J.G.Chemicals Ltd
NSE: JGCHEM BSE: 544138Metal
Incorporated in 2001, J.G Chemicals is a leading Zinc Oxide Manufacturer having the capability to produce up to 80 grades of Zinc oxide[1]
₹381
52W: ₹298 — ₹558
PE 69.7 · Book ₹84.5 · +351% vs bookMarket Cap₹1,494 Cr
Stock P/E69.7Price to Earnings
ROCE8.92%Return on Capital
ROE6.67%Return on Equity
Div. Yield0.25%Face Value ₹10
Strengths
- +Company is almost debt free.
Weaknesses
- −Stock is trading at 4.48 times its book value
- −The company has delivered a poor sales growth of 9.05% over past five years.
- −Company has a low return on equity of 6.29% over last 3 years.
- −Earnings include an other income of Rs.16.8 Cr.
- −Dividend payout has been low at 13.2% of profits over last 3 years
- −Working capital days have increased from 153 days to 219 days
Shareholding Pattern
Promoters70.99%
FIIs3.28%
DIIs3.47%
Public22.26%
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 70.99% | 70.99% | 70.99% | 70.99% | 70.99% | 70.99% | 70.99% | 70.99% |
| FIIs | 6.33% | 6.61%▲0.3 | 6.04%▼0.6 | 6.09%▲0.0 | 6.05%▼0.0 | 4.33%▼1.7 | 3.2%▼1.1 | 3.28%▲0.1 |
| DIIs | 3.64% | 3.77%▲0.1 | 3.94%▲0.2 | 3.7%▼0.2 | 3.49%▼0.2 | 3.15%▼0.3 | 3.49%▲0.3 | 3.47%▼0.0 |
| Public | 19.04% | 18.62%▼0.4 | 19.02%▲0.4 | 19.22%▲0.2 | 19.47%▲0.3 | 21.52%▲2.1 | 22.31%▲0.8 | 22.26%▼0.0 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 53.76 | 67.15 | 65.01 | 70.94 | 60.37 | 75.5 | 70.97 | 59.6 | 70.46 | 87.92 |
| Expenses | 50.44 | 62.42 | 61.65 | 66.12 | 57.85 | 72.39 | 66.95 | 57.33 | 68.57 | 82.46 |
| Operating Profit | 3.32 | 4.73 | 3.36 | 4.82 | 2.52 | 3.11 | 4.02 | 2.27 | 1.89 | 5.46 |
| OPM % | 6.18% | 7.04% | 5.17% | 6.79% | 4.17% | 4.12% | 5.66% | 3.81% | 2.68% | 6.21% |
| Net Profit | 3.81 | 4.87 | 3.83 | 6.29 | 3.54 | 6.36 | 6.37 | 4.14 | 3.76 | 7.19 |
| EPS ₹ | 1.2 | 1.24 | 0.98 | 1.61 | 0.9 | 1.62 | 1.63 | 1.06 | 0.96 | 1.83 |
AI Insights
Revenue Trend
Mar 2026 revenue at ₹289Cr, up 6.3% YoY. OPM at 5%.
Debt Position
Borrowings at ₹6Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.
Capex Cycle
CWIP at ₹6Cr (18% of fixed assets). Moderate ongoing capital expenditure.
Institutional Flow
DIIs: 3.47% (+0.30pp change). FIIs: 3.28% (-2.94pp change). Promoters hold 70.99%.
Margin & Efficiency
ROCE improving from 0% (Mar 2020) to 9% (Mar 2026). Working capital days: 219.
Valuation
PE 69.7x with 8.92% ROCE. Price is 351% above book value of ₹84.5. Dividend yield: 0.25%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1d
- Announcement under Regulation 30 (LODR)-Newspaper Publication 1d
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 2d - Audio recording of 15 May 2026 earnings call for audited FY26 results uploaded.
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report 2d - ICRA monitoring report for Q4 FY2026 shows Rs 4.262 crore unutilized for R&D Centre, to deploy in FY2027.
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 May - ICRA monitoring report for Q4 FY2026 shows no deviation; Rs 42.62 million remains unutilized for R&D Centre.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Rating update 14 Nov 2025 from crisil