Investor call transcripts Q2FY2027

November 7, 2026 National Stock Exchange of India BSE Limited Limited Corporate Relationship Department, “Exchange Plaza” 1st Floor, New Trading Ring, Rotunda Building, P.J. Bandra – Kurla Complex, Towers, Bandra (E), Mumbai – 400 051 Dalal Street, Fort, Mumbai – 400 001 NSE Code: GHCL BSE Code: 500171 Dear Sir / Madam, Subject: Filing of Transcript regarding Investors’ conference held on November 2, 2026 In continuation to our earlier communication dated October 16, 2026 and October 31, 2026 regarding Investors’ conference on November 2, 2026 and pursuant to requirement of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to attach copy of the transcript regarding said Investors’ conference held with the management on November 2, 2026 for your reference and record. Please note that copy of this intimation is also available on the 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 Bhuwneshwar Prasad Mishra Vice President - Sustainability & Company Secretary (Membership No.: FCS 5330) “GHCL Limited Q2 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. R.S. JALAN – MANAGING DIRECTOR – GHCL LIMITED MR. RAMAN CHOPRA – CHIEF FINANCIAL OFFICER AND EXECUTIVE DIRECTOR, FINANCE – GHCL LIMITED MODERATOR: MR. GAGAN DIXIT – EMKAY GLOBAL FINANCIAL SERVICES LIMITED Page 1 of 17 GHCL Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the GHCL Q2 FY27 Conference Call, hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this call is being recorded. I now hand the conference over to Mr. Gagan Dixit from Emkay Global Financial Services Limited. Thank you, and over to you, sir. Gagan Dixit: Yes. Thanks. Good afternoon, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. R.S. Jalan, Managing Director; and Mr. Raman Chopra, CFO and Executive Director, Finance. I shall now hand over the call to the management for the opening remarks. Over to you, gentlemen. R.S. Jalan: Thank you very much, Gagan. Good afternoon, ladies and gentlemen. A very warm welcome to the GHCL Q2 FY27 earnings call. Our results and investor presentation has been published, and I trust you have an opportunity to review them. Before I turn to the quarter, let me share how we think about our business. GHCL is amongst the lowest cost soda ash producer, a position that we have sustained through disciplined operational efficiency and backward integration into key raw materials. Our growth initiatives built upon this further. The commissioning of vacuum salt and bromine during the quarter underlines this approach. Let me move on the industrial landscape. Globally, the soda ash market remains oversupplied and inventory levels are elevated in certain regions. Demand, however, has held steadily across most user industry. And the lithium sector continues to be the clear bright spot with strong momentum. As I have said in the past, the current pricing environment is a continuation of a cycle that has been playing out over the last 2 years, and we expect realization to remain soft over the next few quarters. The conflict in the Middle East continues to disrupt established materials flow while adding cost pressure. Given the surplus production, producers are constrained in passing on some of these costs. Coming to the Indian market. During the quarter, demand from the detergent segment was weak, while glass demand remains stable. Import pressure continues to keep realizations soft. Over the medium term, our view on India remains positive. The solar glass capacities under implementation will create a sustained and visible demand opportunity for soda ash. On a positive move, the government of India has imposed a minimum import price on clear float glass for a period of 1 year to safeguard domestic manufacturers. This should support soda ash demand from domestic glass segment in the coming quarters. Now let me turn to our growth and diversification initiatives. I'm happy to share that during the quarter, we successfully commenced commercial production of our vacuum salt, powered by Page 2 of 17 GHCL Limited November 02, 2026 fresh heat from our soda ash operation. This plant highlights our strategy of extracting maximum value and efficiency from our existing assets. Subsequent to the close of the quarter, we also commenced commercial production of bromine. Both these projects marks an important milestone in our diversification journey. Our focus now shifts to optimizing these newly commissioned capacities. We expect the vacuum salt plant to operate at its intended capacity level by the end of FY27, while bromine plant will reach its intended capacity by the next financial year. Our backward integration journey continues. We are expanding our existing salt works capacity as well as developing new salt works at Zara Zumara, which will be developed in phases. Both these projects will entail an investment of around INR450 crores and will significantly strengthen our raw material availability. Our Board has approved a capex of INR88 crores for developing the infrastructure of our own railway siding. This will give us better control over the raw material, reduce our dependence on the trucks for the transportation of goods from cuts to our plants and should also lead to the cost saving. On our greenfield project, this is a significant strategic investment and part of our long- term goal, and we will continue to provide updates as project milestones are achieved. To summarize, our focus through this cycle has been firmly on what is within our control. Disciplined cost structure, operational efficiency sustain our position as a low-cost producer, enabling the swift margin rebound as marketing prices recovers. Our next priority is to ramp up vacuum production as well as the brine to the intended capacity levels. We will continue to execute our pillars with a discipline to make GHCL more diversified, more integrated and more resilient. I would like to thank all our investors and stakeholders for their continued trust in GHCL. I will now hand over the call to Raman to walk through the financial highlights in detail. Thank you. Raman Chopra: Thank you, sir. Good afternoon, everyone, and a warm welcome to our earnings call for the second quarter and half year ended 30th September 2026. Our performance remains steady. This is a result of our focus on operational excellence, cost control and efficient financial discipline. We achieved this despite the global oversupply situation, elevated energy and freight costs and a challenging pricing environment. I'll now walk you through the key financial highlights. Revenue for the quarter came in at INR821 crores compared to compared to INR739 crores in the same quarter of last year and INR798 crores in the sequential quarter. This is a growth of 11% year-on-year and 3% quarter- on-quarter. EBITDA for the quarter stood at INR202 crores compared to INR175 crores in the same quarter of last year and INR233 crores in the sequential quarter, a growth of 16% on a year-on-year basis. EBITDA margin was 24.7% as compared to 23.7% in Q2 of last year and 29% in Q1 of Page 3 of 17 GHCL Limited November 02, 2026 this year. As we had indicated in our last call, the Q1 margin was supported by higher realization and the benefit of low-cost raw material and energy inventories, which were transient in nature. In quarter 2, margins have moderated, reflecting higher energy and raw material costs. Profit before tax before exceptional item for the quarter [Showing first 8,000 characters — download PDF for full document]