JG Chemicals Ltd.
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ABOUT
AI Sector View
AI GENERATEDChemicals
The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.
PROS
- Company is almost debt free
- Latest quarter profit grew 33.4% YoY, showing strong momentum
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (63.9% of PBT)
- Recent results are weak - TTM profit is down 32.6% versus prior year
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.36x)
- Equity base is being diluted - shares outstanding up 3112.0%
- Company has delivered a poor sales growth of 3.8% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SOLARINDS | 20550.00 | 93.38 | 185957.06 | 0.05 | 666.37 | 88.98 | 3668.20 | 70.26 | 38.16 | 27.91 |
| PIDILITIND | 1636.40 | 62.88 | 166565.83 | 1.31 | 8835.10 | 1202.86 | 45515.50 | 1112.74 | 32.38 | 26.28 |
| SRF | 2597.00 | 35.61 | 76981.53 | 0.35 | 758.87 | 75.53 | 5033.26 | 34.63 | 14.21 | 24.57 |
| FLUOROCHEM | 4731.25 | 84.51 | 51972.78 | 0.06 | 2190.00 | 1103.30 | 15880.00 | 1139.66 | 9.58 | 26.83 |
| NAVINFLUOR | 8538.25 | 55.47 | 43808.15 | 0.18 | 243.31 | 107.67 | 1045.08 | 44.07 | 21.39 | 34.17 |
| GODREJIND | 1138.55 | 32.62 | 38352.18 | 0.00 | 523.36 | -27.85 | 5448.09 | 22.16 | 10.64 | 12.82 |
| DEEPAKNTR | 1733.65 | 30.19 | 23645.78 | 0.43 | 345.01 | 207.36 | 2577.60 | 36.39 | 11.58 | 20.96 |
| AETHER | 1646.05 | 92.89 | 21847.67 | 0.00 | 62.75 | 33.45 | 326.56 | 27.49 | 11.65 | 31.47 |
| ATUL | 6484.40 | 24.00 | 19091.21 | 0.46 | 253.93 | 91.85 | 1847.95 | 25.03 | 15.05 | 21.41 |
| AARTIIND | 505.45 | 34.53 | 18334.02 | 0.20 | 155.00 | 260.47 | 2387.00 | 42.42 | 6.95 | 16.00 |
| DEEPAKFERT | 1417.10 | 18.24 | 17949.40 | 0.71 | 490.04 | 100.95 | 3256.26 | 22.47 | 12.12 | 25.96 |
| JGCHEM | 600.55 | 31.30 | 2353.32 | 0.18 | 26.12 | 59.64 | 315.65 | 44.79 | 20.78 | 10.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 53 | 54 | 67 | 65 | 71 | 60 | 76 | 71 | 60 | 70 | 88 | 96 | |
| 68 | 54 | 50 | 62 | 62 | 66 | 58 | 72 | 67 | 57 | 69 | 82 | 88 | |
| Operating Profit | 2 | -4 | 3 | 5 | 3 | 5 | 3 | 3 | 4 | 2 | 2 | 5 | 8 |
| OPM % | 3.47% | -6.91% | 6.18% | 7.06% | 5.17% | 6.79% | 4.17% | 4.13% | 5.65% | 3.81% | 2.68% | 6.21% | 8.86% |
| Other Income | 2 | 1 | 2 | 2 | 2 | 4 | 3 | 6 | 5 | 4 | 4 | 5 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | -1 | 5 | 6 | 5 | 9 | 5 | 9 | 8 | 6 | 5 | 10 | 11 | |
| Tax % | 24.25% | 40.18% | 29.78% | 24.14% | 25.05% | 26.17% | 26.71% | 25.53% | 24.91% | 25.14% | 26.85% | 24.97% | 25.30% |
| Net Profit | 3 | -1 | 4 | 5 | 4 | 6 | 4 | 6 | 6 | 4 | 4 | 7 | 8 |
| 1 | -0 | 1 | 1 | 1 | 2 | 1 | 2 | 2 | 1 | 1 | 2 | 0 | |
| Equity Capital | 32 | 32 | 32 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves | 90 | 89 | 94 | 250 | 254 | 267 | 270 | 273 | 281 | 282 | 286 | 292 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 180 | 228 | 252 | 258 | 226 | 188 | 257 | 335 | 245 | 272 | 314 | |
| 170 | 210 | 224 | 239 | 217 | 179 | 242 | 309 | 234 | 260 | 296 | |
| Operating Profit | 12 | 19 | 31 | 24 | 17 | 14 | 24 | 36 | 18 | 29 | — |
| OPM % | 6 | 8 | 12 | 9 | 8 | 7 | 9 | 11 | 7 | 11 | — |
| Other Income | 1 | 1 | 3 | 5 | 8 | 5 | 9 | 9 | 8 | 17 | 15 |
| Interest | 4 | 4 | 4 | 4 | 3 | 2 | 2 | 1 | 1 | 0 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| 8 | 15 | 26 | 19 | 14 | 12 | 21 | 34 | 14 | 27 | 32 | |
| Tax % | 34 | 36 | 36 | 30 | 25 | 40 | 24 | 26 | 25 | 26 | 25 |
| Net Profit | 5 | 9 | 16 | 14 | 10 | 7 | 16 | 25 | 11 | 20 | 24 |
| EPS | 0 | 0 | 0 | 111 | 86 | 57 | 129 | 8 | 3 | 5 | — |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 3 | 5 | 4 | 3 | 2 | 5 | 8 | 3 | 5 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 4%
- 3 Years:
- 2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 14%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 30%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 13%
- 3 Years:
- 12%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 32 | 39 | 39 |
| 20 | 29 | 46 | 59 | 70 | 76 | 92 | 87 | 250 | 273 | |
| 26 | 39 | 28 | 37 | 20 | 22 | 24 | 13 | 0 | 0 | |
| Trade Payables | 3 | 3 | 1 | 4 | 2 | 3 | 3 | 3 | 4 | 4 |
| 5 | 10 | 8 | 1 | 1 | 4 | 3 | 2 | 17 | 6 | |
| Total Liabilities | 55 | 82 | 85 | 103 | 94 | 107 | 123 | 137 | 311 | 322 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 4 | 5 | 4 | 4 | 4 | 5 | 5 | 5 | 9 | 7 | |
| 0 | 1 | 1 | 1 | 9 | 11 | 11 | 6 | 44 | 45 | |
| 18 | 29 | 27 | 42 | 24 | 19 | 43 | 28 | 23 | 39 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44 | 49 | |
| Cash & Bank | 1 | 0 | 1 | 1 | 0 | 5 | 5 | 4 | 144 | 98 |
| 31 | 46 | 51 | 55 | 56 | 66 | 58 | 94 | 48 | 84 | |
| Total Assets | 55 | 82 | 85 | 103 | 94 | 107 | 123 | 137 | 311 | 322 |
| Total Debt | 30 | 43 | 29 | 37 | 20 | 22 | 24 | 13 | 0 | 0 |
| Net Working Capital | 21 | 28 | 40 | 47 | 49 | 53 | 76 | 106 | 242 | 234 |
| Contingent Liabilities | 0 | 0 | 0 | 7 | 7 | 4 | 4 | 5 | 2 | 2 |
| Book Value per Share | 171.91 | 249.44 | 384.58 | 495.87 | 581.58 | 636.57 | 766.34 | 37.44 | 73.92 | 79.61 |
| Face Value | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | -8 | 19 | -4 | 28 | 4 | -3 | 6 | 28 | -13 | |
| Cash from Investing | 0 | -2 | -1 | -1 | -8 | -1 | 3 | 5 | -141 | 8 |
| Cash from Financing | -2 | 9 | -18 | 4 | -20 | 1 | -0 | -12 | 154 | -15 |
| 0 | -1 | 1 | -0 | -0 | 4 | -0 | -0 | 40 | -20 | |
| Free Cash Flow | 1 | -8 | 19 | -5 | 28 | 4 | -4 | 5 | 24 | -13 |
| OCF / Net Profit | 0.25 | -0.80 | 1.18 | -0.29 | 2.70 | 0.59 | -0.20 | 0.24 | 2.57 | -0.67 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 34 | 38 | 43 | 29 | 58 | 16 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 40.98 | 77.16 | 135.14 | 111.29 | 85.71 | 56.57 | 129.47 | 7.95 | 2.75 | 5.11 |
| Book Value (₹) | 171.91 | 249.44 | 384.58 | 495.87 | 581.58 | 636.57 | 766.34 | 37.44 | 73.92 | 79.61 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.00 |
| Cash EPS (₹) | 1.73 | 3.14 | 5.48 | 4.48 | 3.48 | 2.33 | 5.20 | 8.17 | 2.98 | 5.46 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 6.35% | 8.39% | 12.19% | 8.05% | 6.73% | 7.37% | 9.30% | 10.74% | 4.20% | 4.27% |
| Net Margin % | 2.74% | 4.13% | 6.55% | 4.52% | 4.03% | 3.67% | 6.16% | 7.52% | 4.41% | 7.36% |
| ROE % | 27.06% | 36.63% | 42.63% | 25.28% | 15.91% | 9.29% | 18.46% | 23.76% | 5.28% | 6.66% |
| ROCE % | 23.14% | 29.85% | 39.98% | 27.12% | 17.94% | 14.02% | 21.30% | 28.31% | 7.25% | 9.13% |
| 9.47% | 13.82% | 19.84% | 14.49% | 10.65% | 6.89% | 13.73% | 19.37% | 4.81% | 6.32% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 44 | 44 | 49 | 41 | 42 | 65 | 56 | 49 | 70 | 63 |
| Inventory Days | 36 | 38 | 41 | 42 | 46 | 42 | 45 | 39 | 38 | 41 |
| Payable Days | 9 | 5 | 4 | 4 | 6 | 6 | 6 | 4 | 7 | 6 |
| 71 | 77 | 87 | 79 | 83 | 101 | 95 | 84 | 102 | 97 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 1.44x | 1.41x | 0.61x | 0.62x | 0.28x | 0.29x | 0.26x | 0.11x | 0.00x | 0.00x |
| Interest Coverage (x) | 3.13x | 4.82x | 7.34x | 5.58x | 5.87x | 7.25x | 9.77x | 32.28x | 17.29x | 59.95x |
| 1.73x | 1.60x | 2.07x | 2.10x | 3.17x | 2.82x | 3.54x | 6.84x | 11.70x | 25.03x | |
| GROWTH | ||||||||||
| Revenue Growth % | 1.85% | 26.37% | 10.37% | 2.37% | -12.32% | -16.87% | 36.63% | 30.67% | -27.04% | 11.11% |
| Operating Profit Growth % | 5.64% | 65.33% | 60.28% | -21.24% | -27.62% | -20.91% | 72.56% | 50.92% | -50.06% | 60.32% |
| Net Profit Growth % | 8.90% | 88.29% | 75.15% | -17.65% | -22.98% | -34.01% | 128.88% | 59.68% | -57.23% | 85.58% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -65.38% | 85.58% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 62.54x | 58.88x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.33x | 3.78x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.33% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 29.52x | 37.48x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-02 - J.G.Chemicals Limited has informed the Exchange about Schedule of meet
2026-09-01 - J.G.Chemicals Limited has informed the Exchange about Schedule of meet
2026-08-18 - J.G.Chemicals Limited has informed the Exchange regarding 'Intimation of material event under Regulation 30(3) & 30(9) of SEBI (LODR) Regulations, 2015 - General'.
2026-08-13 - J.G.Chemicals Limited has informed the Exchange about Transcript
2026-08-10 - J.G.Chemicals Limited has informed the Exchange about Schedule of meet
2026-08-10 - J.G.Chemicals Limited has informed the Exchange about Schedule of meet
2026-08-10 - J.G.Chemicals Limited has informed the Exchange about Link of Recording
2026-08-10 - J.G.Chemicals Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-08 - J.G.Chemicals Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for JGCHEM
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