Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹1755 Cr.
Stock P/E
6.3
P/B
0.6
Current Price
₹354
Book Value
₹ 619.5
Face Value
2
52W High
₹461.5
52W Low
₹ 223.6
Dividend Yield
8.47%

GOCL Corporation Overview

Business

GOCL Corporation Ltd. is primarily engaged in the manufacturing and marketing of industrial explosives, detonators, and specialty chemicals. Through its subsidiaries and strategic investments, the company also has significant interests in real estate development. Its core business model revolves around supplying critical inputs like explosives for mining, infrastructure, and construction sectors, and providing specialty chemicals to various industrial applications. Revenue is generated through the sale of these manufactured products and through real estate project development and sales.

Revenue Mix

While specific revenue percentages are not publicly available without detailed financial reports, GOCL's major business segments include:

Explosives & Detonators: This segment involves the manufacturing and sale of industrial explosives and accessories used in mining, quarrying, and civil construction activities.

Specialty Chemicals: Production and marketing of specialty chemicals catering to various industries.

Real Estate: Involvement in the development and sale of land and property, often leveraging its own land banks.

Industry

GOCL operates in diverse industries. In chemicals, it's part of India's large and growing chemicals sector, which includes both commodity and specialty players. In explosives, it operates in a specialized and highly regulated niche, where it has an established legacy and market presence. The real estate segment positions it in the highly cyclical and competitive property development market. GOCL, backed by the Hinduja Group, holds an established position in its core manufacturing segments, benefiting from historical expertise and operational scale, particularly in industrial explosives where regulatory barriers to entry are high.

MOAT

GOCL possesses several potential competitive advantages:

Regulatory Barriers: The industrial explosives sector is subject to stringent licensing, safety, and environmental regulations, creating high entry barriers for new competitors.

Operational Scale & Experience: Decades of experience in manufacturing industrial explosives and chemicals provides deep domain knowledge and operational efficiencies.

Established Client Relationships: Long-standing relationships with key clients in mining, infrastructure, and defense sectors.

Parentage (Hinduja Group): Being part of the diversified Hinduja Group can provide financial strength, strategic guidance, and potential synergies.

Growth Drivers

Key factors that can drive GOCL's growth over the next 3-5 years include:

Infrastructure Development: India's continued focus on large-scale infrastructure projects (roads, railways, ports, power) and mining activities will drive demand for industrial explosives.

Manufacturing Sector Growth: Expansion of India's manufacturing base will increase the demand for specialty chemicals across various end-user industries.

Urbanization & Real Estate Development: Monetization of existing land banks and participation in new real estate projects, particularly in urban centers.

Product Diversification & Value Addition: Expanding into higher-margin specialty chemical products or new applications.

Defense Sector: Potential for increased demand for explosives from the domestic defense sector.

Risks

GOCL faces several business risks:

Cyclicality: Exposure to the cyclical nature of the infrastructure, mining, and real estate industries can lead to volatile demand and earnings.

Raw Material Price Volatility: Fluctuations in global commodity prices for raw materials used in chemical and explosive manufacturing can impact profit margins.

Regulatory & Environmental Risks: Strict and evolving regulations regarding explosive manufacturing, storage, transport, and environmental compliance pose operational and financial risks.

Competition: Intense competition in both the chemicals and real estate segments can exert pressure on pricing and market share.

Real Estate Market Risks: Project delays, funding challenges, regulatory changes in property markets, and adverse market sentiments can affect real estate segment performance.

Technological Obsolescence: Rapid advancements in chemical formulations or explosive technologies could necessitate continuous R&D investment.

Management & Ownership

GOCL Corporation Ltd. is part of the Hinduja Group, a prominent Indian conglomerate with a global presence across various sectors. The company is promoted by the Hinduja Group, which typically maintains a significant ownership stake, indicating strong promoter commitment and oversight. Management is generally professional, focused on operational efficiency, strategic growth across its diversified businesses, and leveraging synergies within the larger group.

Outlook

GOCL Corporation Ltd. is a diversified entity with established operations in specialized manufacturing sectors like industrial explosives and specialty chemicals, complemented by real estate interests. The company benefits from a strong promoter backing (Hinduja Group) and high entry barriers in its core explosives business. Growth is largely tied to India's macroeconomic trajectory, particularly infrastructure development, mining activities, and general manufacturing growth, which will drive demand for its products. However, the company is exposed to the inherent cyclicality of these industries, commodity price volatility, and stringent regulatory environments, especially for explosives. Its ability to successfully monetize real estate assets and navigate competitive pressures in its various segments will be key determinants of future performance.

GOCL Corporation Share Price

Live · BSE / NSE · Inception: 1961
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

GOCL Corporation Quarterly Results

#(Fig in Cr.) Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Net Sales 4 3 5 6 3 2 2 2 4 4
Other Income 119 58 58 53 83 53 203 76 59 63
Total Income 122 62 63 60 86 56 205 79 63 67
Total Expenditure 18 7 12 8 9 9 12 10 10 19
Operating Profit 104 54 51 52 77 46 193 68 54 48
Interest 27 27 25 24 26 12 7 4 0 0
Depreciation 1 1 1 0 1 1 1 1 1 1
Exceptional Income / Expenses -11 2 -8 7 12 -1 4 -2 4 2
Profit Before Tax 65 29 18 34 63 32 190 61 56 50
Provision for Tax 28 7 -6 8 9 10 26 22 12 14
Profit After Tax 37 22 23 26 54 22 164 40 44 35
Adjustments -1 -16 69 -3 1169 -8 47 35 -3 5
Profit After Adjustments 36 5 92 23 1223 14 210 75 40 41
Adjusted Earnings Per Share 7.3 1.1 18.6 4.6 246.6 2.8 42.4 15.2 8.1 8.2

GOCL Corporation Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 484 499 483 532 499 416 498 921 610 18 10 12
Other Income 79 79 69 61 60 142 130 489 233 287 416 401
Total Income 563 578 551 593 559 557 628 1410 844 305 426 414
Total Expenditure 459 470 456 500 483 406 500 942 633 46 41 51
Operating Profit 105 108 96 93 75 151 129 468 211 259 384 363
Interest 64 62 46 41 16 53 57 119 146 102 49 11
Depreciation 5 6 6 6 7 8 9 10 9 2 2 4
Exceptional Income / Expenses 4 7 4 8 0 0 128 -10 3 -10 13 8
Profit Before Tax 39 47 48 54 53 90 191 329 59 144 347 357
Provision for Tax 12 15 14 13 3 12 14 118 15 38 67 74
Profit After Tax 27 33 34 41 50 79 176 211 45 107 280 283
Adjustments 0 0 0 0 0 0 0 0 3 51 1242 84
Profit After Adjustments 27 33 34 41 50 79 176 211 48 157 1522 366
Adjusted Earnings Per Share 5.4 6.6 6.9 8.2 10 15.9 35.5 42.6 9.7 31.7 307 73.9

GOCL Corporation Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 1027 517 821 943 910 1165 1152 1410 1419 1576 3143
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1013 734 462 183 1140 1078 1491 1123 1075 1013 0
Other Non-Current Liabilities 91 90 91 91 90 94 108 92 89 97 98
Total Current Liabilities 335 387 431 466 141 111 261 872 205 115 313
Total Liabilities 2466 1728 1805 1683 2281 2449 3238 3496 2887 3109 3555
Fixed Assets 972 41 55 68 76 81 85 96 81 7 18
Other Non-Current Assets 1231 1228 1244 885 1962 2053 1952 1378 1243 1150 92
Total Current Assets 264 458 506 730 244 315 1043 2022 1444 1688 3366
Total Assets 2466 1728 1805 1683 2281 2449 3238 3496 2887 3109 3555

GOCL Corporation Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 11 21 15 16 19 26 30 34 41 15 22
Cash Flow from Operating Activities 40 27 11 38 -13 7 -62 -77 40 16 -34
Cash Flow from Investing Activities 139 242 268 288 -606 102 -322 173 734 222 1082
Cash Flow from Financing Activities -169 -275 -279 -323 625 -105 387 -90 -800 -230 -1046
Net Cash Inflow / Outflow 10 -6 1 4 7 4 4 6 -26 8 2
Closing Cash & Cash Equivalent 21 15 16 19 26 30 34 41 15 22 24

GOCL Corporation Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) 5.43 6.59 6.88 8.18 10 15.88 35.52 42.59 9.73 31.68 307.01
CEPS(Rs) 6.51 7.71 8.03 9.39 11.45 17.46 37.27 44.7 10.79 21.94 56.88
DPS(Rs) 1.5 1.6 1.6 2 4 6 5 10 4 10 30
Book NAV/Share(Rs) 71.26 104.33 165.58 190.19 183.49 235.06 232.33 284.33 286.25 318 634.01
Core EBITDA Margin(%) 4.73 5.19 5.45 6 3.06 2.2 -0.34 -2.26 -3.69 -151.98 -321.5
EBIT Margin(%) 19.17 19.66 18.95 17.83 13.65 34.36 49.58 48.59 33.64 1355.23 4046.35
Pre Tax Margin(%) 7.2 8.51 9.62 10.12 10.55 21.72 38.16 35.71 9.74 792.19 3549.19
PAT Margin (%) 5.01 5.86 6.87 7.61 9.91 18.9 35.27 22.93 7.35 585.58 2863.72
Cash Profit Margin (%) 6 6.86 8.01 8.73 11.34 20.78 37 24.07 8.76 597.87 2888.07
ROA(%) 1.08 1.56 1.93 2.33 2.5 3.33 6.19 6.27 1.41 3.55 8.39
ROE(%) 7.84 7.5 5.1 4.6 5.35 7.59 15.2 16.49 3.17 7.11 11.85
ROCE(%) 6.3 6.97 5.95 6.12 3.81 6.53 9.87 15.14 7.11 9.35 13.6
Receivable days 56.38 52.97 68 64.9 61 55.99 42.56 30.75 50.13 799.29 41.37
Inventory Days 69.96 56.47 44.6 41.89 46.93 54.06 84.37 74.32 80.34 659.14 31.15
Payable days 84.97 70.18 59.61 60.28 61.3 70.86 88.94 75.69 85.59 1348.68 6334.81
PER(x) 24.92 56.42 72.1 37.1 12.79 13.9 7.7 6.88 46.57 8.67 0.82
Price/Book(x) 1.9 3.56 3 1.6 0.7 0.94 1.18 1.03 1.58 0.86 0.4
Dividend Yield(%) 1.11 0.43 0.32 0.66 3.13 2.72 1.83 3.41 0.88 3.64 11.85
EV/Net Sales(x) 3.89 5.68 6.65 3.73 3.59 5.21 5.67 3.4 5.56 133.01 122.54
EV/Core EBITDA(x) 18.02 26.25 33.52 21.39 23.71 14.34 21.97 6.69 16.08 9.34 3.11
Net Sales Growth(%) 24.11 2.98 -3.18 10.22 -6.26 -16.68 19.87 84.84 -33.7 -97.02 -46.33
EBIT Growth(%) -10.86 6.28 -14.07 0.94 -28.12 109.51 73.06 80.71 -54.09 20.02 60.25
PAT Growth(%) -35.27 21.23 4.45 18.91 22.28 58.69 123.75 19.91 -78.76 137.5 162.48
EPS Growth(%) -35.27 21.23 4.45 18.91 22.28 58.69 123.75 19.91 -77.15 225.41 869.26
Debt/Equity(x) 3.53 1.98 0.98 0.57 1.31 0.95 1.38 1.25 0.84 0.69 0
Current Ratio(x) 0.79 1.18 1.17 1.57 1.72 2.85 3.99 2.32 7.05 14.68 10.75
Quick Ratio(x) 0.46 1.02 1.04 1.43 1.27 2.31 3.34 2.09 6.74 14.67 10.75
Interest Cover(x) 1.6 1.76 2.03 2.31 4.4 2.72 4.34 3.77 1.41 2.41 8.14
Total Debt/Mcap(x) 1.86 0.56 0.33 0.36 1.88 1.02 1.17 1.21 0.53 0.8 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -44% -78% -53% -32%
Operating Profit CAGR +48% -6% +21% +14%
PAT CAGR +162% +10% +29% +26%
Share Price CAGR 0% -13% +1% 0%
ROE Average +12% +7% +11% +8%
ROCE Average +14% +10% +11% +8%

GOCL Corporation Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 67.82 %
FII 5.11 %
DII (MF + Insurance) 1.75 %
Public (retail) 25.32 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 72.8272.8272.8272.8272.8267.8267.8267.8267.8267.82
FII 0.110.140.120.370.175.125.125.085.345.11
DII 1.551.551.551.561.571.571.551.561.651.75
Public 25.5125.4925.5125.2425.4425.4825.525.5425.1925.32
Others 0000000000
Total 100100100100100100100100100100

GOCL Corporation Peer Comparison

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GOCL Corporation Quarterly Price

10-year quarterly close · BSE
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News & Updates

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GOCL Corporation Pros & Cons

Pros

  • Stock is trading at 0.6 times its book value
  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Stock is providing a good dividend yield of 8.47 %.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Company has a low return on equity of 7% over the last 3 years.
  • Debtor days have increased from 1348.68 to 6334.81days.
  • Earnings include an other income of Rs. 416 Cr.
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