Overview

Detailed Summary

JG Chemicals Limited is India’s largest zinc oxide manufacturer and a leading zinc recycling company, producing customized ZnO grades for diverse industrial applications with an installed capacity in the c.70,000–77,000 MTPA range across three plants, including the IATF and WHO‑GMP certified Naidupeta facility and a global customer footprint spanning tyre majors and specialty chemical buyers.
Q3‑FY26 results showed highest‑ever quarterly sales: Revenue from operations of INR 2,485 Mn, EBITDA INR 259 Mn (10.42% margin) and PAT INR 184 Mn, while 9M‑FY26 delivered INR 6,868 Mn revenue and PAT INR 497 Mn; management highlighted QoQ margin improvement driven by realizations, utilization and specialty mix, while Y/Y margins were modestly compressed.
The company is commissioning a material Dahej greenfield project (40,000+ MTPA) with INR 100 crore capex (internally funded), targeting H1‑FY27 start and a multi‑phase revenue potential of ~INR 900 crores; Dahej is explicitly positioned to expand western India presence and lift non‑rubber revenues from ~15% towards a targeted 30% contribution.
JGCL’s business remains concentrated in rubber and tyre customers (c.83%–85% revenue currently), with deep long‑standing relationships with nine of the top ten global tyre manufacturers; management targets a structural portfolio shift to roughly 70% rubber / 30% non‑rubber over 2–3 years to capture higher margins and diversify end markets.
Sustainability and circular economy are core to the business model: the company emphasizes recycled zinc feedstocks, claims significant reductions in CO2, air and water pollution per unit of ZnO, holds multiple certifications (IATF, WHO‑GMP, ISO series) and targets meaningful renewable power adoption and ZLD‑based zinc sulphate production for agriculture.

Sector: Chemicals
Industry: Chemicals - Inorganic - Medium / Small
Market Cap: 1,460 Cr
Volatility: High Risk
P/E Ratio: 23.1
Industry P/E: 18.9
PEG Ratio: 2.8
P/B Ratio: 3.0
52W High: 558.40
52W Low: 290.25

Sales CAGR

1Y: 27.00%
3Y: 1.94%
5Y: 3.74%
10Y: —

Profit CAGR

1Y: 107.91%
3Y: 8.22%
5Y: 13.99%
10Y: —

ROE

TTM: 12.67%
3Y: 13.70%
5Y: 15.57%
10Y: —

ROCE

TTM: 17.73%
3Y: 19.81%
5Y: 23.61%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
JGCHEM	373.15	1,460 Cr	23.15	2.96	0.27	12.67	17.73	12.33
INDOBORAX	247.80	796 Cr	17.29	2.21	0.40	10.82	14.95	11.97
CHEMFAB	375.00	539 Cr	-41.23	1.42	0.33	0.34	3.23	-2.31
OCCLLTD	87.23	436 Cr	11.76	1.06	1.72	8.71	10.92	6.50
NPL	417.00	241 Cr	-70.92	0.69	0.00	-1.92	-1.73	-0.77
COCHINM	243.00	192 Cr	12.93	1.16	3.27	10.13	15.49	7.43
ALKALI	61.56	63 Cr	69.95	1.52	0.81	-1.04	1.50	1.08

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	153	161	181	203	212	209	224	218	220	248
Expenses	145	147	164	180	191	186	205	198	202	226
Operating Profit	7.91	15	17	22	21	23	19	20	18	23
OPM %	5.18	9.16	9.46	11.07	9.95	11.05	8.69	9.08	8.15	9.16
Other Income	-0.88	1.69	2.98	0.46	3.49	2.53	3.54	3.42	3.90	3.17
Interest	0.86	0.62	0.63	0.36	0.14	0.26	0.10	0.11	0.20	0.11
Depreciation	1.02	1.17	1.35	1.29	1.31	1.41	1.37	1.26	1.31	1.32
Profit Before Tax	5.15	15	18	21	23	24	22	22	20	25
Tax %	22.14	27.52	25.07	25.14	25.96	25.67	26.22	25.13	26.14	25.09
Net Profit	4.01	11	14	16	17	18	16	16	15	18
EPS in Rs	—	—	4.00	3.88	4.21	4.33	3.92	4.03	3.67	4.50

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	399	435	613	785	668	848	863
Expenses	380	392	557	709	622	762	780
Operating Profit	19	44	56	76	45	86	83
OPM %	4.82	9.99	9.16	9.62	6.79	10.16	9.67
Other Income	7.88	5.11	10	9.61	5.95	10	13
Interest	6.17	5.07	6.25	4.98	3.63	0.85	0.61
Depreciation	1.86	2.34	2.68	3.44	4.53	5.38	5.35
Profit Before Tax	19	41	57	77	43	90	91
Tax %	26.99	30.10	24.93	25.95	25.51	25.74	25.73
Net Profit	14	29	43	57	32	67	67
EPS in Rs	—	—	—	—	9.60	16.34	16.12
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	6.12	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.22	1.22	1.22	32	39	39
Reserves	84	107	151	176	359	426
Borrowings	52	74	94	70	14	0.20
Other Liabilities	12	27	18	20	37	33
Total Liabilities	149	210	264	298	449	498
Fixed Assets	21	23	22	35	42	39
CWIP	0.33	0.04	7.38	0.92	0.00	1.09
Investments	5.75	8.63	8.49	2.96	43	51
Other Assets	123	178	226	259	364	407
Total Assets	149	210	264	298	449	498

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	41	-7.35	6.75	31	76	-11
Cash from Investing Activity	-11	-5.60	-5.42	-4.90	-140	25
Cash from Financing Activity	-30	17	-0.19	-29	107	-29
Net Cash Flow	-0.01	4.01	1.15	-2.30	43	-15

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jan 2023	Feb 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	100.00%	100.00%	70.99%	70.99%	70.99%	70.99%	70.99%	70.99%	70.99%	70.99%
FIIs	0.00%	0.00%	6.22%	6.33%	6.61%	6.04%	6.09%	6.05%	4.32%	3.20%
DIIs	0.00%	0.00%	3.16%	3.64%	3.77%	3.94%	3.70%	3.49%	3.15%	3.49%
Public	0.00%	0.00%	19.62%	19.04%	18.62%	19.03%	19.21%	19.46%	21.53%	22.31%
Total Shareholders	11	8	2,040	48,774	47,383	47,526	47,402	46,172	46,582	45,884

Market Transactions

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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Q1 FY26

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