JGCHEM

J.G.Chemicals share price & financials

Price
₹437.6
Market cap
₹2.4k Cr
Sector
Chemicals
Calls analysed
5
Latest concall · Q1 FY27 · call held 10 Aug 2026

J.G.Chemicals Limited Q1 FY27

Revenue from Operations ₹315.7 cr +45%EBITDA ₹36.3 cr EBITDA Margin 11.5% PAT ₹26.1 cr

What went well

  • Achieved best-ever quarterly performance in Q1 FY27 with revenue, EBITDA, and PAT reaching all-time new highs.
  • Consolidated revenue from operations grew 44.8% YoY to ₹315.7 crores and 10.3% QoQ.
  • EBITDA margin expanded to 11.5% in Q1 FY27 from 10.64% in Q1 FY26, driven by operating leverage, specialized applications, and higher-priced orders.

What to watch

  • Geopolitical conflicts impacted global supply chains for Zinc Dross, a primary raw material, though JGC managed continuous supply.
  • Zinc price volatility exists, but management claims neutrality to its impact on margins.
Read the full call →

What J.G.Chemicals Limited does

J.G.Chemicals Limited recycles zinc dross, ash and scrap sourced from steel galvanisers worldwide into Zinc Oxide, Zinc Sulphate and other zinc chemicals using its proprietary in-house recycling technology (based on the French Process). It sells over 90 customised Zinc Oxide grades to industries such as tyres and rubber, ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries, agrochemicals and fertilizers, lubricants, oil and gas, and animal feed. Its subsidiary BDJ Oxides Private Limited operates the Naidupeta (Andhra Pradesh) plant, the only IATF-16949 certified Zinc Oxide facility globally and a WHO-GMP certified site, letting the group also supply pharma/cosmetics-grade material. Revenue is earned mainly by selling these zinc chemicals directly to end customers, including nine of the world's top ten and all of India's top eleven tyre manufacturers.

Segments

  • Rubber & Tyre
  • Pharma & Chemicals
  • Agri
  • Others
Manufacturing facilities
3 (2 in West Bengal, 1 in Naidupeta, Andhra Pradesh) plus a Dahej, Gujarat greenfield plant under construction
Installed zinc chemicals capacity
70,000 MTPA (Zinc Oxide, Zinc Sulphate & Recycled Zinc Ingots)
Zinc Oxide grades offered
90+ specialised grades
Total customers
250+ (200+ domestic, 50+ international across 10+ countries)
Tyre manufacturers served
9 of the world's top 10 and all of India's top 11 tyre manufacturers
Global zinc scrap supplier network
100+ suppliers across 50+ countries
Founded 1975Headquarters Kolkata, West Bengal, India Company website

Guidance record · Q1 FY27

what the last two calls moved 16 tracked 2 delivered 1 missed 13 open
  • Product Development delivered said Q2 FY26 Promised: Trials are expected to begin soon in the coming Q4. Q1 FY27: The project, now branded JG TUR, is moving to the commercialization phase, with a target to start within the next 12 months.
  • Renewable Power Share went quiet said Q3 FY26 Promised: Target is to go up to about 55% to 60% in four years' time. Q1 FY27: Not mentioned in the Q1 FY27 earnings call.
  • EBITDA Margin revised up said Q1 FY26 Promised: EBITDA margin should increase by 200 to 300 basis points over the next few years. Q1 FY27: Guidance revised upwards to 14-15% from 13-14% previously, driven by a focus on higher-margin value-added products. Q1 margin stood at 11.5%.

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 45.0%, net profit up 62.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue212 209 224 218 220 +4%248 +19%286 +28%316 +45%
EBITDA21 23 19 20 18 −14%23 +0%21 +11%34 +70%
Net profit17 18 16 16 15 −12%18 +0%19 +19%26 +63%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +23.8% 1Y

₹300₹400₹500₹600Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 15 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹478.05 on 10 Sept 2025 → ₹592.05. High ₹651.3 (28 Aug 2026), low ₹305.2 (27 Jan 2026).

How the price took the results

close before → close after

Q1 FY27
+12.6%
10 Aug
Q4 FY26
−5.6%
15 May
Q3 FY26
+0.9%
16 Feb
Q2 FY26
−2.8%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 20.7% a year over 2 years, FY24 to FY26. Operating margin widened to 8.4%.

Year endingFY24FY25FY26
Revenue₹667 Cr₹848 Cr₹972 Cr
Operating profit₹45 Cr₹85 Cr₹82 Cr
Operating margin6.7%10.0%8.4%
Interest₹5 Cr₹0 Cr₹0 Cr
Depreciation₹4 Cr₹4 Cr₹4 Cr
Net profit₹33 Cr₹67 Cr₹68 Cr
Net margin4.9%7.9%7.0%
Cash from operations₹76 Cr₹-11 Cr₹44 Cr
Free cash flow₹67 Cr₹-16 Cr₹5 Cr
ROCE14.0%20.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹32 Cr₹39 Cr₹39 Cr₹39 Cr
Reserves₹107 Cr₹151 Cr₹176 Cr₹359 Cr₹454 Cr₹489 Cr
Borrowings₹74 Cr₹94 Cr₹70 Cr₹14 Cr₹5 Cr₹6 Cr
Other liabilities₹27 Cr₹18 Cr₹20 Cr₹37 Cr₹34 Cr₹34 Cr
Total liabilities₹210 Cr₹264 Cr₹298 Cr₹449 Cr₹533 Cr₹569 Cr
Fixed assets₹23 Cr₹22 Cr₹35 Cr₹42 Cr₹64 Cr₹67 Cr
Capital work in progress₹0 Cr₹7 Cr₹1 Cr₹0 Cr₹2 Cr₹8 Cr
Investments₹9 Cr₹8 Cr₹3 Cr₹43 Cr₹119 Cr₹136 Cr
Other assets₹178 Cr₹226 Cr₹259 Cr₹364 Cr₹348 Cr₹358 Cr
Total assets₹210 Cr₹264 Cr₹298 Cr₹449 Cr₹533 Cr₹569 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +3.32 pp while FIIs trimmed −2.84 pp. The shareholder count shrank 10% to 41,427.

Promoters
71.0%
FIIs
3.2%
DIIs
3.0%
Public
22.8%

Since Jun 2025

  • Public +3.32 pp
  • FIIs −2.84 pp
  • DIIs −0.49 pp

How it drifted, 10 quarters

Over this window the public went from 19.6% to 22.8% — +3.2 pp.

Mar '24Mar '25Jun '26

Ownership split by quarter, oldest first. Mar '24: Promoters 71.0%, FIIs 6.2%, DIIs 3.2%, Public 19.6%.Jun '24: Promoters 71.0%, FIIs 6.3%, DIIs 3.6%, Public 19.0%.Sep '24: Promoters 71.0%, FIIs 6.6%, DIIs 3.8%, Public 18.6%.Dec '24: Promoters 71.0%, FIIs 6.0%, DIIs 3.9%, Public 19.0%.Mar '25: Promoters 71.0%, FIIs 6.1%, DIIs 3.7%, Public 19.2%.Jun '25: Promoters 71.0%, FIIs 6.0%, DIIs 3.5%, Public 19.5%.Sep '25: Promoters 71.0%, FIIs 4.3%, DIIs 3.1%, Public 21.5%.Dec '25: Promoters 71.0%, FIIs 3.2%, DIIs 3.5%, Public 22.3%.Mar '26: Promoters 71.0%, FIIs 3.3%, DIIs 3.5%, Public 22.3%.Jun '26: Promoters 71.0%, FIIs 3.2%, DIIs 3.0%, Public 22.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of J.G.Chemicals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vision Projects & Finvest Private Limited 21.53%unchanged
Anirudh Jhunjhunwala 10.62%unchanged
Alka Jhunjhunwala 10.62%unchanged
Suresh Jhunjhunwala 9.95%unchanged
Anuj Jhunjhunwala 9.95%unchanged
Jayanti Commercial Private Limited 8.13%unchanged
Massachusetts Institute Of Technology Endowment2.62%unchanged
Carnelian Structural Shift Fund AIF1.69%unchanged
Ctl Trusteeship Limited 1.24%newly disclosed
Suresh Kumar Jhunjhunwala Huf 0.10%unchanged
Anirudh Jhunjhunwala Huf 0.10%unchanged
Shilpa Jhunjhunwala 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

To justify its price of ₹592, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~37%. At that growth it is worth ₹1277 — upside of 116%.

Growth the price implies
21.5% a year
for 7 years, fading to 4%
It has actually compounded at
43.5% a year
net profit, FY24–FY26 · EPS 37.1%
The gap
-0.2 pp
116% downside if it only repeats history
Price today ₹592.05 Value at the reference growth ₹1,277.23

Change the assumptions yourself →

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse J.G.Chemicals Limited

Guides on how to read this kind of business and the numbers that matter.