J.G. Chemicals Q4 FY26 revenue up 28%, dividend 11%

Audited results approved on May 14, 2026

J.G. Chemicals announced its audited financial results for the quarter and year ended March 31, 2026, after approval at a Board of Directors meeting held on May 14, 2026. The company reported strong year-on-year growth in consolidated revenue for the March quarter, alongside an increase in profit. At the same time, the quarter showed margin pressure, with EBITDA margin contracting versus last year. The board also recommended a final dividend for FY26, which will be placed for shareholder approval at the ensuing 25th Annual General Meeting.

The disclosed numbers included consolidated and standalone performance, balance sheet highlights, and an update on utilisation of IPO proceeds. The statutory auditors issued an unmodified opinion on both standalone and consolidated financial statements for the reported period.

Q4 FY26: revenue growth, profit up, margin down

In Q4 FY26, consolidated revenue from operations rose 27.6% year-on-year to ₹286.17 crore (from ₹224.25 crore). Consolidated net profit for the quarter increased 18.9% to ₹18.90 crore (from ₹15.91 crore). EBITDA for the quarter stood at ₹21.40 crore versus ₹19.60 crore a year earlier, while the EBITDA margin contracted to 7.48% from 8.74%.

Profit before tax (PBT) in the quarter rose 17.9% to ₹25.41 crore compared with ₹21.55 crore in Q4 FY25. Basic EPS for the quarter was ₹4.61 versus ₹3.92 in the year-ago period. Separately reported quarterly disclosures also referenced net income of ₹18.21 crore for the quarter.

FY26: highest annual revenue, EBITDA and PAT

For FY26, the company reported its highest-ever annual revenue, EBITDA, and PAT on a consolidated basis. Consolidated revenue from operations increased 14.7% year-on-year to ₹972.93 crore (from ₹847.94 crore). Consolidated PAT rose 2.8% to ₹68.65 crore (from ₹66.76 crore), while consolidated PBT increased 2.5% to ₹92.11 crore (from ₹89.90 crore).

For the full year, consolidated basic and diluted EPS was ₹16.81 versus ₹16.34 in FY25. Net profit attributable to owners of the parent for FY26 was ₹65.88 crore, with non-controlling interest of ₹2.77 crore.

Key consolidated metrics at a glance

The March quarter showed faster top-line growth than profit growth, reflected in the lower margin. The company also disclosed segment-level demand commentary in accompanying remarks, referencing momentum across key customer segments in the second half of the year.

Note: FY26 EBITDA and EBITDA margin were stated alongside FY26 highlights; FY25 EBITDA was not provided in the supplied data.

Balance sheet: assets, equity, capex and cash

On a consolidated basis, total assets stood at ₹569.25 crore as of March 31, 2026, compared with ₹497.93 crore a year earlier. Total equity was ₹541.06 crore versus ₹474.61 crore. Equity attributable to equity holders was ₹528.42 crore, and non-controlling interest was ₹12.64 crore.

Property, plant and equipment (PPE) increased to ₹67.22 crore from ₹38.91 crore, reflecting ongoing capital expenditure. Cash and cash equivalents at the end of the year were ₹16.22 crore, compared with ₹31.38 crore at the beginning of the year. Current borrowings rose to ₹6.45 crore from ₹0.15 crore.

Standalone performance: steady growth in Q4 and FY26

On a standalone basis, revenue from operations in Q4 FY26 was ₹87.92 crore, compared with ₹75.50 crore in Q4 FY25. Standalone PAT for the quarter stood at ₹7.19 crore, up from ₹6.36 crore in the year-ago period.

For FY26, standalone revenue from operations was ₹288.95 crore versus ₹271.82 crore in FY25, while standalone PAT rose to ₹21.45 crore from ₹20.02 crore. Standalone basic and diluted EPS for FY26 stood at ₹5.47, compared with ₹5.11 in FY25. Total standalone assets were ₹345.74 crore as of March 31, 2026, versus ₹321.82 crore in the prior year.

Dividend: board recommends ₹1.10 per share

The board recommended a final dividend of 11% at ₹1.10 per equity share of face value ₹10 for FY26. The dividend is subject to shareholder approval at the ensuing 25th Annual General Meeting.

IPO proceeds: utilisation and revised R&D centre timeline

The company reported receiving ₹165.00 crore as proceeds from the fresh issue of equity shares. As of March 31, 2026, ₹116.19 crore had been utilised, with ₹33.13 crore remaining unutilised and invested in term deposits with a scheduled bank.

The board approved a variation in the timeline for utilisation of IPO proceeds towards the R&D Centre. An amount of ₹4.26 crore remained unspent as of March 31, 2026, and is planned to be deployed in FY27 due to delays in construction works and equipment procurement. The company stated that the objects of the issue remain unchanged.

The company also stated it has already utilised ₹131.466 crore in accordance with a monitoring report from ICRA Limited.

Management commentary: auto demand, tyre capex, utilisation levels

In accompanying commentary, the company linked demand conditions to the automotive and tyre cycle, noting that when the tyre industry invests, J.G. Chemicals is a direct beneficiary. The commentary referenced cumulative capex plans of over ₹20,000 crore by tyre industry participants over the next three years.

The company also stated its current utilisation rates were in the late 70s, and it could take utilisation up to the 86% to 87% range as required. It further attributed improvement in demand across automotive segments to GST reductions from September, describing the improvement as sustained.

Audit status, borrowings and credit ratings

The statutory auditors issued an unmodified audit opinion on both standalone and consolidated financial statements for the quarter and year ended March 31, 2026. The company said it does not qualify as a Large Corporate under the applicable SEBI circular.

It reported outstanding borrowings of ₹6.15 crore as on March 31, 2026. It also disclosed a long-term credit rating of CRISIL A/Stable and a short-term rating of CRISIL A1.

Market snapshot and what investors tracked

A market snapshot included the stock at ₹392.65, with a 5-day change of -6.01% and a change since January 1 of +11.09% (as per the provided market table). Investors typically track the mix of volume-led growth, margin movement, and progress on capacity and R&D investments when assessing specialty chemical companies.

For this quarter, the key financial signal was strong revenue growth with a lower EBITDA margin versus last year. Balance sheet disclosures showed higher PPE, lower cash compared with the start of the year, and higher current borrowings.

Conclusion

J.G. Chemicals ended FY26 with consolidated revenue from operations of ₹972.93 crore and PAT of ₹68.65 crore, while Q4 FY26 revenue grew 27.6% year-on-year to ₹286.17 crore. The board proposed a final dividend of ₹1.10 per share, and it also approved a revised timeline for unspent R&D centre capex from IPO proceeds due to project delays. The next formal milestone for shareholders is the 25th AGM, where the final dividend recommendation will be placed for approval.