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GHCL Ltd. — Interim / Quarterly Report 2026
May 5, 2026
61607_rns_2026-05-05_1540111b-4f9c-4859-926a-4f3cda6b0636.pdf
Interim / Quarterly Report
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GHCL Limited
GHCL
May 5, 2026
ਅਧੀਨਤ - ਗੁਆ ਧਰਤ, ਬਦਲੀ
ਕਿਮਨਲ ਸੰਸਕਰਣ 2026
National Stock Exchange of India Limited
“Exchange Plaza”
Bandra – Kurla Complex,
Bandra (E), Mumbai – 400 051
NSE Code: GHCL
BSE Limited
Corporate Relationship Department,
1st Floor, New Trading Ring, Rotunda Building,
P.J. Towers,
Dalal Street, Fort, Mumbai – 400 001
BSE Code: 500171
Dear Sir / Madam,
Sub: Outcome of 217th Board Meeting of the Company & and filing of Integrated Financial Audited Results along with Auditor's Report for the financial year ended on March 31, 2026
Pursuant to the requirement of Regulation 30 read with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular (HO/49/14/14(7)2025-CFD-POD2/I/3762/2026) dated January 30, 2026 and other applicable provisions, if any, it is hereby informed that the Board of Directors in their just concluded meeting held on May 5, 2026, has inter alia approved the following;
A. Audited standalone and Consolidated Financial Results for the quarter/ year ended on March 31, 2026, which is in compliance with Indian Accounting Standard (Ind-AS). Copy of the said audited financial results along with Audit Reports issued by the Statutory Auditors are enclosed herewith as Annexure – 1.
B. Statement On Deviation Or Variation For Proceeds Of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement etc.
| Statement on deviation / variation in utilization of funds raised | |
|---|---|
| Name of listed entity | GHCL Limited |
| Mode of Fund Raising | Not Applicable |
| Date of Raising Funds | Not Applicable |
| Amount Raised | Not Applicable |
| Report filed for the quarter ended | March 31, 2026 |
| Monitoring Agency, if applicable | Not Applicable |
| Is there a Deviation/ Variation in use of funds | Not Applicable |
| If yes, whether the same is pursuant to change in terms of a contract or objects, which was approved by the shareholders | Not Applicable |
| If Yes, Date of shareholder Approval | Not Applicable |
| Explanation for the Deviation / Variation | Not Applicable |
| Comments of the Audit Committee after review | Not Applicable |
| Comments of the auditors, if any | Not Applicable |
B-38, GHCL House, Institutional Area, Sector- 1, Naida, (U.P.) - 201301, India. Ph.: +91-120-2535335, 4939900, Fax: +91-120-2535209 CIN: L24100GJ1983PLC006513, E-mail: [email protected], Website: www.ghcl.co.in
Regd. Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad, Gujarat - 380009, India
GHCL Limited
GHCL
| Objects for which funds have been raised and where there has been a deviation, in the following table | ||||||
|---|---|---|---|---|---|---|
| Original Object | Modified Object, if any | Original Allocation | Modified allocation, if any | Funds utilized | Amount of deviation/Variation for the quarter according to applicable object | Remarks, if any |
| Not Applicable |
C. Format for disclosing outstanding default on loans and debt securities:
| S. No. | Particulars | in ₹ crore |
|---|---|---|
| 1 | Loans / revolving facilities like cash credit from banks / financial institutions | |
| A | Total amount outstanding as on date | 217.15 Cr. |
| B | Of the total amount outstanding, amount of default as on date | 0 |
| 2 | Unlisted debt securities i.e. NCDs and NCRPS | |
| A | Total amount outstanding as on date | Not Applicable |
| B | Of the total amount outstanding, amount of default as on date | Not Applicable |
| 3 | Total financial indebtedness of the listed entity including short-term and long-term debt | 217.15 Cr. |
D. Disclosure of Related Party Transactions for the half year ended on March 31, 2026. Copy of Related Party Transactions for the half year ended on March 31, 2026 is enclosed herewith as Annexure-2.
E. Statement on impact of audit qualifications (for audit report with modified opinion) submitted along-with annual audited financial results (Standalone and Consolidated separately) (applicable only for Annual Filing i.e., 4th quarter) – Not Applicable. Copy of Declaration w.r.t unmodified opinion is enclosed herewith as Annexure-3
Please note that the board meeting commenced at 11.30 a.m. and concluded at 3.15 p.m.
Please note that copy of this communication shall also be available on the website of the company (www.ghcl.co.in), BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com). You are requested to kindly take note of the same and disseminate the information on your website.
Thanking you
Yours faithfully
For GHCL Limited
BHUWNESHWA
R PRASAD
MISHRA
Digitally signed by
BHUWNESHWAR PRASAD
MISHRA
Date: 2026.05.05 15:19:08
+01'30'
Bhuwneshwar Mishra
Vice President - Sustainability & Company Secretary
(Membership No.: FCS 5330)
B-38, GHCL House, Institutional Area, Sector- 1, Naida, (U.P.) - 201301, India. Ph.: +91-120-2535335, 4939900, Fax: +91-120-2535209 CIN: L24100GJ1983PLC006513, E-mail: [email protected], Website: www.ghcl.co.in
Regd. Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad, Gujarat - 380009, India
S.R. BATLIBOI & Co. LLP
Chartered Accountants
67, Institutional Area
Sector 44, Gurugram - 122 003
Haryana, India
Tel: +91 124 681 6000
Independent Auditor’s Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
GHCL Limited
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date standalone financial results of GHCL Limited including the GHCL Employees Stock Option Trust (the “Company”) for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the report of the other auditor on the separate audited financial statements and on the other financial information of GHCL Employees Stock Option Trust, the Statement:
i. is presented in accordance with the requirements of the Listing Regulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter ended March 31, 2026 and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Standalone Financial Results
The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive loss of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
S.R. Batliboi & Co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294
Regd. Office : 22, Camur, Bihar, Block 'B', 1nd Floor, Kulluka-799 916
S.R. BATLIBOI & CO. LLP
Chartered Accountants
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the Company of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of the Company of which we are the independent auditors. For GHCL Employees Stock Option Trust included in the Statement, which has been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
S.R. BATLIBOI & Co. LLP
Chartered Accountants
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
The accompanying Statement includes the audited financial results in respect of GHCL Employees Stock Option Trust whose financial statements and other financial information reflect total assets of Rs. 6.93 crores as at March 31, 2026 and total revenues of Rs. 0.00 crore and Rs. 0.58 crore, total net profit after tax of Rs. 0.00 crore and Rs. 0.43 crore and total comprehensive income of Rs. 0.00 crore and Rs. 0.43 crore for the quarter and year ended March 31, 2026 respectively, and net cash (inflows) of Rs. (0.00) crore for the year ended March 31, 2026 as considered in the Statement which have been audited by the auditor of GHCL Employees Stock Option Trust.
The independent auditor’s reports on the audited annual financial statements of GHCL Employees Stock Option Trust have been furnished to us by the management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in GHCL Employees Stock Option Trust, is based solely on the report of such auditors. Our opinion on the Statement is not modified in respect of the above matter.
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Sonika Loganey
Digitally signed by Sonika Loganey
DN: cm=Sonika Loganey, c=IN, p=Personal Location: Noida
Date: 2026.05.05 14:54:25 +05'30'
per Sonika Loganey
Partner
Membership No.: 502220
UDIN: 26502220AHDBRL9496
Place: Noida
Date: May 05, 2026
| GHCL Limited (CIN: L24100GJ1983PLC006513) | ||||||
|---|---|---|---|---|---|---|
| Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380009, Gujarat | ||||||
| (Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079-26427519) | ||||||
| Statement of Audited Standalone Financial Results for the Quarter and Year Ended March 31, 2026 | (₹ in crores) | |||||
| S. No. | Particulars | Quarter Ended | Year Ended | |||
| 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 | ||
| Audited (Refer Note 7) | Unaudited | Audited | Audited | Audited | ||
| 1 | Income | |||||
| (a) Revenue from operations | 790.51 | 756.54 | 781.47 | 3,064.21 | 3,183.48 | |
| (b) Other income | 17.93 | 16.79 | 25.65 | 79.72 | 89.73 | |
| Total income | 808.44 | 773.33 | 807.12 | 3,143.93 | 3,273.21 | |
| 2 | Expenses | |||||
| a) Cost of raw materials consumed | 226.99 | 203.41 | 228.27 | 907.04 | 929.24 | |
| b) Purchase of stock-in-trade | 52.16 | 39.68 | 47.96 | 163.10 | 120.46 | |
| c) (Increase)/decrease in inventories of finished goods, stock-in-trade and work-in-progress | 11.86 | 46.59 | (35.19) | 23.72 | 4.64 | |
| d) Power, fuel and water expenses | 152.61 | 145.26 | 154.02 | 612.31 | 610.63 | |
| e) Employee benefits expenses | 27.58 | 29.50 | 28.15 | 119.00 | 113.91 | |
| f) Finance costs | 1.87 | 2.64 | 4.08 | 9.01 | 16.12 | |
| g) Depreciation and amortisation expense | 27.49 | 28.78 | 28.27 | 110.81 | 111.54 | |
| h) Other expenses | 143.69 | 133.40 | 140.04 | 550.26 | 528.52 | |
| Total expenses | 644.25 | 629.26 | 595.60 | 2,495.25 | 2,435.06 | |
| 3 | Profit before tax (1-2) | 164.19 | 144.07 | 211.52 | 648.68 | 838.15 |
| 4 | Tax expenses: | |||||
| (a) Current tax | 40.61 | 36.07 | 51.27 | 161.90 | 213.06 | |
| (b) Current tax adjustment for earlier years | (0.20) | - | 1.18 | (0.20) | 1.29 | |
| (c) Deferred tax (credit)/charge | 3.81 | 1.30 | 5.97 | 8.17 | (2.91) | |
| (d) Deferred tax adjustment for earlier years | - | - | 0.48 | - | 0.48 | |
| Total tax expenses | 44.22 | 37.37 | 58.90 | 169.87 | 211.92 | |
| 5 | Net Profit for the period/year (3-4) | 119.97 | 106.70 | 152.62 | 478.81 | 626.23 |
| Other Comprehensive Income/(loss): | ||||||
| (a) Re-measurement gains/(losses) on defined benefit plans - not to be reclassified subsequently to profit & loss | 0.85 | (0.94) | (4.69) | (1.97) | (3.76) | |
| (b) Income tax effect on above | (0.21) | 0.24 | 1.18 | 0.50 | 0.95 | |
| (c) Re-measurement gains/(losses) on investments in equity instruments classified as FVOCI - not to be reclassified subsequently to profit & loss | (4.95) | 0.76 | 0.31 | (3.41) | 2.98 | |
| (d) Income tax effect on above | 0.74 | (0.10) | - | 0.35 | (0.38) | |
| 6 | Other Comprehensive income/(loss) net of tax - not to be reclassified subsequently to profit & loss | (3.57) | (0.04) | (3.20) | (4.53) | (0.21) |
| 7 | Total Comprehensive income comprising profit after tax and other Comprehensive income (5+6) | 116.40 | 106.66 | 149.42 | 474.28 | 626.02 |
| 8 | Other Equity as per the audited balance sheet | 3,459.96 | 3,387.03 | |||
| 9 | Paid up equity share capital (face value of ₹10/- each) | 91.93 | 91.93 | 95.75 | 91.93 | 95.75 |
| 10 | Earnings per share (face value of ₹10/- each) | (Not Annualised) | ||||
| (a) Basic | 12.73 | 11.34 | 15.96 | 50.83 | 65.72 | |
| (b) Diluted | 12.73 | 11.33 | 15.95 | 50.80 | 65.56 |
| GHCL Limited (CIN: L24100GJ1983PLC006513) | |||
|---|---|---|---|
| Statement of Standalone Assets & Liabilities as at March 31, 2026 | |||
| Particulars | (€ in crores) | ||
| As at | |||
| 31.03.2026 | 31.03.2025 | ||
| Audited | Audited | ||
| I | Assets | ||
| Non-current assets | |||
| a | Property, plant and equipment | 1,787.55 | 1,807.46 |
| b | Capital work-in-progress | 449.56 | 255.61 |
| c | Intangible assets | 17.08 | 19.40 |
| d | Right-of-use assets | 16.20 | 16.92 |
| e | Investment in subsidiary | - | 0.00 |
| f | Financial assets | ||
| (i) Other investments | 13.72 | 17.14 | |
| (ii) Loans | 0.35 | 0.59 | |
| (iii) Other financial assets | 24.67 | 19.03 | |
| g | Non current tax assets (net) | 44.82 | 37.73 |
| h | Other-non current assets | 24.78 | 57.94 |
| Total non-current assets | 2,378.73 | 2,231.82 | |
| Current assets | |||
| a | Inventories | 596.77 | 625.65 |
| b | Financial assets | ||
| (i) Other investments | 1,028.14 | 634.18 | |
| (ii) Trade receivables | 173.02 | 209.75 | |
| (iii) Cash and cash equivalents | 44.12 | 98.34 | |
| (iv) Bank balances other than cash and cash equivalents | 45.80 | 347.27 | |
| (v) Loans | 0.90 | 1.05 | |
| (vi) Derivative instruments | 4.25 | - | |
| (vii) Other financial assets | 0.87 | 5.72 | |
| c | Other current assets | 27.11 | 25.55 |
| Total current assets | 1,920.98 | 1,947.51 | |
| Total Assets | 4,299.71 | 4,179.33 | |
| II | Equity and liabilities | ||
| Equity | |||
| a | Equity share capital | 91.93 | 95.75 |
| b | Other equity | 3,459.96 | 3,387.03 |
| Total equity | 3,551.89 | 3,482.78 | |
| Liabilities | |||
| Non-current liabilities | |||
| a | Financial liabilities | ||
| (i) Borrowings | 34.20 | 61.53 | |
| (ii) Lease liabilities | 18.80 | 19.05 | |
| b | Provisions | 6.95 | 5.72 |
| c | Deferred tax liabilities (net) | 249.43 | 242.11 |
| Total non- current liabilities | 309.38 | 328.41 | |
| Current liabilities | |||
| a | Financial liabilities | ||
| (i) Borrowings | 27.93 | 35.98 | |
| (ii) Lease liabilities | 2.37 | 2.34 | |
| (iii) Trade payables | |||
| (a) Total outstanding dues of micro enterprises and small enterprises | 55.42 | 35.40 | |
| (b) Total outstanding dues of creditors other than micro enterprises and small enterprises | 224.87 | 129.76 | |
| (iv) Derivative instruments | - | 2.52 | |
| (v) Other financial liabilities | 64.73 | 87.77 | |
| b | Other current liabilities | ||
| (i) Contract liabilities | 5.83 | 3.99 | |
| (ii) Other current liabilities | 40.73 | 53.89 | |
| c | Provisions | 16.56 | 16.49 |
| Total current liabilities | 438.44 | 368.14 | |
| Total liabilities | 747.82 | 696.55 | |
| Total equity and liabilities | 4,299.71 | 4,179.33 |
GHCL Limited (CIN: L24100GJ1983PLC006513)
Standalone Statement of Cash Flows for the year ended March 31, 2026
(₹ in crores)
| Particulars | For the year ended March 31, 2026
Audited | For the year ended March 31, 2025
Audited |
| --- | --- | --- |
| Operating activities | | |
| Profit before tax | 648.68 | 838.15 |
| Adjustments to reconcile profit before tax to net cash flows : | | |
| Depreciation and amortisation expense | 110.81 | 111.54 |
| (Gain)/loss on fair valuation/profit on sale of investments (net) | (46.37) | (43.02) |
| Provision for doubtful debts | 1.80 | - |
| Loss on sales/discard of property, plant and equipment (net) | 0.04 | (8.66) |
| Interest (income) | (18.92) | (32.85) |
| Finance costs | 8.53 | 15.78 |
| Dividend (income) | (0.27) | (0.20) |
| Gain on lease modification | (0.56) | - |
| Income from subsidiary company | (6.66) | - |
| Employees share based payments | (0.18) | - |
| Unrealised exchange loss/(gain) | (3.08) | 2.21 |
| Operating profit before working capital changes | 693.82 | 882.95 |
| Adjustments in working capital | | |
| Adjustments for (Increase)/decrease in Operating assets: | | |
| Trade receivables | 35.61 | (30.12) |
| Inventories | 28.88 | 25.42 |
| Other current financial assets | 0.24 | 0.51 |
| Other current assets | (1.56) | 6.45 |
| Non-current financial assets | 0.21 | (0.24) |
| Other non-current assets | (0.15) | 0.17 |
| Adjustments for Increase/(decrease) in Operating liabilities: | | |
| Contract liabilities | 1.84 | 0.68 |
| Trade payables | 110.76 | (27.88) |
| Other current financial liabilities | (6.10) | 4.43 |
| Other current liabilities | (13.16) | (3.08) |
| Provisions | (0.67) | 3.87 |
| Cash flow generated from operations | 849.72 | 863.16 |
| Income tax paid (net) | (168.79) | (225.46) |
| Net cash flow generated from operating activities (A) | 680.93 | 637.70 |
| Cash flow from investing activities | | |
| Payment for purchase of Property, plant and equipment, capital work in progress and intangible assets (Including capital advances and capital creditors) | (263.67) | (314.89) |
| Proceeds from sale of Property, plant and equipment | 0.08 | 13.00 |
| Proceeds from sales of current investments | 1,352.08 | 1,770.50 |
| Purchase of current investments | (1,699.66) | (1,955.16) |
| Purchase of non-current investments | - | (0.25) |
| Proceeds of income from subsidiary company | 6.66 | - |
| Proceeds from maturity of bank deposits not considered as cash and cash equivalents | 465.74 | 439.71 |
| Investment in bank deposits not considered as cash and cash equivalents | (169.16) | (342.50) |
| Interest received | 23.68 | 31.73 |
| Dividend received | 0.27 | 0.20 |
| Net cash flow (used in) investing activities (B) | (283.98) | (357.66) |
| Cash flow from financing activities | | |
| Proceeds from issue of equity shares (including securities premium) | 11.97 | 1.10 |
| Buyback of equity share capital | (302.23) | - |
| Dividend paid | (114.73) | (114.35) |
| Repayment of long-term borrowings | (35.32) | (99.43) |
| Payment of lease liabilities | (1.44) | (1.58) |
| Interest paid on lease liabilities | (1.97) | (1.84) |
| Interest paid | (7.45) | (14.22) |
| Net cash flow (used in) financing activities (C) | (451.17) | (230.32) |
| Net increase/(decrease) in cash and cash equivalents (A+B+C) | (54.22) | 49.72 |
| Add: Cash and cash equivalents at the beginning of the year | 98.34 | 48.62 |
| Cash and cash equivalents at the end of the year | 44.12 | 98.34 |
| Components of cash and cash equivalents | | |
| Cash on hand | 0.08 | 0.06 |
| Balances with banks: | | |
| - On current accounts | 44.04 | 40.78 |
| - Deposits with original maturity of less than three months | - | 57.50 |
| Total cash and cash equivalents | 44.12 | 98.34 |
Note:
1. The cash flow statement has been prepared under the indirect method as set out in the Ind AS 7 "Statement of Cash Flows".
Notes to the Statement of Audited Standalone Financial Results for the Quarter and Year ended March 31, 2026
-
The above audited standalone financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 05, 2026. The Statement of audited standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. The Statutory Auditors of the Company have conducted an audit of Statement of standalone financial results of the Company for the quarter and year ended March 31, 2026, in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and expressed as unmodified audit opinion on these audited results.
-
The Supreme Court of India issued a ruling on July 25, 2024, confirming that the State Governments are empowered to levy taxes on mining activities and affirmed that State Governments have the authority to impose taxes on mineral rights, in addition to the royalties already paid to the Central Government. Further, vide order dated 14th August 2024, it held that the States could levy/demand tax on minerals w.e.f. 01st April 2005 and the same can be paid in 12 instalments commencing from 01st April 2026. The Gujarat Mineral Rights Tax Act, 1985 provides for the levy and collection of tax on mineral rights of holders of mining leases in respect of certain minerals in the State of Gujarat, however, no demand has been raised on the Company till date. As there are various issues involved and pending clarity, based upon management evaluation and independent legal opinion, the Company would be able to assess the financial impact, if any, of the possible obligation only on the occurrence and non-occurrence of uncertain future events, not entirely within the control of the Company, and the consequent actions of the Union and State Government.
-
Subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, the Board of Directors of the Company have proposed a dividend of ₹ 12 /- per equity share for the year ended March 31, 2026.
-
The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes, namely the Code on Wages, 2019; the Code on Social Security, 2020 the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Codes"). The Codes have been made effective from November 21, 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company has assessed the impact of the changes, consistent with the Labour Codes, draft rules, FAQs and estimated and recognized the impact of implementation of the New Labour Codes under Employee benefits expense for the year ended 31 March 2026, which is not material to the results for the quarter and year ended March 31, 2026. The Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
-
In prior years, in accordance with SEBI (ESOS & ESPS) Guidelines 1999, the Employees Stock Option Scheme of the Company was administered by the registered Trust named GHCL Employees Stock Option Trust ('ESOS Trust'). SEBI circular dated November 29, 2013 required closure of all Employee Stock Option Trusts by June 2014 and accordingly, the Company closed its ESOS scheme but retained its ESOS Trust for a limited purpose of litigation. ESOS Trust owned 20,46,195 equity shares of GHCL Limited out of which 15,79,922 shares were illegally sold by share broker against which ESOS Trust initiated various litigations which were pending and 4,66,273 shares are currently held by the Trust. The Company during the tenure of ESOS Trust had written off a total amount of ₹ 53.62 crores out of the total loans provided by the Company to ESOS Trust in earlier years on account of permanent diminution/loss on sales of equity shares held by the Trust. Subsequent to the balance sheet date i.e. on April 10, 2026, pursuant to approval of Board of Directors, the ESOS Trust entered into a settlement deed with broker to settle all open and outstanding matters including litigations. Pursuant to execution of settlement deed between the ESOS Trust and the broker, and the closure of all litigations, the ESOS Trust is entitled to receive 7,45,966 equity shares of GHCL Limited and 8,56,466 equity shares of GHCL Textiles Limited. Upon their receipt, ESOS Trust shall dispose of these shares and proceeds of the same (net of taxes, if any) shall be remitted to the Company. The Company and ESOS Trust shall appropriately account for the receipt of equity shares and receipt of proceeds from sales of equity shares in accordance with applicable accounting standards/principles.
-
During the current quarter, the Company had filed for a voluntary liquidation of its subsidiary, Dan River Properties LLC which has since been liquidated on February 18, 2026.
-
The figures for the quarter ended March 31, 2026, are the balancing figures between audited figures in respect of full financial year ended March 31, 2026 and the unaudited published year to date figures up to December 31, 2025, being the end of the third quarter of the financial year which were subjected to limited review by the statutory auditors.
-
The Company is engaged in the business of "Chemical" activity and hence has only one reportable operating segment as per IND AS 108-Operating Segment.
-
In line with the requirements of Regulation 47(2) of the Listing Regulations, 2015, the results are available on the website of BSE Limited (URL: www.bseindia.com), the National Stock Exchange of India Limited (URL: www.nseindia.com) and on the company's website (URL: www.ghcl.co.in).
For and on behalf of Board of Directors of
GHCL Limited (CIN: L24100GJ1983PLC006513)
RAVI
SHANKE
R JALAN
Managing Director
Digitally signed by
RAMAN CHOPRA
Date: 2026.05.05
14:48:59 +05'30'
RAMAN
CHOPRA
Date: 2026.05.05
14:48:59 +05'30'
Raman Chopra
CFO & Executive Director (Finance)
Noida
May 05, 2026
DIN: 00121260
DIN: 00954190
S.R. BATLIBOI & Co. LLP
Chartered Accountants
67, Institutional Area
Sector 44, Gurugram - 122 003
Haryana, India
Tel: +91 124 681 6000
Independent Auditor’s Report on the Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors of
GHCL Limited
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying statement of quarterly and year to date consolidated financial results of GHCL Limited including the GHCL Employees Stock Option Trust (“Holding Company”) and its subsidiary (the Holding Company and its subsidiary together referred to as “the Group”), for the quarter ended March 31, 2026 and for the year ended March 31, 2026 (“Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”)
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditor on separate audited financial statements of the GHCL Employees Stock Option Trust, the Statement:
i. includes the results of the following entities
GHCL Employees Stock Option Trust (Employee Welfare Trust)
Dan River Properties LLC (Subsidiary) (ceased to be subsidiary w.e.f. February 18, 2026 due to voluntary liquidation)
ii. are presented in accordance with the requirements of the Listing Regulations in this regard; and
iii. gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive loss and other financial information of the Group for the quarter ended March 31, 2026 and for the year ended March 31, 2026.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group, in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Management’s Responsibilities for the Consolidated Financial Results
The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive loss and other financial information of the Group in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
S.R. Batliboi & Co LLP, a Limited Liability Partnership with LLP Identity No. AAB-4294
Regd. Office : 22, Camur, Bihar, Block 'B', 1nd Floor, Kulluha-799 4116
S.R. BATLIBOI & CO. LLP
Chartered Accountants
relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective companies.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
- Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
S.R. BATLIBOI & Co. LLP
Chartered Accountants
We also performed procedures in accordance with the Master Circular issued by the Securities Exchange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Other Matter
The accompanying Statement includes the financial statements of GHCL Employees Stock Option Trust whose financial statements reflect total assets of Rs. 6.93 crores as at March 31, 2026 and total revenues of Rs. 0.00 crore and Rs. 0.58 crore, total net profit after tax of Rs. 0.00 crore and Rs. 0.43 crore and total comprehensive income of Rs. 0.00 crore and Rs. 0.43 crore for the quarter and year ended on that date respectively, and net cash (inflows) of Rs. (0.00) crore for the year ended March 31, 2026 as considered in the audited financial statements of the GHCL Employees Stock Option Trust which has been audited by its auditor.
The independent auditor's report of GHCL Employees Stock Option Trust has been furnished to us by the Management, and our opinion in so far as it relates to the amounts and disclosures included in respect of the GHCL Employees Stock Option Trust, is based solely on the report of its auditors and the procedures performed by us as stated in paragraph above.
The accompanying Statement includes unaudited financial statements and other unaudited financial information in respect of one subsidiary, whose financial statements and other financial information reflect total assets of Nil as at March 31, 2026, and total revenues of Rs. 0.03 crore and Rs. 0.37 crore, total net (loss) after tax of Rs. (4.25) crores and Rs. (6.23) crores, total comprehensive (loss) of Rs. (4.30) crores and Rs. (6.05) crores, for the quarter and the year ended on that date respectively and net cash outflows of Rs. 0.29 crore for the year ended March 31, 2026, whose financial statements and other financial information have not been audited by any auditor.
These unaudited financial statements and financial information have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unaudited financial statements/financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and financial information are not material to the Group.
Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and financial statements/financial information certified by the Management.
The Statement includes the results for the quarter ended March 31, 2026 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2026 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.
For S.R. Batliboi & Co. LLP
Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Sonika Loganey
Digitally signed by Sonika Loganey
DN: cvi=Sonika Loganey, c=IN, or=Personal
Location: Noida
Date: 2026.05.05 14:57:37 +05'30"
per Sonika Loganey
Partner
Membership No.: 502220
UDIN: 26502220EETCLI8003
Place : Noida
Date: May 05, 2026
| GHCL Limited (CIN: L24100GJ1983PLC006513) | ||||||
|---|---|---|---|---|---|---|
| Registered Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad - 380009, Gujarat | ||||||
| (Email: [email protected], [email protected], Website: www.ghcl.co.in, Phone: 079-26427519) | ||||||
| Statement of Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2026 | (₹ in crores) | |||||
| S. No. | Particulars | Quarter Ended | Year Ended | |||
| 31.03.2026 | 31.12.2025 | 31.03.2025 | 31.03.2026 | 31.03.2025 | ||
| Audited (Refer Note 7) | Unaudited | Audited | Audited | Audited | ||
| 1 | Income | |||||
| (a) Revenue from operations | 790.51 | 756.54 | 781.47 | 3,064.21 | 3,183.48 | |
| (b) Other income | 13.60 | 16.13 | 23.34 | 73.43 | 87.74 | |
| Total income | 804.11 | 772.67 | 804.81 | 3,137.64 | 3,271.22 | |
| 2 | Expenses | |||||
| a) Cost of raw materials consumed | 226.99 | 203.41 | 228.27 | 907.04 | 929.24 | |
| b) Purchase of stock-in-trade | 52.16 | 39.68 | 47.96 | 163.10 | 120.46 | |
| c) (Increase)/decrease in inventories of finished goods, stock-in-trade and work-in-progress | 11.86 | 46.59 | (35.19) | 23.72 | 4.64 | |
| d) Power, fuel and water expenses | 152.61 | 145.26 | 154.02 | 612.31 | 610.63 | |
| e) Employee benefits expenses | 27.59 | 29.52 | 28.17 | 119.06 | 113.98 | |
| f) Finance costs | 1.87 | 2.64 | 4.08 | 9.01 | 16.12 | |
| g) Depreciation and amortisation expense | 27.49 | 28.78 | 28.27 | 110.81 | 111.54 | |
| h) Other expenses | 143.68 | 133.41 | 140.06 | 550.26 | 528.54 | |
| Total expenses | 644.25 | 629.29 | 595.64 | 2,495.31 | 2,435.15 | |
| 3 | Profit before tax (1-2) | 159.86 | 143.38 | 209.17 | 642.33 | 836.07 |
| 4 | Tax expenses : | |||||
| (a) Current tax | 40.61 | 36.07 | 51.27 | 161.90 | 213.06 | |
| (b) Current tax adjustment for earlier years | (0.20) | - | 1.18 | (0.20) | 1.29 | |
| (c) Deferred tax (credit)/charge | 3.81 | 1.30 | 5.97 | 8.17 | (2.91) | |
| (d) Deferred tax adjustment for earlier years | - | - | 0.48 | - | 0.48 | |
| Total tax expenses | 44.22 | 37.37 | 58.90 | 169.87 | 211.92 | |
| 5 | Net Profit for the period/year (3-4) | 115.64 | 106.01 | 150.27 | 472.46 | 624.15 |
| Other Comprehensive Income/(loss) : | ||||||
| (a) Re-measurement gains/(losses) on defined benefit plans not to be reclassified subsequently to profit & loss | 0.85 | (0.94) | (4.69) | (1.97) | (3.76) | |
| (b) Income tax effect on above | (0.21) | 0.24 | 1.18 | 0.50 | 0.95 | |
| (c) Re-measurement gains/(losses) on investments in equity instruments classified as FVOCI - not to be reclassified subsequently to profit & loss | (4.95) | 0.76 | 0.31 | (3.41) | 2.98 | |
| (d) Income tax effect on above | 0.74 | (0.10) | - | 0.35 | (0.38) | |
| (e) Exchange differences on translation of foreign operations - to be reclassified subsequently to profit & loss | (0.11) | 0.07 | (0.31) | 0.17 | (0.35) | |
| 6 | Other Comprehensive income/(Loss) net of tax - not to be reclassified subsequently to profit & loss | (3.68) | 0.03 | (3.51) | (4.36) | (0.56) |
| 7 | Total Comprehensive income comprising profit after tax and other Comprehensive income (5+6) | 111.96 | 106.04 | 146.76 | 468.10 | 623.59 |
| 8 | Profit (5) attributable to : | |||||
| Owners of the Company | 115.64 | 106.01 | 150.27 | 472.46 | 624.15 | |
| Non-controlling interest | - | - | - | - | - | |
| 9 | Total comprehensive Income (7) attributable to : | |||||
| Owners of the Company | 111.96 | 106.04 | 146.76 | 468.10 | 623.59 | |
| Non controlling interest | - | - | - | - | - | |
| 10 | Other Equity as per the audited balance sheet | 3,459.96 | 3,393.09 | |||
| 11 | Paid up equity share capital (face value of ₹ 10/- each) | 91.93 | 91.93 | 95.75 | 91.93 | 95.75 |
| 12 | Earnings per share (face value of ₹ 10/- each) | (Not Annualised) | ||||
| (a) Basic | 12.28 | 11.26 | 15.72 | 50.17 | 65.50 | |
| (b) Diluted | 12.27 | 11.26 | 15.70 | 50.15 | 65.34 |
| GHCL Limited (CIN: L24100GJ1983PLC006513) | |||
|---|---|---|---|
| Statement of Consolidated Assets & Liabilities as at March 31,2026 | |||
| Particulars | ₹ In crores | ||
| As at | As at | ||
| 31.03.2026 | 31.03.2025 | ||
| Audited | Audited | ||
| I | Assets | ||
| Non-current assets | |||
| a | Property, plant and equipment | 1,787.55 | 1,807.46 |
| b | Capital work-in-progress | 449.56 | 255.61 |
| c | Intangible assets | 17.08 | 19.40 |
| d | Right-of-use assets | 16.20 | 16.92 |
| e | Financial assets | ||
| (i) Investments | 13.72 | 17.14 | |
| (ii) Loans | 0.35 | 0.59 | |
| (iii) Other financial assets | 24.67 | 19.03 | |
| f | Non current tax assets (net) | 44.82 | 37.73 |
| g | Other-non current assets | 24.78 | 57.94 |
| Total non-current assets | 2,378.73 | 2,231.82 | |
| Current assets | |||
| a | Inventories | 596.77 | 625.65 |
| b | Financial assets | ||
| (i) Investments | 1,028.14 | 634.18 | |
| (ii) Trade receivables | 173.02 | 209.75 | |
| (iii) Cash and cash equivalents | 44.12 | 98.63 | |
| (iv) Bank balances other than cash and cash equivalents | 45.80 | 347.27 | |
| (v) Loans | 0.90 | 6.82 | |
| (vi) Derivative instruments | 4.25 | - | |
| (vii) Other financial assets | 0.87 | 5.72 | |
| c | Other current assets | 27.11 | 25.55 |
| Total current assets | 1,920.98 | 1,953.57 | |
| Total assets | 4,299.71 | 4,185.39 | |
| II | Equity and Liabilities | ||
| Equity | |||
| a | Equity share capital | 91.93 | 95.75 |
| b | Other equity | 3,459.96 | 3,393.09 |
| Total Equity | 3,551.89 | 3,488.84 | |
| Liabilities | |||
| Non-current liabilities | |||
| a | Financial liabilities | ||
| (i) Borrowings | 34.20 | 61.53 | |
| (ii) Lease liabilities | 18.80 | 19.05 | |
| b | Provisions | 6.95 | 5.72 |
| c | Deferred tax liabilities (net) | 249.43 | 242.11 |
| Total non- current liabilities | 309.38 | 328.41 | |
| Current liabilities | |||
| a | Financial liabilities | ||
| (i) Borrowings | 27.93 | 35.98 | |
| (ii) Lease liabilities | 2.37 | 2.34 | |
| (iii) Trade payables | |||
| (a) Total outstanding dues of micro enterprises and small enterprises | 55.42 | 35.40 | |
| (b) Total outstanding dues of creditors other than micro enterprises and small enterprises | 224.87 | 129.76 | |
| (iv) Derivative instruments | - | 2.52 | |
| (v) Other financial liabilities | 64.73 | 87.77 | |
| b | Other current liabilities | ||
| (i) Contract liabilities | 5.83 | 3.99 | |
| (ii) Other current liabilities | 40.73 | 53.89 | |
| c | Provisions | 16.56 | 16.49 |
| Total current liabilities | 438.44 | 368.14 | |
| Total liabilities | 747.82 | 696.55 | |
| Total equity and liabilities | 4,299.71 | 4,185.39 |
GHCL Limited
Consolidated Statement of Cash Flows for the year ended March 31, 2026
(F in crores)
| Particulars | For the year ended March 31, 2026 | For the year ended March 31, 2025 |
|---|---|---|
| Audited | Audited | |
| Operating activities | ||
| Profit before tax | 642.33 | 836.07 |
| Adjustments to reconcile profit before tax to net cash flows: | ||
| Depreciation and amortisation expense | 110.81 | 111.54 |
| (Gain)/loss on fair valuation/profit on sale of investments (net) | (46.37) | (43.02) |
| Loss on sales/discard of property, plant and equipment (net) | 0.04 | (8.66) |
| Provision for Doubtful Debts | 1.80 | - |
| Interest (income) | (18.92) | (32.85) |
| Finance costs | 8.53 | 15.78 |
| Dividend (income) | (0.27) | (0.20) |
| Gain on Lease modification | (0.56) | - |
| Employees share based payments | (0.18) | - |
| Unrealised exchange loss/(gain) | (2.91) | 2.21 |
| Operating profit before working capital changes | 694.30 | 880.87 |
| Changes in working capital | ||
| Adjustments for (Increase)/decrease in Operating assets: | ||
| Trade receivables | 35.61 | (30.12) |
| Inventories | 28.88 | 25.42 |
| Other current financial assets | 0.24 | 2.77 |
| Other current assets | 4.33 | 6.45 |
| Non-current financial assets | 0.21 | (0.24) |
| Other non-current assets | (0.15) | 0.17 |
| Adjustments for Increase/(decrease) in Operating liabilities: | ||
| Contract liabilities | 1.84 | 0.68 |
| Trade payables | 110.76 | (27.88) |
| Other current financial liabilities | (6.10) | 4.43 |
| Other current liabilities | (13.16) | (3.08) |
| Provisions | (0.67) | 3.87 |
| Cash generated from operations | 856.09 | 863.34 |
| Income tax paid (net) | (168.79) | (225.46) |
| Net cash generated from operating activities (A) | 687.30 | 637.88 |
| Cash flow from investing activities | ||
| Payment for purchase of Property, plant and equipment, capital work in progress and intangible assets (Including capital advances and capital creditors) | (263.67) | (314.89) |
| Proceeds from sale of Property, plant and equipment | 0.08 | 13.00 |
| Proceeds from sales of current investments | 1,352.08 | 1,770.50 |
| Repayment received from loan given | - | - |
| Purchase of current investments | (1,699.66) | (1,955.16) |
| Purchase of non-current investments | - | (0.25) |
| Proceeds from maturity of bank deposits not considered as cash and cash equivalents | 465.74 | 439.71 |
| Investment in bank deposits not considered as cash and cash equivalents | (169.16) | (342.50) |
| Interest received | 23.68 | 31.73 |
| Dividend received | 0.27 | 0.20 |
| Net cash flow (used in) investing activities (B) | (290.64) | (357.66) |
| Cash flow from financing activities | ||
| Proceeds from issue of equity shares (including securities premium) | 11.97 | 1.10 |
| Buyback of equity share capital | (302.23) | - |
| Dividend paid | (114.73) | (114.35) |
| Repayment of long-term borrowings | (35.32) | (99.43) |
| Payment of lease liabilities | (1.44) | (1.58) |
| Interest paid on lease liabilities | (1.97) | (1.84) |
| Interest paid | (7.45) | (14.22) |
| Net cash (used in) financing activities (C) | (451.17) | (230.32) |
| Net (decrease) in cash and cash equivalents (A+B+C) | (54.51) | 49.90 |
| Add: Cash and cash equivalents at the beginning of the year | 98.63 | 48.73 |
| Cash and cash equivalents at the end of the year | 44.12 | 98.63 |
| Components of cash and cash equivalents | ||
| Cash on hand | 0.08 | 0.06 |
| Balances with banks: | ||
| - On current accounts | 44.04 | 41.07 |
| - Deposits with original maturity of less than three months | - | 57.50 |
| Total cash and cash equivalents | 44.12 | 98.63 |
Notes:
1. The cash flow statement has been prepared under the indirect method as set out in the Ind AS 7 "Statement of Cash Flows".
Notes to the Statement of Audited Consolidated Financial Results for the Quarter and Year ended March 31, 2026
-
The above statement of audited consolidated financial results were reviewed by the Audit & Compliance Committee and approved by the Board of Directors of GHCL Limited ('Holding Company') at their respective meetings held on May 05, 2026. The Statement of audited consolidated financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. The Statement of audited consolidated financial results include the financial results of the Holding Company and its subsidiary, 'Dan River Properties LLC' (liquidated on February 18, 2026) (together referred as 'Group'). The Statutory Auditors of the Holding Company have conducted an audit of the Statement of consolidated financial results of the Group for the quarter and year ended March 31, 2026 in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and expressed an unmodified audit opinion on these audited results.
-
The Supreme Court of India issued a ruling on July 25, 2024, confirming that the State Governments are empowered to levy taxes on mining activities and affirmed that State Governments have the authority to impose taxes on mineral rights, in addition to the royalties already paid to the Central Government. Further, vide order dated 14th August 2024, it held that the States could levy/demand tax on minerals w.e.f. 01st April 2005 and the same can be paid in 12 instalments commencing from 01st April 2026. The Gujarat Mineral Rights Tax Act, 1985 provides for the levy and collection of tax on mineral rights of holders of mining leases in respect of certain minerals in the State of Gujarat, however, no demand has been raised on the Holding Company till date. As there are various issues involved and pending clarity, based upon management evaluation and independent legal opinion, the Holding Company would be able to assess the financial impact, if any, of the possible obligation only on the occurrence and non-occurrence of uncertain future events, not entirely within the control of the Holding Company, and the consequent actions of the Union and State Government.
-
Subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, the Board of Directors of the Holding Company have proposed a dividend of ₹ 12/- per equity share for the year ended March 31, 2026.
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The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes, namely the Code on Wages, 2019; the Code on Social Security, 2020; the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively referred to as the "Codes"). The Codes have been made effective from November 21, 2025. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Holding Company has assessed the impact of the changes, consistent with the Labour Codes, draft rules, FAQs and estimated and recognized the impact of implementation of the New Labour Codes under Employee benefits expense for the year ended 31 March 2026, which is not material to the results for the quarter and year ended March 31, 2026. The Holding Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed.
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In prior years, in accordance with SEBI (ESOS & ESPS) Guidelines 1999, the Employees Stock Option Scheme of the Holding Company was administered by the registered Trust named GHCL Employees Stock Option Trust ('ESOS Trust'). SEBI circular dated November 29, 2013 required closure of all Employee Stock Option Trusts by June 2014 and accordingly, the Holding Company closed its ESOS scheme but retained its ESOS Trust for a limited purpose of litigation. ESOS Trust owned 20,46,195 equity shares of GHCL Limited out of which 15,79,922 shares were illegally sold by share broker against which ESOS Trust initiated various litigations which were pending and 4,66,273 shares are currently held by the Trust. The Holding Company during the tenure of ESOS Trust had written off a total amount of Rs. 53.62 crores out of the total loans provided by the Holding Company to ESOS Trust in earlier years on account of permanent diminution/loss on sales of equity shares held by the Trust. Subsequent to the balance sheet date i.e. on April 10, 2026, pursuant to approval of Board of Directors, the ESOS Trust entered into a settlement deed with broker to settle all open and outstanding matters including litigations. Pursuant to execution of settlement deed between the ESOS Trust and the broker, and the closure of all litigations, the ESOS Trust is entitled to receive 7,45,966 equity shares of GHCL Limited and 8,56,466 equity shares of GHCL Textiles Limited. Upon their receipt, ESOS Trust shall dispose off these shares and proceeds of the same (net of taxes, if any) shall be remitted to the Holding Company. The Holding Company and ESOS Trust shall appropriately account for the receipt of equity shares and receipt of proceeds from sales of equity shares in accordance with applicable accounting standards/principles.
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During the current quarter, the Company had filed for a voluntary liquidation of its subsidiary, Dan River Properties LLC which has since been liquidated on February 18, 2026.
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The figures for the quarter ended March 31, 2026, are the balancing figures between audited figures in respect of full financial year ended March 31, 2026 and the unaudited published year to date figures upto December 31, 2025, being the end of the third quarter of the financial year which were subjected to limited review by the statutory auditors.
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The Holding Company is engaged in the business of "Chemical" activity and hence has only one reportable operating segment as per IND AS 108-Operating Segment.
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In line with the requirements of Regulation 47(2) of the Listing Regulations, 2015, the results are available on the website of BSE Limited (URL: www.bseindia.com), the National Stock Exchange of India Limited (URL: www.nseindia.com) and on the company's website (URL: www.ghcl.co.in).
For and on behalf of Board of Directors of GHCL Limited
(CIN: L24100GJ1983PLC006513)
RAVI
SHANKER
JALAN
Digitally signed by RAVI
SHANKER JALAN
Date: 2026.05.05
14:51:55 +05'30"
R. S. Jalan
Managing Director
DIN: 00121260
RAMAN
CHOPRA
Digitally signed by RAMAN
CHOPRA
Date: 2026.05.05
14:51:10 +05'30"
Raman Chopra
CFO & Executive Director (Finance)
DIN: 00954190
Noida
May 05, 2026
Annexure-2
Related party transactions for the period 1st October 2025 to 31st March 2026
| Additional disclosure of related party transactions - applicable only in case the related party transaction relates to loans, inter-corporate deposits, advances or investments made or given by the listed entity/ subsidiary. These details need to be disclosed only once, during the reporting period when such transaction was undertaken. | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| S. No | Details of the party (listed entity /subsidiary) entering into the transaction | Details of the counterparty | Type of related party transaction (or Note 5) | Value of the related party transaction as approved by the audit committee (or Note 6a) | Value of transaction during the reporting period (or Note 6b) | In case monies are due to either party as a result of the transaction (or Note 1) | In case any financial indebtedness is incurred to make or give loans, inter-corporate deposits, advances or investments | Details of the loans, inter-corporate deposits, advances or investments | |||||||||
| Name | PAN | Name | Relationship of the counterparty with the listed entity or its subsidiary | Opening balance | Closing balance | Nature of indebtedness (loan/ issuance of debt/ any other etc.) | Cost (or Note 7) | Tenure | Nature (loan/ advance/ inter-corporate deposit/ investment | Interest Rate (%) | Tenure | Secured/ unsecured | Purpose for which the funds will be utilised by the ultimate recipient of funds (end-usage) | ||||
| 1 | GHCL Ltd | AAACG5609C | Dan River Properties | Subsidiary | Loan / Interest transaction | 15 Cr | 5.12Cr | ||||||||||
| 2 | GHCL Ltd | AAACG5609C | GHCL Textiles Ltd | Other related party | Shared Services Agreement (Management Consultancy) (Income) | 0.50 Cr | 0.17Cr | 0.03 Cr | |||||||||
| 3 | GHCL Ltd | AAACG5609C | GHCL Textiles Ltd | Other related party | Shared Services Agreement (SAP License) (Expenses) | 0.50 Cr | 0.12Cr | 0.02 Cr | |||||||||
| 4 | GHCL Ltd | AAACG5609C | GHCL Textiles Ltd | Other related party | Shared Services Agreement (IT System and Software) | 0.75 Cr | 0.13Cr | 0.02 Cr | |||||||||
| 5 | GHCL Ltd | AAACG5609C | GHCL Textiles Ltd | Other related party | Export License | 2.5 Cr | 1.31Cr | ||||||||||
| 6 | GHCL Ltd | AAACG5609C | Mrs. Sarita Jalan wife of Mr. B S Jalan | Other related party | Leasing & hire purchase transactions | 0.3Cr | 0.15Cr | ||||||||||
| 7 | GHCL Ltd | AAACG5609C | M/s Sachin Trades Pvt Ltd | Other related party | Leasing & hire purchase transactions | 0.18Cr | 0.09Cr | ||||||||||
| 8 | GHCL Ltd | AAACG5609C | Mrs. Bharti Chopra wife of Mr. Raman Chopra | Other related party | Leasing & hire purchase transactions | 0.42Cr | 0.21Cr | ||||||||||
| 9 | GHCL Ltd | AAACG5609C | Mrs. Vandana Mishra wife of Mr. Bhuwenbwar Mishra | Other related party | Leasing & hire purchase transactions | 0.07Cr | 0.04Cr | ||||||||||
| 10 | GHCL Ltd | AAACG5609C | GHCL Foundation Trust | Entities with joint control or significant influence over entity | CSR Activity | 25 Cr | 9.9Cr | ||||||||||
| 11 | GHCL Ltd | AAACG5609C | GHCL Employees Group Gratuity Scheme | Entities with joint control or significant influence over entity | Gratuity Contribution | 15 Cr | 4.42Cr | ||||||||||
| 12 | GHCL Ltd | AAACG5609C | GHCL Employees Group Gratuity Scheme | Entities with joint control or significant influence over entity | Reimbursement of gratuity paid to employee on behalf of trust | 15 Cr | 3.32Cr | ||||||||||
| 13 | GHCL Ltd | AAACG5609C | Gujarat Heavy Chemical Limited Superannuation Scheme | Entities with joint control or significant influence over entity | Superannuation fund | 3 Cr | 0.52Cr | ||||||||||
| 14 | GHCL Ltd | AAACG5609C | GHCL Officers Provident Funds Trust | Entities with joint control or significant influence over entity | Provident Funds | 25 Cr | -0.43 Cr | ||||||||||
| 15 | GHCL Ltd | AAACG5609C | Mr. Ravi Shanker Jalan | Key management personnel of entity | Compensation of key management personnel of the Company | 14.52 Cr | 11.28Cr | ||||||||||
| 16 | GHCL Ltd | AAACG5609C | Mr. Raman Chopra | Key management personnel of entity | Compensation of key management personnel of the Company | 9.58 Cr | 6.77Cr | ||||||||||
| 17 | GHCL Ltd | AAACG5609C | Mr. Noelabh Dalmia | Key management personnel of entity | Compensation of key management personnel of the Company | 5 Cr | 2.6Cr | ||||||||||
| 18 | GHCL Ltd | AAACG5609C | Mr. Bhuwenbwar Mishra | Key management personnel of entity | Compensation of key management personnel of the Company | 1.43 Cr | 0.78Cr | ||||||||||
| 19 | GHCL Ltd | AAACG5609C | Mr. Anurag Dalmia | Non-Executive Chairman | Sitting Fee and Commission | 2 Cr | 1.01Cr | ||||||||||
| 20 | GHCL Ltd | AAACG5609C | Dr. Manoj Vaish | Independent Director | Sitting Fee and Commission | 2 Cr | 0.41Cr | ||||||||||
| 21 | GHCL Ltd | AAACG5609C | Mrs. Vijaylaxmi Joshi | Independent Director | Sitting Fee and Commission | 2 Cr | 0.4Cr | ||||||||||
| 22 | GHCL Ltd | AAACG5609C | Justice Ravindra Singh | Independent Director | Sitting Fee and Commission | 2 Cr | 0.38Cr | ||||||||||
| 23 | GHCL Ltd | AAACG5609C | Mr. Arun Kumar Jain | Independent Director | Sitting Fee and Commission | 2 Cr | 0.4Cr |
BHUWNESHW
AR PRASAD
MISHRA
Digitally signed by
BHUWNESHWAR
PRASAD MISHRA
Date: 2026.05.05
15:19:36 +05'30'
GHCL Limited
Annexure-3
GHCL
May 5, 2026
जयेष्ठ - कृष्ण पक्ष, चतुर्थी
विक्रम सम्वत २०८३
National Stock Exchange of India Limited
“Exchange Plaza”
Bandra – Kurla Complex,
Bandra (E), Mumbai – 400 051
NSE Code: GHCL
BSE Limited
Corporate Relationship Department,
1st Floor, New Trading Ring, Rotunda Building,
P.J. Towers,
Dalal Street, Fort, Mumbai – 400 001
BSE Code: 500171
Dear Sir / Madam,
Sub: Declaration under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, we hereby declare that the Audit Reports issued by the Statutory Auditor on the Standalone and Consolidated financial results of the Company for the quarter/year ended on March 31, 2026 were unmodified opinions.
You are requested to kindly take note of the same and please also take suitable action for dissemination of this information through your website at the earliest.
Thanking you
Yours faithfully
For GHCL Limited
RAMAN
CHOPRA
A
Digitally signed by RAMAN CHOPRA
Date: 2026.05.05
12:54:02 +05'30'
Raman Chopra
CFO & Executive Director (Finance)
DIN: 00954190
B-38, GHCL House, Institutional Area, Sector- 1, Naida, (U.P.) - 201301, India. Ph.: +91-120-2535335, 4939900, Fax: +91-120-2535209 CIN: L24100GJ1983PLC006513, E-mail: [email protected], Website: www.ghcl.co.in
Regd. Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad, Gujarat - 380009, India