GHCL LIMITED

Management reported that the global soda ash market continues to face pressure due to supply exceeding demand, with weak pricing persisting. They noted that the recovery in Chinese demand has been slower than anticipated, contributing to high inventories. In the Indian market, demand has been soft, influenced by ongoing conflicts and domestic dynamics, although management indicated that rupee depreciation may offer some protection to local producers. Operating margins for the quarter were elevated, attributed to better realizations and lower input costs, but management cautioned against viewing this as a new normal. They highlighted the completion of their Vacuum Salt and Bromine projects, with commercial production anticipated in Q2 FY27. Financially, revenue for the quarter was reported at INR798 crores, with EBITDA at INR233 crores, reflecting a focus on operational excellence despite global challenges. Management emphasized the importance of maintaining efficiency and cost leadership in a volatile environment.

Management highlighted both challenges in the market and positive developments in project completions.