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J.G.Chemicals Q2 FY27 results: net profit up 86.0% to ₹27.95 crore, revenue up 63.9%
J.G.Chemicals Limited reported consolidated Q2 FY27 revenue of ₹361.01 crore and a net profit of ₹27.95 crore for the July–September 2026 quarter. Revenue rose 63.9% from Q2 FY26, while EBITDA increased 112.0% to ₹38.07 crore and the margin expanded 2.3 percentage points to 10.5%.
Key points
- Consolidated Q2 FY27 revenue was ₹361.01 crore, up 63.9% from ₹220.28 crore in Q2 FY26 and 14.4% from ₹315.65 crore in Q1 FY27.
- EBITDA was ₹38.07 crore, up 112.0% year on year, with the margin at 10.5% compared with 8.2% in Q2 FY26.
- The net profit was ₹27.95 crore, compared with ₹15.03 crore in Q2 FY26 and ₹26.12 crore in Q1 FY27; basic EPS was ₹6.81.
- H1 FY27 revenue was ₹676.66 crore, up 54.4%, while profit after tax was ₹54.07 crore, up 72.3%, and basic EPS was ₹13.21.
- The Board appointed Kaushik Roy and Sunil Duggal as additional non-executive independent directors for three years, subject to shareholder approval.
How did J.G.Chemicals perform in Q2 FY27?
J.G.Chemicals reported consolidated revenue of ₹361.01 crore for Q2 FY27, up ₹140.73 crore or 63.9% from ₹220.28 crore in Q2 FY26. Revenue also rose ₹45.36 crore or 14.4% from ₹315.65 crore in Q1 FY27. Other income was ₹0.57 crore, taking total income to ₹361.58 crore.
EBITDA was ₹38.07 crore in Q2 FY27, up ₹20.11 crore or 112.0% from ₹17.96 crore a year earlier. The EBITDA margin was 10.5%, up 2.3 percentage points from 8.2%, but 0.1 percentage points lower than 10.6% in Q1 FY27.
Profit before tax rose ₹16.89 crore or 83.0% to ₹37.24 crore, while the net profit increased ₹12.92 crore or 86.0% to ₹27.95 crore. Basic EPS was ₹6.81, compared with ₹3.67 in Q2 FY26 and ₹6.40 in Q1 FY27. On a standalone basis, revenue was ₹100.27 crore and profit after tax was ₹6.58 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 361.01 | 315.65 | 220.28 | +63.9% | +14.4% |
| Other income | 0.57 | 2.73 | 3.90 | −85.4% | −79.1% |
| Total expenses | 324.34 | 283.40 | 203.82 | +59.1% | +14.4% |
| EBITDA | 38.07 | 33.52 | 17.96 | +112.0% | +13.6% |
| EBITDA margin | 10.5% | 10.6% | 8.2% | +2.3 pp | −0.1 pp |
| Profit before tax | 37.24 | 34.97 | 20.35 | +83.0% | +6.5% |
| Tax | 9.29 | 8.86 | 5.32 | +74.6% | +4.9% |
| Net profit | 27.95 | 26.12 | 15.03 | +86.0% | +7.0% |
| EPS (₹) | 6.81 | 6.40 | 3.67 | +85.6% | +6.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in J.G.Chemicals' costs and profit?
Total expenses increased ₹120.52 crore or 59.1% to ₹324.34 crore from Q2 FY26, with cost of materials accounting for a ₹115.81 crore increase to ₹305.28 crore. Employee cost was ₹5.98 crore, up ₹1.32 crore, while other expenses rose ₹3.21 crore to ₹19.60 crore.
Finance costs fell ₹0.06 crore to ₹0.14 crore and depreciation declined ₹0.05 crore to ₹1.26 crore. Other income fell ₹3.33 crore to ₹0.57 crore, but there was no exceptional item in either Q2 FY27 or Q2 FY26.
Tax expense rose ₹3.97 crore to ₹9.29 crore from ₹5.32 crore. Despite the increase in expenses and lower other income, profit before tax increased ₹16.89 crore to ₹37.24 crore and the net profit rose ₹12.92 crore to ₹27.95 crore. Management said West Asia-related shipping disruption had extended lead times and created raw-material cost and inventory timing mismatches.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 305.28 | 189.47 | +115.81 | +61.1% |
| Employee cost | 5.98 | 4.66 | +1.32 | +28.3% |
| Finance costs | 0.14 | 0.20 | −0.06 | −30.0% |
| Depreciation | 1.26 | 1.31 | −0.05 | −3.8% |
| Other expenses | 19.60 | 16.39 | +3.21 | +19.6% |
| Total expenses | 324.34 | 203.82 | +120.52 | +59.1% |
| Other income | 0.57 | 3.90 | −3.33 | −85.4% |
| Tax | 9.29 | 5.32 | +3.97 | +74.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, J.G.Chemicals reported consolidated revenue of ₹676.66 crore, up ₹238.37 crore or 54.4% from ₹438.29 crore in H1 FY26. Total income rose 52.6% to ₹679.96 crore, while profit before tax increased 71.1% to ₹72.22 crore.
Net profit for the first half was ₹54.07 crore, compared with ₹31.39 crore in H1 FY26, an increase of ₹22.68 crore or 72.3%. Basic EPS rose from ₹7.70 to ₹13.21, while profit attributable to owners increased ₹12.31 crore or 85.5% to ₹26.70 crore in Q2 FY27.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 676.66 | 438.29 | +54.4% |
| Profit before tax | 72.22 | 42.20 | +71.1% |
| Net profit | 54.07 | 31.39 | +72.3% |
| EPS (₹) | 13.21 | 7.70 | +71.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹647.92 crore on 30 September 2026, compared with ₹569.25 crore on 31 March 2026. Total equity was ₹597.79 crore against ₹541.05 crore, while borrowings increased from ₹6.45 crore to ₹13.75 crore and cash fell from ₹16.22 crore to ₹5.44 crore.
Inventories rose to ₹154.22 crore from ₹91.80 crore, trade receivables increased to ₹207.27 crore from ₹171.03 crore, and trade payables were ₹13.24 crore compared with ₹10.92 crore at the previous balance sheet date.
Operating cash flow for H1 FY27 was negative ₹60.70 crore, compared with ₹33.13 crore in H1 FY26. Investing cash flow was ₹42.86 crore against negative ₹55.46 crore, financing cash flow was ₹7.07 crore against negative ₹0.18 crore, and capital expenditure was ₹28.71 crore compared with ₹31.05 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 647.92 | 569.25 |
| Total equity | 597.79 | 541.05 |
| Borrowings | 13.75 | 6.45 |
| Cash and equivalents | 5.44 | 16.22 |
| Inventories | 154.22 | 91.80 |
| Trade receivables | 207.27 | 171.03 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −60.70 | 33.13 |
| Cash from investing | 42.86 | −55.46 |
| Cash from financing | 7.07 | −0.18 |
| Capital expenditure | 28.71 | 31.05 |
Source: Company's results filing (XBRL).
How has J.G.Chemicals done over the last 8 quarters?
Revenue increased in each of the last seven quarters on a year-on-year basis, reaching ₹361.01 crore in Q2 FY27 from a low of ₹209.08 crore in Q3 FY25. Revenue then rose through ₹224.25 crore in Q4 FY25 and ₹315.65 crore in Q1 FY27. The current reading was the highest in the reported series.
Net profit reached ₹27.95 crore in Q2 FY27, above ₹26.12 crore in Q1 FY27 and the earlier low of ₹15.03 crore in Q2 FY26. Profit had risen on a year-on-year basis in each of the last four quarters, and the latest quarter was the highest in the series.
The EBITDA margin bottomed at 7.5% in Q4 FY26 and recovered to 10.6% in Q1 FY27 before easing to 10.5% in Q2 FY27. Revenue and profit both continued upward in the latest quarter, while the margin remained broadly stable sequentially.
What else did the company announce?
The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, along with the statutory auditors’ limited review report. The Audit Committee had reviewed the results before the Board meeting on 3 November 2026.
The Board appointed Kaushik Roy as an additional non-executive independent director for three years, effective from 3 November 2026, subject to shareholder approval. He was appointed to fill an intermittent vacancy caused by the demise of Ashok Bhandari on 3 August 2026.
Sunil Duggal was also appointed as an additional non-executive independent director for three years, effective from 3 November 2026, subject to shareholder approval. The same-day filings did not announce a dividend or fund raise.
What did J.G.Chemicals' management say?
Non-rubber applications accounted for more than 18% of H1 sales and were expected to approach 30% within two to three years. Management expected net cash to exceed ₹100 crore at FY27-end without borrowing for expansion, while citing shipping disruption, scrap-feed availability and ceramic demand sensitivity as risks.
The chief financial officer said, “Even if we were to double our revenue from where we are in H1, I don't think we would be needing any borrowing.” The chief executive said, “Sustainability is not just an add-on for us; it is our business model.”
How did J.G.Chemicals shares react?
JGCHEM rose 0.5% five minutes after the filing appeared, then fell 4.0% after 15 minutes and 3.6% after 30 minutes. The stock closed 1.3% below its previous close on the reaction day and was down 0.8% from that close by the next day's close.
The Commodity Chemicals industry median rose 0.4% on the reaction day and 0.9% by the next day's close. JGCHEM therefore underperformed the industry by 1.7 percentage points on the reaction day and by 1.8 percentage points by the next day's close; the Nifty Microcap 250 rose 2.2% on the reaction day.
Earlier reaction-day moves were mixed: 11.8% on 8 August 2026, negative 5.8% on 14 May 2026, 0.9% on 14 February 2026, negative 2.1% on 14 November 2025 and 5.3% on 11 August 2025.
| After the filing | Stock | Commodity Chemicals median |
|---|---|---|
| 5 minutes | +0.5% | |
| 15 minutes | −4.0% | |
| 30 minutes | −3.6% | |
| Reaction day | −1.3% | +0.4% |
| Next day | −0.8% | +0.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 8 August 2026 | +11.8% |
| 14 May 2026 | −5.8% |
| 14 February 2026 | +0.9% |
| 14 November 2025 | −2.1% |
| 11 August 2025 | +5.3% |
| 19 May 2025 | −1.9% |
| 4 February 2025 | −3.0% |
| 14 November 2024 | +18.8% |
Source: MarketPing price-reaction measurement.
How did other Commodity Chemicals companies do?
Among 26 Commodity Chemicals companies compared for Q2 FY27, the median revenue growth was 23.5%. JG Chemicals’ revenue grew faster than 20 peers and slower than 6 peers that were growing faster than the company.
Twenty-five of the 32 peers whose profit was compared reported higher profit. The peer comparison was based on results filed as of 6 November 2026.
| J.G.Chemicals revenue growth (YoY) | +63.9% |
|---|---|
| Median of 26 other Commodity Chemicals companies | +23.5% |
| Companies with slower revenue growth than J.G.Chemicals | 20 of 26 |
| Companies with faster revenue growth than J.G.Chemicals | 6 of 26 |
| Companies whose net profit rose | 25 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was J.G.Chemicals' revenue in Q2 FY27?
Revenue from operations was ₹361.01 crore, up 63.9% from ₹220.28 crore in Q2 FY26 (consolidated).
Did J.G.Chemicals make a profit in Q2 FY27?
Yes. Net profit was ₹27.95 crore, against a net profit of ₹15.03 crore in Q2 FY26.
What was J.G.Chemicals' EPS in Q2 FY27?
Basic earnings per share were ₹6.81, against ₹3.67 in Q2 FY26.
How did J.G.Chemicals shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.3% from the previous close; the median Commodity Chemicals stock moved +0.4%.
When did J.G.Chemicals announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 28 October 2026) · PDF
- Submission Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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