Chemicals · Founded 1961 · www.goclcorp.com · BSE 506480 · NSE GOCLCORP · ISIN INE077F01035
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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.
| #(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 |
| #(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 |
| # | 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% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -0% | -13% | 1% | 0% |
| ROE Average | 12% | 7% | 11% | 8% |
| ROCE Average | 14% | 10% | 11% | 8% |
| #(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 |
| #(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 |
| # | 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 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.82 | 72.82 | 72.82 | 72.82 | 72.82 | 67.82 | 67.82 | 67.82 | 67.82 | 67.82 |
| FII | 0.11 | 0.14 | 0.12 | 0.37 | 0.17 | 5.12 | 5.12 | 5.08 | 5.34 | 5.11 |
| DII | 1.55 | 1.55 | 1.55 | 1.56 | 1.57 | 1.57 | 1.55 | 1.56 | 1.65 | 1.75 |
| Public | 25.51 | 25.49 | 25.51 | 25.24 | 25.44 | 25.48 | 25.5 | 25.54 | 25.19 | 25.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 | 3.36 | 3.36 | 3.36 | 3.36 | 3.36 |
| FII | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.25 | 0.25 | 0.25 | 0.26 | 0.25 |
| DII | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 |
| Public | 1.26 | 1.26 | 1.26 | 1.25 | 1.26 | 1.26 | 1.26 | 1.27 | 1.25 | 1.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 |
| # | 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% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.82 | 72.82 | 72.82 | 72.82 | 72.82 | 67.82 | 67.82 | 67.82 | 67.82 | 67.82 |
| FII | 0.11 | 0.14 | 0.12 | 0.37 | 0.17 | 5.12 | 5.12 | 5.08 | 5.34 | 5.11 |
| DII | 1.55 | 1.55 | 1.55 | 1.56 | 1.57 | 1.57 | 1.55 | 1.56 | 1.65 | 1.75 |
| Public | 25.51 | 25.49 | 25.51 | 25.24 | 25.44 | 25.48 | 25.5 | 25.54 | 25.19 | 25.32 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.61 | 3.61 | 3.61 | 3.61 | 3.61 | 3.36 | 3.36 | 3.36 | 3.36 | 3.36 |
| FII | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.25 | 0.25 | 0.25 | 0.26 | 0.25 |
| DII | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 |
| Public | 1.26 | 1.26 | 1.26 | 1.25 | 1.26 | 1.26 | 1.26 | 1.27 | 1.25 | 1.26 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 | 4.96 |
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