GHCL Q1 FY27: strong margins, but management guides normalization

Q1 FY27 revenue was INR798 crore, EBITDA was INR233 crore, and PAT was INR191 crore (all as reported in the investor presentation and reiterated on the call).

Yes. PAT includes an exceptional gain of INR54 crore at PBT level and INR40 crore net of tax arising from a one-time settlement done by the ESOS Trust, as disclosed in the P&L table and management commentary.

Management attributed higher margins to better realization, operational execution, and the benefit of lower-cost input inventory (raw material and energy), while cautioning that these are transient and not a new run rate.

Management stated both Bromine and Vacuum Salt are in advanced stages of commissioning and are scheduled to commence commercial operations in Q2 FY27.

Management guided that at optimal utilization, Bromine and Vacuum Salt together can generate roughly INR150 to 160 crore of revenue with EBITDA margin around 40% to 45%.

Management said the greenfield soda ash project is making slow progress due to land acquisition hurdles and they are unable to provide a timeline until clarity is achieved.

Management said imports come mainly from the U.S., Turkey and some from China; base import duty is around 7.5% with no anti-dumping duty currently, while safeguard quantitative restrictions remain under government consideration.