Soda ash giant GHCL Limited has reported a steady third-quarter performance for FY26, delivering sequential revenue growth despite continued pressure on the domestic soda ash market from low-cost imports and aggressive global pricing.

 

The company recorded a 5% quarter-on-quarter increase in revenue, while profit after tax declined marginally by 0.8% QoQ, reflecting a stabilising yet challenging operating environment.

 

Commenting on the results, RS Jalan, Managing Director, GHCL Limited, said, “Our performance in Q3 FY26 remains consistent with the previous quarter, reflecting a stabilizing yet challenging operational landscape. The domestic soda ash market continues to navigate significant headwinds, primarily driven by a persistent influx of cheap imports and aggressive global pricing strategies. Despite the continued flow of soda ash exports into the Indian market, GHCL has maintained its industry-leading margins.

 

"A significant highlight of this quarter was the successful conclusion of our Rs. 300 crore share buyback programme. Our diversification projects are reaching a critical milestone. While heavy monsoon in Gujarat caused minor delays, our Bromine and Vacuum Salt projects are now in the final stages of execution and are on track for commissioning by the end of Q4 FY26. Looking ahead, our long-term outlook remains firmly positive.”

 

Financial performance:

 

Q3 FY26 vs Q3 FY25 -- Net revenue declined 4.6% to Rs. 773 crore, compared with Rs. 807 crore in the year-ago quarter; EBITDA fell 32.1% to Rs. 175 crore, from Rs. 259 crore; Net profit dropped 36.6% to Rs. 107 crore, from Rs. 168 crore.

 

Q3 FY26 vs Q2 FY26 -- Net revenue rose 4.6% to Rs. 773 crore, compared with Rs. 739 crore in the previous quarter; EBITDA edged up 0.3% to Rs. 175.49 crore, from Rs. 174.93 crore; Net profit declined 0.6% to Rs. 106.70 crore, compared with Rs. 107.36 crore.