Caustic Soda and Soda Ash Stocks and Companies in India

The largest Caustic Soda and Soda Ash stocks in India by market value are Tata Chemicals (₹15,476 crore), Gujarat Alkalies & Chemicals (₹4,482 crore) and GHCL (₹3,843 crore), at prices of 6 Nov 2026.

• Tata Chemicals: ₹607.45 | market value ₹15,476 crore
• Gujarat Alkalies & Chemicals: ₹610.20 | market value ₹4,482 crore | P/E 67.5
• GHCL: ₹417.10 | market value ₹3,843 crore | P/E 7.6
• TGV Sraac: ₹117.13 | market value ₹1,253 crore | P/E 9.0
• Tuticorin Alkali Chemicals & Fertilizers: ₹48.68 | market value ₹593 crore | P/E 17.7
• Primo Chemicals: ₹21.55 | market value ₹522 crore | P/E 33.4
• Chemfab Alkalis: ₹328 (price from the week of 4 Oct 2026) | market value ₹472 crore

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Chemicals - Inorganic - Caustic Soda/Soda Ash companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Chemicals - Inorganic - Caustic Soda/Soda Ash index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Tata Chemicals Ltd₹15,200 cr
2. Gujarat Alkalies & Chemicals Ltd₹3,980 cr
3. GHCL Ltd₹3,480 cr
4. TGV Sraac Ltd₹1,270 cr
5. Tuticorin Alkali Chemicals & Fertilizers Ltd₹579 cr
6. Primo Chemicals Ltd₹548 cr
7. Chemfab Alkalis Ltd₹472 cr

7 Caustic Soda and Soda Ash companies in the Chemicals - Inorganic - Caustic Soda/Soda Ash industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is Tata Chemicals (₹15,174 crore) and the smallest with a market value is Chemfab Alkalis.

Download all 7 Caustic Soda and Soda Ash companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 28% behind NIFTY 500. Earnings across its companies fell 22% on average over the last four reported quarters.

Price down, no fundamental support. 1 of 7 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 1 week running; 2 of the 7 companies in the industry index above their 200-day average (1 fewer than four weeks earlier); 1 of those 7 pass the momentum test (1 fewer than four weeks earlier); earnings rising at 2 of the 7 that report earnings.

Participation is shrinking, 2 → 1 of 7 over four weeks, after being ahead of NIFTY 500. Earnings-led fade, only 2 of 7 members have higher trailing twelve-month earnings than a year ago, so the fade has the earnings behind it.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Chemicals - Inorganic - Caustic Soda/Soda Ash has done worse than the NIFTY 500 by 24% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.8%. Gujarat Alkalies & Chemicals Ltd is the strongest against the sector itself at +4.1%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 10.1 as of 30 October 2026 (consolidation, falling).

Chemicals - Inorganic - Caustic Soda/Soda Ash has done worse than the NIFTY 500 by 24% over 52 weeks and by 4.8% over 13 weeks. 1 of 7 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 1 of the 3 with a long enough price history is ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

TGV Sraac Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 80.6% evidence confidence.

GHCL Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Gujarat Alkalies & Chemicals Ltd has the strongest one-year price move in Chemicals - Inorganic - Caustic Soda/Soda Ash at −5.4%. TGV Sraac Ltd leads on relative strength against the NIFTY, at +9.7%. 2 of 7 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet).

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Chemicals - Inorganic - Caustic Soda/Soda Ash itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 6 Chemicals - Inorganic - Caustic Soda/Soda Ash companies held a results call for April to June 2026. GHCL guided: Margins expected to moderate and normalize through FY27; annual performance preferred over quarter-to-quarter extrapolation.

From the results calls for April to June 2026.

Big funds, foreign and Indian, cut their stake by 0.3 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹1,970 crore in the last 12 months, 28% less than a year before.
• Projects still being built shrank 7% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 8 Chemicals - Inorganic - Caustic Soda/Soda Ash companies, in percentage points.

Ownership and spending as of 10 October 2026.

This is the written read behind the Chemicals - Inorganic - Caustic Soda/Soda Ash figures above: what is actually happening in the industry, in words, with the evidence each claim rests on. It is dated 18 Apr 2026, so the words are older than the numbers. 3 themes are live here, 1 of them rated high severity.

The sector remains under pressure as volume growth fails to translate into bottom-line stability. While GUJALKALI's massive capex into value-added products offers a long-term catalyst, the immediate environment is defined by high commodity volatility and margin erosion.

The Inorganic Chemicals sector, specifically Caustic Soda and Soda Ash, is navigating a period of severe margin compression despite divergent revenue trends. TUTICORALK achieved a record-high quarterly revenue of ₹98.18 Cr, growing 19.94% YoY, while GUJALKALI's revenue remained range-bound at ₹1,044.46 Cr (+1.46% YoY).

How old this read is: OLD: this read comes from our Chemicals - Inorganic - Caustic Soda/Soda Ash sector brief dated 18 Apr 2026, about 7 months ago. The page says so rather than dressing it up, and a fresh sector dive replaces it the day it runs.

What is live in this sector right now

Sources: our Chemicals - Inorganic - Caustic Soda/Soda Ash sector brief, 18 Apr 2026 · company earnings-call transcripts.

Tata Chemicals Ltd has the highest Revenue among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at ₹15,120 crore. Gujarat Alkalies & Chemicals Ltd is next at ₹4,497 crore. Tuticorin Alkali Chemicals & Fertilizers Ltd has the highest Revenue growth at 9.3%, so level and change sit with different companies.

What the numbers say: Tata Chemicals Ltd is the largest at ₹15,120 crore, 236.2% ahead of Gujarat Alkalies & Chemicals Ltd. Tuticorin Alkali Chemicals & Fertilizers Ltd's growth is 9.3% from a ₹342 crore base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Tata Chemicals Ltd is the size to compare against; Tuticorin Alkali Chemicals & Fertilizers Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Tata Chemicals Ltd's growth falls below Tuticorin Alkali Chemicals & Fertilizers 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

GHCL Ltd has the highest OPM among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 23%. 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 23%; Gujarat Alkalies & Chemicals Ltd leads margin change at +9 percentage points.

What this means: GHCL Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

GHCL Ltd has the highest Net profit among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at ₹545 crore. TGV Sraac Ltd is next at ₹138 crore. Chemfab Alkalis Ltd has the highest Profit growth at 95.3%, so level and change sit with different companies.

What the numbers say: GHCL Ltd earns the most, ₹545 crore of profit over the last 12 months, 294.9% above TGV Sraac Ltd. Chemfab Alkalis Ltd shows 95.3% growth from a profit base of ₹0 crore net cash. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: GHCL Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Tuticorin Alkali Chemicals & Fertilizers Ltd has the highest ROCE among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 22.2%. GHCL Ltd is next at 17.6%. Gujarat Alkalies & Chemicals Ltd has the highest ROCE change at +2.8 percentage points, so level and change sit with different companies.

What the numbers say: Tuticorin Alkali Chemicals & Fertilizers Ltd leads ROCE at 22.2%, 4.6 percentage points above GHCL Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Tuticorin Alkali Chemicals & Fertilizers Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Gujarat Alkalies & Chemicals Ltd has the lowest PEG among the 7 Chemicals - Inorganic - Caustic Soda/Soda Ash companies compared here, at 0.15×. TGV Sraac Ltd is next at 0.19×. GHCL Ltd has the lowest P/E at 6.88×, so level and change sit with different companies. 3 of 7 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Gujarat Alkalies & Chemicals Ltd has the lowest comparable PEG at 0.15×, 21.1% below TGV Sraac Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Chemicals - Inorganic - Caustic Soda/Soda Ash companies show up on 5 of our India lists. The most are on the dividend stocks list (3 companies).

This Chemicals - Inorganic - Caustic Soda/Soda Ash comparison names 4 specific ways its own evidence can mislead, all listed below. All 7 companies here report on comparable dates, so no rank carries a stale marker. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

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 Sep 2026 and market data through 30 October 2026.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

These 24 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.