Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
GHCL Ltd (NSE: GHCL) Q4 2026 Earnings Call dated May. 05, 2026
Corporate Participants:
Unidentified Speaker
R S Jalan — Managing Director
Raman Chopra — Chief Financial Officer and Executive Director
Analysts:
Darshita Shah — Analyst
Saket Kapoor — Analyst
Unidentified Participant
Rohit Nagraj — Analyst
Presentation:
Operator
Ladies and Gentlemen, good day and welcome to DHCL’s Q4FY26 conference call hosted by NK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Start and zero on your touch tone phone. I now hand the conference over to Mr. Bhoda, MK Global Financial Services Ltd. Thank you and over to you.
Unidentified Speaker
Thank you. Good evening everyone. Thank you for joining us on GHCL’s Q4FY26 results conference call. I would like to welcome the management and thank them for giving us this opportunity to host them. We have with us today Mr. R S Jalan, Managing Director, Mr. Raman Chopra, CFO and Executive Director of Finance, Mr. Manu Jain, Senior General Manager, Investor Relations and Finance. Before we begin this call, I would like to point out that some statements made in this call may be forward looking and a disclaimer to this effect has been included in the earnings presentation shared with you earlier.
I shall now hand over the call to the management for the opening remarks. Thank you. And over to you sir.
R S Jalan — Managing Director
Thank you. Mith Good evening everyone. I am very warm welcome to the GSL Q4 and full year of FY26 earning call. Our results and investor presentation has been published and I trust you have the opportunity to review them. Let me begin with the industry landscape. Global solar markets continues to be face headwinds with supply broadly exceeding demand and prices remaining under pressure. It is worth noting that the current pricing environment is a continuation of a cycle that has been playing out over the past two to three years.
Through this period, GSL operational and cost parameters have remained intact. The net impact has been felt only on pricing and we believe our low cost foundation positions us among the first to benefit as and when pricing recovers. China’s demand recovery has been slower than anticipated and this continues to weigh on the global market sentiments. Chinese inventory remains elevated and while we are beginning to see early signs signals of capacity rationalization including maintenance closures and financial stress among older synthetic producers, meaningful supply reduction remains some time away adding a new layer of complexity.
The conflict between US and Iran has introduced a meaningful uncertainty into global energy and dominated markets. We are seeing the effect of resulting in a higher energy and input cost and elevated shipping expenses. With supply chain disruptions in the Indian domestic market, the price is however more picture is more constructive. Indian demand continues to grow at a healthy pace and we are encouraged by the momentum we see across key end segments, particularly in solar glass where capacity additions are creating a sustained and visible demand tailwind for sodas.
We estimate incremental dense soda demand from solar glass units ramping up in the range of several thousand tons per month with further upside as new capacity comes online. Interestingly, the same geopolitical dynamics that has pressured cost have also had a moderating effect on import flow into India. Higher shipping cost has made imports comparatively less competitive. This has helped us in easing the inventory level in domestic market and provided some support to the domestic realization. On balance, while input costs are division, domestic prices has also firmed up and we believe that the worst of the pricing pressure may be behind us.
The Indian market appeared to be approaching an inflection point. I must say that we have remained focused on our cost discipline and operational efficiencies. In what continues to be seen a demanding environment where cost increase, including elevated shipping and energy cost have been unavoidable. We have moved to pass these through to customers in the transparent manner. Additionally, rupee depreciation has also provided a degree of natural protection to Indian producers, particularly offsetting the landed cost pressure from import.
Our fundamentals including cash generation, customer relationship and operating excellence remain intact. Our focus remains on what is within our control on our growth initiative. Our bromine and vacuum salt projects are in their final stages and the first led has already been commissioned. We expect full commissioning to take place in Q1FY27. The progress made is substantive and we remain confident in the near term operationalization of These assets in FY27 makes the beginning of a new earning layer for GSCL.
Value added downstream producer products will now begin contributing to profitability curtailing impact of business from adverse industry cycles. These projects remain strategically important as they present a meaningful steps in the diversifying our product portfolio on our greenfield soda project. This is a significant strategic investment and part of our long term goal and we will continue to provide update as commissioning milestones are achieved. GSL ends the year in a position of financial strength.
The external environment, including global oversupply, geopolitical uncertainty and cost inflation is not without its challenge. But let me leave you with what I believe is the right frame of gscl. We are one of the most efficient sodas producers. Our cost delivery has been on plan through a prolonged down cycle and as price headwinds gradually ease, we are positioned to be among the first to benefit on margin. More importantly, FY27 marks the beginning of a new financial layer that is value added products are now commissioned and we will continue meaningful profitability, reducing our dependence on commodity cycle entirely.
The domestic demand outlook is improving, the pricing environment is stabilizing and our diversification investments are beginning to we remain committed to operational excellence, prudent capital allocation and delivering consistent value to our shareholders and all the stakeholders. I would like to thank our investors and stakeholders for their continued trust in GSTL Limited. We remain committed towards shareholders return and in FY26 we have rewarded our shareholders with 415 crore in combination of dividend and share buyback.
I will now hand over the call to Raman to walk through the financial highlights in detail. Thank you
Raman Chopra — Chief Financial Officer and Executive Director
Thank you sir. Good evening everyone and a warm welcome to our earning call. For the 4th quarter and full year ended 31st March 2026 our performance remains steady. This is a result of our focus on operational excellence and efficient manufacturing. We achieved this despite the challenging pricing environment in the industry. I will now walk you through the key financial highlights. Revenue for the quarter came in at 808 crore compared to 773 crore in the previous quarter of this year and flat from rupees 807 crore in the same quarter of last year.
While the global scenario remains challenging, sequential improvement reflects the changing situation in domestic market driving better volumes and realization. For the full year revenue came in at 3144 crore which is much similar to last year at 3 to 73 crores. EBITDA for the quarter stood at 194 crore compared to 175 crore in Q3 of this year and 244 crore in Q4 of last year. EBITDA margin improved to 23.9% compared to 22.7% in Q3 of this year. For full year EBITDA came in at 769 crore and EBITDA margins at 24.4%.
We have been able to protect profitability and margin due to our deep rooted philosophy of cost optimization and operational efficiencies. PAT for the quarter came in at 120 crore which compared to 107 crore in Q3 of this year and 153 crore in Q4 of last year. For full year our PAT came in at 479 crore which is 15.2% net margin. This demonstrates strong profitability despite the global headwinds. For the full year we generated 603 crore in cash profit after tax. Out of this we spent 265 crore on capex including new bromine and vacuum projects and we repaid 335 crores worth of borrowings during the year.
We distributed 415 crores to our shareholders in the form of dividends and buyback which represents a substantial 87% of full year. FY26 packed further working capital has reduced by 153 crore resulting in a net cash generation of 41 crore for the year as a whole. In a period of external volatility. This reflects the strength of our balance sheet and our commitment to shareholders and disciplined capital allocation approach. We have a net cash surplus of 1058 crore at the end of FY26. This financial agility supports our strategic capex execution and provides significant growth headroom.
With this I conclude my comments and would now request the moderator to open the forum for question and answer. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants who wish us to ask a question, please press star and 1. The first question is from the line of Darshita from DSP Asset Managers.
Please go ahead.
Darshita Shah
So my first question was regarding the volume growth benefit that you mentioned. Given that imports were not as possible due to higher freight cost, we got some benefit. However, our top line for the quarter was largely flat on YY basis. So I mean how much would the volume growth be approximately and was it all offset by a negative pricing? Is that how we should think about it?
R S Jalan
So Danita, if you look at in terms of the volume there is approximately around 11% of the volume growth has happened whereas your pricing has gone down by 10%.
Darshita Shah
Okay, and you believe that the pricing should improve from here on? I mean from your opening commentary you mentioned that there is some benefit that we are getting on pricing plant. So you expect pricing to improve from here on, is it?
R S Jalan
If I can say, like I said, the global uncertainty is so volatile that saying something definitely is going to be very difficult. But yes, because of the import getting restricted and globally the supply chain disruptions and the supply chain costs have gone up. Definitely pricing improvement is being seen.
Darshita Shah
If you could share some insights as to how much pricing growth we have seen of late. In the last one odd month ever since the world has struck,
R S Jalan
This has been seen in the Like I said if you look at the last Quarter in the month of March, some increase has been felt. Industry, whatever the inventory they had there was dependent on reduction the inventory. So probably you will be seeing some benefit. Of course, on the other side, the cost is also going up because of energy cost, because of your, what you call raw material cost. The costs are also going up, but prices are also getting increasing.
Darshita Shah
Okay. And you
R S Jalan
Can say that in a way, you can say that whatever the cost increases are happening, we have been able to pass on that to the, to the, to the consumers, therefore.
Darshita Shah
Got it. Yeah. Okay. That’s what I was trying to understand. And are we facing any raw material unavailability issues or is that all taken care of?
R S Jalan
Professor? We have taken care of that. Fortunately, we had a very well planning of the raw material and we have a sufficient inventory of a few minutes, I would say four, five months after raw material and we are taking care of that. Absolutely no use on that.
Darshita Shah
Okay. And just lastly on the new facility, do we have any update here as to when will the construction begin?
R S Jalan
Like I mentioned earlier, quarters as well, I think some land acquisitions are kind of taking a longer time. So at this point of time, very specifically, it will be difficult to say when we are starting the construction. We are in the process of making those land acquisitions and land conversion happening. And once that happens, we will come back to the investors and give them a specific timeline.
Darshita Shah
Great. Okay, thanks a lot.
R S Jalan
Thank you.
Operator
Thank you. Participants, who wishes to ask a question, please press star and 1. The next question is from the line of OJ Singh from Celestial Crest Capital. Please go ahead. I’m sorry, we are unable to hear you, sir.
Saket Kapoor
Hello? Are you guys able to hear me now?
R S Jalan
Yeah. Better. Much better.
Saket Kapoor
Yeah. Thank you. Thank you for the opportunity. See, I don’t want to talk about the operations because you guys are the subject matter expert, but I just want to. I just have two or three questions. The first one is, as you guys are expanding into a new greenfield project, I just wanted to know, are we doing it through internal accruals? Because this is my first conference call. I haven’t yet been on any of your other calls. So is this being done through a mix of debt or internal accruals? Or this is all debt or what is the mix?
A, B, what would be the timeline of us deploying that capital? And this is a follow through to that question. Wouldn’t it be beneficial for the company to hold some cash on the balance sheet rather than giving it to us like shareholders, Rather than giving it to us in form of buybacks or dividends Wouldn’t it be beneficial to hold that cash onto your books and not take debt and then fund our acquisition or fund our expansion through that?
R S Jalan
No, I’ll just thank you very much for these very valid questions on growth in terms of the acquisition which we are. The investment of the greenfield project of the which we are talking about, definitely a mix of internal approval as well as some debts. However, debt will always be very well within the limit because we have clearly articulated to our investors that our debt equity ratio will never cross one.
Unidentified Participant
Because
R S Jalan
See, first and foremost, when we start investing into this project, it will take approximately around three years of time, four and a half years to three years of time. Today already we have around 1000 crore on the balance sheet. We have the reserves of the cash balance on the balance sheet of 1000 crore. And the way we are seeing this figure can be significantly higher because the capital expenditure will happen in the rear end of the project. Yes, but of course the debt will be there. Second, your question about the payout of the shareholders versus retaining the balance sheet.
I think we have been retaining a sufficient balance at this point of time. But we also believe that some kind of a reward for the stimulus is also very important and therefore we are taking a very conscious call on this buyback and the dividend and we are kind of doing a very justified kind of understanding of how do we kind of distribute to our shareholders.
Saket Kapoor
Correct? Correct. But I see that giving out 80% of your pack isn’t it way too much for us. I know, because you guys will expand, it will eventually create value for us. But you guys giving out 80% of your pat to us. I know, I don’t think, I think it’s way too much of returning value to the shareholders. But I feel that you can just hold on to a little bit of cash and expand on it. That is
R S Jalan
The point is valid audience. And I think till last year, since 2425, the similar philosophy was there. We have not kind of that kind of a return. We have not done, I think this is the first time we have done that of substantial amount of bottom line has been distributed to the shareholders. And depending upon how the progress of this project happens, we will be able to kind of take this kind of allocation of the capital differently. These two, both these projects which I’ve just mentioned in my opening remarks about this vacuum salt, which are a strategic investment, this all has been funded through the internal accrual only.
Saket Kapoor
Correct. Your point
R S Jalan
Really well taken.
Saket Kapoor
Yeah, thank you, thank you. Just that I just wanted to ask Those two questions. Thank you.
Operator
Thank you. Participants who wish us to ask a question, please press star and one. Now the next question is from the line of Rohit Sinha from Sundidi Securities. Please go ahead.
Rohit Nagraj
Yeah, thank you for taking my question. Sir, just one thing. On this slide I would say delay in this bromine and vacuum salt project that is pushed to Q1. How the pricing right now is there and if at all we are going to start it. Are we looking at a better situation as compared to what it would be in the Q4 or earlier if we have started.
R S Jalan
See Rohit, if you look at the blue mean, I think blue mean the pricing has been significantly higher now as compared to what we thought of. So obviously that will have an advantage to us in terms of the vacuum. So I would say that the prices are more or less on the stable pricing. So I think. I think there also kind of a. We are anticipated the bottom line will continue to be the same. But we thought of when the room in the project, when the project starts definitely looks to be the return will be better.
Rohit Nagraj
So any, any specific or rough number we can get what kind of revenue size would be contributing in the FY27 for this project? From this project?
R S Jalan
Yeah, just the number. I’ll just tell you the number. Broadly the number will be as per our this point of time roughly the top line will be roughly around 160 crores. And both the project put together and range will be something around 40 to 45%. Kind of a range number of 2627.
Rohit Nagraj
Yeah,
R S Jalan
That’s
Rohit Nagraj
Fine.
R S Jalan
Operational these numbers will be significantly higher.
Rohit Nagraj
Fair enough. And again looking at the overall,
R S Jalan
I just measure the number. This, this number which I told you is more of a full year benefit in the FY27 this number will be 120 crore approximately the margin remains almost the same level as I said 40 to 45%.
Rohit Nagraj
And any thought about expanding the capacity once we will be looking to increase the peak utilization or at this how Basically just wanted to understand how the market outlook you are seeing in this segment. Whether it would be better for us to expand the capacity in this particular segment only or would be looking to spend something on a different scale.
R S Jalan
Surely right on this project both are like I said margins looks to be very attractive. The ones the project is getting commissioned and we start getting the benefit and we stabilize that. Because both this business we are doing first time. Okay. Once we complete and we start realizing the benefit and we stabilize on that operation we will look at the opportunity of expanding
Rohit Nagraj
One Last question just from the China angle, how has been the import in the recent time and given the current situation in China, how we are looking at the situation going forward with imports being competitive to us
R S Jalan
At this point of the time? Like I said in my opening remarks, the imports has significantly come down in the last quarter and we hoping that because of this elevated freight cost supply chain delays, the customer also kind of preferring to have domestic consumers as domestic production as domestic supply. I think looks to be that if the geopolitical situation continues to be the way it is, it will be imposed on the lower side. But another good part is the demand growth in India is also significantly better.
Like I said last year the growth was significantly better, almost around 6% growth. And hopefully this year also the growth will be there led by the solar glass and all those things.
Rohit Nagraj
Okay, okay. So overall what kind of volume growth would be looking at for FY27 in this Odysh?
R S Jalan
See basically like I said, the volume growth per se will be there when we are kind of a number you we are producing 100% of our production in terms of the volume growth may not be very significantly higher but this may have it better outlook on the pricing side.
Rohit Nagraj
Got it. And what pricing has been changed from last quarter, I mean from Q3 to Q4 and post March what has been the price if at all? You can share the number.
R S Jalan
As I said like whatever the cost increase which has happened that has been kind of fully been able to pass on to the customers. So obviously the price escalation has happened but on the other side the cost has also gone up.
Rohit Nagraj
Fair enough. That’s it from my side. Thank you.
Operator
Thank you. Participants who wishes to ask a question, please press star and 1. Ladies and gentlemen, to ask a question you may please press Star and one. Now the next question is from the line of Rohit Nagraj from 361 Capital. Please go ahead.
Unidentified Participant
Thanks for the opportunity and apologies if I’m asking the question again because I missed the first and 15 minutes commentary. So in terms of cost escalation, what kind of cost increase we have seen both in terms of raw material and from the operating cost perspective because of increase in coal cost as well as ignite cost. Thank you.
R S Jalan
Lohit, as you rightly said, on the cost side there are two costs where the cost had gone up. On one side is the limestone. Limestone as you know the industry is importing from the Middle east the limestone where the cost had gone up and the second is energy cost. So these are the two costs primarily of course there are some others like your packing materials and other cost has also gone up. But this cost has gone up. However, like I said, we have sufficiently covered in terms of our inventory and therefore supply disruptions.
We are not seeing in that. In terms of the number number, of course the number will be getting reflected at this point of time. I would say that the energy prices which is more of a coal on the index, it has gone up from $120 to roughly around $136 approximately. I’m giving the number which is a very volatile number. It changes on a day to day basis. On the limestone, the supply chain cost has gone up, the freight from Middle east has gone up. These are the two major impacts which is happening.
Unidentified Participant
Got that, sir? Just question on curiosity in terms of the logistic cost. So what has been the increase in terms of the logistic cost is it could give us a per metric ton. Because I think that could be one of the elements where if the imported prices go up and if we are able to pass on or rather wet our prices based on the import parity, then we may have some chance of increasing the domestic prices. So just to get a perspective, what is the absolute increase in terms of per metric ton cost of soda as imports which has gone up?
R S Jalan
Sri, two things. You know that the soda ish is getting imported from many parts of the world. Okay. Something is coming from us, something is coming from Turkey, something is coming from China. Everywhere has a different pricing increase or the supply chain cost. But the important part in this whole piece is even the rupee dollar as you know, rupee dollar, kind of a rupee has depreciated both these put together. There is a kind of a substantial increase. And second is the supply chain disruption itself.
So probably all these three factors had led to kind of a been able to the domestic industry had been able to kind of pass on the cost pressure. But they have been because of this increase in the cost to the customers.
Unidentified Participant
Sure, sure, fair enough. Just one last clarification from an industry perspective. We heard from the competitor that there have been certain capacities which have been shut down in different parts of the world. So could you give us any understanding, broader understanding of the stream and whether that will also be an element for incremental increase in the soda ash prices. Thank you.
R S Jalan
Sivoj. You rightly said in terms of one of the US facility has been kind of a mouth ball, okay. Which is roughly 1.3 million tonnes in China also there are a lot of maintenance activities are being taken because see, as I said in my opening remarks China is seeing the heat of cost pressure on the synthetic soda ash. And I’ve said in my opening remarks that a lot of stress, financial stress are being felt by the Chinese producers. But the meaningful supply reduction in China which is more of a synthetic soda as is some time away this will happen.
But as you know that in the last three years the new capacity of natural sodas, majorly of the new solar capacity has happened in China which is in Mongolia at this point of time. Obviously supply is more than the demand.
Unidentified Participant
Right? Got. And just for the last clarification, in terms of the Inner Mongolia capacity, is it being fully now operational and what is the full capacity as of now in terms of production?
R S Jalan
In terms of the total fully operational and I think last year they have added to approximately around two and a half million or three million, some kind of a subsidy they have added and overall it is around 13 million of the total. Sorry, 7 million tons of the new.
Unidentified Participant
Sure, that’s all from my side. Thanks a lot and all the best.
Operator
Thank you participants, you may please press star and one. The next question is from the line of Saket Kapoor from Kapoor and company. Please go ahead.
R S Jalan
Yeah, hope I’m audible. Yes I can. Yes, yes. Thank you sir for this opportunity. First of all and thank you for for also amending the dividend distribution payout to your investors from 15 to 25% and maintaining the absolute number at 12 per share. We hope the same get clear through the AGM part. But kudos to the team, the campus and the board of directors for considering the same. Now firstly with respect to the capital work in progress closing balance, we find the closing balance at 450 crore.
So if you could just explain, are these mainly attributable to the Bromine and the vacuum salt project or what portion
Saket Kapoor
Will get capitalized in the first quarter itself?
R S Jalan
As you rightly said, this capital work in progress is primarily driven by the vacuum salt and the Bromine project. And once the project gets commissioned, like I said, in the first quarter this port will be capitalized around 300 crores will be from this account balance. There are some other project like a pipeline project and all those things and that will also get commissioned the moment the this project is completed. I think this year probably that project also will get commissioned.
Rohit Nagraj
That pipeline is also pertaining to
R S Jalan
Our existing facility only. Yes, yes, yes, okay sir, as you mentioned to the earlier participant that the additional revenue from the Bromine and the vacuum salt project for the current financial year 2327 is approximately 120 crores. Correct. I’m
Saket Kapoor
Correct on that. Yes sir. At what utilization levels are we. Are we concluding with this figure of 120 crore?
R S Jalan
This is a gradual increase. You’ll be there as you know that the project will get commissioned now in the month of May, June. After that the gradual expansion will happen and end of the year we will be running at the full capacity.
Saket Kapoor
Correct sir. But what should be that that number 120 crore is represent what percentage of utilization level ramped up till the next financial year. Till the end of this financial year.
R S Jalan
Just calculate. I said that the peak numbers will be 170 crores and this number calculates. Okay,
Saket Kapoor
I missed that 170 number. So 170 will be the peak capacity
R S Jalan
At fully utilization level levels. When we look at our EBITDA margin trends, I think so in the presentation you. We people have very well articulated that our averages have been above of 26, 27%. And now with the wageries of the lower realizations and the other dumping aspect we are now trending in 2320, 22 to 23 sub levels. So what should be the likelihood of the EBITDA margin trend? With the. With your opening commentary wherein you have articulated
Saket Kapoor
That things look positive going ahead, how should this. This line item shape up? Well for the current financial year?
R S Jalan
Sajit is first and foremost like I said in my opening remarks also the market is so volatile, you know that because of the geopolitical situation completely uncertainty. How does this shape up going forward? Nobody knows about it. I think in the month of February we did not knew that this geopolitical crisis will happen. But having said that there are two things which are very important. I want to highlight what we have in our control. We have done a remarkable job on the cost side of best efficiencies, best in class of raw material consumption norms and so on, so forth.
So that’s one part of it. The second part of this point of the time when we stand and the way this geopolitical situation at this point of time I said on one side the costs are also getting increased. On the other side the realization is also getting increased. So overall per se at this point of time slightly it will be more neutral to kind of a little bit of a positive side. But how this will shape up in the next month we don’t know right now.
Rohit Nagraj
Okay, for the sodium bicarbonate part of the story, I think so we did some capex in doubling our capacity there. How are the utilization levels and the demand outlook for sodium bicarbonate shaping up
R S Jalan
This year our volume of sodium bicarbonate has also grown up. And we are expecting that the next year also it will be growing up. We have almost around I would say 80%, 85% kind of a utilization we have been able to achieve in the sodium bicarbonate. And hopefully the. The way we are looking at the demand probably this number will be slightly better in the coming coming years. 26, 27.
Rohit Nagraj
As in the. In your presentation also this was mentioned that we are more moving towards the glass utilization levels in the country as a whole. And hence the requirement for dense soda ash would be higher. So what proportion of our sales mix is dense versus dense? The light soda X mix.
R S Jalan
As you rightly said Saketji, the trend is more towards the growth in the glass sector, particularly led by the solar glass. Right. So at this point of time approximately around our capacity was around 55%. 50 to 55% is the capacity which is of a glass and 50% is approximately around on the detergent side. Because what we have. Yes, so we have heard from your competitor that they are making some, some changes and upping their dense soda facility for in the times to come. So taking into account do that kind of canvas
Saket Kapoor
Or landscape work for us also that going ahead we will be also doing the same thing or we are comfortable with this mix in terms of the demand out.
R S Jalan
See first and foremost. Secondly, what we have been doing is and that we have been very successfully being done without any major capital expenditure. We have expanded our sodas production which used to be around 40%, now around 55%. And our endeavor going forward will be from the existing assets what we have on the dentist. We expand the. The production itself on that and hopefully we will be able to improve upon that will be sufficient at this point of time.
Rohit Nagraj
Okay, and this ratio will improve that is what you are conveying?
R S Jalan
Yes, from 55%.
Rohit Nagraj
Okay.
R S Jalan
Now we are trying to increase it to more number.
Rohit Nagraj
To higher numbers. Yeah, going right.
R S Jalan
Right. Sir, in the last point is from for Ramansattar, when we look at our cash flow there is a 7 crore I think so loss from the subsidiary part. So what will that attribute to sir? 6.6 crores.
Raman Chopra
In fact this is the income which we were receiving from the sale of asseted subsidiary. So at a standalone basis that income was reflected in the standalone numbers. So when you consolidate because it’s your subsidiary that gets knocked off. So once I say payout on another side, this is an income so there is no negative on the consolidated from that aspect. So it’s just a accounting treatment which is there. So the income has been recorded in a standalone basis. I hope I’ve been able to clear that.
So
R S Jalan
Secondly this is income only of 7 crores which has come from the subsidiary. But while consolidating this gets knocked off. And because of that you don’t see that there. No loss of the investment.
Rohit Nagraj
Right? Sir, I’m joining the Q s and. And all the best to the team sir. For the good work done.
Operator
Thank you. Thank you. The next question is from the line of Ojo Singh from Celestial Crest Capital. Please go ahead. Mr. Ojit Singh, please go ahead with a question. Your line is unmuted. Mr. Ojit Singh, please go ahead with your question. Your line is unmuted.
Saket Kapoor
Are you guys able to hear me? Sorry. Hello.
Operator
Yes, we are able to hear you. Now
Saket Kapoor
Just one more question. I just wanted to know what was your rational behind that 300 crore buyback? Were you seeing the stock price being say undervalued or what was your rationale behind that 300 crore buyback?
R S Jalan
I don’t think I’ll be able to comment on whether I see the underpricing or things like that. Our purpose was to kind of reward the shareholders and that was the snail behind that pricing. Whether undervalued or not investors to kind of a decide.
Saket Kapoor
Correct? Correct. Thank you. I just wanted to know because I thought that you guys must have been some. There must have been some rationale behind doing some doing that 300 crore buyback. That’s it. Thank you. That was my last question. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Saket Kapoor from Kapoor company. Please go ahead.
R S Jalan
Yes, a small addition. In terms of this anti dumping duty and the. And this. And this Safwan duty parts. Where are we
Rohit Nagraj
In currently? I think so. We have filed fresh application for the same and any. Any updates that you can share on the same.
R S Jalan
Yes, I think so far as the anti dumping is concerned I think in the last call I have kind of updated it has been recommended gone to the finance minister and that no decision has been taken at the finance ministry. So that is
Rohit Nagraj
Hold
R S Jalan
By the finance. Okay. And at this point of a time assuming that they are not considered this favorably now we have filed another application which is a safeguard on the quantitative restriction. Under the safeguard that is under investigation and that is under. Under the process that will take some months of time to kind to finally come to a conclusion. Once that happens they will come back to the same for update on that.
Rohit Nagraj
Correct? Correct, sir. Right sir. That was a closing remark. Thank you sir.
R S Jalan
Thank you.
Operator
Thank you ladies and gentlemen. As there are no further questions from the participants I now hand the conference over to management for closing comments.
R S Jalan
Thank you very much and thank you to all the stakeholders about the continued support. Like I said, always said in my comment that we are trying to do on our path which is in our control and as I said over a period of time we have been able to bring a lot of efficiency, lot of cost optional and because of that we are one of the lowest cost producers and at this point of time in this space and any upside on the Surat of course for 2, 3 years Surat prices are under pressure but any opportunity of an increase in the outlook of the soda we will be the first one to kind of get an advantage of that.
So we will continue to do what is in our control and try to deliver the performance on that basis. Thank you very much for your support.
Operator
Thank you ladies and gentlemen on behalf of MT Global Financial Services limited That concludes this conference. Thank you for joining us and you may now disconnect your lines.