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JG Chemicals Ltd (JGCHEM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544138 NSE: JGCHEM Chemicals | Small Cap | JG Chemicals Share Price

₹437.10 -1.05 (-0.24%)

As on 10-Jun'26 11:56

JG Chemicals Ltd (JGCHEM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544138 NSE: JGCHEM Chemicals | Small Cap | JG Chemicals Share Price

₹437.10 -1.05 (-0.24%)

As on 10-Jun'26 11:56

Key Metrics
Valuation Multiples
Market Cap
₹1,717 Cr.
Current Price
₹437.1
52-Week Low / High
₹300 / 558
TTM EPS
₹5.5
TTM Sales
₹289 Cr.
Book Value per Share
₹84.5
P/E Ratio
80.04
Higher than its 5-year historical median
Industry PE
50
Price to Book (P/B)
5.18
Higher than its 5-year historical median
Price to Sales (P/S)
5.94
Higher than its 5-year historical median
EV/EBITDA
55.51
Higher than its 5-year historical median
Dividend Yield
0.33%
Profitability Efficiency
Return on Equity (ROE)
6.66%
Underperforms industry median
Return on Capital Employed (ROCE)
9.13%
Underperforms industry median
Return on Assets (ROA)
6.32%
Operating Profit Margin
5.2%
Net Profit Margin
7.36%
Gross Profit Margin
10.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
11.11%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
12.73%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
85.54%
Asset Quality
Promoter Holding
70.99%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹292 Cr.
Equity
₹39.2 Cr.
Face Value
₹10
All Time Low / High
₹171.00 / 558.40

JG Chemicals stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Strong
Q.1 Is JG Chemicals Ltd a good quality company?
JG Chemicals Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does JG Chemicals Ltd performance compare with that of its Peers?
Q.1 Revenue growth of JG Chemicals Ltd vs industry peers?
JG Chemicals Ltd revenue CAGR is 3.77%, compared to the industry median CAGR of 7.53%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of JG Chemicals Ltd?
Promoters hold 70.99% of the JG Chemicals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of JG Chemicals Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 16.02% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
JG Chemicals Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 23.1%29.9%40%27.1%17.9%14%21.3%28.3%7.3%9.1%-
Value Creation
Index
0.71.11.90.90.300.51.0-0.5-0.4-

Growth Parameters

Sales 180228252258226188257335245272289
Sales YoY Gr.-26.4%10.4%2.4%-12.3%-16.9%36.6%30.7%-27%11.1%-
Adj EPS 1.52.94.73.72.71.93.76.62.45.25.5
YoY Gr.-100.7%62.9%-21.1%-26.7%-30.3%93.2%78.6%-63%111.1%-
BVPS (₹) 6.69.614.819.122.424.529.537.473.979.684.5
Adj Net
Profit
4.69.21511.98.76.111.720.99.620.221
Cash Flow from Ops. 1.3-7.519.4-3.928.24.1-3.16.127.7-13.4-
Debt/CF from Ops. 24.2-5.71.5-9.60.75.4-7.72.200-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 4.7%3.8%1.9%11.1%
Adj EPS 15.1%13.5%11.8%111.1%
BVPS31.9%28.9%39.3%7.7%
Share Price - - - 14%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
24.935.938.922.113.28.113.719.74.76.76.7
Op. Profit
Mgn %
5.97.911.17.34.15.45.78.44.45.24.7
Net Profit
Mgn %
2.6464.63.93.24.66.23.97.47.4
Debt to
Equity
1.41.40.60.60.30.30.30.1000
Working Cap
Days
94100112106124161133121176192137
Cash Conv.
Cycle
7277877984102968410398129

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales180228252258226188257335245272
Operating Expenses + 170210224239217179242309234260
Manufacturing Costs9991211913161315
Material Costs151182193214193158213272202221
Employee Cost 2343467789
Other Costs 8161810978141116
Operating Profit 111828199915271012
Operating Profit Margin (%) 5.8%7.9%11.1%7.3%4.1%4.6%5.7%7.9%4.2%4.3%
Other Income + 11358599817
Exceptional Items 00000000-20
Interest 4444322110
Depreciation 0111101111
Profit Before Tax 8152619141221341427
Tax 3596455947
Profit After Tax 59161410716251120
PAT Margin (%) 2.8%4.1%6.6%5.3%4.6%3.7%6.2%7.5%4.4%7.4%
Adjusted EPS (₹)1.63.05.24.33.32.25.08.02.85.1
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%19.60%

Valuation of JG Chemicals - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 21304760717893119290312
Share Capital 1111111323939
Reserves 2029465970769287250273
Debt +304329372022241300
Long Term Debt4400000000
Short Term Debt263928371922241300
Minority Interest0000000000
Trade Payables3314233344
Others Liabilities 16811432176
Total Liabilities 55828510394107123137311322

Fixed Assets

Net Fixed Assets +4544455597
Gross Block9101011116771210
Accumulated Depreciation5566712233
CWIP 0000000000
Investments 01119111164445
Inventories18292742241943282339
Trade Receivables22323632283940504449
Cash Equivalents flag 1011055414498
Others Assets 8141523282718434884
Total Assets 55828510394107123137311322

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 1-819-4284-3628-13
PBT 8152619141221341627
Adjustment 34553-1-2-0-2-12
Changes in Working Capital -6-22-3-1915-2-17-1918-21
Tax Paid -3-4-8-9-4-4-5-9-3-7
Cash Flow From Investing Activity + 0-2-1-1-8-135-1418
Capex -1-2-1-1-0-2-0-1-3-1
Net Investments 0000-8-035-13131
Others 1-0000112-7-22
Cash Flow From Financing Activity + -29-184-201-0-12154-15
Net Proceeds from Shares 000000001520
Net Proceeds from Borrowing 000-0-0-0-0-000
Interest Paid -3-4-4-4-3-2-2-1-1-0
Dividend Paid 0000000000
Others 213-149-1732-112-15
Net Cash Flow 0-11-0-04-0-040-20

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)27.0636.6342.6325.2815.919.2918.4623.765.286.66
ROCE (%)23.1429.8539.9827.1217.9414.0221.328.317.259.13
Asset Turnover Ratio3.453.353.033.22.641.872.232.581.090.86
PAT to CFO Conversion(x)0.2-0.891.19-0.292.80.57-0.190.242.55-0.65
Working Capital Days
Receivable Days44.2043.6049.1041.3042.5065.2056.2049.2070.4062.50
Inventory Days35.6038.3041.204246.2042.1044.603937.9041.40
Payable Days9.105.303.504.405.706.205.504.306.506.40

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

JG Chemicals Ltd FAQs

The current trading price of JG Chemicals on 10-Jun-2026 11:56 is ₹437.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 09-Jun-2026 the market cap of JG Chemicals stood at ₹1,716.9 Cr

The latest P/E ratio of JG Chemicals as of 09-Jun-2026 is 80.04.

The latest P/B ratio of JG Chemicals as of 09-Jun-2026 is 5.18.

The 52-week high of JG Chemicals is ₹558.4 and the 52-week low is ₹300.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of JG Chemicals is ₹289 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that JG Chemicals Ltd is a good quality company.

The key valuation ratios of JG Chemicals Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of JG Chemicals Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About JG Chemicals Ltd

JG Chemicals Limited was initially formed as a partnership firm on March 15, 1975 under the name ‘J.G.Chemicals’ at West Bengal as a partnership at will which was registered under the Indian Partnership Act, 1932 with the Registrar of Firms, West Bengal in 1983. Subsequently, the partnership firm was converted into a joint stock company and was registered as a private limited company in the name and style ‘J.G.Chemicals Private Limited’ pursuant to a certificate of incorporation dated June 28, 2001, issued by RoC, in accordance with provisions of the Companies Act, 1956. Thereafter, pursuant to a resolution passed at the meeting of the Board of Directors held on March 16, 2022, and a special resolution of the Shareholders at the EGM held on April 30, 2022, the name of the Company was changed to J.G.Chemicals Limited, pursuant to its conversion into a public limited company. A fresh certificate of incorporation dated May 24, 2022, consequent upon conversion, was issued by the RoC.

JG Chemicals is India’s largest zinc oxide manufacturer in terms of production and revenue for zinc oxide manufacturing through French process, which is the dominant production technology for producing zinc oxide and has been adopted by all the major producers in Americas, Europe and Asia. The market share of the company is around 30% as on March 2022. It sells many grades of zinc oxide and are among the top ten manufacturers of zinc oxides globally. Since its incorporation in 2001, the company has expanded its business and scale of operations and has grown into a large, diversified zinc oxide player with a global footprint. Its product caters to a wide spectrum of industrial applications, including in the rubber (tyre & other rubber products), ceramics, paints & coatings, pharmaceuticals & cosmetics, electronics & batteries, agro-chemicals & fertilizers, speciality chemicals, lubricants, oil & gas and animal feed.

Owing to its legacy of over four decades in manufacturing businesses, it benefits from its experience in catering to a wide array of customers and it has built a long-standing relationship with customers across end-user industries in the tyres, ceramics, rubber, paints, cosmetics and batteries industry. As a manufacturer of zinc oxide, it is a pre-requisite in most of its end-use industries for its products to be customised according to the specifications by customers, which usually acts as a significant entry barrier. Further, high cost of product development, complexity of the chemistry involved in innovating and tailoring its products to the customised needs of its customers, which requires necessary technical expertise and lengthy and stringent supplier qualification process are the other entry barriers in its business.

Business area of the company

The company is engaged in the business of manufacturing of Zinc Oxide & allied product.

Awards, accreditations and accolades

  • 2018: Recognised as a ‘One Star Export House’ by DGFT, Ministry of Commerce and Industry, India
  • 2018: Obtained ISO 14001: 2015 certifications for environment management system at the Registered Office, Belur Facility and Jangalpur Facility.
  • 2018: Obtained ISO 9001: 2015 certifications for quality management system at the Registered Office, Belur Facility and Jangalpur Facility.
  • 2020: Obtained ISO 45001: 2018 certifications for occupational health and safety management system at the Registered Office, Belur Facility and Jangalpur Facility.
  • 2021: Obtained ISO 14001: 2015 certifications for environment management system at the Naidupeta Facility. 
  • 2021: Obtained ISO 45001: 2018 certifications for occupational health and safety management system at the Naidupeta Facility.
  • 2021: Obtained ISO 9001: 2015 certifications for quality management system at the Naidupeta Facility.
  • 2021: Apollo Gold Partner Award-Quality Champion by Apollo Tyres Limited.
  • 2022: Obtained IATF 16949 certificate for manufacture of zinc oxide powder at Naidupeta Facility.
  • 2023: Recognised as a ‘TwoStar Export House’ by DGFT, Ministry of Commerce and Industry, India.
  • 2023: Obtained WHO GMP certificatefor manufacture and supply of pharma grade zinc oxide at the Naidupeta Facility. 

History and milestones

  • 2001: Conversion of its partnership firm into a private limited company.
  • 2001: Commencement of operations at Belur Facility.
  • 2004: Commencement of operations at Jangalpur Facility.
  • 2016: Commencement of operations at Naidupeta Facility.
  • 2022: Achieved Rs 600 crore in consolidated turnover.

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