GHCL Ltd.

•

₹ 442.4-0.17%

2026-08-21

ghcl.co.inBSE: 500171NSE: GHCL

Market Cap₹ 4,045 Cr.

Current Price₹ 443

High / Low₹ 667 / 417

Stock P/E8.6

Book Value₹ 385

Price to Book1.10

Dividend Yield2.73 %

ROCE18.1 %

ROE13.5 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Inorganic Chemicals: 75.6% • Home Textiles: 24.4%

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 23.5%
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.12x)
Company comfortably covers its interest (66.7x coverage)
Company has a consistent dividend-paying track record

CONS

Recent results are weak - TTM profit is down 25.9% versus prior year
Operating margins have contracted to 20.0% from 32.4%
Company has delivered a poor sales growth of 4.2% over past five years
Company has delivered a poor profit growth of 9.0% over past five years
Growth is decelerating - 3Y profit CAGR (-24.9%) trails the 5Y trend (9.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

ChemicalsChemicalsChemicals

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SOLARINDS	19800.00	89.97	179170.31	0.06	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1650.00	63.40	167935.41	1.30	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2575.00	35.31	76329.39	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4679.55	83.59	51404.86	0.06	219.00	19.02	1588.00	23.97	10.02	26.83
5.	NAVINFLUOR	8281.50	53.80	42484.11	0.18	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1217.10	34.87	40998.14	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1767.85	30.78	24112.24	0.42	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1639.40	92.52	21759.40	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6581.75	24.36	19377.83	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	526.90	35.99	19112.07	0.19	155.00	260.47	2387.00	42.42	6.39	16.00
11.	DEEPAKFERT	1474.65	18.98	18678.34	0.68	490.04	100.95	3256.26	22.47	12.12	25.96
12.	GHCL	439.05	8.56	4045.00	2.73	115.64	-23.05	790.51	1.16	18.12	22.22

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	1,120	1,019	806	798	823	830	793	779	781	796	721	757	791
	771	719	593	648	639	614	582	549	563	599	564	598	615
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	22	11	11	14	17	18	17	29	23	27	17	16	14
Interest	10	8	7	6	5	4	4	4	4	2	2	3	2
Depreciation	27	24	26	26	26	27	28	28	28	27	28	29	27
	334	497	191	133	170	203	196	227	209	195	145	143	160
Tax %	24.80%	14.27%	25.39%	24.91%	26.44%	25.91%	21.14%	25.89%	28.16%	25.93%	26.17%	26.06%	27.66%
Net Profit	0	0	0	0	0	151	155	168	150	144	107	106	116
	24	45	15	10	13	16	16	18	16	15	11	11	12
Equity Capital	96	96	96	96	96	96	96	96	96	96	96	92	92
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	96	96	96	96	96	96	96	96	96	96	96	92	92
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Mar 2023

: 1,120
: 771
Operating Profit: —
OPM %: —
Other Income: 22
Interest: 10
Depreciation: 27
: 334
Tax %: 24.80%
Net Profit: 0
: 24
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2023

: 1,019
: 719
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 8
Depreciation: 24
: 497
Tax %: 14.27%
Net Profit: 0
: 45
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 806
: 593
Operating Profit: —
OPM %: —
Other Income: 11
Interest: 7
Depreciation: 26
: 191
Tax %: 25.39%
Net Profit: 0
: 15
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 798
: 648
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 6
Depreciation: 26
: 133
Tax %: 24.91%
Net Profit: 0
: 10
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 823
: 639
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 5
Depreciation: 26
: 170
Tax %: 26.44%
Net Profit: 0
: 13
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 830
: 614
Operating Profit: —
OPM %: —
Other Income: 18
Interest: 4
Depreciation: 27
: 203
Tax %: 25.91%
Net Profit: 151
: 16
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 793
: 582
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 4
Depreciation: 28
: 196
Tax %: 21.14%
Net Profit: 155
: 16
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 779
: 549
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 4
Depreciation: 28
: 227
Tax %: 25.89%
Net Profit: 168
: 18
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 781
: 563
Operating Profit: —
OPM %: —
Other Income: 23
Interest: 4
Depreciation: 28
: 209
Tax %: 28.16%
Net Profit: 150
: 16
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 796
: 599
Operating Profit: —
OPM %: —
Other Income: 27
Interest: 2
Depreciation: 27
: 195
Tax %: 25.93%
Net Profit: 144
: 15
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 721
: 564
Operating Profit: —
OPM %: —
Other Income: 17
Interest: 2
Depreciation: 28
: 145
Tax %: 26.17%
Net Profit: 107
: 11
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 96
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 757
: 598
Operating Profit: —
OPM %: —
Other Income: 16
Interest: 3
Depreciation: 29
: 143
Tax %: 26.06%
Net Profit: 106
: 11
Equity Capital: 92
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 92
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 791
: 615
Operating Profit: —
OPM %: —
Other Income: 14
Interest: 2
Depreciation: 27
: 160
Tax %: 27.66%
Net Profit: 116
: 12
Equity Capital: 92
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 92
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,784	2,919	3,341	3,305	2,491	3,778	4,551	3,447	3,183	3,064	3,064
	2,103	2,313	2,582	2,577	1,895	2,799	3,064	2,598	2,306	2,375	2,375
Operating Profit	721	644	775	746	604	991	1,520	901	965	763	—
OPM %	26	22	23	23	24	26	33	26	30	25	—
Other Income	40	38	16	18	7	12	34	52	88	73	73
Interest	137	127	127	120	74	64	39	27	17	10	9
Depreciation	86	110	117	131	111	117	94	102	112	111	111
	495	407	531	495	418	811	1,463	991	836	642	642
Tax %	23	13	34	20	27	26	24	20	25	26	26
Net Profit	380	356	351	397	307	598	1,116	794	624	472	472
EPS	38	36	36	40	34	68	120	83	65	51	—
Dividend Payout %	13	14	14	7	16	22	15	14	18	23	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	38	37	36	42	34	68	119	83	65	51	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	38	37	36	42	34	68	119	83	65	51	—

Mar 2017

: 2,784
: 2,103
Operating Profit: 721
OPM %: 26
Other Income: 40
Interest: 137
Depreciation: 86
: 495
Tax %: 23
Net Profit: 380
EPS: 38
Dividend Payout %: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 38
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 38

Mar 2018

: 2,919
: 2,313
Operating Profit: 644
OPM %: 22
Other Income: 38
Interest: 127
Depreciation: 110
: 407
Tax %: 13
Net Profit: 356
EPS: 36
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 37
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 37

Mar 2019

: 3,341
: 2,582
Operating Profit: 775
OPM %: 23
Other Income: 16
Interest: 127
Depreciation: 117
: 531
Tax %: 34
Net Profit: 351
EPS: 36
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 36
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 36

Mar 2020

: 3,305
: 2,577
Operating Profit: 746
OPM %: 23
Other Income: 18
Interest: 120
Depreciation: 131
: 495
Tax %: 20
Net Profit: 397
EPS: 40
Dividend Payout %: 7
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 42
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 42

Mar 2021

: 2,491
: 1,895
Operating Profit: 604
OPM %: 24
Other Income: 7
Interest: 74
Depreciation: 111
: 418
Tax %: 27
Net Profit: 307
EPS: 34
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 34
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 34

Mar 2022

: 3,778
: 2,799
Operating Profit: 991
OPM %: 26
Other Income: 12
Interest: 64
Depreciation: 117
: 811
Tax %: 26
Net Profit: 598
EPS: 68
Dividend Payout %: 22
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 68
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 68

Mar 2023

: 4,551
: 3,064
Operating Profit: 1,520
OPM %: 33
Other Income: 34
Interest: 39
Depreciation: 94
: 1,463
Tax %: 24
Net Profit: 1,116
EPS: 120
Dividend Payout %: 15
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 119
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 119

Mar 2024

: 3,447
: 2,598
Operating Profit: 901
OPM %: 26
Other Income: 52
Interest: 27
Depreciation: 102
: 991
Tax %: 20
Net Profit: 794
EPS: 83
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 83
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 83

Mar 2025

: 3,183
: 2,306
Operating Profit: 965
OPM %: 30
Other Income: 88
Interest: 17
Depreciation: 112
: 836
Tax %: 25
Net Profit: 624
EPS: 65
Dividend Payout %: 18
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 65
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 65

Mar 2026

: 3,064
: 2,375
Operating Profit: 763
OPM %: 25
Other Income: 73
Interest: 10
Depreciation: 111
: 642
Tax %: 26
Net Profit: 472
EPS: 51
Dividend Payout %: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 51
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 51

TTM

: 3,064
: 2,375
Operating Profit: —
OPM %: —
Other Income: 73
Interest: 9
Depreciation: 111
: 642
Tax %: 26
Net Profit: 472
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 2%
5 Years:: 4%
3 Years:: -12%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: 8%
3 Years:: -25%

STOCK PRICE CAGR

10 Years:: 5%
5 Years:: 6%
3 Years:: -4%
1 Year:: -24%

RETURN ON EQUITY

10 Years:: 22%
5 Years:: 22%
3 Years:: 19%
Last Year:: 13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	99	97	98	95	95	95	96	96	96	92
	1,247	1,513	1,807	2,044	2,378	2,985	3,846	2,870	3,381	3,454
	765	578	575	432	204	343	103	0	0	0
Trade Payables	334	382	409	408	377	343	230	194	165	280
	1,172	1,164	1,105	1,334	1,031	1,456	859	610	544	473
Total Liabilities	3,617	3,735	3,995	4,313	4,085	5,221	5,133	3,770	4,185	4,300
ASSETS	-	-	-	-	-	-	-	-	-	-
	2,401	2,493	2,583	2,664	2,675	2,474	1,731	1,842	1,844	1,821
Capital Work in Progress	25	73	114	120	81	213	109	55	256	450
	9	10	12	9	15	17	380	420	651	1,042
	584	637	768	791	764	944	772	651	626	597
	0	0	0	0	0	0	0	180	210	173
Cash & Bank	36	27	36	107	49	255	140	492	446	90
	561	495	483	622	502	1,318	2,002	130	153	128
Total Assets	3,617	3,735	3,995	4,313	4,085	5,221	5,133	3,770	4,185	4,300
Total Debt	1,463	1,322	1,302	1,240	768	767	346	196	97	62
Net Working Capital	-190	-71	91	313	457	469	1,125	1,366	1,585	1,483
Contingent Liabilities	235	336	360	351	311	166	162	190	238	174
Book Value per Share	135.37	165.35	194.38	225.14	260.27	323.03	412.31	309.81	363.08	385.73
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	1,463	1,322	1,302	1,240	768	767	346	196	97	62
Net Working Capital	-190	-71	91	313	457	469	1,125	1,366	1,585	1,483
Contingent Liabilities	235	336	360	351	311	166	162	190	238	174
Book Value per Share	135.37	165.35	194.38	225.14	260.27	323.03	412.31	309.81	363.08	385.73
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 99
: 1,247
: 765
Trade Payables: 334
: 1,172
Total Liabilities: 3,617
: 2,401
Capital Work in Progress: 25
: 9
: 584
: 0
Cash & Bank: 36
: 561
Total Assets: 3,617
Total Debt: 1,463
Net Working Capital: -190
Contingent Liabilities: 235
Book Value per Share: 135.37
Face Value: 10.00
Total Debt: 1,463
Net Working Capital: -190
Contingent Liabilities: 235
Book Value per Share: 135.37
Face Value: 10.00

Mar 2018

Equity Capital: 97
: 1,513
: 578
Trade Payables: 382
: 1,164
Total Liabilities: 3,735
: 2,493
Capital Work in Progress: 73
: 10
: 637
: 0
Cash & Bank: 27
: 495
Total Assets: 3,735
Total Debt: 1,322
Net Working Capital: -71
Contingent Liabilities: 336
Book Value per Share: 165.35
Face Value: 10.00
Total Debt: 1,322
Net Working Capital: -71
Contingent Liabilities: 336
Book Value per Share: 165.35
Face Value: 10.00

Mar 2019

Equity Capital: 98
: 1,807
: 575
Trade Payables: 409
: 1,105
Total Liabilities: 3,995
: 2,583
Capital Work in Progress: 114
: 12
: 768
: 0
Cash & Bank: 36
: 483
Total Assets: 3,995
Total Debt: 1,302
Net Working Capital: 91
Contingent Liabilities: 360
Book Value per Share: 194.38
Face Value: 10.00
Total Debt: 1,302
Net Working Capital: 91
Contingent Liabilities: 360
Book Value per Share: 194.38
Face Value: 10.00

Mar 2020

Equity Capital: 95
: 2,044
: 432
Trade Payables: 408
: 1,334
Total Liabilities: 4,313
: 2,664
Capital Work in Progress: 120
: 9
: 791
: 0
Cash & Bank: 107
: 622
Total Assets: 4,313
Total Debt: 1,240
Net Working Capital: 313
Contingent Liabilities: 351
Book Value per Share: 225.14
Face Value: 10.00
Total Debt: 1,240
Net Working Capital: 313
Contingent Liabilities: 351
Book Value per Share: 225.14
Face Value: 10.00

Mar 2021

Equity Capital: 95
: 2,378
: 204
Trade Payables: 377
: 1,031
Total Liabilities: 4,085
: 2,675
Capital Work in Progress: 81
: 15
: 764
: 0
Cash & Bank: 49
: 502
Total Assets: 4,085
Total Debt: 768
Net Working Capital: 457
Contingent Liabilities: 311
Book Value per Share: 260.27
Face Value: 10.00
Total Debt: 768
Net Working Capital: 457
Contingent Liabilities: 311
Book Value per Share: 260.27
Face Value: 10.00

Mar 2022

Equity Capital: 95
: 2,985
: 343
Trade Payables: 343
: 1,456
Total Liabilities: 5,221
: 2,474
Capital Work in Progress: 213
: 17
: 944
: 0
Cash & Bank: 255
: 1,318
Total Assets: 5,221
Total Debt: 767
Net Working Capital: 469
Contingent Liabilities: 166
Book Value per Share: 323.03
Face Value: 10.00
Total Debt: 767
Net Working Capital: 469
Contingent Liabilities: 166
Book Value per Share: 323.03
Face Value: 10.00

Mar 2023

Equity Capital: 96
: 3,846
: 103
Trade Payables: 230
: 859
Total Liabilities: 5,133
: 1,731
Capital Work in Progress: 109
: 380
: 772
: 0
Cash & Bank: 140
: 2,002
Total Assets: 5,133
Total Debt: 346
Net Working Capital: 1,125
Contingent Liabilities: 162
Book Value per Share: 412.31
Face Value: 10.00
Total Debt: 346
Net Working Capital: 1,125
Contingent Liabilities: 162
Book Value per Share: 412.31
Face Value: 10.00

Mar 2024

Equity Capital: 96
: 2,870
: 0
Trade Payables: 194
: 610
Total Liabilities: 3,770
: 1,842
Capital Work in Progress: 55
: 420
: 651
: 180
Cash & Bank: 492
: 130
Total Assets: 3,770
Total Debt: 196
Net Working Capital: 1,366
Contingent Liabilities: 190
Book Value per Share: 309.81
Face Value: 10.00
Total Debt: 196
Net Working Capital: 1,366
Contingent Liabilities: 190
Book Value per Share: 309.81
Face Value: 10.00

Mar 2025

Equity Capital: 96
: 3,381
: 0
Trade Payables: 165
: 544
Total Liabilities: 4,185
: 1,844
Capital Work in Progress: 256
: 651
: 626
: 210
Cash & Bank: 446
: 153
Total Assets: 4,185
Total Debt: 97
Net Working Capital: 1,585
Contingent Liabilities: 238
Book Value per Share: 363.08
Face Value: 10.00
Total Debt: 97
Net Working Capital: 1,585
Contingent Liabilities: 238
Book Value per Share: 363.08
Face Value: 10.00

Mar 2026

Equity Capital: 92
: 3,454
: 0
Trade Payables: 280
: 473
Total Liabilities: 4,300
: 1,821
Capital Work in Progress: 450
: 1,042
: 597
: 173
Cash & Bank: 90
: 128
Total Assets: 4,300
Total Debt: 62
Net Working Capital: 1,483
Contingent Liabilities: 174
Book Value per Share: 385.73
Face Value: 10.00
Total Debt: 62
Net Working Capital: 1,483
Contingent Liabilities: 174
Book Value per Share: 385.73
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	458	590	530	624	621	643	856	797	638	687
Cash from Investing	-375	-279	-271	-206	-109	-337	-409	-534	-358	-291
Cash from Financing	-113	-308	-258	-339	-569	-98	-530	-338	-230	-451
	-30	2	1	80	-57	209	-83	-75	50	-55
Free Cash Flow	59	356	305	434	519	643	856	645	339	411
OCF / Net Profit	1.21	1.65	1.51	1.57	2.02	1.08	0.77	1.00	1.02	1.45
Cumulative 5-Year FCF	0	0	0	0	1,673	2,257	2,757	3,097	3,002	2,894
OCF / Net Profit	1.21	1.65	1.51	1.57	2.02	1.08	0.77	1.00	1.02	1.45
Cumulative 5-Year FCF	0	0	0	0	1,673	2,257	2,757	3,097	3,002	2,894

Mar 2017

: 458
Cash from Investing: -375
Cash from Financing: -113
: -30
Free Cash Flow: 59
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.21
Cumulative 5-Year FCF: 0

Mar 2018

: 590
Cash from Investing: -279
Cash from Financing: -308
: 2
Free Cash Flow: 356
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.65
Cumulative 5-Year FCF: 0

Mar 2019

: 530
Cash from Investing: -271
Cash from Financing: -258
: 1
Free Cash Flow: 305
OCF / Net Profit: 1.51
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.51
Cumulative 5-Year FCF: 0

Mar 2020

: 624
Cash from Investing: -206
Cash from Financing: -339
: 80
Free Cash Flow: 434
OCF / Net Profit: 1.57
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.57
Cumulative 5-Year FCF: 0

Mar 2021

: 621
Cash from Investing: -109
Cash from Financing: -569
: -57
Free Cash Flow: 519
OCF / Net Profit: 2.02
Cumulative 5-Year FCF: 1,673
OCF / Net Profit: 2.02
Cumulative 5-Year FCF: 1,673

Mar 2022

: 643
Cash from Investing: -337
Cash from Financing: -98
: 209
Free Cash Flow: 643
OCF / Net Profit: 1.08
Cumulative 5-Year FCF: 2,257
OCF / Net Profit: 1.08
Cumulative 5-Year FCF: 2,257

Mar 2023

: 856
Cash from Investing: -409
Cash from Financing: -530
: -83
Free Cash Flow: 856
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 2,757
OCF / Net Profit: 0.77
Cumulative 5-Year FCF: 2,757

Mar 2024

: 797
Cash from Investing: -534
Cash from Financing: -338
: -75
Free Cash Flow: 645
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 3,097
OCF / Net Profit: 1.00
Cumulative 5-Year FCF: 3,097

Mar 2025

: 638
Cash from Investing: -358
Cash from Financing: -230
: 50
Free Cash Flow: 339
OCF / Net Profit: 1.02
Cumulative 5-Year FCF: 3,002
OCF / Net Profit: 1.02
Cumulative 5-Year FCF: 3,002

Mar 2026

: 687
Cash from Investing: -291
Cash from Financing: -451
: -55
Free Cash Flow: 411
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 2,894
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 2,894

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-	-	-	-	-	-	-
EPS (₹)	38.21	36.58	35.76	41.75	34.32	67.82	119.42	82.94	65.19	51.39
Book Value (₹)	135.37	165.35	194.38	225.14	260.27	323.03	412.31	309.81	363.08	385.73
Dividend per Share (₹)	5.00	5.00	5.00	3.00	5.50	15.00	17.50	12.00	12.00	12.00
Cash EPS (₹)	46.82	47.88	47.69	55.56	44.02	75.00	126.58	93.61	76.83	63.45
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	24.25%	21.68%	23.19%	22.56%	22.71%	25.20%	32.40%	22.81%	24.79%	20.02%
Net Margin %	12.79%	12.00%	10.49%	12.00%	11.54%	15.21%	23.78%	21.34%	17.64%	13.72%
ROE %	31.90%	24.10%	19.94%	19.61%	13.31%	21.55%	31.78%	22.99%	19.38%	13.46%
ROCE %	24.26%	18.60%	21.36%	18.57%	14.83%	24.61%	36.83%	27.24%	25.25%	18.12%
	11.40%	9.69%	9.07%	9.55%	7.31%	12.86%	21.55%	17.83%	15.69%	11.14%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	28	31	28	31	35	21	17	20	20	20
Inventory Days	67	75	77	86	107	79	67	70	66	65
Payable Days	99	103	102	102	126	78	66	60	62	74
	-4	3	3	15	15	23	19	29	24	11
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	1.09x	0.82x	0.68x	0.58x	0.31x	0.25x	0.09x	0.07x	0.03x	0.02x
Interest Coverage (x)	4.62x	4.22x	5.17x	5.13x	6.63x	13.75x	38.83x	38.23x	48.83x	66.68x
	0.86x	0.94x	1.08x	1.29x	1.60x	1.35x	3.71x	4.30x	5.31x	4.38x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	10.00%	4.86%	14.46%	-1.08%	-24.63%	51.67%	20.45%	-24.27%	-7.63%	-3.75%
Operating Profit Growth %	12.65%	-10.64%	20.32%	-3.78%	-19.00%	64.12%	53.37%	-40.74%	7.13%	-20.95%
Net Profit Growth %	47.45%	-6.24%	-1.62%	13.13%	-22.64%	94.99%	86.50%	-28.85%	-21.38%	-24.30%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-30.55%	-21.41%	-21.16%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	5.34x	9.42x	8.23x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.43x	1.69x	1.10x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.71%	1.95%	2.84%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	4.38x	5.73x	5.06x

Mar 2017

EPS (₹): 38.21
Book Value (₹): 135.37
Dividend per Share (₹): 5.00
Cash EPS (₹): 46.82
Operating Margin %: 24.25%
Net Margin %: 12.79%
ROE %: 31.90%
ROCE %: 24.26%
: 11.40%
Debtor Days: 28
Inventory Days: 67
Payable Days: 99
: -4
Debt to Equity (x): 1.09x
Interest Coverage (x): 4.62x
: 0.86x
Revenue Growth %: 10.00%
Operating Profit Growth %: 12.65%
Net Profit Growth %: 47.45%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 36.58
Book Value (₹): 165.35
Dividend per Share (₹): 5.00
Cash EPS (₹): 47.88
Operating Margin %: 21.68%
Net Margin %: 12.00%
ROE %: 24.10%
ROCE %: 18.60%
: 9.69%
Debtor Days: 31
Inventory Days: 75
Payable Days: 103
: 3
Debt to Equity (x): 0.82x
Interest Coverage (x): 4.22x
: 0.94x
Revenue Growth %: 4.86%
Operating Profit Growth %: -10.64%
Net Profit Growth %: -6.24%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 35.76
Book Value (₹): 194.38
Dividend per Share (₹): 5.00
Cash EPS (₹): 47.69
Operating Margin %: 23.19%
Net Margin %: 10.49%
ROE %: 19.94%
ROCE %: 21.36%
: 9.07%
Debtor Days: 28
Inventory Days: 77
Payable Days: 102
: 3
Debt to Equity (x): 0.68x
Interest Coverage (x): 5.17x
: 1.08x
Revenue Growth %: 14.46%
Operating Profit Growth %: 20.32%
Net Profit Growth %: -1.62%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 41.75
Book Value (₹): 225.14
Dividend per Share (₹): 3.00
Cash EPS (₹): 55.56
Operating Margin %: 22.56%
Net Margin %: 12.00%
ROE %: 19.61%
ROCE %: 18.57%
: 9.55%
Debtor Days: 31
Inventory Days: 86
Payable Days: 102
: 15
Debt to Equity (x): 0.58x
Interest Coverage (x): 5.13x
: 1.29x
Revenue Growth %: -1.08%
Operating Profit Growth %: -3.78%
Net Profit Growth %: 13.13%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 34.32
Book Value (₹): 260.27
Dividend per Share (₹): 5.50
Cash EPS (₹): 44.02
Operating Margin %: 22.71%
Net Margin %: 11.54%
ROE %: 13.31%
ROCE %: 14.83%
: 7.31%
Debtor Days: 35
Inventory Days: 107
Payable Days: 126
: 15
Debt to Equity (x): 0.31x
Interest Coverage (x): 6.63x
: 1.60x
Revenue Growth %: -24.63%
Operating Profit Growth %: -19.00%
Net Profit Growth %: -22.64%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 67.82
Book Value (₹): 323.03
Dividend per Share (₹): 15.00
Cash EPS (₹): 75.00
Operating Margin %: 25.20%
Net Margin %: 15.21%
ROE %: 21.55%
ROCE %: 24.61%
: 12.86%
Debtor Days: 21
Inventory Days: 79
Payable Days: 78
: 23
Debt to Equity (x): 0.25x
Interest Coverage (x): 13.75x
: 1.35x
Revenue Growth %: 51.67%
Operating Profit Growth %: 64.12%
Net Profit Growth %: 94.99%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 119.42
Book Value (₹): 412.31
Dividend per Share (₹): 17.50
Cash EPS (₹): 126.58
Operating Margin %: 32.40%
Net Margin %: 23.78%
ROE %: 31.78%
ROCE %: 36.83%
: 21.55%
Debtor Days: 17
Inventory Days: 67
Payable Days: 66
: 19
Debt to Equity (x): 0.09x
Interest Coverage (x): 38.83x
: 3.71x
Revenue Growth %: 20.45%
Operating Profit Growth %: 53.37%
Net Profit Growth %: 86.50%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 82.94
Book Value (₹): 309.81
Dividend per Share (₹): 12.00
Cash EPS (₹): 93.61
Operating Margin %: 22.81%
Net Margin %: 21.34%
ROE %: 22.99%
ROCE %: 27.24%
: 17.83%
Debtor Days: 20
Inventory Days: 70
Payable Days: 60
: 29
Debt to Equity (x): 0.07x
Interest Coverage (x): 38.23x
: 4.30x
Revenue Growth %: -24.27%
Operating Profit Growth %: -40.74%
Net Profit Growth %: -28.85%
: -30.55%
P/E (x): 5.34x
P/B (x): 1.43x
Dividend Yield %: 2.71%
: 4.38x

Mar 2025

EPS (₹): 65.19
Book Value (₹): 363.08
Dividend per Share (₹): 12.00
Cash EPS (₹): 76.83
Operating Margin %: 24.79%
Net Margin %: 17.64%
ROE %: 19.38%
ROCE %: 25.25%
: 15.69%
Debtor Days: 20
Inventory Days: 66
Payable Days: 62
: 24
Debt to Equity (x): 0.03x
Interest Coverage (x): 48.83x
: 5.31x
Revenue Growth %: -7.63%
Operating Profit Growth %: 7.13%
Net Profit Growth %: -21.38%
: -21.41%
P/E (x): 9.42x
P/B (x): 1.69x
Dividend Yield %: 1.95%
: 5.73x

Mar 2026

EPS (₹): 51.39
Book Value (₹): 385.73
Dividend per Share (₹): 12.00
Cash EPS (₹): 63.45
Operating Margin %: 20.02%
Net Margin %: 13.72%
ROE %: 13.46%
ROCE %: 18.12%
: 11.14%
Debtor Days: 20
Inventory Days: 65
Payable Days: 74
: 11
Debt to Equity (x): 0.02x
Interest Coverage (x): 66.68x
: 4.38x
Revenue Growth %: -3.75%
Operating Profit Growth %: -20.95%
Net Profit Growth %: -24.30%
: -21.16%
P/E (x): 8.23x
P/B (x): 1.10x
Dividend Yield %: 2.84%
: 5.06x

Shareholding Pattern

Numbers in percentages

TRADES

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	19.04	19.04	19.04	19.04	18.97	18.97	19.83	19.87	19.83
	24.76	25.70	25.41	26.06	26.41	25.67	25.22	24.66	22.44
	9.29	9.79	10.35	10.11	10.28	10.52	9.49	10.57	11.20
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	46.90	45.45	45.18	44.79	44.33	44.82	45.45	44.89	46.53

Jun 2024

: 19.04
: 24.76
: 9.29
Government: 0.00
: 46.90

Sep 2024

: 19.04
: 25.70
: 9.79
Government: 0.00
: 45.45

Dec 2024

: 19.04
: 25.41
: 10.35
Government: 0.00
: 45.18

Mar 2025

: 19.04
: 26.06
: 10.11
Government: 0.00
: 44.79

Jun 2025

: 18.97
: 26.41
: 10.28
Government: 0.00
: 44.33

Sep 2025

: 18.97
: 25.67
: 10.52
Government: 0.00
: 44.82

Dec 2025

: 19.83
: 25.22
: 9.49
Government: 0.00
: 45.45

Mar 2026

: 19.87
: 24.66
: 10.57
Government: 0.00
: 44.89

Jun 2026

: 19.83
: 22.44
: 11.20
Government: 0.00
: 46.53

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-07 - GHCL Limited has informed the Exchange about Schedule of meet
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-06 - GHCL Limited has informed the Exchange about Transcript

Annual Reports

Credit Ratings

Credit Rating
2026-07-31 - GHCL Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC