GHCL Q2 FY27 Guidance vs Delivery (GHCL Management Mirror)

Q2 FY27 EBITDA Margin Moderates to 23.4%, Meeting the Normalization Guided in Jun'26 Qtr

In Sep'26 Qtr, the company reported an EBITDA margin of 23.4% in its Quarterly Financial Results, while the concall cited a 24.7% EBITDA margin. This meets the normalization guidance issued in the Jun'26 Qtr concall, where management warned that Q1 FY27's elevated 29.1% margin would moderate and revert broadly to the previous year's trends. Looking ahead, management guides Q3 FY27 EBITDA to be lower sequentially due to an annual plant maintenance shutdown impacting quarterly production by 3% to 4% and tapering low-cost raw material benefits, though it is expected to be higher than Q3 FY26. Full-year FY27 performance is anticipated to be similar to or slightly better than FY26, with FY28 projected to be better than FY27.