NSE: JGCHEM · BSE: 544138
J.G.CHEMICALS LIMITED
Manufactures zinc oxide and zinc sulphate under the LUXMI brand and is India's largest zinc oxide producer as well as its largest zinc recycler, placing it among the global top-5 zinc oxide makers. It sells mainly to tire manufacturers — every major Indian tire maker and 9 of the world's top-10 tire companies are customers — with smaller volumes going into ceramics and pharmaceuticals. Current installed capacity is about 70,000 MTPA at the Naidupeta facility, which holds IATF and WHO GMP certifications; a second greenfield plant at Dahej, Gujarat is targeted for H1 FY27 commissioning, with combined capacity set to exceed 115,000 MTPA by 2029. Zinc oxide utilization is running at ~77% and zinc sulphate at ~60%, and the Dahej project is being built with INR100 crore of capex against an INR900 crore revenue potential at full achievable capacity by FY29. The Naidupeta plant is being debottlenecked by Q3 FY27 (December 2026), and a recycled-rubber pilot has cleared customer trials and is being scaled commercially. The biggest cost is raw materials — primarily zinc-based inputs including zinc dross bought from recyclers — at 83.1% of FY26 revenue; a March 2026 geopolitical disruption to Middle East zinc-dross supply was offset by price pass-through from April 1, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Zinc oxide, Zinc sulphate and other zinc chemicals, Recycled rubber. Commodity/specialty chemicals, asset-heavy zinc oxide and zinc recycling business tied to the tire industry cycle.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 668 | 848 | 973 |
| EBITDA (ex other income) | 44 | 86 | 82 |
| margin % | 6.5 | 10.2 | 8.4 |
| Owners' profit | 31 | 64 | 66 |
| EPS, as reported (₹) | 9.60 | 16.34 | 16.81 |
| ROE % · ROCE % | 7.9 · 11.4 | 14.1 · 19.1 | 12.7 · 17.0 |
| Debt / equity (x) | 0.03 | 0.00 | 0.01 |
| Cash from operations | 76 | (11) | 44 |
| Capex | (9) | (5) | (39) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 212 | 209 | 224 | 218 | 220 | 248 | 286 | 316 |
| Profit before tax | 23 | 24 | 22 | 22 | 20 | 25 | 25 | 35 |
| Net profit | 17 | 18 | 16 | 16 | 15 | 18 | 19 | 26 |
| EPS (₹) | 4.21 | 4.33 | 3.92 | 4.03 | 3.67 | 4.50 | 4.61 | 6.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,264 | — | 0.69 | 138.7 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,972 | 15.2 | 2.01 | 11.2 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,504 | 7.2 | 0.82 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,785 | 55.5 | 18.18 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,019 | 60.5 | 0.77 | 8.5 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,630 | 7.9 | 1.02 | 4.8 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD | 3,537 | 21.6 | 3.27 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED ◆ | 2,206 | 29.4 | 4.08 | 22.4 | 12.7 | 16.9 | — | 11.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 29.4 | 17.1 | 37 of 50 | 27% |
| P/B | 4.1 | 1.3 | 50 of 60 | 17% |
| ROCE | 16.9 | 6.0 | 10 of 62 | 85% |
| ROE | 12.7 | 5.0 | 13 of 60 | 80% |
| Debt / Equity | 0.0 | 0.2 | 16 of 60 | 75% |
| EBITDA margin | 11.5 | 13.3 | 33 of 58 | 44% |
| Revenue growth | 44.8 | 6.7 | 4 of 54 | 94% |
| Profit growth | 59.6 | 21.0 | 25 of 64 | 62% |
| Market cap | 2206 | 104 | 8 of 66 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Share Capital Audit Report for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 13 Oct 2026 · J.G. Chemicals schedules investor meeting with Nuvama on Oct 16 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Analyst/investor meeting scheduled on Oct 15, 2026 in Kolkata | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Schedule of analyst meeting with Nuvama Alternatives on 12 October 2026 | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Reg 74(5) certificate filed for quarter ended September 30, 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM Results: All 6 resolutions passed, final dividend of Rs 1.10 per share declared | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Trading Window Closed for Q2 FY26 Financial Results | compliance | minimal | — | — |
| 30 Sept 2026 · 25th AGM held via video conferencing on Sep 30, 2026 | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · CARE assigns A+ Stable rating to J.G. Chemicals bank facilities | credit debt | medium | — | — |
| 10 Sept 2026 · J.G. Chemicals to hold analyst and investor meet on 16 Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.