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JGChemicals Ltd

JGCHEM

NSE

₹613.75-3.77%19 Oct 2026

Reports

Chemicals Inorganic

JGChemicals Ltd

JGCHEM

NSE

₹613.75

-3.77%

19 Oct 2026

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Chemicals Inorganic

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Deep Dive Report: In-depth business analysis.

JG Chemicals is fundamentally a recycling business that turns industrial waste into an irreplaceable ingredient for tyres. Born from a single 600-tonne plant in Kolkata in 1975, it has grown over five decades into India’s largest zinc oxide manufacturer and one of the top five globally, serving nine of the world’s ten biggest tyre companies. The recurring approach that explains everything else is a circular-economy model built on proprietary recycling technology, transparent cost pass-through to customers, and multi-decade relationships with both scrap suppliers and tyre makers - a combination that has made it the consolidator in a fragmented market.

Business segments

A single recycling engine at different stages of maturity - a zinc oxide cash cow, a young zinc sulphate business feeding the same agricultural market, and an emerging recycled-rubber adjacency that sells more into the same tyre customers - all built on the same proprietary scrap-processing backbone.

1. Zinc oxide: the tyre industry’s irreplaceable ingredient

The company converts zinc dross - a waste byproduct of steel galvanising - into over 90 specialised grades of zinc oxide using a proprietary French Process, and tyre makers cannot make rubber without it.

Waste in, high-purity chemical out - the company uses 100% recycled zinc scrap for most grades, reserving virgin zinc only for high-end pharmaceutical and chemical applications, which gives it a cost advantage over competitors who blend the two. Its in-house recycling technology can process inferior grades of scrap that rivals cannot handle, and that know-how is notably difficult to replicate.
No two customers want the same thing - zinc oxide is not a generic product; each tyre manufacturer requires a tailor-made grade with specific chemical and physical properties, and the company’s ability to customise across more than 90 grades is a key differentiator. Tyre and rubber accounts for roughly 85% of revenue, and the company supplies every major Indian tyre maker and nine of the world’s top ten - including Bridgestone, Michelin, Goodyear and Continental.
The pricing formula removes the gamble - both raw-material buying and finished-product selling are indexed to the London Metal Exchange zinc price on an M-minus-1 basis, meaning the selling price is set using the previous month’s LME. The company transparently passes on higher freight, energy and other costs to customers, and its long-standing relationships mean those revisions are accepted.
A global supply web built over decades - the company sources from over 100 suppliers across 50 countries, built through trusted relationships with family-owned businesses, and has a two-decade-plus track record of honouring every commitment, making it the preferred customer for the majority of dross suppliers globally. Small players have struggled with raw-material disruption, while the company’s network is the biggest constraint for any would-be entrant.
The moat is time, not just scale - securing vendor approval with a major tyre company takes at least four to seven years, and tyre makers have spent the past two decades consolidating their supplier base toward large, established vendors. Between 2017 and 2021, a period with no volume growth in tyre production, the company’s volumes grew at a 13.3% compound rate as customers consolidated their buying. No major new entrant has emerged in the domestic zinc oxide market in the past decade.

2. Zinc sulphate and allied chemicals: turning in-house ash into agricultural nutrition

The company takes zinc ash generated as a byproduct of its own zinc oxide process and converts it into zinc sulphate - a micronutrient for zinc-deficient soils, with the largest plant in Southern India.

Waste from one process feeds another - the majority of the zinc ash used is generated in-house during zinc oxide manufacturing, and the plant uses Zero Liquid Discharge technology, so no wastewater leaves the site. This makes the business an extension of the recycling logic rather than a standalone venture.
Built where the soil needs it most - the 10,080-tonne facility at Naidupeta, Andhra Pradesh, sits in a region where soils have high zinc deficiency, putting production close to the farmers who will use it. The company is developing its own brand for deeper market penetration and exploring exports by cross-selling to its existing customer base.
Small today, with a long tail of demand - zinc sulphate currently makes up less than 5% of revenue, but the addressable market spans agriculture, pharmaceuticals and nutritional supplements, and the company also produces recycled zinc ingots from the same recycling stream.

3. Recycled rubber and new adjacencies: more content per tyre

The company is developing a recycled-rubber business that sells into the same tyre customers it already serves, aiming to increase the material it supplies for every tyre on the road.

Pilot done, customers interested - pilot trials for recycled rubber have been completed and have received extremely positive feedback from customers, and a detailed commercial-scale project is now being actively worked on. The company is also exploring products derived from waste tyres, with sourcing both domestic and international.
R&D is being rebuilt to feed the pipeline - a new R&D unit is being set up at the flagship facility with an investment of about ₹6 crore, aimed at introducing new products, increasing productivity, and deepening penetration in existing markets. The company is also developing value-added zinc chemicals for electronics, petroleum and environmental protection industries.

Group structure and partners

The company operates through a holding structure where the listed parent owns 94% of its most critical manufacturing subsidiary, and the entire group runs on a zero-debt balance sheet.

Three existing plants, one under construction - the manufacturing footprint spans two West Bengal plants (Jangalpur and Belur) and the Naidupeta subsidiary plant, with a greenfield facility at Dahej, Gujarat, adding over 40,000 tonnes of capacity and marking the company’s entry into Western India, close to key customers and the ceramics industry.
Promoter-held and institutionally backed - the promoters’ group held roughly 71% as of March 2024, and marquee institutional investors include the Massachusetts Institute of Technology, Pinebridge Global Funds, Carnelian Structural Shift Fund and SBI General Insurance. The company carries no debt, funding its Dahej project entirely through internal accruals.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹2,402Cr

Close Price

₹612.90

Industry

Chemicals Inorganic

Price To Earnings

31.96

Price To Sales

2.24

Revenue

₹1,071Cr

Rev Gr TTM

Revenue Growth TTM

23.99%

PAT Gr TTM

PAT Growth TTM

16.63%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	153	161	181	203	212	209	224	218	220	248	286	316
Growth YoY Revenue Growth YoY%			-6.6	17.5	38.9	29.6	23.6	7.6	3.9	18.8	27.6	44.8
Expenses ExpensesCr	145	147	164	180	191	186	205	198	202	226	265	282
Operating Profit Operating ProfitCr	8	15	17	22	21	23	19	20	18	23	21	34
OPM OPM%	5.2	9.2	9.5	11.1	9.9	11.1	8.7	9.1	8.2	9.2	7.5	10.6
Other Income Other IncomeCr	-1	2	3	0	3	3	4	3	4	3	5	3
Interest Expense Interest ExpenseCr	1	1	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	15	18	21	23	24	22	22	20	25	25	35
Tax TaxCr	1	4	5	5	6	6	6	5	5	6	7	9
PAT PATCr	4	11	14	16	17	18	16	16	15	18	19	26
Growth YoY PAT Growth YoY%			15.7	310.9	327.7	67.4	17.0	2.9	-12.4	3.1	18.8	59.7
NPM NPM%	2.6	6.6	7.5	7.8	8.1	8.5	7.1	7.5	6.8	7.4	6.6	8.3
EPS EPS₹	1.7	3.2	4.0	3.9	4.2	4.3	3.9	4.0	3.7	4.5	4.6	6.4

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	153	161	181	203	212	209	224	218	220	248	286	316
Growth YoY Revenue Growth YoY%			-6.6	17.5	38.9	29.6	23.6	7.6	3.9	18.8	27.6	44.8
Expenses ExpensesCr	145	147	164	180	191	186	205	198	202	226	265	282
Operating Profit Operating ProfitCr	8	15	17	22	21	23	19	20	18	23	21	34
OPM OPM%	5.2	9.2	9.5	11.1	9.9	11.1	8.7	9.1	8.2	9.2	7.5	10.6
Other Income Other IncomeCr	-1	2	3	0	3	3	4	3	4	3	5	3
Interest Expense Interest ExpenseCr	1	1	1	0	0	0	0	0	0	0	0	0
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	5	15	18	21	23	24	22	22	20	25	25	35
Tax TaxCr	1	4	5	5	6	6	6	5	5	6	7	9
PAT PATCr	4	11	14	16	17	18	16	16	15	18	19	26
Growth YoY PAT Growth YoY%			15.7	310.9	327.7	67.4	17.0	2.9	-12.4	3.1	18.8	59.7
NPM NPM%	2.6	6.6	7.5	7.8	8.1	8.5	7.1	7.5	6.8	7.4	6.6	8.3
EPS EPS₹	1.7	3.2	4.0	3.9	4.2	4.3	3.9	4.0	3.7	4.5	4.6	6.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	399	435	613	785	668	848	973	1,071
Growth Revenue Growth%		9.0	40.8	28.0	-14.9	27.0	14.7	24.0
Expenses ExpensesCr	380	392	557	709	622	762	891	975
Operating Profit Operating ProfitCr	19	44	56	76	45	86	82	96
OPM OPM%	4.8	10.0	9.2	9.6	6.8	10.2	8.4	8.9
Other Income Other IncomeCr	8	5	10	10	6	10	16	15
Interest Expense Interest ExpenseCr	6	5	6	5	4	1	1	1
Depreciation DepreciationCr	2	2	3	3	5	5	5	5
PBT PBTCr	19	41	57	77	43	90	92	105
Tax TaxCr	5	12	14	20	11	23	23	27
PAT PATCr	14	29	43	57	32	67	69	78
Growth PAT Growth%		106.4	49.8	31.7	-43.5	107.9	2.8	16.6
NPM NPM%	3.5	6.6	7.0	7.2	4.8	7.9	7.1	7.3
EPS EPS₹	4.1	7.4	12.6	17.3	9.6	16.3	16.8	19.2

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	399	435	613	785	668	848	973	1,071
Growth Revenue Growth%		9.0	40.8	28.0	-14.9	27.0	14.7	24.0
Expenses ExpensesCr	380	392	557	709	622	762	891	975
Operating Profit Operating ProfitCr	19	44	56	76	45	86	82	96
OPM OPM%	4.8	10.0	9.2	9.6	6.8	10.2	8.4	8.9
Other Income Other IncomeCr	8	5	10	10	6	10	16	15
Interest Expense Interest ExpenseCr	6	5	6	5	4	1	1	1
Depreciation DepreciationCr	2	2	3	3	5	5	5	5
PBT PBTCr	19	41	57	77	43	90	92	105
Tax TaxCr	5	12	14	20	11	23	23	27
PAT PATCr	14	29	43	57	32	67	69	78
Growth PAT Growth%		106.4	49.8	31.7	-43.5	107.9	2.8	16.6
NPM NPM%	3.5	6.6	7.0	7.2	4.8	7.9	7.1	7.3
EPS EPS₹	4.1	7.4	12.6	17.3	9.6	16.3	16.8	19.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	32	39	39	39
Reserves ReservesCr	84	107	151	176	359	426	489
Current Liabilities Current LiabilitiesCr	53	85	102	77	39	22	26
Non Current Liabilities Non Current LiabilitiesCr	6	6	6	8	4	1	3
Total Liabilities Total LiabilitiesCr	149	210	264	298	449	498	569
Current Assets Current AssetsCr	119	176	224	256	394	444	479
Non Current Assets Non Current AssetsCr	31	34	40	41	55	54	90
Total Assets Total AssetsCr	149	210	264	298	449	498	569

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	32	39	39	39
Reserves ReservesCr	84	107	151	176	359	426	489
Current Liabilities Current LiabilitiesCr	53	85	102	77	39	22	26
Non Current Liabilities Non Current LiabilitiesCr	6	6	6	8	4	1	3
Total Liabilities Total LiabilitiesCr	149	210	264	298	449	498	569
Current Assets Current AssetsCr	119	176	224	256	394	444	479
Non Current Assets Non Current AssetsCr	31	34	40	41	55	54	90
Total Assets Total AssetsCr	149	210	264	298	449	498	569

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	41	-7	7	31	76	-11	44
Investing Cash Flow Investing Cash FlowCr	-11	-6	-5	-5	-140	25	-60
Financing Cash Flow Financing Cash FlowCr	-30	17	0	-29	107	-29	1
Net Cash Flow Net Cash FlowCr	0	4	1	-2	43	-15	-15
Free Cash Flow Free Cash FlowCr	35	-13	-2	21	67	-16	5
CFO To PAT CFO To PAT%	292.9	-25.5	15.7	54.9	236.6	-16.8	63.5
CFO To EBITDA CFO To EBITDA%	212.2	-16.9	12.0	41.3	167.7	-13.0	53.1

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	41	-7	7	31	76	-11	44
Investing Cash Flow Investing Cash FlowCr	-11	-6	-5	-5	-140	25	-60
Financing Cash Flow Financing Cash FlowCr	-30	17	0	-29	107	-29	1
Net Cash Flow Net Cash FlowCr	0	4	1	-2	43	-15	-15
Free Cash Flow Free Cash FlowCr	35	-13	-2	21	67	-16	5
CFO To PAT CFO To PAT%	292.9	-25.5	15.7	54.9	236.6	-16.8	63.5
CFO To EBITDA CFO To EBITDA%	212.2	-16.9	12.0	41.3	167.7	-13.0	53.1

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					675	1,179	1,210	2,402
Price To Earnings Price To Earnings					21.9	17.6	17.6	32.0
Price To Sales Price To Sales					1.0	1.4	1.2	2.2
Price To Book Price To Book					1.7	2.5	2.3	4.5
EV To EBITDA EV To EBITDA					11.9	12.5	14.4	25.8
Profitability Ratios Profitability Ratios
GPM GPM%	10.0	15.2	14.1	14.4	12.4	15.2	13.2	13.2
OPM OPM%	4.8	10.0	9.2	9.6	6.8	10.2	8.4	8.9
NPM NPM%	3.5	6.6	7.0	7.2	4.8	7.9	7.1	7.3
ROCE ROCE%	18.4	25.3	25.8	29.4	11.3	19.5	17.3	17.3
ROE ROE%	16.4	26.6	28.3	27.4	8.1	14.4	13.0	13.0
ROA ROA%	9.3	13.7	16.3	19.1	7.2	13.4	12.1	12.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					675	1,179	1,210	2,402
Price To Earnings Price To Earnings					21.9	17.6	17.6	32.0
Price To Sales Price To Sales					1.0	1.4	1.2	2.2
Price To Book Price To Book					1.7	2.5	2.3	4.5
EV To EBITDA EV To EBITDA					11.9	12.5	14.4	25.8
Profitability Ratios Profitability Ratios
GPM GPM%	10.0	15.2	14.1	14.4	12.4	15.2	13.2	13.2
OPM OPM%	4.8	10.0	9.2	9.6	6.8	10.2	8.4	8.9
NPM NPM%	3.5	6.6	7.0	7.2	4.8	7.9	7.1	7.3
ROCE ROCE%	18.4	25.3	25.8	29.4	11.3	19.5	17.3	17.3
ROE ROE%	16.4	26.6	28.3	27.4	8.1	14.4	13.0	13.0
ROA ROA%	9.3	13.7	16.3	19.1	7.2	13.4	12.1	12.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	DEEPAKNTR	TANFACIND	ACI	JGCHEM	INDOBORAX	SRHHYPOLTD	GANESHBE
Market CapitalizationMkt CapCr	21,163	7,572	5,900	2,402	1,470	875	641
Close PriceClose₹	1,551.60	3,500.00	477.90	612.90	458.05	510.05	89.00
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	27.01	103.31	60.57	31.96	26.08	19.70	8.81
Price To SalesPS	2.47	10.48	5.29	2.24	6.33	1.25	1.48
RevenueRevenueCr	8,575	722	1,116	1,071	232	698	433
Revenue Growth TTMRev Gr TTM%	7.1%	13.3%	-0.4%	24.0%	29.7%	7.4%	13.3%
PAT Growth TTMPAT Gr TTM%	29.1%	-29.7%	-39.3%	16.6%	45.5%	0.6%	82.9%

	DEEPAKNTR	TANFACIND	ACI	JGCHEM	INDOBORAX	SRHHYPOLTD	GANESHBE
Market CapitalizationMkt CapCr	21,163	7,572	5,900	2,402	1,470	875	641
Close PriceClose₹	1,551.60	3,500.00	477.90	612.90	458.05	510.05	89.00
IndustryIndustry	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic	Chemicals Inorganic
Price To EarningsPE	27.01	103.31	60.57	31.96	26.08	19.70	8.81
Price To SalesPS	2.47	10.48	5.29	2.24	6.33	1.25	1.48
RevenueRevenueCr	8,575	722	1,116	1,071	232	698	433
Revenue Growth TTMRev Gr TTM%	7.1%	13.3%	-0.4%	24.0%	29.7%	7.4%	13.3%
PAT Growth TTMPAT Gr TTM%	29.1%	-29.7%	-39.3%	16.6%	45.5%	0.6%	82.9%