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Q4 FY26 results — filed 15 Sept 2026 · PDF · Annual report FY26 — 16.86 MB · Shareholding pattern — Jun 2026 · All filings
AI equity note (bull/bear, numbers, sources) — coming soon
Management guidance consistency — coming soon
Latest filings
NSE announcements · newest firstAwarding of order(s)/contract(s)
The Exchange had sought clarification from GHCL Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: -1. Consolidated Financial Results not submitted The response of the Company is enclosed.
Key MetricsFull financials →
P/E (TTM)
8.2×
EPS ₹51.39
P / Book
1.09×
BVPS ₹386
ROE
13.4%
FY26, avg equity
Net margin
15.4%
FY26
Revenue YoY
+1.2%
Q4 FY26
Net profit YoY
−23.0%
Q4 FY26
Debt / equity
0.02×
₹62 Cr debt
Div. yield
2.86%
₹12.00 in 12 months
From NSE filings (consolidated) and the last close.
Shareholding Pattern Jun 2026
Promoter pledge: none reported
Peer Comparison
| Company | P/E | P/B | ROE | Margin |
|---|---|---|---|---|
| TATACHEM₹16,416 Cr | – | 0.77× | -8.0% | -11.8% |
| GNFC₹9,265 Cr | 8.9× | 1.02× | 9.1% | 10.4% |
| GUJALKALI₹4,633 Cr | 69.8× | 0.89× | -0.0% | -0.1% |
| GHCL₹3,859 Cr | 8.2× | 1.09× | 13.4% | 15.4% |
| JGCHEM₹2,430 Cr | 31.0× | 4.60× | 13.8% | 7.1% |
| TIRUMALCHM₹1,941 Cr | – | 1.24× | -12.3% | -9.7% |
Commodity Chemicals: the companies closest in market value, of the 20 in that basic industry whose filings we hold. Computed from each company's NSE filings (up to Q4 FY26) and the last close; hover a column for its definition.
Forensic Flags
Exceptional items above 5% of pre-tax profit in 2 of the last 5 years
FY22–FY26.
13 checks within their thresholds
Operating cash flow was 0.98× net profit
Cumulative over FY22–FY26 (5 years).
Free cash flow was negative in 0 of the last 5 years
Operating cash flow less capital expenditure, as filed.
Receivables grew -18% against revenue growth of -4%
FY26: debtor days moved from 24 to 21.
Inventory grew -5% against revenue growth of -4%
FY26: inventory days moved from 72 to 71.
Debt to equity is 0.02×
As at 2026-03-31; it was 0.09× at 2023-03-31.
Profit before interest and tax covers finance costs 72.3×
FY26.
Other income is 11% of profit before tax
FY26.
Effective tax rate averaged 23%
Tax over pre-tax profit, last 3 years. The base corporate rate is about 25%.
Share count changed -3.8% in three years, net of bonuses and splits
From 2023-03-31 to 2026-03-31. Shares issued for mergers, placements, conversions and stock options all count.
Promoter holding is 19.83%, +0.86 points over a year
2026-06-30 against 2025-06-30.
No promoter shares are pledged
Shareholding pattern as at 2026-06-30.
No auditor change or resignation filings in three years
From NSE announcements on record.
Results were filed late in 0 of the last 8 quarters
Slowest filing came 38 days after the period end.
Computed from NSE filings (consolidated). Colours follow fixed thresholds, shown on hover. These are facts about the filings, not advice.
Formula Scores
Piotroski F-score: 5 of 9 · FY to 2026-03-31one point for each of nine tests on profitability, leverage and liquidity, and operating efficiency, comparing the year with the one before
- ✓ Return on assets positive: 11.29 — profit after tax over the year's opening total assets, %
- ✓ Operating cash flow positive: 687.3 — ₹ crore
- ✓ Cash flow above profit (accruals): 214.8 — operating cash flow less profit after tax, ₹ crore
- ✗ Return on assets improved: -5.27 — change in ROA, percentage points
- ✓ Long-term borrowings to assets fell: -0.67 — change in long-term borrowings over total assets, percentage points
- ✗ Current ratio improved: -0.93 — change in current assets over current liabilities
- ✓ No new shares issued: -3.99 — change in share capital, %
- ✗ Gross margin improved: -0.41 — revenue less material cost over revenue, change in percentage points
- ✗ Asset turnover improved: -0.112 — revenue over the year's opening total assets, change
Inputs: profit after tax ₹472 Cr (2026-03-31) · profit after tax ₹624 Cr (2025-03-31) · total assets ₹4,300 Cr (2026-03-31) · total assets ₹4,185 Cr (2025-03-31)
The paper's bands: 8–9: the paper's high group; 0–2: the paper's low group
Source: Joseph Piotroski, "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers", Journal of Accounting Research, 2000
Altman Z-score: 5.89 · FY to 2026-03-31Z = 1.2 × working capital / total assets + 1.4 × retained earnings / total assets + 3.3 × EBIT / total assets + 0.6 × market value of equity / total liabilities + 1.0 × sales / total assets
- working capital / total assets: 0.345 × 1.2
- retained earnings / total assets: 0.805 × 1.4 — reserves and surplus as retained earnings
- EBIT / total assets: 0.151 × 3.3 — profit before tax plus finance cost
- market value of equity / total liabilities: 5.221 × 0.6 — market capitalisation over total assets less equity
- sales / total assets: 0.713 × 1
Inputs: total assets ₹4,300 Cr (2026-03-31) · current assets ₹1,921 Cr (2026-03-31) · current liabilities ₹438 Cr (2026-03-31) · reserves ₹3,460 Cr (2026-03-31) · total equity ₹3,552 Cr (2026-03-31) · profit before tax ₹642 Cr (2026-03-31) · finance cost ₹9 Cr (2026-03-31) · revenue ₹3,064 Cr (2026-03-31) · market capitalisation (today) ₹3,905 Cr
The paper's bands: above 2.99: the paper's safe zone; 1.81–2.99: the grey zone; below 1.81: the distress zone
the 1968 form, fitted on manufacturers; reserves stand in for retained earnings, and profit before tax plus finance cost for EBIT
Source: Edward Altman, "Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy", Journal of Finance, 1968
Graham number: 660.28 ₹ per share · FY to 2026-03-31√(22.5 × earnings per share × book value per share): the price at which P/E × P/B = 22.5 (a P/E of 15 at a P/B of 1.5)
- earnings per share: 50.15
- book value per share: 386.37 — owners' equity over shares (paid-up capital / face value)
Inputs: earnings per share 50.15 (2026-03-31) · owners' equity ₹3,552 Cr (2026-03-31) · paid-up capital ₹92 Cr (2026-03-31) · face value 10 (2026-03-31)
a number the book uses as a ceiling for a defensive investor's purchase price; it is arithmetic on two reported figures, not a valuation
Source: Benjamin Graham, The Intelligent Investor (1949; the 22.5 in the 1973 edition's criteria for the defensive investor)
Sloan accrual ratio: -5.06 % of assets · FY to 2026-03-31(profit after tax − operating cash flow) / average total assets
Inputs: profit after tax ₹472 Cr (2026-03-31) · operating cash flow ₹687 Cr (2026-03-31) · total assets ₹4,300 Cr (2026-03-31) · total assets ₹4,185 Cr (2025-03-31)
how much of the year's profit was not cash; the paper sorts companies by this and reports the top decile's later returns
Source: Richard Sloan, "Do Stock Prices Fully Reflect Information in Accruals and Cash Flows about Future Earnings?", The Accounting Review, 1996
Each score is its published formula applied to the company's own filings (consolidated); open one for the tests, the inputs and the paper. Arithmetic on the filings, not a view on the stock.