expected to grow by 6 -7% through 2031, led by solar glass and flue-gas treatment applications, and steady consumption from flat and container glass, soaps and detergents, sodium bicarbonate
Credit challenges
− Weaker than envisaged operating performance in FY26
CareEdge Ratings had envisaged GHCL to report revenue growth of ~4-6% and earn PBILDT of ~₹800-900 crore in FY26 . However, GHCL’s revenue and PBILDT remained lower than envisaged, considering decline in landed soda ash prices in FY26, which resulted in ~7% lower sales realisation per tonne (year-over-year [y-o-y]) for GHCL. Furthermore, PBILDT also declined by ~21% (y-o-y) and remained lower than envisaged in FY26, as elevated freight related input costs and adverse impact of operating leverage
− Risks associated with implementation of a large-sized greenfield soda ash project in the medium term
With the healthy capacity utilisation at GHCL’s existing soda ash facility and limited scope for material brownfield expansion at the current location, the company is setting up 11 lakh MTPA greenfield soda ash facility in two phases of 5.50 lakh MTPA each. Phase I (~45% of the existing installed capacity) is estimated to cost ~₹4,000 crore and will include common utilities and infrastructure required for both phases. Phase II is expected to entail an additional investment of ~₹1,000 crore, prim
− Profitability susceptible to volatile raw material prices, freight rates, and foreign exchange rate fluctuations
GHCL’s profitability remains exposed to volatility in prices of key inputs, including salt, limestone, coal, coke, lignite and power, and fluctuations in freight rates. In FY26, moderation in average coal and lignite prices partly cushioned the impact of lower soda ash realisations, although coke and salt prices increased. Freight rates also remained elevated amid the West Asia crisis, increasing the landed cost of imported raw materials, particularly limestone, and exerting pressure on operatin
Could lead to an upgrade
• Timely completion and stabilisation of its planned greenfield project and realisation of envisaged returns from the project. • Growth in its scale of operations with total operating income (TOI) of more than ₹5,000 crore along with a PBILDT margin of 25% on a sustained basis while maintaining strong leverage and debt coverage indicators .
Could lead to a downgrade
• Deterioration in the total debt (TD)/PBILDT beyond 2x on a sustained basis . • Significant deviation in the size of its planned greenfield soda -ash project and departure from the stated staggered implementation timeline, which could have an adverse impact on its leverage and debt coverage indicators .
Agency-reported financials (CARE, 06 Jul 2022)
| Metric | Q1FY23 |
|---|---|
| TOI | — |
| PBILDT | — |
| PAT | — |
| Overall gearing (times) | — |
| Interest coverage (times) | — |
| Implied interest cost (EBITDA ÷ coverage) | — |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term bank | Working capital & bank lines | — | ₹825 Cr | — | AA- (Stable) | Reaffirmed | CARE |
| facilities | Other | — | ₹55.0 Cr | — | A1+ | Other | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Long Term | — | Withdrawn |
| Long Term | ₹55.0 Cr | CARE AA-; Stable |
| LT/ST | ₹825 Cr | CARE AA-; Stable / CARE A1+ |
Lenders
| Fund-based | LT/ST | Axis Bank Ltd. |
| Fund-based | LT/ST | Bank of Baroda |
| Fund-based | LT/ST | CTBC Bank Co. Ltd. |
| Fund-based | LT/ST | HDFC Bank Ltd. |
| Fund-based | LT/ST | ICICI Bank Ltd. |
| Fund-based | LT/ST | IDBI Bank Ltd. |
| Fund-based | LT/ST | State Bank of India |
| Fund-based/Non-fund-based | LT/ST | HSBC Ltd. |
| Non-fund-based | LT/ST | Bank of Baroda |
| Non-fund-based | LT/ST | CTBC Bank Co. Ltd. |
| Non-fund-based | LT/ST | HDFC Bank Ltd. |
| Non-fund-based | LT/ST | ICICI Bank Ltd. |
| Non-fund-based | LT/ST | IDBI Bank Ltd. |
| Non-fund-based | LT/ST | State Bank of India |
| Term Loan | Long Term | Export Import Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 67% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Current rating AA- (investment grade)
Rated limits by facility
Timeline
From the report
Operating cycle improved to 96 days from 107 days , while cash flow from operations increased to ₹719 crore in FY26 (FY25: ₹604 crore).
From the report
Consequently, cash and liquid investments increased to ~₹1,113 crore as on March 31, 2026 (FY25: ₹1,073 crore), providing a strong liquidity cushion.
From the report
GHCL’s operating cash flow continued to remain healthy at ₹604 crore in FY25 (PY: ₹875 crore) backed by healthy profitability and largely stable operating cycle.
From the report
This resulted in a build-up of liquidity, marked by cash and liquid investments of ~₹1,073 crore as on March 31, 2025 (PY: ₹892 crore).
From the report
GHCL expects to generate annual gross cash accrual (GCA) of ~₹650-₹750 crore in the medium term against its repayment obligations of term debt of ₹25-₹40 crore.
From the report
GHCL’s operating cash flow continued to remain healthy at ₹875 crore in FY24 (PY: ₹1,019 crore) backed by healthy profitability and largely stable operating cycle .
From the report
This resulted in a build-up of liquidity, marked by cash and liquid investments of ~₹892 crore as on March 31, 2024 (PY: ₹488 crore).
From the report
GHCL expects to generate gross cash accrual (GCA) of ~₹600 crore in FY25 against its repayment obligations of term debt (including current portion of lease liabilities) of ₹83 crore.
From the report
Key weaknesses Risks associated with implementation of a large-sized greenfield soda-ash project in the medium term Looking at the healthy capacity utilisation of its soda-ash plant at its existing location, where major capacity expansion is a constraint and the expected good long-term growth prospects for domestic soda-ash, GHCL envisaged to implement a large greenfield soda-ash plant of 5 lakh MT per annum (PA) (~40% of its current capacity) at a new location at an estimated project cost of ~₹4,500 crore.
From the report
GHCL’s operating cash flow continued to remain healthy at ₹1,019 crore during FY23.
From the report
Press Release Liquidity: Strong The liquidity of GHCL is strong , marked by healthy cash and liquid investments of around ₹488 crore as on March 31, 2023.
From the report
During FY24, it expects to generate GCA of around ₹700 crore against its term debt repayment obligations of ₹126 crore.
From the report
Key weaknesses Risks associated with implementation of a large -sized greenfield soda -ash project in the medium term Looking at the healthy capacity utilisation of its soda -ash plant at its existing location where any major capacity expansion is a constraint and the expected good long -term growth prospects for domestic soda -ash, GHCL has envisaged to implement a large greenfield soda -ash plant of 5 lakh million tonne per annum ( MTPA ) (approximately 40% of its current capacity) at a new location at an estimated project cost of around ₹4,500 crore.
From the report
GHCL’s operating cash flow continued to remain healthy at ₹852 crore during FY22.
From the report
This resulted in significant reduction in its working capital borrowings marked by average utilisation of the fund-based working capital limits being at around 11% during the trailing 12 months ended May 2022.
From the report
Key rating weaknesses Risks associated with implementation of a large-sized green-field soda ash project in the medium-term: Looking at the healthy capacity utilisation of its soda ash plant at its existing location where any major capacity expansion is a constraint and the expected good long-term growth prospects for domestic soda ash, GHCL has envisaged to implement a large green -field soda ash plant of 5 lakh MTPA (approximately half of its current capacity) at a new location at an estimated project cost of around ₹3,500 crore.
From the report
GHCL’s operating cash flow continued to remain healthy at Rs.614 crore during FY21.
From the report
This resulted in significant reduction in its working capital borrowings marked by average utilization of the fund based working capital limits being at ~16% during the trailing twelve months ended June 2021.
From the report
Key Rating Weaknesses Risks associated with implementation of a large-sized green-field soda ash project in the medium-term Looking at the healthy capacity utilization of its soda ash plant at its existing location where any major capacity expansion is a constraint and the expected good long term growth prospects for domestic soda ash, GHCL has envisaged to implement a large green-field soda ash plant of 5 lakh MTPA (approximately half of its current capacity) at a new location at an estimated project cost of around Rs.3,000 crore.
From the report
In the meanwhile, GHCL has planned to take up a brown-field soda ash capacity expansion project to increase the installed capacity at its existing location from 11 lakh MTPA to 12.00 lakh MTPA along-with increasing the capacity of its sodium bicarbonate from 60,000 MTPA to 1,20,000 MTPA at a total cost of Rs.200 crore over FY22 & FY23.
From the report
Also, it has planned capex to add 40,000 spindles in its yarn division along-with 10 MW solar power capacity at a total cost of Rs.230 crore in FY22.
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Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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