Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Chemicals - Inorganic - Caustic Soda/Soda Ash Stocks in India

Chemicals - Inorganic - Caustic Soda/Soda Ash: Tata Chemicals Ltd owns the largest revenue base; TGV Sraac Ltd has the fastest current growth.

Nifty Chemicals - Inorganic - Caustic Soda/Soda Ash Index — Constituents & Performance

The Chemicals - Inorganic - Caustic Soda/Soda Ash companies below are the listed Indian Chemicals - Inorganic - Caustic Soda/Soda Ash universe this page tracks — the same constituent set people search for as the Nifty Chemicals - Inorganic - Caustic Soda/Soda Ash index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading.

The sector itself · before any single company

How has Chemicals - Inorganic - Caustic Soda/Soda Ash moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 29% behind NIFTY 500. Earnings across its companies fell 32% on average over the last four reported quarters.

ASLEEP · 1y −18.2%~Price down, no fundamental support0 of 5 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 2/5 >200d (+0) · 0/5 lead (−2) · EPS 3/5↑

200500202620252024202320222021 381336 TRAILING 12-MONTH EPS · 100 AT THE START0100132Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 120, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 130, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 125, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 132, against 100 at the start · up 32.3% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 108, against 100 at the start · down 3.7% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 91, against 100 at the start · down 23.9% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 38, against 100 at the start · down 88.4% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 20, against 100 at the start · down 100.0% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 15, against 100 at the start · down 85.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 9, against 100 at the start · down 78.9% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 8, against 100 at the start · down 21.5% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 11, against 100 at the start · down 40.5% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 7, against 100 at the start · down 46.4% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 6, against 100 at the start · down 20.0% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 0, against 100 at the start · down 23.0% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two0 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200500202620252024202320222021 381336 TRAILING 12-MONTH EPS · 100 AT THE START0100132Mar 23Mar 24Mar 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 3 reportingSep 2022 · trailing 12-month earnings per share at 120, against 100 at the start · no comparable year yet · 3 reportingDec 2022 · trailing 12-month earnings per share at 130, against 100 at the start · no comparable year yet · 3 reportingMar 2023 · trailing 12-month earnings per share at 125, against 100 at the start · no comparable year yet · 3 reportingJun 2023 · trailing 12-month earnings per share at 132, against 100 at the start · up 32.3% on a year ago · 3 reportingSep 2023 · trailing 12-month earnings per share at 108, against 100 at the start · down 3.7% on a year ago · 4 reportingDec 2023 · trailing 12-month earnings per share at 91, against 100 at the start · down 23.9% on a year ago · 4 reportingMar 2024 · trailing 12-month earnings per share at 38, against 100 at the start · down 88.4% on a year ago · 4 reportingJun 2024 · trailing 12-month earnings per share at 20, against 100 at the start · down 100.0% on a year ago · 4 reportingSep 2024 · trailing 12-month earnings per share at 15, against 100 at the start · down 85.4% on a year ago · 4 reportingDec 2024 · trailing 12-month earnings per share at 9, against 100 at the start · down 78.9% on a year ago · 4 reportingMar 2025 · trailing 12-month earnings per share at 8, against 100 at the start · down 21.5% on a year ago · 4 reportingJun 2025 · trailing 12-month earnings per share at 11, against 100 at the start · down 40.5% on a year ago · 4 reportingSep 2025 · trailing 12-month earnings per share at 7, against 100 at the start · down 46.4% on a year ago · 4 reportingDec 2025 · trailing 12-month earnings per share at 6, against 100 at the start · down 20.0% on a year ago · 4 reportingMar 2026 · trailing 12-month earnings per share at 0, against 100 at the start · down 23.0% on a year ago · 4 reportingNot reported yet — earnings trail price by a quarter or two0No earnings on file this far back — the price series reaches further than the filings do
Chemicals - Inorganic - Caustic Soda/Soda Ash, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 5 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Chemicals - Inorganic - Caustic Soda/Soda Ash outperforming NIFTY 500?

The 52-week comparison of Chemicals - Inorganic - Caustic Soda/Soda Ash against NIFTY 500 is not available from the current market series. 1 of 7 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Gujarat Alkalies & Chemicals Ltd is the strongest against the sector itself at +10.4%.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
1/7Stocks leading NIFTY 500
3/6Stocks leading sector

Sector metric: — as of latest available · unclassified · direction unavailable.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 1 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Tata Chemicals Ltd leads with revenue of ₹14,584 crore, based on 7 of 7 comparable companies through Mar 2026. TGV Sraac Ltd has the fastest current revenue growth at 18.2%, across 7 of 7 comparable companies.

Is the Chemicals - Inorganic - Caustic Soda/Soda Ash sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 1 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company is largest by revenue?

Tata Chemicals Ltd leads with revenue of ₹14,584 crore, based on 7 of 7 comparable companies through Mar 2026.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company is growing fastest?

TGV Sraac Ltd has the fastest current revenue growth at 18.2%, across 7 of 7 comparable companies.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company has the strongest 4-Factor Sector Score?

TGV Sraac Ltd ranks first at 62.6/100 with 57.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company has the least gross debt?

GHCL Ltd has the lowest comparable gross debt at ₹83 crore. Tata Chemicals Ltd has the highest at ₹8,001 crore.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company has the lowest comparable PEG?

Gujarat Alkalies & Chemicals Ltd has the lowest comparable Guarded PEG at 0.15, among 2 of 7 companies that pass the metric’s comparability rules.

How much history does this Chemicals - Inorganic - Caustic Soda/Soda Ash comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
7
complete canonical membership
Combined market value
₹29.1K Cr
Tata Chemicals Ltd
Revenue growing
4/7
positive TTM year-on-year growth
Beating NIFTY 500
1/7
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
TGV Sraac Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 57.6% evidence confidence.
Tuticorin Alkali Chemicals & Fertilizers Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. TGV Sraac Ltd · TGVSL

62.6/100 · Thin evidence · provisional · 58% evidence

Exact sum: 26.1 + 14.8 + 12.3 + 9.4 = 62.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

26.1/35Growth & earnings

Revenue 18.2% · PAT 61.5% · OPM change 5 pp

53% evidence

14.8/25Capital efficiency

ROCE 10.4% · debt/equity 0.24×

60% evidence

12.3/20Valuation

P/E 7.2× · PEG —

50% evidence

9.4/20Relative strength

RS sector 2.4% · RS bench -18.6% · 1Y -15.9%

70% evidence

2. Gujarat Alkalies & Chemicals Ltd · GUJALKALI

57.8/100 · Mixed-positive evidence · 84% evidence

Exact sum: 21.6 + 9.4 + 13.5 + 13.3 = 57.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

21.6/35Growth & earnings

Revenue 7.1% · PAT 100% · OPM change 9 pp

74% evidence

9.4/25Capital efficiency

ROCE 1.4% · debt/equity 0.11×

100% evidence

13.5/20Valuation

P/E 74.7× · PEG 0.15

65% evidence

13.3/20Relative strength

RS sector 10.4% · RS bench 1.3% · 1Y -0.7%

100% evidence

3. Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

51.8/100 · Mixed-positive evidence · 79% evidence

Exact sum: 9.9 + 16.6 + 9 + 16.3 = 51.8

Decision use: Price leads the evidence: RS versus the benchmark is -3.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

9.9/35Growth & earnings

Revenue 9.1% · PAT -41.1% · OPM change -4.1 pp

83% evidence

16.6/25Capital efficiency

ROCE 22% · debt/equity 0.66×

80% evidence

9.0/20Valuation

P/E 20× · PEG —

50% evidence

16.3/20Relative strength

RS sector 6.8% · RS bench -3.3% · 1Y -27.1%

100% evidence

4. Primo Chemicals Ltd · PRIMO

47.5/100 · Mixed-negative evidence · 60% evidence

Exact sum: 14.6 + 12.2 + 9.9 + 10.8 = 47.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.6/35Growth & earnings

Revenue 1.1% · PAT 100% · OPM change -2.3 pp

62% evidence

12.2/25Capital efficiency

ROCE 6.5% · debt/equity 0.32×

95% evidence

9.9/20Valuation

P/E 35× · PEG —

50% evidence

10.8/20Relative strength

RS sector — · RS bench -1.5% · 1Y —

25% evidence

5. GHCL Ltd · GHCL

46.7/100 · Mixed-negative evidence · 90% evidence

Exact sum: 6.1 + 21.1 + 11.8 + 7.7 = 46.7

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

6.1/35Growth & earnings

Revenue -3.7% · PAT -24.2% · OPM change -6 pp

88% evidence

21.1/25Capital efficiency

ROCE 17.4% · debt/equity 0.02×

100% evidence

11.8/20Valuation

P/E 8.8× · PEG 1.31

100% evidence

7.7/20Relative strength

RS sector -1% · RS bench -18.5% · 1Y -28.3%

70% evidence

6. Tata Chemicals Ltd · TATACHEM

38.9/100 · Mixed-negative evidence · 71% evidence

Exact sum: 14.1 + 6.6 + 9.1 + 9.1 = 38.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.1/35Growth & earnings

Revenue -2% · PAT -80% · OPM change -1 pp

65% evidence

6.6/25Capital efficiency

ROCE 3.4% · debt/equity 0.38×

100% evidence

9.1/20Valuation

P/E 64.4× · PEG —

15% evidence

9.1/20Relative strength

RS sector -3.9% · RS bench -12.6% · 1Y -25.1%

100% evidence

7. Chemfab Alkalis Ltd · CHEMFAB

31.7/100 · Thin evidence · provisional · 59% evidence

Exact sum: 12.5 + 6.2 + 10 + 3 = 31.7

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

12.5/35Growth & earnings

Revenue -7% · PAT 50.6% · OPM change -3.1 pp

62% evidence

6.2/25Capital efficiency

ROCE 1.6% · debt/equity 0.34×

95% evidence

10.0/20Valuation

P/E — · PEG —

0% evidence

3.0/20Relative strength

RS sector -29.6% · RS bench -23.2% · 1Y -49.1%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Tata Chemicals Ltd has the highest Revenue among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at ₹14,584 crore. Gujarat Alkalies & Chemicals Ltd is next at ₹4,497 crore. TGV Sraac Ltd has the highest Revenue growth at 18.2%, so level and change sit with different companies.

What the numbers say: Tata Chemicals Ltd is the scale leader at ₹14,584 crore, 224.3% ahead of Gujarat Alkalies & Chemicals Ltd. TGV Sraac Ltd's growth is 18.2% from a ₹1,926 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderTata Chemicals Ltd · ₹14,584 crore
Gap224.3% versus #2 · Gujarat Alkalies & Chemicals Ltd
Persistence2/8 recent comparable periods
Coverage7/7 companies · 112 observations

Investor read: Tata Chemicals Ltd is the scale benchmark; TGV Sraac Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Tata Chemicals Ltd's growth falls below TGV Sraac Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Tata Chemicals Ltd TATACHEM₹14.6K Cr
2Gujarat Alkalies & Chemicals Ltd GUJALKALI₹4.5K Cr
3GHCL Ltd GHCL₹3.1K Cr
4TGV Sraac Ltd TGVSL · older report₹1.9K Cr
5Primo Chemicals Ltd PRIMO₹562 Cr
Revenue growthfastest growers
1TGV Sraac Ltd TGVSL · older report18%
2Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK9.1%
3Gujarat Alkalies & Chemicals Ltd GUJALKALI7.1%
4Primo Chemicals Ltd PRIMO1.1%
5Tata Chemicals Ltd TATACHEM-2.0%
Revenue · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Tata Chemicals Ltd TATACHEM₹3.4K Cr-2.0%Mar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI₹1.2K Cr13%Jun 2026
GHCL Ltd GHCL₹791 Cr1.3%Mar 2026
TGV Sraac Ltd TGVSL₹448 Cr-1.5%Dec 2025
Primo Chemicals Ltd PRIMO₹145 Cr-6.8%Mar 2026
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹83 Cr3.1%Mar 2026
Chemfab Alkalis Ltd CHEMFAB₹75 Cr-19%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
—
—
—
₹84 Cr
₹73 Cr
₹79 Cr
₹80 Cr
₹86 Cr
₹82 Cr
₹77 Cr
₹82 Cr
₹84 Cr
₹92 Cr
₹92 Cr
₹77 Cr
₹68 Cr
₹75 Cr
—

GHCL Ltd · GHCL

₹983 Cr
₹1.0K Cr
₹547 Cr
₹1.4K Cr
₹1.4K Cr
₹1.1K Cr
₹1.1K Cr
₹1.0K Cr
₹805 Cr
₹798 Cr
₹823 Cr
₹830 Cr
₹793 Cr
₹779 Cr
₹781 Cr
₹796 Cr
₹721 Cr
₹757 Cr
₹791 Cr
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

₹826 Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹913 Cr
₹971 Cr
₹921 Cr
₹1.0K Cr
₹977 Cr
₹991 Cr
₹1.0K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.0K Cr
₹1.1K Cr
₹1.2K Cr

Primo Chemicals Ltd · PRIMO

—
—
—
—
—
—
₹148 Cr
₹110 Cr
₹93 Cr
₹91 Cr
₹102 Cr
₹122 Cr
₹134 Cr
₹144 Cr
₹155 Cr
₹142 Cr
₹135 Cr
₹140 Cr
₹145 Cr
—

Tata Chemicals Ltd · TATACHEM

₹3.0K Cr
₹3.1K Cr
₹3.5K Cr
₹4.0K Cr
₹4.2K Cr
₹4.1K Cr
₹4.4K Cr
₹4.2K Cr
₹4.0K Cr
₹3.7K Cr
₹3.5K Cr
₹3.8K Cr
₹4.0K Cr
₹3.6K Cr
₹3.5K Cr
₹3.7K Cr
₹3.9K Cr
₹3.6K Cr
₹3.4K Cr
—

TGV Sraac Ltd · TGVSL

—
—
—
—
—
₹592 Cr
₹529 Cr
₹415 Cr
₹360 Cr
₹402 Cr
₹368 Cr
₹379 Cr
₹428 Cr
₹455 Cr
₹487 Cr
₹491 Cr
₹500 Cr
₹448 Cr
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
₹148 Cr
₹134 Cr
₹99 Cr
₹90 Cr
₹76 Cr
₹56 Cr
₹72 Cr
₹74 Cr
₹82 Cr
₹81 Cr
₹76 Cr
₹80 Cr
₹98 Cr
₹83 Cr
—

Revenue growth · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
—
—
—
—
—
—
—
2.9%
12%
-3.2%
2.9%
-3.1%
12%
20%
-6.5%
-19%
-19%
—

GHCL Ltd · GHCL

—
—
—
60%
40%
9.7%
105%
-25%
-42%
-28%
-27%
-19%
-1.5%
-2.4%
-5.1%
-4.1%
-9.1%
-2.8%
1.3%
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

—
—
—
58%
36%
4.5%
-0.3%
-19%
-14%
-18%
-12%
7.0%
2.1%
12%
7.3%
13%
9.3%
1.5%
4.7%
13%

Primo Chemicals Ltd · PRIMO

—
—
—
—
—
—
—
—
—
—
-31%
11%
44%
57%
52%
16%
0.3%
-2.6%
-6.8%
—

Tata Chemicals Ltd · TATACHEM

—
—
—
34%
40%
32%
27%
5.6%
-5.7%
-10%
-21%
-10%
0.0%
-3.8%
1.0%
-1.9%
-3.1%
-1.1%
-2.0%
—

TGV Sraac Ltd · TGVSL

—
—
—
—
—
—
—
—
—
-32%
-30%
-8.7%
19%
13%
32%
30%
17%
-1.5%
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
—
—
—
—
-49%
-58%
-27%
-17%
7.5%
44%
5.3%
7.5%
20%
3.1%
—
02 · compare level, then change

Operating Economics & Margin Trend

GHCL Ltd has the highest OPM among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 22%. Gujarat Alkalies & Chemicals Ltd is next at 18%. Gujarat Alkalies & Chemicals Ltd has the highest Margin change at +9 percentage points, so level and change sit with different companies.

What the numbers say: GHCL Ltd leads opm at 22%; Gujarat Alkalies & Chemicals Ltd leads margin change at +9 percentage points.

LeaderGHCL Ltd · 22%
Gap22.2% versus #2 · Gujarat Alkalies & Chemicals Ltd
Persistence3/8 recent comparable periods
Coverage7/7 companies · 133 observations

Investor read: GHCL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1GHCL Ltd GHCL22%
2Gujarat Alkalies & Chemicals Ltd GUJALKALI18%
3TGV Sraac Ltd TGVSL · older report17%
4Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK16%
5Primo Chemicals Ltd PRIMO13%
Margin changefastest expanders
1Gujarat Alkalies & Chemicals Ltd GUJALKALI+9.0 pp
2TGV Sraac Ltd TGVSL · older report+5.0 pp
3Tata Chemicals Ltd TATACHEM−1.0 pp
4Primo Chemicals Ltd PRIMO−2.3 pp
5Chemfab Alkalis Ltd CHEMFAB−3.1 pp
Operating margin · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
GHCL Ltd GHCL22%−6.0 ppMar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI18%+9.0 ppJun 2026
TGV Sraac Ltd TGVSL17%+5.0 ppDec 2025
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK16%−4.1 ppMar 2026
Primo Chemicals Ltd PRIMO13%−2.3 ppMar 2026
Chemfab Alkalis Ltd CHEMFAB11%−3.1 ppMar 2026
Tata Chemicals Ltd TATACHEM8.0%−1.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

11%
29%
22%
36%
34%
29%
33%
20%
14%
18%
15%
11%
12%
14%
14%
12%
7.1%
2.8%
11%
—

GHCL Ltd · GHCL

21%
25%
31%
31%
31%
33%
31%
29%
26%
19%
22%
26%
27%
30%
28%
25%
22%
21%
22%
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

17%
34%
31%
31%
14%
21%
18%
3.0%
2.0%
-2.0%
0.0%
6.0%
5.0%
8.0%
9.0%
9.0%
7.0%
9.0%
10%
18%

Primo Chemicals Ltd · PRIMO

-46%
43%
34%
35%
28%
25%
19%
6.4%
-4.7%
3.1%
1.4%
12%
7.9%
13%
15%
14%
11%
9.7%
13%
—

Tata Chemicals Ltd · TATACHEM

17%
17%
19%
25%
22%
20%
22%
25%
20%
15%
13%
15%
15%
12%
9.0%
17%
14%
10%
8.0%
—

TGV Sraac Ltd · TGVSL

16%
22%
24%
30%
26%
24%
13%
11%
8.0%
11%
4.0%
11%
16%
12%
12%
19%
19%
17%
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

-64%
-25%
14%
13%
19%
13%
21%
21%
22%
28%
26%
17%
19%
24%
20%
25%
20%
15%
16%
—

Margin change · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

−3.2 pp
+15.8 pp
+15.5 pp
+18.2 pp
+23.0 pp
+0.7 pp
+11.5 pp
−16.5 pp
−20.3 pp
−11.8 pp
−18.5 pp
−8.7 pp
−1.3 pp
−3.4 pp
−0.5 pp
+1.5 pp
−5.3 pp
−11.4 pp
−3.1 pp
—

GHCL Ltd · GHCL

+1.3 pp
−0.7 pp
+4.9 pp
+8.7 pp
+10.4 pp
+8.2 pp
−0.4 pp
−2.3 pp
−5.4 pp
−14.0 pp
−9.0 pp
−3.0 pp
+1.0 pp
+11.0 pp
+6.0 pp
−1.0 pp
−5.0 pp
−9.0 pp
−6.0 pp
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

+0.9 pp
+22.0 pp
+16.3 pp
+13.4 pp
−3.1 pp
−13.1 pp
−12.6 pp
−28.1 pp
−12.1 pp
−23.0 pp
−18.0 pp
+3.0 pp
+3.0 pp
+10.0 pp
+9.0 pp
+3.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
+9.0 pp

Primo Chemicals Ltd · PRIMO

−54.7 pp
+39.9 pp
+57.6 pp
+14.9 pp
+74.0 pp
−18.6 pp
−14.5 pp
−28.5 pp
−33.0 pp
−21.6 pp
−17.9 pp
+6.0 pp
+12.6 pp
+9.9 pp
+14.0 pp
+2.0 pp
+3.5 pp
−3.3 pp
−2.3 pp
—

Tata Chemicals Ltd · TATACHEM

+1.8 pp
−0.7 pp
+8.2 pp
+5.2 pp
+5.1 pp
+2.6 pp
+3.1 pp
−0.4 pp
−1.7 pp
−5.0 pp
−9.0 pp
−10.0 pp
−5.0 pp
−3.0 pp
−4.0 pp
+2.0 pp
−1.0 pp
−2.0 pp
−1.0 pp
—

TGV Sraac Ltd · TGVSL

+0.4 pp
+7.5 pp
+12.3 pp
+13.9 pp
+9.6 pp
+2.4 pp
−11.2 pp
−18.6 pp
−17.7 pp
−13.0 pp
−9.0 pp
0.0 pp
+8.0 pp
+1.0 pp
+8.0 pp
+8.0 pp
+3.0 pp
+5.0 pp
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

+7.2 pp
+37.9 pp
+122.7 pp
+107.6 pp
+83.1 pp
+37.7 pp
+6.5 pp
+7.6 pp
+2.9 pp
+14.9 pp
+5.5 pp
−3.3 pp
−3.0 pp
−3.5 pp
−6.5 pp
+7.0 pp
+1.6 pp
−9.2 pp
−4.1 pp
—
03 · compare level, then change

Profit Scale & Acceleration

GHCL Ltd has the highest Net profit among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at ₹473 crore. TGV Sraac Ltd is next at ₹126 crore. TGV Sraac Ltd has the highest Profit growth at 61.5%, so level and change sit with different companies.

What the numbers say: GHCL Ltd leads with ₹473 crore of TTM profit, 275.4% above TGV Sraac Ltd. TGV Sraac Ltd shows 61.5% growth from a ₹126 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderGHCL Ltd · ₹473 crore
Gap275.4% versus #2 · TGV Sraac Ltd
Persistence3/8 recent comparable periods
Coverage7/7 companies · 112 observations

Investor read: GHCL Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1GHCL Ltd GHCL₹473 Cr
2TGV Sraac Ltd TGVSL · older report₹126 Cr
3Gujarat Alkalies & Chemicals Ltd GUJALKALI₹66 Cr
4Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹37 Cr
5Primo Chemicals Ltd PRIMO₹15 Cr
Profit growthfastest growers
1TGV Sraac Ltd TGVSL · older report62%
2GHCL Ltd GHCL-24%
3Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK-41%
Net profit · company comparison
7/7 level · 3/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
GHCL Ltd GHCL₹116 Cr-23%Mar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI₹55 Cr67%Jun 2026
TGV Sraac Ltd TGVSL₹28 Cr17%Dec 2025
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹8 Cr11%Mar 2026
Primo Chemicals Ltd PRIMO₹6 Cr-54%Mar 2026
Chemfab Alkalis Ltd CHEMFAB₹0 Cr-337%Mar 2026
Tata Chemicals Ltd TATACHEM₹-2.1K Cr-42%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
—
—
—
₹15 Cr
₹15 Cr
₹10 Cr
₹4 Cr
₹7 Cr
₹5 Cr
₹1 Cr
₹-1 Cr
₹2 Cr
₹-9 Cr
₹3 Cr
₹-2 Cr
₹-4 Cr
₹0 Cr
—

GHCL Ltd · GHCL

₹110 Cr
₹163 Cr
₹275 Cr
₹355 Cr
₹293 Cr
₹252 Cr
₹227 Cr
₹426 Cr
₹143 Cr
₹100 Cr
₹125 Cr
₹151 Cr
₹155 Cr
₹168 Cr
₹150 Cr
₹144 Cr
₹107 Cr
₹106 Cr
₹116 Cr
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

₹75 Cr
₹201 Cr
₹221 Cr
₹191 Cr
₹61 Cr
₹87 Cr
₹71 Cr
₹-57 Cr
₹-18 Cr
₹-115 Cr
₹-46 Cr
₹-45 Cr
₹-18 Cr
₹-11 Cr
₹9 Cr
₹-14 Cr
₹16 Cr
₹-20 Cr
₹15 Cr
₹55 Cr

Primo Chemicals Ltd · PRIMO

—
—
—
—
—
—
₹18 Cr
₹-4 Cr
₹-13 Cr
₹-15 Cr
₹7 Cr
₹-11 Cr
₹13 Cr
₹2 Cr
₹-0 Cr
₹4 Cr
₹4 Cr
₹1 Cr
₹6 Cr
—

Tata Chemicals Ltd · TATACHEM

₹268 Cr
₹349 Cr
₹445 Cr
₹637 Cr
₹680 Cr
₹425 Cr
₹692 Cr
₹587 Cr
₹495 Cr
₹194 Cr
₹-841 Cr
₹190 Cr
₹267 Cr
₹-21 Cr
₹-49 Cr
₹316 Cr
₹154 Cr
₹-69 Cr
₹-2.1K Cr
—

TGV Sraac Ltd · TGVSL

—
—
—
—
—
₹88 Cr
₹32 Cr
₹20 Cr
₹19 Cr
₹15 Cr
₹7 Cr
₹14 Cr
₹33 Cr
₹24 Cr
₹22 Cr
₹39 Cr
₹37 Cr
₹28 Cr
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
₹18 Cr
₹48 Cr
₹19 Cr
₹19 Cr
₹19 Cr
₹12 Cr
₹36 Cr
₹14 Cr
₹5 Cr
₹7 Cr
₹10 Cr
₹10 Cr
₹9 Cr
₹8 Cr
—

Profit growth · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
—
—
—
—
—
—
—
-52%
-65%
-91%
-112%
-74%
-270%
183%
—
-337%
—
—

GHCL Ltd · GHCL

—
—
—
245%
166%
55%
-17%
20%
-51%
-60%
-45%
-65%
8.4%
68%
20%
-4.6%
-31%
-37%
-23%
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

—
—
—
203%
-19%
-57%
-68%
-130%
-130%
-232%
-165%
—
—
—
—
—
—
—
67%
—

Primo Chemicals Ltd · PRIMO

—
—
—
—
—
—
—
—
—
—
-60%
—
—
—
-106%
—
-68%
-54%
—
—

Tata Chemicals Ltd · TATACHEM

—
—
—
86%
154%
22%
56%
-7.9%
-27%
-54%
-222%
-68%
-46%
-111%
—
66%
-42%
—
—
—

TGV Sraac Ltd · TGVSL

—
—
—
—
—
—
—
—
—
-83%
-78%
-30%
74%
60%
214%
179%
12%
17%
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
—
—
—
—
8.9%
-75%
86%
-27%
-74%
-40%
-73%
-31%
87%
11%
—
04 · not available

Capacity Spending & Returns On It

No company in this Chemicals - Inorganic - Caustic Soda/Soda Ash comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 7 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

GHCL Ltd has the lowest Gross debt among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at ₹83 crore. Tuticorin Alkali Chemicals & Fertilizers Ltd is next at ₹120 crore. The same company also holds the lowest Net debt, at ₹1,027 crore net cash. Its Gross debt series carries 19 reported observations across the 20-quarter window.

What the numbers say: GHCL Ltd has the clearest covered balance-sheet capacity with ₹1,027 crore net cash and gross debt of ₹83 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderGHCL Ltd · ₹83 crore
Gap30.8% versus #2 · Tuticorin Alkali Chemicals & Fertilizers Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 79 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1GHCL Ltd GHCL₹83 Cr
2Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹120 Cr
3Chemfab Alkalis Ltd CHEMFAB₹126 Cr
4Primo Chemicals Ltd PRIMO₹131 Cr
5TGV Sraac Ltd TGVSL · older report₹305 Cr
Net debtlowest net debt
1GHCL Ltd GHCL₹-1.0K Cr
2Gujarat Alkalies & Chemicals Ltd GUJALKALI₹656 Cr
3Tata Chemicals Ltd TATACHEM₹6.9K Cr
Debt and balance-sheet capacity · company comparison
7/7 level · 3/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Tata Chemicals Ltd TATACHEM₹8.0K Cr₹6.9K CrMar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI₹575 Cr₹656 CrJun 2026
TGV Sraac Ltd TGVSL₹305 Cr—Dec 2025
Primo Chemicals Ltd PRIMO₹131 Cr—Mar 2026
Chemfab Alkalis Ltd CHEMFAB₹126 Cr—Mar 2026
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹120 Cr—Mar 2026
GHCL Ltd GHCL₹83 Cr₹-1.0K CrMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
₹9 Cr
—
—
—
₹2 Cr
—
—
—
₹20 Cr
—
—
—
₹84 Cr
—
₹109 Cr
—
₹126 Cr
—

GHCL Ltd · GHCL

₹746 Cr
₹746 Cr
₹788 Cr
₹788 Cr
₹509 Cr
₹509 Cr
₹361 Cr
₹361 Cr
₹282 Cr
₹282 Cr
₹210 Cr
₹210 Cr
₹177 Cr
₹177 Cr
₹119 Cr
₹119 Cr
₹97 Cr
₹97 Cr
₹83 Cr
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

₹613 Cr
₹613 Cr
₹594 Cr
₹594 Cr
₹604 Cr
₹604 Cr
₹597 Cr
₹597 Cr
₹535 Cr
₹535 Cr
₹544 Cr
₹544 Cr
₹603 Cr
₹603 Cr
₹561 Cr
₹561 Cr
₹637 Cr
₹892 Cr
₹575 Cr
—

Primo Chemicals Ltd · PRIMO

—
—
₹61 Cr
—
—
—
₹145 Cr
—
—
—
₹178 Cr
—
—
—
₹169 Cr
—
—
—
₹131 Cr
—

Tata Chemicals Ltd · TATACHEM

₹7.1K Cr
₹7.1K Cr
₹7.0K Cr
₹7.0K Cr
₹6.4K Cr
₹6.4K Cr
₹6.3K Cr
₹6.3K Cr
₹6.0K Cr
₹6.0K Cr
₹5.6K Cr
₹5.6K Cr
₹6.5K Cr
₹6.5K Cr
₹7.1K Cr
₹7.1K Cr
₹7.5K Cr
₹7.5K Cr
₹8.0K Cr
—

TGV Sraac Ltd · TGVSL

—
—
₹461 Cr
—
—
—
₹234 Cr
—
—
—
₹321 Cr
—
—
—
₹357 Cr
—
₹305 Cr
—
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
₹6 Cr
—
—
—
₹4 Cr
—
—
—
₹8 Cr
—
—
—
₹98 Cr
—
₹94 Cr
—
₹120 Cr
—

Net debt · reported quarter history

GHCL Ltd · GHCL

₹673 Cr
₹673 Cr
₹544 Cr
₹544 Cr
₹233 Cr
₹233 Cr
₹-139 Cr
₹-139 Cr
₹-335 Cr
₹-335 Cr
₹-682 Cr
₹-683 Cr
₹-841 Cr
₹-841 Cr
₹-954 Cr
₹-954 Cr
₹-1.0K Cr
₹-1.0K Cr
₹-1.0K Cr
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

₹358 Cr
₹358 Cr
₹274 Cr
₹274 Cr
₹209 Cr
₹209 Cr
₹100 Cr
₹93 Cr
₹176 Cr
₹176 Cr
₹369 Cr
₹362 Cr
₹310 Cr
₹310 Cr
₹634 Cr
₹408 Cr
₹501 Cr
₹501 Cr
₹656 Cr
—

Tata Chemicals Ltd · TATACHEM

₹4.3K Cr
₹4.3K Cr
₹4.4K Cr
₹4.4K Cr
₹4.5K Cr
₹4.5K Cr
₹4.4K Cr
₹4.4K Cr
₹4.7K Cr
₹4.7K Cr
₹4.3K Cr
₹4.3K Cr
₹5.3K Cr
₹5.3K Cr
₹5.7K Cr
₹5.7K Cr
₹6.4K Cr
₹6.4K Cr
₹6.9K Cr
—
06 · compare level, then change

Return On Capital Employed

Tuticorin Alkali Chemicals & Fertilizers Ltd has the highest ROCE among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 22%. GHCL Ltd is next at 17.4%. TGV Sraac Ltd has the highest ROCE change at +5 percentage points, so level and change sit with different companies.

What the numbers say: Tuticorin Alkali Chemicals & Fertilizers Ltd leads ROCE at 22%, 4.6 percentage points above GHCL Ltd. TGV Sraac Ltd has the strongest latest improvement at +5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderTuticorin Alkali Chemicals & Fertilizers Ltd · 22%
Gap26.4% versus #2 · GHCL Ltd
PersistenceNot enough history
Coverage7/7 companies · 45 observations

Investor read: Tuticorin Alkali Chemicals & Fertilizers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK22%
2GHCL Ltd GHCL17%
3TGV Sraac Ltd TGVSL · older report10%
4Primo Chemicals Ltd PRIMO6.5%
5Tata Chemicals Ltd TATACHEM3.4%
ROCE changefastest improvers
1TGV Sraac Ltd TGVSL · older report+5.0 pp
2Gujarat Alkalies & Chemicals Ltd GUJALKALI−0.2 pp
3Chemfab Alkalis Ltd CHEMFAB−1.0 pp
4Primo Chemicals Ltd PRIMO−1.0 pp
5Tata Chemicals Ltd TATACHEM−1.6 pp
Return on capital · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
GHCL Ltd GHCL15%−5.0 ppMar 2026
Tata Chemicals Ltd TATACHEM2.0%−1.6 ppMar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI-0.1%−0.2 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

GHCL Ltd · GHCL

14%
—
18%
—
28%
—
31%
—
33%
31%
22%
18%
19%
24%
20%
23%
18%
19%
15%
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

3.7%
—
11%
—
15%
—
12%
—
4.0%
-0.6%
-3.1%
-3.4%
-2.5%
-1.9%
0.1%
0.3%
0.5%
1.1%
-0.1%
—

Tata Chemicals Ltd · TATACHEM

4.3%
—
5.8%
—
8.1%
—
10%
—
9.7%
9.6%
6.4%
2.9%
3.8%
1.2%
3.6%
3.9%
2.3%
3.1%
2.0%
—

ROCE change · reported quarter history

GHCL Ltd · GHCL

—
—
—
—
+13.6 pp
—
+12.9 pp
—
+5.3 pp
—
−9.0 pp
—
−14.5 pp
−7.1 pp
−2.2 pp
+5.0 pp
−1.2 pp
−5.5 pp
−5.0 pp
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

—
—
—
—
+11.2 pp
—
+0.8 pp
—
−10.9 pp
—
−14.8 pp
—
−6.5 pp
−1.3 pp
+3.2 pp
+3.7 pp
+3.0 pp
+3.0 pp
−0.2 pp
—

Tata Chemicals Ltd · TATACHEM

—
—
—
—
+3.8 pp
—
+4.2 pp
—
+1.6 pp
—
−3.6 pp
—
−5.9 pp
−8.4 pp
−2.8 pp
+1.0 pp
−1.5 pp
+1.9 pp
−1.6 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Gujarat Alkalies & Chemicals Ltd has the lowest Guarded PEG among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 0.15×. GHCL Ltd is next at 1.31×. TGV Sraac Ltd has the lowest P/E at 7.23×, so level and change sit with different companies.

What the numbers say: Gujarat Alkalies & Chemicals Ltd has the lowest comparable Guarded PEG at 0.15×, 88.5% below GHCL Ltd. Only 2 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderGujarat Alkalies & Chemicals Ltd · 0.15×
Gap88.5% versus #2 · GHCL Ltd
Persistence2/8 recent comparable periods
Coverage2/7 companies · 11 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Gujarat Alkalies & Chemicals Ltd GUJALKALI0.2
2GHCL Ltd GHCL1.3
P/Elowest P/E
1TGV Sraac Ltd TGVSL · older report7.2
2GHCL Ltd GHCL8.8
3Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK20.0
4Primo Chemicals Ltd PRIMO35.0
5Tata Chemicals Ltd TATACHEM64.4
Valuation · company comparison
2/7 level · 6/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
GHCL Ltd GHCL1.38.1Mar 2026
Tata Chemicals Ltd TATACHEM0.356.7Mar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI0.2-1,732.5Jun 2026
TGV Sraac Ltd TGVSL—9.7Dec 2025
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK—15.6Mar 2026
Primo Chemicals Ltd PRIMO—49.0Mar 2026
Chemfab Alkalis Ltd CHEMFAB—435.0Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

GHCL Ltd · GHCL

0.3
0.2
0.2
—
—
—
—
—
0.1
—
—
—
—
—
—
—
0.5
1.3
—
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

—
1.1
—
—
—
—
0.2
—
—
—
—
—
—
—
—
—
—
—
—
—

Tata Chemicals Ltd · TATACHEM

—
1.2
0.6
—
—
—
—
—
0.3
—
—
—
—
—
—
—
—
—
—
—

P/E · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

—
—
70.5
7.7
12.3
6.5
5.0
6.5
9.4
11.9
25.6
32.8
82.3
115.5
130.5
148.0
311.9
479.0
435.0
—

GHCL Ltd · GHCL

9.1
8.0
10.2
7.7
8.1
4.9
4.4
4.5
5.6
6.3
5.8
9.0
12.0
12.3
9.8
9.8
9.0
9.5
8.1
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

22.5
23.2
15.9
8.8
9.1
8.4
7.7
12.2
33.3
69.0
70.4
—
—
—
-65.3
—
26,510.5
—
-1,732.5
—

Primo Chemicals Ltd · PRIMO

—
—
—
25.7
30.1
10.6
11.9
11.3
16.8
40.1
37.1
—
—
—
46.1
171.5
31.3
57.6
49.0
—

Tata Chemicals Ltd · TATACHEM

42.5
33.7
30.4
16.7
17.9
12.0
11.9
11.2
11.6
14.1
15.7
57.7
35.4
44.1
49.4
90.4
56.2
59.7
56.7
—

TGV Sraac Ltd · TGVSL

15.5
14.3
11.0
5.5
6.5
4.0
2.6
3.0
5.3
7.9
12.4
32.4
42.9
21.3
16.4
11.3
10.8
9.7
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
18.1
9.2
7.7
9.0
11.7
9.2
14.7
16.5
16.8
19.8
24.8
23.8
20.1
15.6
—
08 · compare level, then change

Enterprise Value & Book Value

TGV Sraac Ltd has the lowest EV/EBITDA among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 4.3×. GHCL Ltd is next at 4.6×. The same company also holds the lowest P/BV, at 0.73×. 7 of 7 companies report a comparable reading, the latest through Dec 2025.

What the numbers say: TGV Sraac Ltd leads both ev/ebitda at 4.3× and p/bv at 0.73×.

LeaderTGV Sraac Ltd · 4.3×
Gap6.5% versus #2 · GHCL Ltd
Persistence0/8 recent comparable periods
Coverage7/7 companies · 125 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1TGV Sraac Ltd TGVSL · older report4.3
2GHCL Ltd GHCL4.6
3Primo Chemicals Ltd PRIMO6.2
4Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK9.2
5Tata Chemicals Ltd TATACHEM9.6
P/BVlowest P/BV
1TGV Sraac Ltd TGVSL · older report0.7
2Tata Chemicals Ltd TATACHEM0.8
3Gujarat Alkalies & Chemicals Ltd GUJALKALI1.0
4GHCL Ltd GHCL1.1
5Primo Chemicals Ltd PRIMO1.3
Enterprise and book valuation · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Chemfab Alkalis Ltd CHEMFAB14.31.2Mar 2026
Gujarat Alkalies & Chemicals Ltd GUJALKALI10.00.9Jun 2026
Tata Chemicals Ltd TATACHEM9.60.7Mar 2026
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK9.23.5Mar 2026
Primo Chemicals Ltd PRIMO6.21.0Mar 2026
GHCL Ltd GHCL4.61.1Mar 2026
TGV Sraac Ltd TGVSL4.30.9Dec 2025
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

10.1
8.2
6.9
4.0
6.5
3.6
2.9
3.8
5.3
5.9
12.2
13.9
27.0
29.9
21.6
21.6
18.0
14.9
14.3
—

GHCL Ltd · GHCL

6.1
5.6
6.8
7.5
5.6
3.6
3.4
3.4
4.1
4.5
4.1
5.8
7.2
7.5
6.1
6.0
5.5
5.5
4.6
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

9.6
10.2
8.1
4.9
5.2
4.6
4.0
5.3
8.1
10.1
15.8
47.5
47.5
40.8
18.1
13.0
10.8
8.7
9.3
10.0

Primo Chemicals Ltd · PRIMO

—
—
—
15.3
18.0
7.6
8.3
7.3
9.6
13.7
17.7
40.0
33.8
20.9
10.0
9.0
8.0
7.6
6.2
—

Tata Chemicals Ltd · TATACHEM

13.7
13.0
13.0
9.6
10.7
8.3
8.1
7.8
7.9
8.5
8.9
10.5
11.6
12.3
11.2
13.3
12.3
11.0
9.6
—

TGV Sraac Ltd · TGVSL

5.5
5.7
5.2
3.6
4.5
3.0
2.4
2.7
3.3
4.4
5.2
7.5
9.0
7.8
6.7
5.5
5.2
4.3
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

—
—
—
—
—
15.6
8.4
9.1
10.6
13.8
10.8
14.0
15.6
16.4
15.3
14.3
13.1
9.9
9.2
—

P/BV · reported quarter history

Chemfab Alkalis Ltd · CHEMFAB

0.9
0.8
1.1
0.8
1.8
1.2
1.1
1.5
1.4
1.4
2.5
2.4
3.8
3.9
2.6
2.8
2.3
1.6
1.2
—

GHCL Ltd · GHCL

1.5
1.3
1.8
1.7
1.6
1.3
1.6
1.2
1.5
2.0
1.5
1.8
2.1
2.0
1.9
1.7
1.6
1.5
1.1
—

Gujarat Alkalies & Chemicals Ltd · GUJALKALI

0.8
0.8
1.1
0.9
1.0
0.9
0.7
0.8
0.9
0.9
0.8
0.9
1.0
0.9
0.7
0.7
0.7
0.7
0.8
0.9

Primo Chemicals Ltd · PRIMO

—
—
—
5.5
4.9
5.2
7.1
5.6
3.5
3.1
2.1
2.3
2.6
2.3
1.3
1.6
1.5
1.5
1.0
—

Tata Chemicals Ltd · TATACHEM

1.6
1.4
1.5
1.1
1.5
1.2
1.4
1.3
1.3
1.3
1.3
1.3
1.2
1.2
1.0
1.1
1.1
0.9
0.7
—

TGV Sraac Ltd · TGVSL

0.9
0.8
1.2
1.2
1.8
1.4
1.4
1.4
1.2
1.0
0.8
0.9
0.9
1.0
0.9
1.0
1.1
0.9
—
—

Tuticorin Alkali Chemicals & Fertilizers Ltd · TUTICORALK

-0.5
-1.8
-1.3
-1.1
-3.1
-2.6
-2.1
-2.7
-2.8
25.4
20.2
—
14.1
8.1
7.4
12.3
6.0
4.0
3.5
—
09 · let price answer last

Market action

Gujarat Alkalies & Chemicals Ltd has the strongest one-year price move in Chemicals - Inorganic - Caustic Soda/Soda Ash at -0.7%. It also leads on Mansfield relative strength against NIFTY at +1.3%. 1 of 7 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Chemicals - Inorganic - Caustic Soda/Soda Ash comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 7 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 2 of the 8 ranked sections have fewer than three usable current readings.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
  • Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 7 companies in the canonical Chemicals - Inorganic - Caustic Soda/Soda Ash membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 1 of these is no longer being priced, so its price and relative strength are frozen at the last traded week shown.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Tata Chemicals Ltd TATACHEM₹17.5K Cr₹6852026-07-19Mar 2026Cross-checked
Gujarat Alkalies & Chemicals Ltd GUJALKALI₹5.0K Cr₹6752026-07-19Jun 2026Cross-checked
GHCL Ltd GHCL₹4.0K Cr₹4362026-07-19Mar 2026Cross-checked
TGV Sraac Ltd TGVSL₹910 Cr₹85.02026-03-08 · not currently pricedDec 2025Primary source only
Tuticorin Alkali Chemicals & Fertilizers Ltd TUTICORALK₹732 Cr₹60.12026-07-19Mar 2026Primary source only
Primo Chemicals Ltd PRIMO₹541 Cr₹22.32026-07-19Mar 2026Primary source only
Chemfab Alkalis Ltd CHEMFAB₹526 Cr₹3662026-07-19Mar 2026Primary source only
How each company's sources stand: Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing3 cross-checked · 4 unverified · 0 withheld, of 7 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Chemicals - Inorganic - Caustic Soda/Soda Ash company comparison FAQs

These 18 answers restate the Chemicals - Inorganic - Caustic Soda/Soda Ash comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Chemicals - Inorganic - Caustic Soda/Soda Ash index?

The Nifty Chemicals - Inorganic - Caustic Soda/Soda Ash index tracks India's listed Chemicals - Inorganic - Caustic Soda/Soda Ash companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Chemicals - Inorganic - Caustic Soda/Soda Ash sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Chemicals - Inorganic - Caustic Soda/Soda Ash stocks in India?

Ranked by this page's four-factor score, TGV Sraac Ltd places first among 7 listed Chemicals - Inorganic - Caustic Soda/Soda Ash companies, followed by Gujarat Alkalies & Chemicals Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Chemicals - Inorganic - Caustic Soda/Soda Ash stocks are listed in India?

This comparison covers 7 listed Chemicals - Inorganic - Caustic Soda/Soda Ash companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company is the biggest?

Tata Chemicals Ltd is the largest, with trailing-twelve-month revenue of ₹14,584 crore, ahead of Gujarat Alkalies & Chemicals Ltd at ₹4,497 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company is growing fastest?

TGV Sraac Ltd has the fastest revenue growth at 18.2% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company has the best profit margins?

GHCL Ltd has the highest operating margin at 22%, from 7 of 7 comparable companies. Gujarat Alkalies & Chemicals Ltd shows the biggest recent improvement, at +9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company makes the most profit?

GHCL Ltd earns the most, at ₹473 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. TGV Sraac Ltd has the fastest profit growth at 61.5%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company earns the highest return on capital?

Tuticorin Alkali Chemicals & Fertilizers Ltd leads on return on capital employed at 22%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Gujarat Alkalies & Chemicals Ltd screens cheapest at 0.15×. Only 2 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company has the strongest balance sheet?

GHCL Ltd carries the lowest comparable gross debt at ₹83 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash stock has the strongest price momentum?

Gujarat Alkalies & Chemicals Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Chemicals - Inorganic - Caustic Soda/Soda Ash company scores highest for research priority?

TGV Sraac Ltd scores 62.6 out of 100 with 57.6% evidence confidence, from 26.1 points on growth and earnings, 14.8 on capital efficiency, 12.3 on valuation and 9.4 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Chemicals - Inorganic - Caustic Soda/Soda Ash companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Chemicals - Inorganic - Caustic Soda/Soda Ash sector?

The 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies on this page carry ₹29,135 crore of combined market value. Tata Chemicals Ltd is the largest at ₹17,460 crore, about 60% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Chemicals - Inorganic - Caustic Soda/Soda Ash sector's P/E ratio?

The median price-to-earnings ratio across the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies on this page is 35×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past.

How is the Chemicals - Inorganic - Caustic Soda/Soda Ash sector performing?

1 of the 7 covered Chemicals - Inorganic - Caustic Soda/Soda Ash companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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