GHCL Ltd

Kadaya Block license

• The awarding entity is the Commissioner of Geology and Mining, Government of Gujarat.
• Nature and scope: Grant of a Composite License for Kadaya Block limestone mineral.
• Size: 6.8797 hectares license area and 567,337 tonnes limestone reserve.
• The awarding entity is a domestic government entity.
• Timeframe: LOI to be granted after submission of performance security within 45 days of bidder declaration.
• Key condition: submission of performance security within 45 days; LOI issued subject to this.
• Related party: No promoter interest; process conducted via transparent e-auction.
• Arm's length: Order awarded through competitive government e-auction.
• Material impact: No material impact on the company disclosed.

Filing Status

• Dan River Properties LLC has been voluntarily closed; GHCL will operate as a standalone entity.
• Consolidated financial results will not be submitted from April 1, 2026.
• Machine-readable copy of the results has been submitted; a copy is attached.

Key Update

• GHCL commences commercial production of Vacuum Salt (NaCl) at Sutrapada plant from August 31, 2026.
• Annual capacity of Vacuum Salt is 1.7 Lakh MT.
• Product is food-grade and serves domestic and international markets.

Regulatory decision

• NGT Western Zone dismissed all three appeals against GHCL's EC and Forest Clearance for Gujarat project.
• Order dated August 21, 2026, in GHCL's favour; detailed judgment not yet uploaded on NGT site.
• Project location: village Bada, Taluka Mandvi, Distt. Kuchhch (Gujarat).

Impact and status

• Appeals against EC granted by MOEF&CC are dismissed, keeping regulatory clearances in place.
• No immediate monetary terms disclosed; resolution reduces regulatory risk and potential delays.

Meeting Details

• Date and time: Thursday, August 13, 2026, 10:00 am–6:00 pm.
• Conference name/organiser: EMKAY Confluence 2026 Investor Conference.
• Type and mode: Mix of 1x1 and group meetings (physical).
• Venue: Hotel Grand Hyatt, Kalina, Mumbai.

Participants

• Company management representatives to participate (roles not specified).

Purpose

• Purpose: Schedule of Analysts/Institutional Investors Meeting with GHCL management.

Financial Performance

• Revenue for the quarter: ₹798 crores; sequential ₹808 crores; YoY ₹823 crores.
• EBITDA ₹233 crores; margin 29.1%, up from 23.9% (Q4) and 27.3% (Q1 prior year).
• PAT before exceptional items ₹151 crores; including ESOS settlement ₹40 crores, net ₹191 crores.
• PAT in Q4 last year ₹120 crores; Q1 last year ₹145 crores.
• Cash profit after tax ₹216 crores; capex ₹36 crores; dividends ₹109 crores; debt repayment ₹6 crores.
• Net cash surplus > ₹1,000 crores at end of Q1 FY27.

Projects and Capex

• Vacuum Salt project commissioned; production trials completed; commercial production in Q2 FY27; full utilization FY27-28.
• Bromine project completed; seasonality reduces output; full utilization FY27-28.
• FY27 capex guidance ~₹140-₹150 crores; focused on two projects and infra.
• Greenfield Soda Ash: land-acquisition delays; timeline unclear; updates when clarified.
• Solar glass demand: soda ash 1.5 lakh tonnes now; 3.5 lakh tonnes with new capacity; ~8-9% of domestic demand.
• Imports ~20% of demand; major suppliers US, Turkey; base duty ~7.5%.

Liquidity and Shareholder Return

• Board to consider payout policy; historically payout via dividend and buyback around 80-87%.
• Liquidity supports capex execution and growth headroom.
• No major debt changes disclosed; cash buffer underpins planned investments.

Q&A Highlights

• Vacuum Salt and Bromine revenue potential ~₹150-₹160 crores; EBITDA ~40-45%.
• China/US plants faced short-term shutdowns; impact limited to near term.
• Margin drivers include price realization, cost reductions, and low-cost inventories; normalization expected.
• Solar glass demand to contribute meaningfully; full benefit likely in 27/28.
• Imports in Q1 higher than Q4, but lower than Q1 a year ago; July data unavailable.
• Power cost expected to be range-bound; ongoing efficiency measures to moderate costs.

Risks and Outlook

• Greenfield Soda Ash: land acquisition and regulatory clearances remain key risk; timeline uncertain.
• Safeguard quantitative restrictions under government consideration; impact not yet disclosed.
• Energy cost volatility persists; rupee depreciation offers some protection to Indian producers.

Meeting Details

• Date: August 3, 2026; time not disclosed.
• Type and mode: investors' conference; virtual audio recording uploaded.
• Organizer: GHCL Limited.

Participants

• Key participant: Vice President - Sustainability & Company Secretary (GHCL).

Purpose

• Purpose: investors' conference discussion with investors.

Additional Notes

• Audio recording uploaded on GHCL website; copies also on BSE/NSE.

Rating action

• CARE reaffirmed GHCL Ltd's long-term bank facilities rating at AA- with Stable outlook.

Instruments & ratings

• Long-term bank facilities ₹54.95 crore; rating CARE AA-; Stable; reaffirmed.
• Long-term/short-term bank facilities ₹825.00 crore; rating CARE AA-; Stable / CARE A1+; reaffirmed.
• Total rated facilities ₹879.95 crore (Annexure 1).

Agency

• Rating Agency: CARE Ratings Limited.

Rationale

• Rationale cites FY26 operational and financial performance as basis for rating.

Outlook

• Outlook: Stable.

Material change

• Long-term facility reduced to ₹54.95 crore from ₹85.65 crore.

Meeting Details

• Date and time: August 3, 2026, 3:00 PM IST.
• Type and mode: Group conference call; virtual.

Participants

• Company participants: MD and CFO & ED (Finance) to attend.

Purpose

• Purpose: Discuss GHCL Q1 FY27 results with investors.

Additional Notes

• Organizer: EMKAY GLOBAL FINANCIAL SERVICES LTD; invitation circulated; intimation on GHCL website.