GHCL Ltd. — Investor Presentation 2026

May 5, 2026

GHCL Limited

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,

Subject: Investors’ Presentation – Q4FY26 Business Update

As informed on April 28, 2026 that a conference call to discuss the Q4FY26 results of the company with Mr. Ravi Shanker Jalan, Managing Director and Mr. Raman Chopra, CFO & Executive Director (Finance) is scheduled to be held on Tuesday, May 5, 2026 at 5.00 PM (IST). In this regard, copy of the financials and other business details for Q4FY26 (i.e. Business Update), which is going to be circulated for the scheduled investors’ conference, is enclosed herewith for your reference & record.

Please note that copy of this intimation is also available on the website of BSE Limited (www.bseindia.com/corporates), National Stock Exchange of India Limited (www.nseindia.com/corporates) and website of the Company (www.ghcl.co.in).

You are requested to kindly take note of the same.

Thanking you

Yours truly

For GHCL Limited
BHUWNESH
Digitally signed by
BHUWNESHWAR
WAR PRASAD
PRASAD MISHRA
Date: 2026.05.05
15:57:26 +05'30'
MISHRA

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: ghclinfo@ghcl.co.in, Website: www.ghcl.co.in

Regd. Office: GHCL House, Opp. Punjabi Hall, Near Navrangpura Bus Stand, Navrangpura, Ahmedabad, Gujarat - 380009, India

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GHCL

GHCL LIMITED

Q4 FY26 Investor Presentation

May 2026

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GHCL

Safe Harbour

This presentation and the accompanying slides (the "Presentation"), which have been prepared by GHCL Limited (the "Company" or "GHCL"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

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ENGL 3

Leading the way: Integrated, Efficient & Growing

India projected to be one of the fastest-growing major economies in the world; GDP forecast of 6%+ in the next few years

Domestic Soda Ash demand to grow @ 6% CAGR from FY25-30

Leading soda ash player focused on India's growth market.

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Performance Overview

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SHCL 5

Insights from the management

Mr. R. S. Jalan, Managing Director

"Our performance in Q4 FY26 reflects improving domestic market dynamics, even as the global soda ash landscape continues to experience underlying volatility. Global markets have been driven by ongoing supply chain uncertainties, including disruptions in key shipping routes, geopolitical tensions in the Western Asia, and the impact of a depreciating rupee on import economics.

Despite this, domestic demand remains healthy, and a moderation in import flows has provided relief to the domestic manufacturers. We are witnessing a more supportive demand environment in India, with stable-to-improving realizations. While global supply and pricing pressures persist, these domestic tailwinds have helped offset the impact of imports and contributed to a more balanced market outlook.

In this environment, GHCL has continued to demonstrate strong operational discipline. Our sustained focus on cost optimization, energy efficiency, and process improvements has enabled us to maintain margins and reinforce our competitive positioning.

Our diversification projects, Bromine and Vacuum Salt are in advanced stages and shall be commissioned in Q1 of current financial year. Progress on our greenfield soda ash project is slow compared to our expectations. We are committed towards aligning capital deployment with evolving market conditions.

Looking ahead, we believe stable domestic demand environment, while remaining attentive to the global geopolitical developments, should provide a constructive outlook for the sector. Backed by a strong balance sheet and focus on cost optimization, GHCL is well-positioned to navigate near-term uncertainties while delivering sustainable and long-term value for all stakeholders."

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6

(Rs. In Crore)

Performance highlights – Q4 & FY26

	Revenue	EBITDA	PAT	Cash Profit
Q4 FY26	808	194	120	147
Q-o-Q
% Change	5%	10%	12%	9%
Y-o-Y
% Change	0%	(21)%	(21)%	(18)%
FY26	3144	769	479	590
Y-o-Y
% Change	(4)%	(20)%	(24)%	(20)%

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Key performance trends

SHCL 7

(Rs. In Crore)

Quarterly Performance Trends

Performance trends:

• Domestic demand being healthy, coupled with a shift towards local sourcing due to global supply chain disruptions and currency pressures, supported a more favorable demand-supply environment.
• This led to stabilization and gradual improvement in realizations, offsetting the continued impact of global pricing and imports
• Margin resilience supported by disciplined cost management and efficiency gains.

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SHELL

Profit & loss statement

(Rs. In Crore)

	Q4 FY26	Q4 FY25	Y-o-Y	Q3 FY26	Q-o-Q	FY26	FY25	Y-o-Y
Revenue	808	807	0%	773	5%	3,144	3,273	(4%)
Operating Expenses	615	563	9%	598	3%	2,375	2,307	3%
EBITDA	194	244	(21%)	175	10%	769	966	(20%)
EBITDA Margins	23.9%	30.2%	(630) bps	22.7%	120 bps	24.4%	29.5%	(510) Bps
Depreciation	27	28	(3%)	29	(4%)	111	112	(1%)
EBIT	166	216	(23%)	147	13%	658	854	(23%)
Interest	2	4	(54%)	3	(29%)	9	16	(44%)
Profit Before Tax	164	212	(22%)	144	14%	649	838	(23%)
Tax	44	59	(25%)	37	19%	170	212	(20%)
Profit After Tax	120	153	(21%)	107	12%	479	626	(24%)

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Resource allocation & key financial ratios – FY26

SHCC 9

Efficient Capital Allocation

Cash Inflows Generated Rs. 603 crore

Growth Capex Rs. 265 Crore

Debt Repayment Rs. 35 Crore

Rewards to Shareholders Rs. 415 Crore

Working Capital Release Rs. (153) Crore

Increase in Cash and Cash Equivalents of Rs. 41 crore

EBITDA Margin Trend

Sustained high margins – Average 27%

Net Cash Surplus
Rs. 1,058 Crore

Sustainability Vision
30% Reduction In Scope 1 & 2 by 2030

Social and Relationship Capital
1.36 Lacs + Lives Impacted

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SEAL 10

Remarkable shareholder returns in FY26

Buyback completed in FY26

Total Size:
Rs. 300 Crore

Shares Extinguished:
4.14 Million

Key
METRICS

Buyback Price:
Rs. 725/share

Capital Reduced:
4.31%

Particulars	Pre-Buyback	Post-Buyback
Total Shares	96.07 Mn	91.93 Mn
Promoter %	18.97%	19.83%

STRATEGIC OUTCOMES

• Efficient Capital Allocation: Distributed surplus cash to shareholders while maintaining growth liquidity
• Improved EPS/ROE: Lower equity base enhances key financial ratios
• Value Affirmation: Reflects management's confidence in the business

Payout to shareholders in FY26 amounting to Rs. 415 crore which is 87% of FY26 PAT

Buyback in FY26: Rs. 300 crore

Dividends paid in FY26: Rs. 115 crore

FY26 PAT: Rs. 479 crore

Successfully concluded Rs. 300 crore buyback and Rs. 115 crore dividends in FY26, reaffirming reward shareholders and commitment to capital allocation.

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Industry & Company Overview

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SHCL 12

Soda ash industry scenario

Demand by User Segment

	India	Global
Glass	31%	62%
Detergent	34%	12%
Bi-Carbonate	10%	5%
Other	25%	21%

Glass demand in India is expected to grow at ~8%

Detergents demand in India is expected to grow at ~5%

26% GHCL’s market share

Imports ~1.0 MMT

Drivers of demand in India

Traditional Glass

• Infrastructure and Construction Boom
• Automotive Industry Expansion
• Sustainable Packaging Push
• Demand for Glass will surpass Detergent, with urbanization and increasing per capita income

Solar Glass:

• India aims for 300 GW of solar glass by 2030
• Development of mega solar parks
• PLI schemes for high-efficiency solar PV modules

Detergents

• Increased awareness for cleanliness and hygiene are fueling the demand other cleaning products
• Significant scope for increasing consumption in rural areas

Other Applications:

• Higher demand for sodium bicarbonate driven by diverse applications and supported by global trends towards sustainability and natural products
• The booming EV market in India and the push for domestic battery manufacturing – strong new vector for soda ash

India market to grow at 5-6% CAGR, generating ~2.5-3.0 lakh ton incremental Soda Ash demand every year.

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BHCk

Assured growth opportunities for Soda ash

~3.9 MMT

Domestic Soda Ash production

~1.0 MMT

Soda Ash imports

Soaps & Detergents

Glass Manufacturing

Pulp & Paper Manufacturing

Textiles Industry

Sodium Bicarbonate

Solar Glass

Lithium Extraction

Chemicals

Water Treatment

Non-Ferrous Metallurgy

Mining

Growing ahead of GDP growth

Historically growing at GDP rate of growth. Potential to accelerate, subject to regulation changes on flue gas treatment for thermal plants

High growth potential for new categories; proven use cases successfully established globally

Potential to significantly surpass GDP growth

Account for >70% of consumption

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GHCL - Class leader with proven track record of strong execution

GHCL

GHCL leveraged operational excellence to navigate sectoral challenges, building a resilient foundation to capture significant upside as the market stabilizes.

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Value-addition to drive future growth

SHCL 15

Capturing value across the product chain

Smart CAPEX, by design – CAPEX of over Rs. 300 Crore

Existing salt works:
Complementary value-added products derived from Industrial Salt/ Brine

• Bulk Bromine
• Vacuum Salt (To commission in Q1 FY27)

Bromine: Capacity of 2,800 MT at existing salt works; to generate 40%+ EBITDA margin

Vacuum Salt: Capacity of 1.7L MT at existing plant harnessing the surplus energy

Key RM required to manufacture Soda Ash:

Limestone, Industrial Salt, etc.

Soda Ash

New Salt works with production of ~17L MT at Zara Zumara, Kutch

Value-added product derived from Soda Ash

Sodium Bi-Carbonate: Multiple applications across various industries including FGD treatment

Greenfield and Bromine projects

Soda Ash: Phase 1 (5.5L MT) & Phase 2 (5.5L MT)

Bromine: Capacity of 10,000 MT

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Soda Ash: Usage Linked to Various Consumer Businesses

SHELL

"Varied applications across Consumer Businesses"

Soda ASH

Sodium Bi-Carbonate

Soaps

Detergents

Solar glass

Flat glass

Bottled glass

Multiple uses across various industries growing along with India's economic growth and rising aspirations.

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CSR strategy and focus areas

SHCL 17

Social and Relationship Capital Highlights

Rs. 21.86 Cr.
- CSR spends
15.24%
- Supplier assessed on ESG by spend
87%
- Customer Satisfaction

1.36 Lacs +
- Live Impacted
10
- Partnerships with NGOs trusts and government agencies

Sustainable supply chain rests on four key foundations

Integrating ESG into the Supply Chain

CSR Strategy aligns with the United Nations Sustainable Development Goals (UNSDGs). Key thrust areas

• Agriculture & Animal Husbandry
• Aquaculture & Fisheries Development
• Water Resources Development
• Education
• Women Empowerment
• Healthcare

Selected Use Cases

• Empowering Farmers through Organic Solutions
• Skill Development - Rural Youth Empowerment
• Women Empowerment through Cleanliness Drives and Livelihood Training
• Restoring Hope and Health: Journey of Care and Compassion in Nakhada village
• Driving Mechanization and Procurement Growth in Venasar, Morbi

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Sustainability vision

GHCL

Stakeholder Centricity

• Achieved single digit attrition rate in the executive cadre, maintaining a single-digit attrition since FY2020
• Partnered with 10 NGOs in FY25 to extend support and uplift communities
• Awarded the “Great Place to Work” award for the 9th consecutive year in a row

Climate Warriors

• Emission reduction through fuel transition, renewable energy adoption, process efficiency, and carbon removal
• Identifying opportunities for emission reductions, and drive innovation toward cleaner and more sustainable technologies

Zero Harm Initiative

• Embedding a proactive safety culture in partnership with DSS+, a global leader in operational risk and safety transformation
• Achieved zero environmental incidents in FY25, reaffirming commitment to environmental stewardship

30% Reduction in Scope 1 & 2 Emissions by 2030

Advancing Sustainable Power Through Biomass and Renewable Energy Integration.
GHCL’s Khadsaliya Lignite Mine Earned 5-Star Rating – A Milestone in Sustainable Mining.
Advancing safety culture with the Bradley curve.
Electrifying Logistics – GHCL’s EV Truck Initiative.

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SHOW THE BULL

Empowering over 10,000 Women

Transforming Lives Through Self Help Groups & Skill Development

Women are the backbone of society, empowering them transforms communities.

Thriving Communities:

Over 262 SHGs empowering 6,000+ women in rural areas to achieve financial independence, better health, and education.

Skill Development Impact:

4,000+ women trained in sewing, jute bag making, and more, with marketing support to ensure income generation.

Success in Action:

Women launch businesses—grocery stores, regional snacks, lamp wick production—creating sustainable livelihoods.

Ripple Effect:

10,000+ women transformed, uplifting families and inspiring communities.

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SHCL
20

Evolution of GHCL through the years

| | Soda Ash capacity increased to 8.5 Lacs MTPA
Commissioned Refined Sodium Bicarbonate plant
Entered Spinning business with 65K spindles
Commissioned Home Textile plant | Soda Ash production capacity increased to 9.75 Lacs MTPA
Doubled Sodium bicarbonate capacity to 60K MTPA
Added TFOs for value added yarn and Air Jet Spinning
Incremental investments in Home Textiles | Successfully completed divestment of Home Textile business to Indo Count Industries Limited effective 2^{nd} April 2022 for total consideration of Rs. 630 crore | Successfully demerged spinning business into GHCL Textiles Limited
Doubled capacity of sodium bicarbonate plant from 60 to 120 KTA
Acquired limestone mines in Junagarh
Installed 6.7MW of green energy to contribute towards sustainability |
| --- | --- | --- | --- | --- |
| 1988-2000 | 2001-2008 | 2009-2015 | 2016-2018 | 2019-2020 |
| Commenced Soda Ash Production with 4.2 Lacs MTPA which was further increased to 5.25 Lakh MTPA
Commenced Edible Salt Production and Launched ‘Sapan’ salt | Launch of ‘i-FLO’ salt and ‘i-Flo Honey’ brands
Incremental investments in spinning | Soda Ash production capacity increased to 11 Lacs MTPA / year in FY2019
GHCL is now the one of the largest manufacturer of Soda Ash in India at a single location.
Incremental investments in spinning | Soda Ash production capacity enhanced to 12 Lacs MT
Incremental investments in spinning | Completed shareholder Buyback of Rs. 300 crore
Received EC clearance for Greenfield Soda Ash Project in Kutch, Gujarat
Secured land lease at Zara Zumara Salt Field in Kutch, Gujarat
Recognized as a Great Place to Work for the 9^{th} consecutive year
Overarching safety goal: ‘Zero Harm’ |

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GUIDE

Guided by a visionary team

R S Jalan
Managing Director

Raman Chopra
CFO & Executive Director

Experienced and accomplished Board of Directors

| Anurag Dalmia
(Non-Executive Chairman) | Arun Kumar Jain
(Ex-IRS) (Independent Director) |
| --- | --- |
| Neelabh Dalmia
(Executive Director, Growth & Diversification) | Mrs. Vijaylaxmi Joshi
(Ex-IAS) (Independent Director) |
| Dr. Manoj Vaish
(Independent Lead Director) | Justice (Rtd.) Ravindra Singh
(Independent Director) |

Resilient Operational Team

| N. N. Radia
(Sr. President & COO) | Sunil Singh
(Head of Marketing) |
| --- | --- |
| Mayuresh Hede
(Head of Operations) | Jayesh Patel
(Head of Greenfield Project) |
| Bhuwneshwar Mishra
(Head of Sustainability & CS) | Anil Singh
(Head of HR and IR) |

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About us

GHCL

GHCL Limited was incorporated on 14th October 1983. The Company has established itself as a well-diversified group with an ascertained footprint in chemicals and consumer products segments. In Chemicals, the Company mainly manufactures Soda Ash (Anhydrous Sodium Carbonate) that is a major raw material for detergents & glass industries, Sodium Bicarbonate (Baking Soda), Bulk Bromine and Vacuum Salt. Consumer Products operation is another business for GHCL where it is a leader in manufacturing and selling edible salt, industrial grade salt and jujube honey in the country under the brand name of I-Flo.

At GHCL Ltd., sustainability is a core element of the business strategy as defined under the aegis of 'GHCL Way' which has four pillars i.e., Responsible Stewardship, Social Inclusiveness, Promoting Relationship and Adding Value. GHCL is committed to working closely with all stakeholders at various plant locations for promoting the agenda of sustainability underpin on GHCL Ltd. core values (Respect, Trust, Ownership and Integrated Teamwork).

For more information, please visit us at www.ghcl.co.in

Contact Us:

Manu Jain
GHCL Limited
Tel: +91 079 26427818
Email: manujain@ghcl.co.in

Nishid Solanki/ Siddharth Rangnekar
CDR India
Tel: +91 22 6645 1221/ 1209
Email: nishid@cdr-india.com/ siddharth@cdr-india.com

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GHCL

Thank You