J.G.Chemicals Limited (JGCHEM)
₹637.80 +1.33% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, J.G.Chemicals' revenue was ₹316 Cr (+44.9% year on year, +10.4% on the previous quarter), and net profit ₹26.0 Cr (+58.9% year on year); the operating margin was 10.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹316 | +44.9% | +10.4% |
| Operating profit | ₹34.0 | +71.7% | +58.2% |
| Net profit | ₹26.0 | +58.9% | +37.6% |
| EPS (₹) | 6.40 | +58.8% | +38.8% |
| Operating margin | 10.8% | — | — |
JGCHEM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.97% of the JGCHEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.12%. That is close to its usual level.
Delivery in the last 5 sessions: 39.4% · 36.1% · 35.8% · 44.0% · 36.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
J.G. Chemicals Limited submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The company confirmed an issued and listed capital of 39,186,063 equity shares of face value Rs 10 each, with zero difference between issued and listed counts. The entire share capital is 100% dematerialised, split between NSDL (87.64%) and CDSL (12.36%). No shares are held in physical form, and there were no share capital changes or pending demat requests during the quarter.
- Total issued and listed capital stands at 39,186,063 equity shares of Rs 10 face value each
- 100% of the share capital is dematerialised with 0 physical shares
- NSDL holds 34,342,837 shares (87.64% across 11,791 shareholders)
- CDSL holds 4,843,226 shares (12.36% across 31,651 shareholders)
- Zero requests pending for dematerialisation beyond 21 days
J.G. Chemicals has received newly assigned credit ratings from CARE Edge Ratings on September 23, 2026, for bank facilities totaling Rs 19.75 crore. The long-term facilities of Rs 17.75 crore were assigned 'CARE A+; Stable', while long/short-term facilities of Rs 2.00 crore were rated 'CARE A+; Stable / CARE A1+'. Given the company's low debt of Rs 6 crore and net worth of Rs 331 crore, this rating action covers a relatively modest facility size (~2.3% of TTM revenue).
- CARE Edge assigned 'CARE A+; Stable' for Rs 17.75 crore of long-term bank facilities
- Assigned 'CARE A+; Stable / CARE A1+' for Rs 2.00 crore of long-term/short-term bank facilities
- Total bank loan facilities rated stand at Rs 19.75 crore across Citi Bank and HDFC Bank Ltd.
- Rated amount represents ~2.3% of TTM revenue (Rs 851 crore) and ~6.0% of net worth (Rs 331 crore)
J.G. Chemicals Limited has scheduled a virtual group meeting with analysts and institutional investors on Wednesday, September 16, 2026, at 10:00 AM IST. The company confirmed that discussions will be based strictly on publicly available information and no Unpublished Price Sensitive Information (UPSI) will be shared. This represents a routine regulatory disclosure under Regulation 30 of the SEBI Listing Regulations.
- Virtual group meeting scheduled for Wednesday, September 16, 2026, at 10:00 AM IST
- Interaction to be conducted in virtual mode with analysts and institutional investors
- No Unpublished Price Sensitive Information (UPSI) will be disclosed during the interaction
J.G. Chemicals has released its Annual Report for FY26 and convened its 25th Annual General Meeting (AGM) for September 30, 2026. The report highlights record FY26 consolidated performance with revenue of ₹9,729 million (₹972.9 Cr), EBITDA of ₹979 million, and net profit of ₹686 million (₹68.6 Cr). The company reiterated its ₹1,000 million (₹100 Cr) greenfield Dahej expansion funded entirely via internal accruals, with Phase 1 targeted for commissioning in Q3 FY27. It also outlines strategic targets to increase non-rubber sector revenue from ~15% to ~30% over the next 3 to 4 years.
- 25th Annual General Meeting scheduled for September 30, 2026
- FY26 headline performance achieved record revenue of ₹9,729 mn, EBITDA of ₹979 mn, and PAT of ₹686 mn
- Dahej greenfield plant capex of ₹1,000 mn funded internally, with Phase 1 commissioning expected in Q3 FY27 and revenue potential of ₹9,000 mn
- Net cash stood at ₹1,538.67 mn as of March 31, 2026
- Strategic target to lift non-rubber revenue contribution from ~15% to ~30% over 3-4 years
J.G. Chemicals Limited has scheduled its 25th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 3:30 PM IST via Video Conferencing / Other Audio Visual Means. The company has fixed Wednesday, September 23, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting and voting at the AGM. The full AGM notice and Annual Report for FY26 will be dispatched to stock exchanges and shareholders in due course.
- 25th Annual General Meeting scheduled for September 30, 2026, at 3:30 PM IST via VC/OAVM
- E-voting cut-off date fixed as September 23, 2026
- Notice of AGM and Annual Report for FY ended March 31, 2026, to be submitted separately
J.G. Chemicals Limited has fixed September 23, 2026, as the record date for determining shareholder eligibility for a final dividend of ₹1.10 per equity share (face value ₹10) for FY26. The dividend was previously recommended by the Board on May 14, 2026. The payout is subject to shareholder approval at the 25th Annual General Meeting scheduled for September 30, 2026.
- Final dividend of ₹1.10 per equity share of face value ₹10 recommended for FY26
- Record date set as Wednesday, September 23, 2026
- 25th Annual General Meeting scheduled for Wednesday, September 30, 2026
- Dividend proposal follows initial Board recommendation on May 14, 2026
J.G. Chemicals Limited has scheduled an in-person meeting with multiple analysts and institutional investors on September 8, 2026, in Mumbai. The company clarified that no Unpublished Price Sensitive Information (UPSI) will be shared during the interactions, which will focus solely on publicly available information. This is a standard procedural compliance filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Meeting scheduled for September 08, 2026
- Mode of interaction: In-person/Physical in Mumbai
- Target participants: Multiple institutional investors
- No Unpublished Price Sensitive Information (UPSI) to be disclosed
J.G. Chemicals Limited has informed the exchanges that it will conduct an in-person meeting with multiple analysts and institutional investors on September 07, 2026, in Mumbai. The company noted that the interaction will rely solely on publicly available information and no unpublished price-sensitive information (UPSI) will be shared. This is a routine regulatory intimation under SEBI LODR Regulation 30. The company recently posted TTM revenue of ₹851 crore and has a market cap of ₹2,554 crore.
- Meeting scheduled for September 07, 2026, with multiple investors
- Mode of interaction is in-person/physical in Mumbai
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be discussed
J.G. Chemicals' material subsidiary, BDJ Oxides Private Limited, has acquired approximately 16.74 acres of freehold land at APIIC Industrial Park in Tirupati, Andhra Pradesh, for a consideration of ₹18.41 crore. The land parcel is situated directly opposite BDJ Oxides' existing manufacturing unit at Naidupeta, enabling seamless infrastructural synergy. The acquisition will support the long-term expansion of the company's sustainable recycling and zinc-based product portfolio. The ₹18.41 crore purchase represents ~5.6% of the company's net worth (₹331 crore) and ~2.2% of TTM revenue (₹851 crore), easily accommodated by its low-debt balance sheet.
- Material subsidiary BDJ Oxides acquired 16.74 acres of freehold land at APIIC Industrial Park, Tirupati, Andhra Pradesh.
- Total transaction consideration is ₹18.41 crore, plus applicable registration and statutory charges.
- Land parcel is located directly opposite the existing Naidupeta facility, optimizing future logistics and utilities.
- Purchase represents ~5.6% of net worth (₹331 crore) and ~2.2% of TTM revenue (₹851 crore).
JG Chemicals reported its best-ever quarterly performance in Q1 FY27, with revenue growing 44.8% YoY to Rs 315.7 Cr. EBITDA margins improved to 11.5% from 10.64% YoY, resulting in a record PAT of Rs 26.1 Cr. The company is on track to commission its Rs 100 Cr Gujarat greenfield facility in Q3 FY27, which carries a revenue potential of Rs 900 Cr, nearly doubling current TTM revenue. Capacity utilization remains strong in the early 80s, supported by robust demand from the tire industry, which accounts for 80-90% of total sales.
- Achieved highest-ever quarterly revenue of Rs 315.7 Cr, up 44.8% YoY and 10.3% QoQ.
- EBITDA reached a record Rs 36.3 Cr with margins expanding to 11.5%.
- Gujarat greenfield facility (Dahej) involves Rs 100 Cr investment with Rs 900 Cr revenue potential.
- Total zinc chemical capacity to exceed 1,15,000 MTPA post-expansion, up from current ~70,000 MTPA.
- Tire industry demand remains strong, supported by Rs 25,000 Cr of announced capex by major tire manufacturers.
J.G. Chemicals has made the audio recording of its earnings call held on August 10, 2026, available to the public. The call discussed the unaudited financial results for the quarter ended June 30, 2026. With a TTM revenue of Rs 973 Cr and a dominant 30% market share in zinc oxide, the company's management commentary typically focuses on the progress of the 40,000 MTPA Gujarat greenfield facility. This facility holds a significant revenue potential of Rs 900 Cr, which is approximately 92% of the current TTM revenue.
- Earnings call conducted on August 10, 2026, for the quarter ended June 30, 2026
- Company maintains a leading 30% market share in the Indian zinc oxide market
- Upcoming Gujarat greenfield facility has a projected revenue potential of Rs 900 Cr
- Tyre industry accounts for a high concentration of 80-90% of total revenue
- TTM revenue as of the latest period stands at Rs 973 Cr with an OPM of 8.4%
J.G. Chemicals has released the audio recording of its earnings conference call held on August 10, 2026, regarding the unaudited financial results for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the quarterly results announcement. Investors can access the recording on the company's website to gain insights into management's commentary on operational performance and the progress of the Gujarat greenfield project. The company currently holds a ~30% market share in India's zinc oxide market with a TTM revenue of ₹973 Cr.
- Earnings call conducted on August 10, 2026, for the quarter ended June 30, 2026
- Company maintains a dominant ~30% market share in the domestic zinc oxide industry
- Tyre industry continues to account for 80-90% of the company's total revenue
- Upcoming 40,000 MTPA Gujarat greenfield facility has a projected revenue potential of ₹900 Cr
- Interest coverage ratio significantly improved to 107.13 in FY25 from 13.36 in FY24
J.G. Chemicals has released the audio recording of its earnings call held on August 10, 2026, regarding the Q1 FY27 results. The company, which holds a 30% market share in India's zinc oxide market, is currently executing a major Gujarat greenfield facility. This facility has a projected revenue potential of Rs 900 Cr, which is approximately 92% of its current TTM revenue of Rs 973 Cr. The call provides management's latest commentary on diversifying beyond the tyre industry, which currently accounts for 80-90% of total sales.
- Earnings call conducted on August 10, 2026, for the quarter ended June 30, 2026
- Gujarat greenfield facility targeted for Rs 900 Cr revenue potential vs TTM revenue of Rs 973 Cr
- Maintains a dominant ~30% market share in the Indian zinc oxide industry
- Tyre industry concentration remains high, contributing 80-90% of total revenue
- Interest coverage ratio significantly improved to 107.13 in FY25 from 13.36 in FY24
JG Chemicals reported a strong Q1 FY27 with revenue of Rs 315.7 Cr and PAT of Rs 26.1 Cr, showing significant sequential growth. The company maintains a dominant 31% market share in the Indian Zinc Oxide market, with 85% of revenue currently tied to the tyre industry. A major growth catalyst is the upcoming Rs 100 Cr Dahej greenfield facility, which has a revenue potential of Rs 900 Cr (approx. 92% of TTM revenue) and is scheduled for commissioning in Q3 FY27. EBITDA margins improved to 11.5% in Q1 FY27 compared to 10.05% for the full year FY26.
- Q1 FY27 Revenue reached Rs 315.7 Cr, a significant increase over the FY26 quarterly average of ~Rs 243 Cr
- Dahej project involves a Rs 100 Cr investment with a massive Rs 900 Cr annual revenue potential
- EBITDA margins expanded to 11.5% in Q1 FY27 from 10.05% in FY26
- The company services 9 out of the top 10 global tyre manufacturers and 11 domestic ones
- Commissioning of the 40,000+ MTPA Dahej facility is targeted for Q3 FY27
J.G. Chemicals reported a strong start to FY27 with standalone revenue from operations growing 35.1% YoY to ₹95.88 Cr. Standalone Net Profit for the quarter ended June 30, 2026, rose 33.4% YoY to ₹8.49 Cr, up from ₹6.36 Cr in the previous year. The company also announced the incorporation of a 100% step-down subsidiary in Dubai, UAE, named 'BDJ Materials And Metals Trading FZCO'. This new entity will focus on global raw material sourcing and international distribution of finished products.
- Standalone Revenue from operations increased by 35.1% YoY to ₹95.88 Cr compared to ₹70.96 Cr in Q1 FY26.
- Standalone Net Profit grew 33.4% YoY to ₹8.49 Cr, with EPS rising to ₹2.17 from ₹1.62.
- Total Standalone Revenue (including other income) reached ₹99.10 Cr for the quarter.
- Board approved the incorporation of a 100% step-down subsidiary in Dubai for sourcing and distribution.
- Standalone EBITDA margins remained stable as profit growth closely tracked revenue growth at ~33%.
Financial Performance
Revenue Growth by Segment
The company derives approximately 95-98% of its revenue from Zinc Oxide variations. Total income grew 27% year-on-year from INR 675.4 crore in FY24 to INR 858 crore in FY25. For H1 FY26, consolidated revenue from operations reached INR 438.3 crore, representing a 5.7% growth compared to H1 FY25. Zinc Sulphate is being introduced to diversify the portfolio, though it currently represents a small fraction of total sales.
Geographic Revenue Split
The company operates three units in West Bengal (Belur and Howrah) with a 16,200 MT capacity and a unit in Andhra Pradesh (Nellore) with 43,704 MT capacity for Zinc Oxide and 10,080 MT for Zinc Sulphate. A new greenfield facility is being established in Gujarat to target the western market, with a revenue potential of INR 900 crore.
Profitability Margins
Net Profit Margin improved significantly from 6.73% in FY24 to 10.6% in FY25, a 387 bps increase. However, H1 FY26 PAT margin stood at 7.16%, a decline of 80 bps YoY. Return on Net Worth (RoNW) increased from 8.16% in FY24 to 14.52% in FY25, reflecting better capital efficiency.
EBITDA Margin
EBITDA margin was 11.34% in FY25, up 339 bps from 7.95% in FY24. For H1 FY26, the EBITDA margin was 10.29%, a 117 bps decline from 11.46% in H1 FY25. Q2 FY26 saw a marginal 0.7% decline in EBITDA margin to 9.94% due to the consumption of high-cost inventory caused by shipping delays.
Capital Expenditure
The company is undertaking a greenfield capex of approximately INR 100 crore in Gujarat over the next four fiscals (phased manner). This project is being funded entirely through internal accruals, maintaining a debt-free status.
Credit Rating & Borrowing
The company maintains a 'Strong' liquidity profile with a CRISIL rating outlook of 'Stable'. Borrowing costs are minimal as the company is virtually debt-free with a Debt-Equity ratio of 0.00 as of March 31, 2025. Bank limit utilization averaged only 4% to 9% during 2024-2025.
Operational Drivers
Raw Materials
Zinc (virgin zinc and zinc scrap for recycling) is the primary raw material, accounting for the bulk of the cost of goods sold. The company is the largest recycler of zinc in India.
Import Sources
Not explicitly disclosed by country, but the company manages a global supply chain and recently faced shipping delays that impacted inventory costs.
Capacity Expansion
Current combined capacity for Zinc Oxide is 59,904 MTPA (16,200 MT in West Bengal and 43,704 MT in Andhra Pradesh). A new 40,000 MTPA greenfield facility is being set up in Gujarat to manufacture zinc chemicals including zinc oxides and zinc sulphates.
Raw Material Costs
Raw material costs are highly sensitive to LME zinc prices. While a pass-through mechanism exists, sharp price declines (like the 280 bps margin drop in Q1 FY24) or shipping-related inventory cost spikes (Q2 FY26) directly impact profitability.
Manufacturing Efficiency
The company maintains a lean inventory holding period and has improved its working capital cycle. Interest coverage ratio improved drastically from 13.36 in FY24 to 107.13 in FY25 due to debt reduction.
Logistics & Distribution
The company is expanding geographically to Gujarat to optimize distribution to the tyre and chemical hubs in Western India.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be driven by the commissioning of the Gujarat greenfield facility (INR 900 Cr revenue potential), diversification into high-margin Zinc Sulphate for the fertilizer industry, and increasing wallet share with existing tyre and rubber customers. The company aims for a revenue growth rate of more than 20% to trigger credit rating upgrades.
Products & Services
Zinc Oxide (used in tyres, ceramics, paints, pharma) and Zinc Sulphate (used in fertilizers).
Brand Portfolio
JG Chemicals, BDJ Oxides (subsidiary).
New Products/Services
Zinc Sulphate and other value-added zinc chemicals are being introduced to reduce product concentration risk.
Market Expansion
Expansion into the South Indian fertilizer market via the Nellore plant and the Western Indian industrial hub via the upcoming Gujarat plant.
Market Share & Ranking
JG Chemicals is India's largest zinc oxide manufacturer with approximately 30% market share.
External Factors
Industry Trends
The industry is seeing a shift toward value-added zinc chemicals and increased recycling. The tyre industry remains the primary driver, currently benefiting from a revival in automobile demand.
Competitive Landscape
JG Chemicals is the market leader in a fragmented industry, competing with smaller regional players and virgin zinc oxide producers.
Competitive Moat
The company's moat is built on its 30% market share, status as the largest zinc recycler in India, and 30+ years of promoter experience, which fosters deep relationships with major tyre manufacturers.
Macro Economic Sensitivity
Highly sensitive to automobile industry health; GST reductions in September 2025 led to a pickup in demand for the tyre segment.
Consumer Behavior
Increased demand for automobiles and industrial rubber products directly drives demand for the company's zinc oxide.
Geopolitical Risks
Global shipping delays and logistics disruptions impact inventory costs and supply chain stability.
Regulatory & Governance
Industry Regulations
Operations are subject to environmental norms for chemical manufacturing and recycling. GST rate changes on automobiles indirectly affect demand.
Environmental Compliance
The company focuses on zinc recycling, which aligns with environmental sustainability goals.
Taxation Policy Impact
Effective tax rate is approximately 25-26% based on PBT of INR 42.2 crore and tax of INR 10.8 crore in H1 FY26.
Risk Analysis
Key Uncertainties
Volatility in zinc prices (commodity risk) and high dependence on the cyclical tyre industry (80-90% of revenue) are the primary risks.
Geographic Concentration Risk
Currently concentrated in West Bengal and Andhra Pradesh; Gujarat expansion is intended to mitigate this.
Third Party Dependencies
High dependency on the tyre industry as the primary end-user.
Technology Obsolescence Risk
Not a major immediate risk given the essential nature of zinc oxide in rubber vulcanization.
Credit & Counterparty Risk
Low risk given the established relationships with large, reputable tyre and pharmaceutical companies.
