JG Chemicals Limited Q2 Revenue Rises 63.89% to ₹361 Crore

JG Chemicals Limited reported Q2 FY27 revenue of ₹361 crore, up 63.89% year on year, while profit after tax rose 85.96% to ₹27.9 crore. The company said revenue, EBITDA and PAT reached new quarterly highs, extending the record performance reported in the preceding quarter.

What did JG Chemicals report for Q2 FY27?

JG Chemicals reported revenue from operations of ₹361 crore for the quarter ended September 30, 2026. This was 14.37% higher than the preceding quarter and 63.89% above the prior-year period. The company described this as its fifth consecutive quarter of sequential revenue growth.

EBITDA for Q2 FY27 stood at ₹38.7 crore, with an EBITDA margin of 10.72%. EBITDA rose 6.62% quarter on quarter and 76.82% year on year. PAT was ₹27.9 crore, up 7.03% sequentially and 85.96% from a year earlier, while PAT margin was 7.76%. Basic and diluted earnings per share were ₹6.81.

How did the Q2 FY27 results unfold?

JG Chemicals' board approved the unaudited financial results for the quarter and half year ended September 30, 2026, at its meeting on November 3, 2026. The company subsequently released an earnings presentation under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements regulations.

The Q2 outcome followed a record Q1 FY27. In the June quarter, JG Chemicals had reported consolidated revenue of ₹315.65 crore, EBITDA of ₹36.3 crore and PAT of ₹26.1 crore. The latest result therefore showed further sequential increases in all three measures, although the pace of EBITDA and PAT growth was lower than revenue growth on a quarter-on-quarter basis.

For the first half of FY27, revenue from operations reached ₹676.7 crore, EBITDA was ₹74.9 crore and PAT was ₹54.1 crore. The company reported year-on-year growth of 54.39% in half-year revenue, 66.15% in EBITDA and 72.14% in PAT. Half-year EBITDA margin was 11.07%, while PAT margin was 7.99%.

What factors did JG Chemicals cite for the growth?

JG Chemicals attributed the Q2 performance to strong demand across end-user applications, a better product mix and disciplined execution. Earlier disclosures linked demand to core industrial rubber and tyre applications, which are important end markets for the company's zinc oxide products.

The company is India's largest manufacturer of zinc oxide and was incorporated in 1975. In its Q1 FY27 earnings call, management said utilisation was in the early 80s of achievable capacity. It also said volume growth had reached double digits across all product categories during the June quarter.

Management had stated that Phase 1 of its expansion would add 15,000 to 17,000 tonnes per annum of capacity. It expects Phase 1 utilisation to be at least 50% to 60% in FY28 and to rise to 70% to 80% in FY29, after which it intends to begin Phase 2 expansion. These are company targets and not reported capacity utilisation for Q2 FY27.

How does the first-half performance compare with FY26?

JG Chemicals entered FY27 after reporting its highest annual revenue, EBITDA and PAT in FY26. FY26 revenue was ₹972.9 crore, EBITDA was ₹97.9 crore and PAT was ₹68.6 crore, according to the company's May 2026 earnings-call transcript. EBITDA margin for the year was 10.05% and PAT margin was 7.05%.

In Q4 FY26, revenue was ₹286.2 crore, EBITDA was ₹26.8 crore and PAT was ₹18.9 crore. The company said Q4 revenue increased 27.6% year on year. The subsequent Q1 and Q2 FY27 numbers show that quarterly revenue has moved above the Q4 FY26 level in each of the first two quarters of the current financial year.

The comparison also provides context for the Q2 margin data. Q2 FY27 EBITDA margin of 10.72% was above the FY26 EBITDA margin of 10.05%, while Q2 PAT margin of 7.76% exceeded the FY26 PAT margin of 7.05%. The company has not provided, in the supplied disclosures, a separate detailed reconciliation of the margin movement.

What do the results mean for investors and operations?

For investors, the result establishes a second consecutive record quarter in revenue, EBITDA and PAT. Revenue growth was supported by higher off-take in the company's stated end-use markets, while profitability also grew faster than revenue on a year-on-year basis. The reported Q2 data does not include a share-price movement, valuation measure or analyst forecast.

For operations, the reported early-80s capacity utilisation in Q1 and the planned Phase 1 expansion are relevant because they indicate the company's disclosed approach to meeting future demand. The expansion plan has a stated multi-year ramp-up schedule, with FY28 and FY29 utilisation targets. Its actual execution, commissioning and utilisation will need to be assessed through future company disclosures.

Customers in industrial rubber and tyre-related applications are central to the demand conditions cited by JG Chemicals. The company has not disclosed customer-wise sales, pricing details or changes in customer contracts in the material provided. As a result, the reported growth can be linked to end-user demand and product mix only to the extent stated by the company.

Conclusion

JG Chemicals delivered Q2 FY27 revenue of ₹361 crore and PAT of ₹27.9 crore, marking higher quarterly levels than Q1 FY27 and substantial year-on-year growth. The first-half figures of ₹676.7 crore in revenue and ₹54.1 crore in PAT also place the company ahead of the prior year's growth trajectory, based on its reported financial data.

The next disclosures to watch are updates on demand in industrial rubber and tyre applications, capacity utilisation and progress on Phase 1 expansion. Management has indicated a FY28 utilisation target of at least 50% to 60% for the new phase, rising to 70% to 80% in FY29, which provides a stated operational milestone for future results.