GHCL

Current scenario - Global soda ash market remains oversupplied with elevated inventory levels in certain regions and soft realizations. - Indian demand from the detergent segment was weak, while glass demand remains stable; import pressure continues to keep realizations soft. - Solar glass capacity expansion in India is expected to create sustained and visible demand opportunities for soda ash. - The government of India has imposed a minimum import price on clear float glass for one year to safeguard domestic manufacturers. - Company commenced commercial production of vacuum salt and bromine during the quarter, marking important milestones in diversification. Changes in trends - Q2 FY27 revenue grew by 11% YoY to ₹821 crores, and EBITDA grew by 16% YoY to ₹202 crores with an EBITDA margin of 24.7%. - Q3 margins are expected to moderate further due to annual maintenance shutdowns and tapering low-cost raw material inventory benefits, though numbers will remain better than the same quarter last year. - A small price increase of 1.5% to 2% has been taken in soda ash for Q3. Management Guidance & Outlook - FY27 performance as a whole is expected to be similar to or slightly better than the previous year, aided by incremental EBITDA from vacuum salt and bromine. - The greenfield soda ash project will take approximately 3.5 years to implement from the zero date once land and government approvals are finalized. - The company maintains a strong balance sheet with a net cash surplus of more than ₹1,070 crores. Capex - Salt works capacity expansion and new salt works development at Zara Zumara entail an investment of around ₹450 crores. - Board approved a capex of ₹88 crores for developing its own railway siding infrastructure to improve raw material reliability and reduce logistics costs. - Greenfield project cost is estimated at ₹4,200 crores for 0.5 million tonnes and up to ₹7,000 crores for 1.1 million tonnes. Growth Drivers - Ramp-up of newly commissioned vacuum salt and bromine capacities to reach optimum utilization by next year. - Backward integration through salt field enhancements and the Zara Zumara project. - Increasing domestic demand driven by solar glass capacity additions in India.

- GHCL Limited has informed the stock exchanges about the audio recording of the Investors' Conference held on November 2, 2026. - The audio recording has been made available on the company's official website.

GHCL Limited released its Q2 & H1 FY27 Investor Presentation detailing business updates and financial performance. Managing Director R.S. Jalan noted that the global soda ash industry continues to face pricing pressure and soft realisations due to oversupply, though low-cost positioning and operational efficiencies helped maintain resilience. The company successfully commenced commercial production of Vacuum Salt and Bromine, marking milestones in its backward integration and diversification strategy.

- Q2 FY27 Standalone Revenue grew 11% YoY to ₹821 Cr vs ₹739 Cr. - EBITDA rose 16% YoY to ₹202 Cr; Net Profit grew 19% YoY to ₹127 Cr. - Successfully commenced commercial production of Vacuum Salt and Bromine. - Management noted global soda ash pricing pressure is likely to persist over coming quarters.

- Board approved un-audited standalone financial results for the quarter ended September 30, 2026. - Statutory auditor Deloitte Haskins & Sells issued an unmodified limited review report. - Total financial indebtedness stood at ₹101.49 crore with zero defaults reported. - Related party transactions for the half-year ended September 30, 2026 were submitted.

- Board approved unaudited standalone financial results for the quarter ended September 30, 2026. - Approved an additional Capital Budget of approx. ₹88.09 Cr for FY 2026-27. - Statutory Auditors issued an unmodified limited review report.

Concall Schedule Concall Date: Monday, November 2, 2026 Concall Time: 3:00 PM (IST) Purpose: To discuss Q2FY27 results with MD R S Jalan and CFO Raman Chopra.

- GHCL Limited has commenced commercial production of a new product "Liquid Bromine (Br2)" w.e.f. October 12, 2026. - Annual capacity of the new Bromine plant is 2,800 MT. - The product caters to both domestic and international markets.

- Trading window for Designated Persons and immediate relatives closed from October 1, 2026. - Closure remains effective until 48 hours after the declaration of un-audited financial results for the quarter ended September 30, 2026. - Date of the Board Meeting will be intimated separately.

- GHCL Limited has been declared the "Preferred Bidder" for a Composite License for limestone mines of the Kadaya Block in Junagadh district, Gujarat State. - This was secured through an e-auction conducted by the Commissioner of Geology and Mining, Government of Gujarat. - The license covers an area of 6.8797 Hectares and has a Limestone Mineral Reserve of 5,67,337 Metric Tonne. - The Letter of Intent will be granted upon submission of performance security within 45 days.

- Q1 FY27 Standalone Revenue ₹774.26Cr vs Q1 FY26 Standalone Revenue ₹795.87Cr (▼2.71% YoY) - Standalone EBITDA ₹232.61Cr vs ₹224.53Cr (▲3.60% YoY) - Standalone PAT ₹191.18Cr vs ₹144.78Cr (▲32.05% YoY), boosted by an exceptional gain of ₹53.62 crore from ESOS Trust settlement. - Standalone EBITDA Margin 30.04% vs 28.21% (▲183bps) - From FY27, GHCL Limited will operate strictly as a standalone entity and will not submit consolidated financial results due to subsidiary dissolution. - Company faces potential future liability from a Supreme Court ruling on mineral rights tax, with the financial impact yet to be assessed.

- GHCL Limited announced the commencement of commercial production of 'Vacuum Salt' (Sodium Chloride i.e. NaCl) on August 31, 2026, at its Soda Ash plant. - The new product has an annual capacity of 1.7 Lakh MT and is food grade, catering to both domestic and international markets.

- NGT Western Zone Bench, Pune, ruled in favour of GHCL Limited on August 21, 2026. - The NGT dismissed all appeals challenging Environmental and Forest Clearances for GHCL's Green Field Soda Ash Project in Gujarat.

- Investor Conference Schedule - Date: August 13, 2026 - Time: 10:00 AM to 6:00 PM - Event: EMKAY Confluence 2026: Investor Conference - Venue: Hotel Grand Hyatt, Kalina, Mumbai

- Q1 FY27 saw improved margins (EBITDA 29.1% vs 27.3% YoY) and strong profitability (PAT ₹191 Cr vs ₹145 Cr YoY) driven by operational excellence, despite global market challenges. - Management expects current elevated margins to moderate and normalize in the medium term. - Vacuum Salt and Bromine projects are commissioned, targeting commercial production in Q2 FY27, with full utilization by FY28, projecting ₹150-160 Cr revenue and 40-45% EBITDA margin. - Greenfield Soda Ash project is delayed due to land acquisition issues; timeline is uncertain. - Positive outlook on Indian soda ash demand, especially from solar glass capacity build-out, expecting demand to rise from 1.5 lakh tonnes to ~3.5 lakh tonnes by Q4 FY27. - Company holds over ₹1,000 Cr net cash surplus; FY27 Capex is estimated at ₹140-150 Cr.

- GHCL Limited has uploaded the audio recording of its Investors' Conference held on August 3, 2026. - The recording, pertaining to the Q1 FY27 concall, is accessible on the company's website.

- Audio recording of the Investors' Conference held on August 3, 2026, has been uploaded. - The recording is accessible on the company's website and via a direct link.

- Standalone Revenue ₹798 Cr vs ₹823 Cr (▼3% YoY) - EBITDA ₹233 Cr vs ₹225 Cr (▲4% YoY) - PAT ₹191 Cr vs ₹145 Cr (▲32% YoY) - EBITDA Margin 29.19% vs 27.34% (▲185bps)

- Revenue ₹774.26Cr vs ₹795.87Cr (▼2.7% YoY) - EBITDA ₹262.48Cr vs ₹197.21Cr (▲33.1% YoY) - PAT ₹191.18Cr vs ₹144.78Cr (▲32.1% YoY) - EBITDA Margin 33.90% vs 24.78% (▲912bps)

- Standalone Operating Revenue ₹774.26 Cr vs ₹795.87 Cr (▼2.71% YoY) - EBITDA ₹262.48 Cr vs ₹197.21 Cr (▲33.10% YoY) - PAT ₹191.18 Cr vs ₹144.78 Cr (▲32.05% YoY) - EBITDA Margin 33.90% vs 24.78% (▲912 bps)

- GHCL Limited's credit ratings for bank facilities have been re-affirmed by CARE Ratings Limited. - Long Term Bank Facilities are rated CARE AA- Stable (Double A Minus with Outlook Stable). - Short Term Bank Facilities are rated CARE A1+ (A One Plus).

- Concall Schedule - Concall Date: Monday, August 3, 2026 - Concall Time: 3:00 PM (IST) - Dial-in Numbers: +91 22 6280 1325 / +91 22 7115 8226

- Concall Schedule for Q1FY27 results - Concall Date: August 3, 2026 - Concall Time: 3:00 PM (IST) - Dial-in: +91 22 6280 1325 / +91 22 7115 8226

- GHCL Limited received an ESG rating of 'Crisil ESG 59' and a Core ESG rating of 'Crisil Core ESG 67' from CRISIL on July 20, 2026. - CRISIL independently prepared the report based on public data for FY 2025-26, as the company did not engage CRISIL.

- GHCL Limited's 43rd AGM on June 25, 2026, approved all 5 resolutions. - These included standalone/consolidated FY26 financial statements and dividend declaration. - Deloitte Haskins & Sells was also appointed as Statutory Auditor for five years.

- GHCL Limited's 43rd Annual General Meeting (AGM) was held on June 25, 2026, via video conference. - All five agenda items were approved by shareholders with requisite majority. - Key resolutions passed include the adoption of standalone and consolidated financial statements for FY ended March 31, 2026. - Declaration of dividend for the financial year ended March 31, 2026, was approved. - Mr. Raman Chopra was re-appointed as a Director, and Deloitte Haskins & Sells Chartered Accountants LLP was appointed as the Statutory Auditor for a five-year term.

- Trading window for Designated Persons closed from July 1, 2026, until 48 hours after declaration of un-audited financial results for the quarter ended June 30, 2026. - Board Meeting date for results will be intimated separately.