# Chemicals - Inorganic - Caustic Soda/Soda Ash — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-05. Not investment advice.

## Bottom line

Chemicals - Inorganic - Caustic Soda/Soda Ash has underperformed NIFTY 500 by 22% over 52 weeks and 6.9% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself. Tata Chemicals Ltd leads with revenue of ₹15,120 crore, based on 7 of 7 comparable companies through Jun 2026.

## Sector relative strength

Chemicals - Inorganic - Caustic Soda/Soda Ash has underperformed NIFTY 500 by 22% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 6.9%. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective.

13-week sector return versus NIFTY 500: -6.9%
52-week sector return versus NIFTY 500: -22%
Stocks leading NIFTY: 3/7
Stocks leading sector: 3/6

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

Companies: 7
Combined market value: ₹28.9K Cr

## 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.

1. TGV Sraac Ltd (TGVSL): 61/100 — Thin evidence · provisional; evidence 57%
   - Growth & earnings 25.4/35 | Capital efficiency 14.2/25 | Valuation 12.3/20 | Relative strength 9.4/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks, ending 2026-03-08 (no longer priced)
   - Exact sum: 25.4 + 14.2 + 12.3 + 9.4 = 61.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 56/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 11.1/35 | Capital efficiency 20.0/25 | Valuation 7.9/20 | Relative strength 17.0/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 11.1 + 20 + 7.9 + 17 = 56
   - Decision use: Price leads the evidence: RS versus the benchmark is 0.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
3. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 55/100 — Mixed-positive evidence; evidence 84%
   - Growth & earnings 21.6/35 | Capital efficiency 6.3/25 | Valuation 13.5/20 | Relative strength 14.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 21.6 + 6.3 + 13.5 + 14 = 55.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. GHCL Ltd (GHCL): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 8.6/35 | Capital efficiency 18.1/25 | Valuation 11.7/20 | Relative strength 7.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 8.6 + 18.1 + 11.7 + 7.7 = 46.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Primo Chemicals Ltd (PRIMO): 46/100 — Mixed-negative evidence; evidence 60%
   - Growth & earnings 14.0/35 | Capital efficiency 10.6/25 | Valuation 9.5/20 | Relative strength 12.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of 3 weeks with a reading, within the last 12
   - Exact sum: 14 + 10.6 + 9.5 + 12 = 46.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Chemfab Alkalis Ltd (CHEMFAB): 37/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 19.1/35 | Capital efficiency 4.9/25 | Valuation 10.0/20 | Relative strength 3.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 3 of 10 weeks with a reading, within the last 12
   - Exact sum: 19.1 + 4.9 + 10 + 3 = 37
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Tata Chemicals Ltd (TATACHEM): 28/100 — Adverse evidence; evidence 80%
   - Growth & earnings 8.1/35 | Capital efficiency 6.6/25 | Valuation 10.0/20 | Relative strength 2.8/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 6 of the last 12 weeks
   - Exact sum: 8.1 + 6.6 + 10 + 2.8 = 27.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Gujarat Alkalies & Chemicals Ltd has the strongest one-year price move in Chemicals - Inorganic - Caustic Soda/Soda Ash at +12.9%. It also leads on Mansfield relative strength against NIFTY at +14.7%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

### Strongest one-year price performers
1. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 13%
2. TGV Sraac Ltd (TGVSL): -18%
3. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): -25%
4. GHCL Ltd (GHCL): -28%
5. Tata Chemicals Ltd (TATACHEM): -29%

### Strongest relative strength versus NIFTY 500
1. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 15%
2. Primo Chemicals Ltd (PRIMO): 6.9%
3. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 0.5%
4. Tata Chemicals Ltd (TATACHEM): -15%
5. GHCL Ltd (GHCL): -17%

## Revenue Scale & Growth Durability

What the numbers say: Tata Chemicals Ltd is the scale leader at ₹15,120 crore, 236.2% 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.

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.

Evidence: Tata Chemicals Ltd · ₹15,120 crore | 236.2% versus #2 · Gujarat Alkalies & Chemicals Ltd | 3/8 recent comparable periods | 7/7 companies · 114 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Tata Chemicals Ltd (TATACHEM): ₹15.1K Cr
2. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): ₹4.5K Cr
3. GHCL Ltd (GHCL): ₹3.1K Cr
4. TGV Sraac Ltd (TGVSL): ₹1.9K Cr — older report
5. Primo Chemicals Ltd (PRIMO): ₹562 Cr

### Revenue growth — fastest growers
1. TGV Sraac Ltd (TGVSL): 18% — older report
2. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 9.1%
3. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 7.1%
4. Tata Chemicals Ltd (TATACHEM): 2.0%
5. Primo Chemicals Ltd (PRIMO): 1.1%

### 20-quarter Revenue history
- TATACHEM: Sep 2021 ₹3.0K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.1K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.6K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 ₹4.3K Cr
- GUJALKALI: Sep 2021 ₹826 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹913 Cr | Sep 2023 ₹971 Cr | Dec 2023 ₹921 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹977 Cr | Sep 2024 ₹991 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr
- GHCL: Sep 2021 ₹983 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹547 Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹805 Cr | Dec 2023 ₹798 Cr | Mar 2024 ₹823 Cr | Jun 2024 ₹830 Cr | Sep 2024 ₹793 Cr | Dec 2024 ₹779 Cr | Mar 2025 ₹781 Cr | Jun 2025 ₹796 Cr | Sep 2025 ₹721 Cr | Dec 2025 ₹757 Cr | Mar 2026 ₹791 Cr | Jun 2026 —
- TGVSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹592 Cr | Mar 2023 ₹529 Cr | Jun 2023 ₹415 Cr | Sep 2023 ₹360 Cr | Dec 2023 ₹402 Cr | Mar 2024 ₹368 Cr | Jun 2024 ₹379 Cr | Sep 2024 ₹428 Cr | Dec 2024 ₹455 Cr | Mar 2025 ₹487 Cr | Jun 2025 ₹491 Cr | Sep 2025 ₹500 Cr | Dec 2025 ₹448 Cr | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹148 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹99 Cr | Sep 2023 ₹90 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹98 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- PRIMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹148 Cr | Jun 2023 ₹110 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹91 Cr | Mar 2024 ₹102 Cr | Jun 2024 ₹122 Cr | Sep 2024 ₹134 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹142 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹140 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- CHEMFAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹84 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹84 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹77 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹75 Cr | Jun 2026 ₹73 Cr

### 20-quarter Revenue growth history
- TATACHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 34% | Sep 2022 40% | Dec 2022 32% | Mar 2023 27% | Jun 2023 5.6% | Sep 2023 -5.7% | Dec 2023 -10% | Mar 2024 -21% | Jun 2024 -10% | Sep 2024 0.0% | Dec 2024 -3.8% | Mar 2025 1.0% | Jun 2025 -1.9% | Sep 2025 -3.1% | Dec 2025 -1.1% | Mar 2026 -2.0% | Jun 2026 14%
- GUJALKALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 58% | Sep 2022 36% | Dec 2022 4.5% | Mar 2023 -0.3% | Jun 2023 -19% | Sep 2023 -14% | Dec 2023 -18% | Mar 2024 -12% | Jun 2024 7.0% | Sep 2024 2.1% | Dec 2024 12% | Mar 2025 7.3% | Jun 2025 13% | Sep 2025 9.3% | Dec 2025 1.5% | Mar 2026 4.7% | Jun 2026 13%
- GHCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 60% | Sep 2022 40% | Dec 2022 9.7% | Mar 2023 105% | Jun 2023 -25% | Sep 2023 -42% | Dec 2023 -28% | Mar 2024 -27% | Jun 2024 -19% | Sep 2024 -1.5% | Dec 2024 -2.4% | Mar 2025 -5.1% | Jun 2025 -4.1% | Sep 2025 -9.1% | Dec 2025 -2.8% | Mar 2026 1.3% | Jun 2026 —
- TGVSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -32% | Mar 2024 -30% | Jun 2024 -8.7% | Sep 2024 19% | Dec 2024 13% | Mar 2025 32% | Jun 2025 30% | Sep 2025 17% | Dec 2025 -1.5% | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -49% | Mar 2024 -58% | Jun 2024 -27% | Sep 2024 -17% | Dec 2024 7.5% | Mar 2025 44% | Jun 2025 5.3% | Sep 2025 7.5% | Dec 2025 20% | Mar 2026 3.1% | Jun 2026 —
- PRIMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -31% | Jun 2024 11% | Sep 2024 44% | Dec 2024 57% | Mar 2025 52% | Jun 2025 16% | Sep 2025 0.3% | Dec 2025 -2.6% | Mar 2026 -6.8% | Jun 2026 —
- CHEMFAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.9% | Mar 2024 12% | Jun 2024 -3.2% | Sep 2024 2.9% | Dec 2024 -3.1% | Mar 2025 12% | Jun 2025 20% | Sep 2025 -6.5% | Dec 2025 -19% | Mar 2026 -19% | Jun 2026 -20%

## Operating Economics & Margin Trend

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

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.

Evidence: GHCL Ltd · 22% | 22.2% versus #2 · Gujarat Alkalies & Chemicals Ltd | 3/8 recent comparable periods | 7/7 companies · 135 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. GHCL Ltd (GHCL): 22%
2. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 18%
3. TGV Sraac Ltd (TGVSL): 17% — older report
4. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 16%
5. Chemfab Alkalis Ltd (CHEMFAB): 14%

### Margin change — fastest expanders
1. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): +9.0 pp
2. TGV Sraac Ltd (TGVSL): +5.0 pp — older report
3. Chemfab Alkalis Ltd (CHEMFAB): +1.5 pp
4. Primo Chemicals Ltd (PRIMO): −2.3 pp
5. Tata Chemicals Ltd (TATACHEM): −4.0 pp

### 20-quarter OPM history
- TATACHEM: Sep 2021 17% | Dec 2021 17% | Mar 2022 19% | Jun 2022 25% | Sep 2022 22% | Dec 2022 20% | Mar 2023 22% | Jun 2023 25% | Sep 2023 20% | Dec 2023 15% | Mar 2024 13% | Jun 2024 15% | Sep 2024 15% | Dec 2024 12% | Mar 2025 9.0% | Jun 2025 17% | Sep 2025 14% | Dec 2025 10% | Mar 2026 8.0% | Jun 2026 13%
- GUJALKALI: Sep 2021 17% | Dec 2021 34% | Mar 2022 31% | Jun 2022 31% | Sep 2022 14% | Dec 2022 21% | Mar 2023 18% | Jun 2023 3.4% | Sep 2023 1.7% | Dec 2023 -2.2% | Mar 2024 0.4% | Jun 2024 6.0% | Sep 2024 4.7% | Dec 2024 8.0% | Mar 2025 9.0% | Jun 2025 9.0% | Sep 2025 7.0% | Dec 2025 9.0% | Mar 2026 10% | Jun 2026 18%
- GHCL: Sep 2021 21% | Dec 2021 25% | Mar 2022 31% | Jun 2022 31% | Sep 2022 31% | Dec 2022 33% | Mar 2023 31% | Jun 2023 29% | Sep 2023 26% | Dec 2023 19% | Mar 2024 22% | Jun 2024 26% | Sep 2024 27% | Dec 2024 30% | Mar 2025 28% | Jun 2025 25% | Sep 2025 22% | Dec 2025 21% | Mar 2026 22% | Jun 2026 —
- TGVSL: Sep 2021 16% | Dec 2021 22% | Mar 2022 24% | Jun 2022 30% | Sep 2022 26% | Dec 2022 24% | Mar 2023 13% | Jun 2023 11% | Sep 2023 8.0% | Dec 2023 11% | Mar 2024 4.0% | Jun 2024 11% | Sep 2024 16% | Dec 2024 12% | Mar 2025 12% | Jun 2025 19% | Sep 2025 19% | Dec 2025 17% | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 -64% | Dec 2021 -25% | Mar 2022 14% | Jun 2022 13% | Sep 2022 19% | Dec 2022 13% | Mar 2023 21% | Jun 2023 21% | Sep 2023 22% | Dec 2023 28% | Mar 2024 26% | Jun 2024 17% | Sep 2024 19% | Dec 2024 24% | Mar 2025 20% | Jun 2025 25% | Sep 2025 20% | Dec 2025 15% | Mar 2026 16% | Jun 2026 —
- PRIMO: Sep 2021 -46% | Dec 2021 43% | Mar 2022 34% | Jun 2022 35% | Sep 2022 28% | Dec 2022 25% | Mar 2023 19% | Jun 2023 6.4% | Sep 2023 -4.7% | Dec 2023 3.1% | Mar 2024 1.4% | Jun 2024 12% | Sep 2024 7.9% | Dec 2024 13% | Mar 2025 15% | Jun 2025 14% | Sep 2025 11% | Dec 2025 9.7% | Mar 2026 13% | Jun 2026 —
- CHEMFAB: Sep 2021 11% | Dec 2021 29% | Mar 2022 22% | Jun 2022 36% | Sep 2022 34% | Dec 2022 29% | Mar 2023 33% | Jun 2023 20% | Sep 2023 14% | Dec 2023 18% | Mar 2024 15% | Jun 2024 11% | Sep 2024 12% | Dec 2024 14% | Mar 2025 14% | Jun 2025 12% | Sep 2025 7.1% | Dec 2025 2.8% | Mar 2026 11% | Jun 2026 14%

### 20-quarter Margin change history
- TATACHEM: Sep 2021 +1.8 pp | Dec 2021 −0.7 pp | Mar 2022 +8.2 pp | Jun 2022 +5.2 pp | Sep 2022 +5.1 pp | Dec 2022 +2.6 pp | Mar 2023 +3.1 pp | Jun 2023 −0.4 pp | Sep 2023 −1.7 pp | Dec 2023 −5.0 pp | Mar 2024 −9.0 pp | Jun 2024 −10.0 pp | Sep 2024 −5.0 pp | Dec 2024 −3.0 pp | Mar 2025 −4.0 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp | Jun 2026 −4.0 pp
- GUJALKALI: Sep 2021 +0.9 pp | Dec 2021 +22.0 pp | Mar 2022 +16.3 pp | Jun 2022 +13.4 pp | Sep 2022 −3.1 pp | Dec 2022 −13.1 pp | Mar 2023 −12.6 pp | Jun 2023 −27.7 pp | Sep 2023 −12.4 pp | Dec 2023 −23.2 pp | Mar 2024 −17.6 pp | Jun 2024 +2.6 pp | Sep 2024 +3.0 pp | Dec 2024 +10.2 pp | Mar 2025 +8.6 pp | Jun 2025 +3.0 pp | Sep 2025 +2.3 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 +9.0 pp
- GHCL: Sep 2021 +1.3 pp | Dec 2021 −0.7 pp | Mar 2022 +4.9 pp | Jun 2022 +8.7 pp | Sep 2022 +10.4 pp | Dec 2022 +8.2 pp | Mar 2023 −0.4 pp | Jun 2023 −2.3 pp | Sep 2023 −5.4 pp | Dec 2023 −14.0 pp | Mar 2024 −9.0 pp | Jun 2024 −3.0 pp | Sep 2024 +1.0 pp | Dec 2024 +11.0 pp | Mar 2025 +6.0 pp | Jun 2025 −1.0 pp | Sep 2025 −5.0 pp | Dec 2025 −9.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- TGVSL: Sep 2021 +0.4 pp | Dec 2021 +7.5 pp | Mar 2022 +12.3 pp | Jun 2022 +13.9 pp | Sep 2022 +9.6 pp | Dec 2022 +2.4 pp | Mar 2023 −11.2 pp | Jun 2023 −18.6 pp | Sep 2023 −17.7 pp | Dec 2023 −13.0 pp | Mar 2024 −9.0 pp | Jun 2024 0.0 pp | Sep 2024 +8.0 pp | Dec 2024 +1.0 pp | Mar 2025 +8.0 pp | Jun 2025 +8.0 pp | Sep 2025 +3.0 pp | Dec 2025 +5.0 pp | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 +7.2 pp | Dec 2021 +37.9 pp | Mar 2022 +122.7 pp | Jun 2022 +107.6 pp | Sep 2022 +83.1 pp | Dec 2022 +37.7 pp | Mar 2023 +6.5 pp | Jun 2023 +7.6 pp | Sep 2023 +2.9 pp | Dec 2023 +14.9 pp | Mar 2024 +5.5 pp | Jun 2024 −3.3 pp | Sep 2024 −3.0 pp | Dec 2024 −3.5 pp | Mar 2025 −6.5 pp | Jun 2025 +7.0 pp | Sep 2025 +1.6 pp | Dec 2025 −9.2 pp | Mar 2026 −4.1 pp | Jun 2026 —
- PRIMO: Sep 2021 −54.7 pp | Dec 2021 +39.9 pp | Mar 2022 +57.6 pp | Jun 2022 +14.9 pp | Sep 2022 +74.0 pp | Dec 2022 −18.6 pp | Mar 2023 −14.5 pp | Jun 2023 −28.5 pp | Sep 2023 −33.0 pp | Dec 2023 −21.6 pp | Mar 2024 −17.9 pp | Jun 2024 +6.0 pp | Sep 2024 +12.6 pp | Dec 2024 +9.9 pp | Mar 2025 +14.0 pp | Jun 2025 +2.0 pp | Sep 2025 +3.5 pp | Dec 2025 −3.3 pp | Mar 2026 −2.3 pp | Jun 2026 —
- CHEMFAB: Sep 2021 −3.2 pp | Dec 2021 +15.8 pp | Mar 2022 +15.5 pp | Jun 2022 +18.2 pp | Sep 2022 +23.0 pp | Dec 2022 +0.7 pp | Mar 2023 +11.5 pp | Jun 2023 −16.5 pp | Sep 2023 −20.3 pp | Dec 2023 −11.8 pp | Mar 2024 −18.5 pp | Jun 2024 −8.7 pp | Sep 2024 −1.3 pp | Dec 2024 −3.4 pp | Mar 2025 −0.5 pp | Jun 2025 +1.5 pp | Sep 2025 −5.3 pp | Dec 2025 −11.4 pp | Mar 2026 −3.1 pp | Jun 2026 +1.5 pp

## Profit Scale & Acceleration

What the numbers say: GHCL Ltd leads with ₹473 crore of TTM profit, 275.4% above TGV Sraac Ltd. Chemfab Alkalis Ltd shows 95.3% growth from a ₹0 crore net cash profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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.

Evidence: GHCL Ltd · ₹473 crore | 275.4% versus #2 · TGV Sraac Ltd | 3/8 recent comparable periods | 7/7 companies · 114 observations

Definition: 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 — largest
1. GHCL Ltd (GHCL): ₹473 Cr
2. TGV Sraac Ltd (TGVSL): ₹126 Cr — older report
3. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): ₹66 Cr
4. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): ₹37 Cr
5. Primo Chemicals Ltd (PRIMO): ₹15 Cr

### Profit growth — fastest growers
1. Chemfab Alkalis Ltd (CHEMFAB): 95%
2. TGV Sraac Ltd (TGVSL): 62% — older report
3. GHCL Ltd (GHCL): -24%
4. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): -41%
5. Tata Chemicals Ltd (TATACHEM): -80%

### 20-quarter Net profit history
- TATACHEM: Sep 2021 ₹268 Cr | Dec 2021 ₹349 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹637 Cr | Sep 2022 ₹680 Cr | Dec 2022 ₹425 Cr | Mar 2023 ₹692 Cr | Jun 2023 ₹587 Cr | Sep 2023 ₹495 Cr | Dec 2023 ₹194 Cr | Mar 2024 ₹-841 Cr | Jun 2024 ₹190 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-49 Cr | Jun 2025 ₹316 Cr | Sep 2025 ₹154 Cr | Dec 2025 ₹-69 Cr | Mar 2026 ₹-2.1K Cr | Jun 2026 ₹60 Cr
- GUJALKALI: Sep 2021 ₹75 Cr | Dec 2021 ₹201 Cr | Mar 2022 ₹221 Cr | Jun 2022 ₹191 Cr | Sep 2022 ₹61 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹-57 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹-46 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹-20 Cr | Mar 2026 ₹15 Cr | Jun 2026 ₹55 Cr
- GHCL: Sep 2021 ₹110 Cr | Dec 2021 ₹163 Cr | Mar 2022 ₹275 Cr | Jun 2022 ₹355 Cr | Sep 2022 ₹293 Cr | Dec 2022 ₹252 Cr | Mar 2023 ₹227 Cr | Jun 2023 ₹426 Cr | Sep 2023 ₹143 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹155 Cr | Dec 2024 ₹168 Cr | Mar 2025 ₹150 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹116 Cr | Jun 2026 —
- TGVSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹88 Cr | Mar 2023 ₹32 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹33 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹28 Cr | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹19 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- PRIMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹18 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-11 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-0 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- CHEMFAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹6 Cr

### 20-quarter Profit growth history
- TATACHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 86% | Sep 2022 154% | Dec 2022 22% | Mar 2023 56% | Jun 2023 -7.9% | Sep 2023 -27% | Dec 2023 -54% | Mar 2024 -222% | Jun 2024 -68% | Sep 2024 -46% | Dec 2024 -111% | Mar 2025 — | Jun 2025 66% | Sep 2025 -42% | Dec 2025 — | Mar 2026 — | Jun 2026 -81%
- GUJALKALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 203% | Sep 2022 -19% | Dec 2022 -57% | Mar 2023 -68% | Jun 2023 -130% | Sep 2023 -130% | Dec 2023 -232% | Mar 2024 -165% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 67% | Jun 2026 —
- GHCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 245% | Sep 2022 166% | Dec 2022 55% | Mar 2023 -17% | Jun 2023 20% | Sep 2023 -51% | Dec 2023 -60% | Mar 2024 -45% | Jun 2024 -65% | Sep 2024 8.4% | Dec 2024 68% | Mar 2025 20% | Jun 2025 -4.6% | Sep 2025 -31% | Dec 2025 -37% | Mar 2026 -23% | Jun 2026 —
- TGVSL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -83% | Mar 2024 -78% | Jun 2024 -30% | Sep 2024 74% | Dec 2024 60% | Mar 2025 214% | Jun 2025 179% | Sep 2025 12% | Dec 2025 17% | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.9% | Mar 2024 -75% | Jun 2024 86% | Sep 2024 -27% | Dec 2024 -74% | Mar 2025 -40% | Jun 2025 -73% | Sep 2025 -31% | Dec 2025 87% | Mar 2026 11% | Jun 2026 —
- PRIMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -60% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -106% | Jun 2025 — | Sep 2025 -68% | Dec 2025 -54% | Mar 2026 — | Jun 2026 —
- CHEMFAB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -52% | Mar 2024 -65% | Jun 2024 -91% | Sep 2024 -112% | Dec 2024 -74% | Mar 2025 -270% | Jun 2025 183% | Sep 2025 — | Dec 2025 -337% | Mar 2026 — | Jun 2026 125%

## Return On Capital Employed

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.

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.

Evidence: Tuticorin Alkali Chemicals & Fertilizers Ltd · 22% | 26.4% versus #2 · GHCL Ltd | Not enough history | 7/7 companies · 45 observations

Definition: 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.

### ROCE — highest
1. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 22%
2. GHCL Ltd (GHCL): 17%
3. TGV Sraac Ltd (TGVSL): 10% — older report
4. Primo Chemicals Ltd (PRIMO): 6.5%
5. Tata Chemicals Ltd (TATACHEM): 3.4%

### ROCE change — fastest improvers
1. TGV Sraac Ltd (TGVSL): +5.0 pp — older report
2. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): −0.2 pp
3. Chemfab Alkalis Ltd (CHEMFAB): −1.0 pp
4. Primo Chemicals Ltd (PRIMO): −1.0 pp
5. Tata Chemicals Ltd (TATACHEM): −1.6 pp

### 20-quarter ROCE history
- TATACHEM: Sep 2021 4.3% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 — | Sep 2022 8.1% | Dec 2022 — | Mar 2023 10% | Jun 2023 — | Sep 2023 9.7% | Dec 2023 9.6% | Mar 2024 6.4% | Jun 2024 2.9% | Sep 2024 3.8% | Dec 2024 1.2% | Mar 2025 3.6% | Jun 2025 3.9% | Sep 2025 2.3% | Dec 2025 3.1% | Mar 2026 2.0% | Jun 2026 —
- GUJALKALI: Sep 2021 3.7% | Dec 2021 — | Mar 2022 11% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 4.0% | Dec 2023 -0.6% | Mar 2024 -3.1% | Jun 2024 -3.4% | Sep 2024 -2.5% | Dec 2024 -1.9% | Mar 2025 0.1% | Jun 2025 0.3% | Sep 2025 0.5% | Dec 2025 1.1% | Mar 2026 -0.1% | Jun 2026 —
- GHCL: Sep 2021 14% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 31% | Jun 2023 — | Sep 2023 33% | Dec 2023 31% | Mar 2024 22% | Jun 2024 18% | Sep 2024 19% | Dec 2024 24% | Mar 2025 20% | Jun 2025 23% | Sep 2025 18% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- TATACHEM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +3.8 pp | Dec 2022 — | Mar 2023 +4.2 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 −3.6 pp | Jun 2024 — | Sep 2024 −5.9 pp | Dec 2024 −8.4 pp | Mar 2025 −2.8 pp | Jun 2025 +1.0 pp | Sep 2025 −1.5 pp | Dec 2025 +1.9 pp | Mar 2026 −1.6 pp | Jun 2026 —
- GUJALKALI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.2 pp | Dec 2022 — | Mar 2023 +0.8 pp | Jun 2023 — | Sep 2023 −10.9 pp | Dec 2023 — | Mar 2024 −14.8 pp | Jun 2024 — | Sep 2024 −6.5 pp | Dec 2024 −1.3 pp | Mar 2025 +3.2 pp | Jun 2025 +3.7 pp | Sep 2025 +3.0 pp | Dec 2025 +3.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- GHCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.6 pp | Dec 2022 — | Mar 2023 +12.9 pp | Jun 2023 — | Sep 2023 +5.3 pp | Dec 2023 — | Mar 2024 −9.0 pp | Jun 2024 — | Sep 2024 −14.5 pp | Dec 2024 −7.1 pp | Mar 2025 −2.2 pp | Jun 2025 +5.0 pp | Sep 2025 −1.2 pp | Dec 2025 −5.5 pp | Mar 2026 −5.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

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

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.

Evidence: Gujarat Alkalies & Chemicals Ltd · 0.15× | 88.5% versus #2 · GHCL Ltd | 2/8 recent comparable periods | 2/7 companies · 11 observations

Definition: 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 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.

### PEG — lowest PEG
1. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 0.2
2. GHCL Ltd (GHCL): 1.3

### P/E — lowest P/E
1. TGV Sraac Ltd (TGVSL): 7.2 — older report
2. GHCL Ltd (GHCL): 8.8
3. Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK): 20.1
4. Primo Chemicals Ltd (PRIMO): 39.5
5. Gujarat Alkalies & Chemicals Ltd (GUJALKALI): 74.2

### 20-quarter PEG history
- TATACHEM: Sep 2021 — | Dec 2021 1.2 | Mar 2022 0.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.3 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GUJALKALI: Sep 2021 — | Dec 2021 1.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GHCL: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.5 | Dec 2025 1.3 | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- TATACHEM: Sep 2021 42.5 | Dec 2021 33.7 | Mar 2022 30.4 | Jun 2022 16.7 | Sep 2022 17.9 | Dec 2022 12.0 | Mar 2023 11.9 | Jun 2023 11.2 | Sep 2023 11.6 | Dec 2023 14.1 | Mar 2024 15.7 | Jun 2024 57.7 | Sep 2024 35.4 | Dec 2024 44.1 | Mar 2025 49.4 | Jun 2025 90.4 | Sep 2025 56.2 | Dec 2025 59.7 | Mar 2026 56.7 | Jun 2026 70.1
- GUJALKALI: Sep 2021 22.5 | Dec 2021 23.2 | Mar 2022 15.9 | Jun 2022 8.8 | Sep 2022 9.1 | Dec 2022 8.4 | Mar 2023 7.7 | Jun 2023 12.2 | Sep 2023 33.3 | Dec 2023 69.0 | Mar 2024 70.4 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -65.3 | Jun 2025 — | Sep 2025 26,510.5 | Dec 2025 — | Mar 2026 -1,732.5 | Jun 2026 —
- GHCL: Sep 2021 9.1 | Dec 2021 8.0 | Mar 2022 10.2 | Jun 2022 7.7 | Sep 2022 8.1 | Dec 2022 4.9 | Mar 2023 4.4 | Jun 2023 4.5 | Sep 2023 5.6 | Dec 2023 6.3 | Mar 2024 5.8 | Jun 2024 9.0 | Sep 2024 12.0 | Dec 2024 12.3 | Mar 2025 9.8 | Jun 2025 9.8 | Sep 2025 9.0 | Dec 2025 9.5 | Mar 2026 8.1 | Jun 2026 —
- TGVSL: Sep 2021 15.5 | Dec 2021 14.3 | Mar 2022 11.0 | Jun 2022 5.5 | Sep 2022 6.5 | Dec 2022 4.0 | Mar 2023 2.6 | Jun 2023 3.0 | Sep 2023 5.3 | Dec 2023 7.9 | Mar 2024 12.4 | Jun 2024 32.4 | Sep 2024 42.9 | Dec 2024 21.3 | Mar 2025 16.4 | Jun 2025 11.3 | Sep 2025 10.8 | Dec 2025 9.7 | Mar 2026 — | Jun 2026 —
- TUTICORALK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 18.1 | Mar 2023 9.2 | Jun 2023 7.7 | Sep 2023 9.0 | Dec 2023 11.7 | Mar 2024 9.2 | Jun 2024 14.7 | Sep 2024 16.5 | Dec 2024 16.8 | Mar 2025 19.8 | Jun 2025 24.8 | Sep 2025 23.8 | Dec 2025 20.1 | Mar 2026 15.6 | Jun 2026 —
- PRIMO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25.7 | Sep 2022 30.1 | Dec 2022 10.6 | Mar 2023 11.9 | Jun 2023 11.3 | Sep 2023 16.8 | Dec 2023 40.1 | Mar 2024 37.1 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 46.1 | Jun 2025 171.5 | Sep 2025 31.3 | Dec 2025 57.6 | Mar 2026 49.0 | Jun 2026 —
- CHEMFAB: Sep 2021 — | Dec 2021 — | Mar 2022 70.5 | Jun 2022 7.7 | Sep 2022 12.3 | Dec 2022 6.5 | Mar 2023 5.0 | Jun 2023 6.5 | Sep 2023 9.4 | Dec 2023 11.9 | Mar 2024 25.6 | Jun 2024 32.8 | Sep 2024 82.3 | Dec 2024 115.5 | Mar 2025 130.5 | Jun 2025 148.0 | Sep 2025 311.9 | Dec 2025 479.0 | Mar 2026 435.0 | Jun 2026 —


## What can make this comparison misleading?
- 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: Valuation have fewer than three usable current readings.

## Every company
- Tata Chemicals Ltd (TATACHEM) — market value ₹17.2K Cr; latest fundamentals Jun 2026
- Gujarat Alkalies & Chemicals Ltd (GUJALKALI) — market value ₹4.9K Cr; latest fundamentals Jun 2026
- GHCL Ltd (GHCL) — market value ₹4.0K Cr; latest fundamentals Mar 2026
- TGV Sraac Ltd (TGVSL) — market value ₹910 Cr; latest fundamentals Dec 2025
- Tuticorin Alkali Chemicals & Fertilizers Ltd (TUTICORALK) — market value ₹735 Cr; latest fundamentals Mar 2026
- Primo Chemicals Ltd (PRIMO) — market value ₹612 Cr; latest fundamentals Mar 2026
- Chemfab Alkalis Ltd (CHEMFAB) — market value ₹539 Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 3. Unverified: 4. Withheld: 0. Graded companies: 7.

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

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-31.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

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

Chemicals - Inorganic - Caustic Soda/Soda Ash has underperformed NIFTY 500 by 22% over 52 weeks and 6.9% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 3 of 6 beat the sector itself.

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

Tata Chemicals Ltd leads with revenue of ₹15,120 crore, based on 7 of 7 comparable companies through Jun 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 61.3/100 with 56.9% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Gujarat Alkalies & Chemicals Ltd has the lowest comparable PEG at 0.15, among 2 of 7 companies whose earnings and growth are steady enough for the ratio to mean anything.

### 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, returns 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.

### 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 Tuticorin Alkali Chemicals & Fertilizers 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 ₹15,120 crore, ahead of Gujarat Alkalies & Chemicals Ltd at ₹4,497 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

### 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. Chemfab Alkalis Ltd has the fastest profit growth at 95.3%, 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 PEG — where a LOWER number is cheaper — Gujarat Alkalies & Chemicals Ltd screens cheapest at 0.15×. Only 2 of 7 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Chemicals - Inorganic - Caustic Soda/Soda Ash sector beating the market?

Chemicals - Inorganic - Caustic Soda/Soda Ash has underperformed NIFTY 500 by 22% over the last 52 weeks and 6.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 61.3 out of 100 with 56.9% evidence confidence, from 25.4 points on growth and earnings, 14.2 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, 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 ₹28,909 crore of combined market value. Tata Chemicals Ltd is the largest at ₹17,159 crore, about 59% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

### 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 20.1×, measured on the 5 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?

3 of the 7 covered Chemicals - Inorganic - Caustic Soda/Soda Ash companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 22% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

### 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.