Ghani Chemical Industries Limited
By PSX Investors Zone · Updated October 24, 2026
Ghani Chemical Industries Limited (PSX: GCIL) is a Pakistani manufacturer and supplier of medical and industrial gases. Incorporated in 2015 and listed on the Pakistan Stock Exchange in 2022, the company supplies gases including oxygen, nitrogen, and argon to healthcare institutions and industrial customers across sectors such as steel, engineering, oil and gas, pharmaceuticals, food processing, and manufacturing. For the financial year ended June 30, 2026, GCIL reported standalone net sales of approximately Rs 8.280 billion, profit after tax of Rs 2.861 billion, and EPS of Rs 5.02. Compared with FY2025, net sales increased by approximately 11.4% and profit after tax increased by approximately 43.5%. The board recommended no cash dividend for FY2026. GCIL was listed as Shariah-compliant in the KMI All Share Islamic Index review effective June 5, 2026, with a non-compliant income ratio of 2.40% in that review. PACRA maintained its A long-term and A1 short-term credit ratings with a Positive outlook in May 2026. **Important regulatory consideration:** The PSX company page displays a Risk Warning Alert referring to continuing violations of specified exchange clauses and possible suspension or delisting. Investors should review the current PSX notice and the company's subsequent disclosures before assessing the stock.
Ghani Chemical Industries Limited (PSX: GCIL) is a Pakistan-based manufacturer, seller, and trader of medical and industrial gases. The company was incorporated as a private limited company on November 23, 2015, converted into a public limited company on April 20, 2017, and listed on the Pakistan Stock Exchange on November 14, 2022.
GCIL is a subsidiary of Ghani Global Holdings Limited and operates in the industrial and medical gases market. Its products include oxygen, nitrogen, argon, and other gases used by hospitals, steel and engineering businesses, oil and gas companies, pharmaceutical manufacturers, food and beverage producers, and other industrial customers.
The business depends on industrial activity, healthcare demand, plant utilization, electricity and energy costs, equipment reliability, pricing, financing costs, and the ability to maintain reliable supply to customers.
FY2026 Financial Performance
The following figures are the standalone annual results displayed on the official PSX company page. Amounts have been converted from thousands of rupees to millions or billions where appropriate.
| Financial year ended June 30 | Net sales | Profit after tax | EPS |
|---|---|---|---|
| FY2026 | Rs 8.280bn | Rs 2.861bn | Rs 5.02 |
| FY2025 | Rs 7.435bn | Rs 1.995bn | Rs 3.88 |
| FY2024 | Rs 5.437bn | Rs 785.807m | Rs 1.58 |
| FY2023 | Rs 4.332bn | Rs 507.891m | Rs 1.06 |
Source: PSX official company profile. The PSX data provider may standardize financial information; use the company's audited annual report as the primary source when finalizing figures.
Net sales increased by approximately 11.4% in FY2026 compared with FY2025. Profit after tax increased by approximately 43.5% on the figures in the company's FY2026 results summary. EPS increased from Rs 3.88 to Rs 5.02 in the PSX standalone data display.
The company reported improved gross profit and operating profit in FY2026. This performance coincided with higher sales and stronger margins. However, investors should assess whether the improvement is sustainable by reviewing the audited financial statements, production utilization, operating expenses, finance costs, cash flow, and the contribution of new capacity.
Consolidated Financial Results
The consolidated financial results include the group reporting scope and should be distinguished from standalone results.
| Financial year ended June 30 | Consolidated net sales | Consolidated profit after tax | Consolidated EPS |
|---|---|---|---|
| FY2026 | Rs 8.280bn | Rs 2.869bn | Rs 5.03 |
| FY2025 | Rs 7.435bn | Rs 1.991bn | Rs 3.87 |
Source: FY2026 results announcement summary. Confirm all figures and reporting labels against the original PSX results filing and audited annual report.
The consolidated results indicate higher revenue and profit compared with FY2025. The difference between consolidated and standalone earnings is relatively small in the reported figures, but investors should still use the correct reporting basis when comparing GCIL with other companies or calculating valuation ratios.
Profitability and Financial Ratios
The PSX data provider reports the following ratios:
| Ratio | FY2026 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Gross profit margin | 53.40% | 45.89% | 29.66% | 33.70% |
| Net profit margin | 34.56% | 26.83% | 14.45% | 11.72% |
| EPS growth | 29.38% | 145.57% | 49.06% | -48.29% |
Source: PSX company profile. These are provider-displayed ratios and may differ from independent calculations using audited statements.
The reported margins improved materially in FY2026. Higher margins can support profitability, but they should be considered alongside changes in product mix, pricing, energy efficiency, plant utilization, and finance costs. Investors should also examine whether reported profit translates into operating cash flow and whether working-capital requirements are increasing.
Dividend History
The board recommended no cash dividend, bonus shares, or right shares with the FY2026 financial results announced on September 28, 2026.
The absence of a dividend means investors seeking cash distributions should not treat GCIL's recent earnings growth as evidence of an expected payout. Future dividend decisions depend on cash generation, capital expenditure, debt obligations, business expansion, and formal board and shareholder decisions.
Verify any subsequent corporate action through the official PSX company page and the company's Ghani Global Group website.
Share Price and Valuation Snapshot
The official PSX page showed the following market data on October 23, 2026, at approximately 4:44 p.m. This is a dated market snapshot, not a live quote.
- Share price: Rs 30.98
- Previous closing price: Rs 30.96
- Day's high: Rs 31.34
- Day's low: Rs 30.66
- 52-week price range: Rs 24.95–40.60
- Trailing P/E ratio: 6.17, based on unconsolidated financials
- Market capitalization: Approximately Rs 17.673 billion
- Shares outstanding: Approximately 570.452 million
- Free float: Approximately 256.703 million shares, or 45%
- One-year price change: -9.26%
- Year-to-date price change: -8.72%
Source: PSX official company profile. Market data may change, and historical returns shown by PSX are not adjusted for payouts.
The price-to-earnings ratio compares a share price with the relevant trailing earnings per share. A relatively low P/E does not independently establish that a stock is undervalued. Investors should also evaluate the durability of earnings, capital requirements, borrowing levels, cash generation, regulatory status, and the risks associated with the company's operating facilities.
Shariah Compliance Status
Ghani Chemical Industries Limited was marked Compliant in the KMI All Share Islamic Index review based on accounts as of December 31, 2025, with the recomposed index effective June 5, 2026.
The review lists a non-compliant income ratio of 2.40%. This figure is part of the published screening review and should not be interpreted as the percentage of the company's entire business that is non-compliant.
Shariah screening status can change when financial ratios, business activities, or screening criteria change. Investors should confirm the latest applicable review and the company's current disclosures before making an investment decision.
Source: KMI All Share Islamic Index review.
Credit Rating
PACRA's May 2026 rating report maintained GCIL's long-term rating at A and short-term rating at A1, with a Positive outlook.
PACRA's analysis cited revenue growth, stronger margins, the operationalization of the 275-ton-per-day Hattar air separation facility, energy efficiencies, and the company's position in medical and industrial gases. The report also identified the importance of maintaining margins, using expanded capacity effectively, and managing leverage and debt coverage.
A credit rating is an opinion on creditworthiness, not a recommendation to buy, sell, or hold a listed share. It should be considered alongside the company's financial statements and regulatory disclosures.
Source: PACRA rating history and report.
Expansion and Business Developments
PACRA's May 2026 report describes GCIL's industrial and medical gas operations across facilities in Lahore and Port Qasim, Karachi, and its newer Hattar Special Economic Zone facility. The Hattar facility has added production capacity and is expected to support operating efficiency and supply capabilities.
The report also refers to diversification initiatives, including an LNG and CO₂ venture with Mari Energies Limited, an agreement relating to medical gas pipeline systems, and a planned LPG storage facility at Phool Nagar. These developments may broaden the business, but their eventual contribution depends on execution, capital spending, demand, and regulatory approvals.
Investors should confirm the latest status of each project through company announcements rather than treating proposed or developing projects as completed and revenue-generating.
PSX Risk Warning Alert
The PSX company page displays the following warning:
The Company is in continuous violation as specified in Clauses 5.11.1. or 5.11.2. and carry risk of suspension of trading or being delisted from the Exchange and may be subject to such terms and conditions as specified by the Exchange.
This is a material regulatory disclosure. The wording refers to continuing violations of specified exchange clauses and potential suspension or delisting risk. It does not, by itself, explain the exact underlying violation or establish that suspension or delisting has occurred.
Before investing or publishing an updated profile, review the latest PSX notice, any subsequent company announcement, and any exchange clarification to understand the issue and its current status.
Source: PSX official company profile and Risk Warning Alert.
Key Risks to Monitor
- Exchange and regulatory risk: PSX displays a Risk Warning Alert that refers to potential suspension or delisting.
- Industrial demand: Demand from steel, engineering, manufacturing, oil and gas, and other industrial users can change with economic activity.
- Medical-sector concentration: Hospital and healthcare demand supports the medical-gas business, but customer concentration and contract terms still matter.
- Energy costs: Gas production can be energy-intensive; electricity prices and plant efficiency affect margins.
- Capacity utilization: New production capacity must be utilized effectively to generate adequate returns.
- Borrowings and finance costs: The FY2026 results summary shows higher short-term borrowings and finance costs year over year; investors should review the audited balance sheet and debt maturities.
- Expansion execution: New ventures and storage or production projects may require capital and time before contributing to earnings.
- Shariah screening changes: Compliance should be checked against the latest screening review.
- Market valuation: Historical price performance and a trailing P/E ratio do not guarantee future returns.
Frequently Asked Questions
1. What is the PSX symbol of Ghani Chemical Industries Limited?
Its Pakistan Stock Exchange symbol is GCIL.
2. What does GCIL manufacture?
The company manufactures and trades medical and industrial gases, including oxygen, nitrogen, and argon.
3. How much profit did GCIL report in FY2026?
The PSX standalone data reports profit after tax of approximately Rs 2.861 billion and EPS of Rs 5.02. The consolidated results summary reports profit after tax of approximately Rs 2.869 billion and EPS of Rs 5.03.
4. Did GCIL announce a dividend for FY2026?
No. The board recommended no cash dividend, bonus shares, or right shares with its FY2026 results.
5. Is GCIL Shariah-compliant?
GCIL was listed as Compliant in the KMI All Share Islamic Index review effective June 5, 2026, based on December 31, 2025 accounts. The review listed a 2.40% non-compliant income ratio. Investors should verify the latest status before investing.
6. What is GCIL's credit rating?
PACRA maintained its long-term rating at A and short-term rating at A1, with a Positive outlook, in May 2026.
7. What does the PSX Risk Warning Alert mean?
The alert refers to continuing violations of specified exchange clauses and potential suspension or delisting. Investors should review the latest official notice to determine the underlying issue and current status.
8. Where can investors verify GCIL's financial results?
Use the official PSX company profile, the Ghani Global Group website, and PACRA's rating history.
Related Resources
- Browse company profiles
- Check Shariah-compliant stocks
- Read PSX market updates
- GCIL official PSX profile
- Ghani Global Group
- PACRA rating history
- KMI Islamic Index review
Research note: Figures and market data are dated as indicated. Before publication, verify all financial figures against the audited FY2026 annual report and the original PSX filing. Recheck the current Risk Warning Alert and the latest Shariah screening status.
This profile is for educational purposes and is not a recommendation to buy or sell any security.