Gujarat Alkalies and Chemicals financials and balance sheet

NSE: GUJALKALIBSE: 530001Chemicals & PetrochemicalsSmall Cap

₹541.10₹11.05 (2.00%)BSE ₹541.15

Share price at the NSE close on 23 Oct 2026. Previous close ₹552.15.

52-week range of traded prices to 23 Oct 2026

₹409.15Low, 16 Mar 2026₹815.00High, 5 May 2026

Market cap: ₹3,974 Cr839th largest listed
P/E: 59.9
P/B: 0.8
Dividend yield: 3.27%
ROE: 1.2%
ROCE: 1.6%
Debt to equity: 0.11
Volume, NSE: 69,91238.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gujarat Alkalies and Chemicals annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹4,517 Cr, year to Mar 2023A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.5% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,358
Materials and goods−1,615
Employee costs−370
Other expenses−1,968
Operating profit405
Depreciation−414
Other income+117
One-off items0.0
Finance costs−63
Profit before tax44
Tax−23
Joint ventures−23
Net profit−2.4

What the company owns

Plant, investments and other assets₹6,486 Cr
Inventory₹450 Cr
Receivables₹407 Cr
Cash and bank₹171 Cr
Current investments₹18 Cr

What pays for it: net worth and liabilities

Net worth₹5,191 Cr
Other liabilities₹1,284 Cr
Borrowings₹568 Cr
Owed to suppliers₹490 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Gujarat Alkalies and Chemicals quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 19 May	Mar 2022Filed 24 May	Mar 2023Filed 23 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue from operations	2,303	2,514	3,161	2,725	2,429	3,759	4,517	3,807	4,073	4,358
	1,853	1,727	2,046	2,147	2,071	2,773	3,402	3,671	3,712	3,953
Materials and goods bought	658	659	851	932	934	1,281	1,510	1,593	1,618	1,615
Employee costs	–	–	207	244	233	272	252	265	284	370
Other expenses	–	–	988	971	904	1,220	1,640	1,813	1,811	1,968
Operating profit before depreciation	450	787	1,115	578	358	986	1,115	136	360	405
Operating margin	19.5%	31.3%	35.3%	21.2%	14.7%	26.2%	24.7%	3.6%	8.8%	9.3%
Materials, % of revenue	–	–	26.9%	34.2%	38.5%	34.1%	33.4%	41.8%	39.7%	37.0%
Employee costs, % of revenue	–	–	6.5%	9.0%	9.6%	7.2%	5.6%	7.0%	7.0%	8.5%
Other expenses, % of revenue	–	–	31.3%	35.6%	37.2%	32.5%	36.3%	47.6%	44.5%	45.2%
Depreciation and amortisation	111	127	140	162	174	198	276	377	392	414
Operating profit after depreciation	339	659	975	416	184	788	839	−241	−32	−9
Other income	56	106	61	90	67	46	42	90	92	117
Finance costs	13	15	21	14	15	6	19	45	51	63
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	382	750	1,015	492	236	829	861	−196	10	44
	73	215	326	159	69	267	285	−64	−6	23
Current tax	–	182	282	124	52	271	157	−1	1	1
Deferred tax	–	33	45	34	17	−5	128	−62	−7	22
Share of profit of joint ventures and associates	−1	−1	1	−1	−1	−2	−166	−105	−81	−23
Net profit	307	535	690	332	166	560	410	−237	−65	−2
Other comprehensive income	–	–	−158	39	672	24	−96	346	−239	−360
Total comprehensive income	–	–	532	371	838	583	313	109	−304	−363
Net margin	13.3%	21.3%	21.8%	12.2%	6.8%	14.9%	9.1%	−6.2%	−1.6%	−0.1%
Net margin without joint ventures and associates	13.4%	21.3%	21.8%	12.2%	6.9%	15.0%	12.7%	−3.5%	0.4%	0.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 19 May	Mar 2022Filed 24 May	Mar 2023Filed 23 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	4,296	4,596	5,375	5,899	6,139	6,076	5,670	5,191
Share capital	73	73	73	73	73	73	73	73
Reserves	4,222	4,522	5,301	5,826	6,066	6,002	5,596	5,117
	188	139	434	593	596	543	552	568
Repayable after a year	185	137	433	549	459	343	309	240
Repayable within a year	3	2	0	44	137	201	242	328
	508	528	611	735	840	745	933	993
Trade payables	311	321	283	353	494	375	508	490
Other financial liabilities	135	149	271	229	111	70	81	76
Other liabilities	42	25	23	71	74	74	78	70
Provisions	8	10	13	18	15	15	15	29
Tax owed	8	21	21	21	10	10	10	0
	727	767	1,168	1,343	1,356	1,203	1,384	1,348
Other financial liabilities	0	1	1	1	1	1	258	276
Provisions	97	104	113	149	132	141	151	212
Deferred tax	446	525	622	644	764	719	666	621
Total assets	5,531	5,891	7,154	7,977	8,335	8,023	7,987	7,533
	3,821	4,432	5,958	6,712	6,925	6,932	6,831	6,285
Plant in use, after depreciation	2,293	2,604	2,582	2,697	4,246	4,615	4,583	4,343
Plant being built	307	445	1,109	1,787	544	95	79	122
Intangible assets	7	6	5	4	3	2	1	0
Investments	826	884	1,630	1,678	1,568	1,935	1,654	1,305
Stakes in joint ventures and associates	238	358	411	409	243	138	303	310
Loans given	2	1	1	1	0	1	2	2
Other financial assets	21	21	24	25	23	106	177	129
Deferred tax	0	0	0	0	188	0	0	0
Other assets	126	113	196	110	109	39	32	73
	1,710	1,459	1,197	1,266	1,410	1,092	1,155	1,248
Inventories	231	236	226	353	461	407	486	450
Trade receivables	487	374	289	303	285	178	263	407
Cash and cash equivalents	192	42	355	298	456	155	126	157
Other bank balances	79	2	2	2	27	7	8	14
Current investments	1	1	51	23	21	20	19	18
Loans given	526	612	77	51	51	1	1	1
Other financial assets	33	39	23	16	45	24	51	41
Tax paid in advance	100	87	108	172	0	178	101	68
Other assets	61	66	66	49	65	122	101	92
Net debt	−85	95	25	271	92	362	399	379

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 19 May	Mar 2022Filed 24 May	Mar 2023Filed 23 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	422	737	1,126	171	462	430
	475	1,047	1,311	216	393	407
	82	28	14	−41	−90	−113
Receivables	81	−14	19	114	−82	−140
Inventories	10	−135	−112	58	−79	36
Payables	−18	70	141	−120	134	−19
Other working capital	9	107	−34	−94	−63	9
Tax paid	−53	−310	−185	−45	69	23
Capital spending	794	909	683	231	325	259
Free cash flow	−372	−172	443	−60	137	171
	−334	−808	−827	−195	−345	−251
Plant and property sold	4	1	0	1	4	0
Interest received	55	20	19	20	18	18
Dividends received	16	19	19	46	33	31
	226	12	−140	−277	−145	−150
Borrowings raised	361	138	0	75	75	428
Borrowings repaid	−67	−62	−44	−134	−125	−412
Interest paid	−9	−6	−19	−45	−43	−42
Lease payments	0	0	0	0	0	−2
Dividends paid	59	59	74	173	102	116
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	315	−59	159	−301	−28	28

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Gujarat Alkalies and Chemicals dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 19 May	Mar 2022Filed 24 May	Mar 2023Filed 23 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Earnings per share	₹41.85	₹72.78	₹93.98	₹45.22	₹22.57	₹76.22	₹55.78	−₹32.25	−₹8.87	−₹0.33
Diluted earnings per share	₹41.85	₹72.78	₹93.98	₹45.22	₹22.57	₹76.22	₹55.78	−₹32.25	−₹8.87	−₹0.33
Dividend per share	₹5.00	₹6.50	₹8.00	₹8.00	₹8.00	₹10.00	₹23.55	–	₹29.65	₹17.70
Book value per share	–	–	₹584.91	₹625.77	₹731.84	₹803.28	₹835.95	₹827.28	₹772.00	₹706.82
Dividend payout	11.9%	8.9%	8.5%	17.7%	35.4%	13.1%	42.2%	–	–	–
Shareholder yield	–	–	–	–	2.3%	0.9%	1.7%	3.5%	2.4%	2.8%
Market cap at the year end (₹ crore)	2,995	5,130	3,623	1,638	2,532	6,584	4,297	4,946	4,253	4,175

Ratios

Consolidated, years to March.Gujarat Alkalies and Chemicals PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 19 May	Mar 2022Filed 24 May	Mar 2023Filed 23 May	Mar 2024Filed 1 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue growth	–	9.2%	25.8%	−13.8%	−10.8%	54.7%	20.2%	−15.7%	7.0%	7.0%
Operating profit growth	–	75.0%	41.8%	−48.2%	−38.0%	175.3%	13.0%	−87.8%	165.0%	12.4%
Net profit growth	–	73.9%	29.1%	−51.9%	−50.1%	237.7%	−26.8%	–	–	–
Earnings per share growth	–	73.9%	29.1%	−51.9%	−50.1%	237.7%	−26.8%	–	–	–
	–	–	16.1%	7.5%	3.3%	9.9%	6.8%	−3.9%	−1.1%	0.0%
	–	–	–	−8.6 pts	−4.1 pts	6.6 pts	−3.1 pts	−10.7 pts	2.8 pts	1.1 pts
From the net margin	–	–	–	−7.1 pts	−3.3 pts	3.9 pts	−3.9 pts	−11.5 pts	2.9 pts	1.1 pts
From asset turnover	–	–	–	−1.5 pts	−0.9 pts	2.4 pts	0.7 pts	0.7 pts	−0.1 pts	0.0 pts
From borrowing	–	–	–	0.0 pts	0.1 pts	0.2 pts	0.1 pts	0.0 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	21.8%	8.8%	3.2%	12.1%	12.4%	−3.6%	−0.5%	−0.2%
Cash conversion	–	–	–	–	254.8%	131.7%	274.9%	–	–	–
Interest cover	26.4	44.3	46.6	29.6	11.9	128.2	43.1	–	–	–
Debt to equity	–	–	0.04	0.03	0.08	0.10	0.10	0.09	0.10	0.11
Receivable days	–	–	56	50	43	29	23	17	24	34
Inventory days	–	–	99	92	88	101	111	93	110	102
Payable days	–	–	134	126	111	101	119	86	115	111
Cash conversion cycle, days	–	–	22	17	21	29	15	25	19	25
Working capital days	–	–	108	119	27	25	16	35	28	33
Asset turnover	–	–	0.57	0.48	0.37	0.50	0.55	0.47	0.51	0.56
Assets per rupee of net worth	–	–	1.29	1.28	1.31	1.34	1.36	1.34	1.36	1.43
Sales per rupee of plant	–	–	1.38	1.05	0.94	1.39	1.06	0.82	0.89	1.00
Capital spending to depreciation	–	–	–	–	4.55	4.59	2.47	0.61	0.83	0.62
Plant being built, % of plant in use	–	–	13.4%	17.1%	43.0%	66.3%	12.8%	2.1%	1.7%	2.8%

Interest cover is left blank for the years to Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.0%
Cash from operations against operating profit: 106.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	12.4%	−1.2%
Return on equity, average	–	2.3%	−1.7%
Return on capital employed, average	–	4.1%	−1.4%
Operating margin, average	19.5%	14.5%	7.2%
Net margin, average	9.2%	3.2%	−2.6%
Asset turnover, average	–	0.52	0.51
Cash conversion cycle, days, average	–	23	23
Debt to equity, average	–	0.10	0.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,926	1,063	430
Cash from investing	−2,425	−791	−251
Cash from financing	−701	−573	−150
Capital spending	2,407	815	259
Dividends paid	524	392	116
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	716	578	428
Borrowings repaid	777	672	412

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	7	7	4	7	8
Altman Z-scorePublished threshold 1.81	–	–	4.28	2.77	2.44	3.82	3.17	3.03	2.65	2.69
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.73	−2.37	−3.04	−3.27	−2.16	−2.28
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.18	8.33	1.35	−2.61	−2.28	−2.33
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.01	2.78	16.34	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.34	−11.95	−49.98	−26.13	−21.85	41.05	47.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−7.49	−4.68	19.40	12.59	−17.14	17.80	−7.20
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.06	0.22	1.04	−2.79	5.62	−1.76	−1.20
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.94	7.31	5.70	0.30	0.13	0.22	0.70
Effective tax ratePublished threshold 17.16 per cent	19.19	28.65	32.12	32.30	29.24	32.18	33.15	–	−62.76	52.60
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−5.28	11.72	–	−774.59	1.27

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	CP/STD	CARE A1+Review, Re-affirm		100
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA-Review, Downgrade	Stable	130
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	Term Loan-Long Term	CARE AA-Review, Downgrade	Stable	242.63
3 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		339.50
4 Aug 2025	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		100

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.