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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
₹636.65 7.50 (1.19%)
As on 16-Oct'26 16:59
JG Chemicals Ltd (JGCHEM)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544138 NSE: JGCHEM Chemicals | Small Cap | JG Chemicals Share Price
₹636.65 7.50 (1.19%)
As on 16-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹2,495 Cr.
Current Price
₹636.7
52-Week Low / High
₹300 / 691
TTM EPS
₹19.2
TTM Sales
₹1,071 Cr.
Book Value per Share
₹141.5
P/E Ratio
33.18
Lower than its 5-year historical median
Industry PE
47.3
Price to Book (P/B)
4.50
Higher than its 5-year historical median
Price to Sales (P/S)
2.33
Lower than its 5-year historical median
EV/EBITDA
22.21
Lower than its 5-year historical median
Dividend Yield
0.17%
Profitability Efficiency
Return on Equity (ROE)
13.82%
Outperforms industry median
Return on Capital Employed (ROCE)
18.59%
Outperforms industry median
Return on Assets (ROA)
12.87%
Operating Profit Margin
8.5%
Net Profit Margin
7.06%
Gross Profit Margin
10%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.3%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-1.11%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
2.83%
Asset Quality
Promoter Holding
70.99%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹515 Cr.
Equity
₹39.2 Cr.
Face Value
₹10
All Time Low / High
₹171.00 / 691.15
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
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?
Revenue growth of JG Chemicals Ltd vs industry peers?
JG Chemicals Ltd revenue CAGR is 17.45%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
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.
Stock return of JG Chemicals Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 56.79% 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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 29.9% | 40% | 27.1% | 17.9% | 14% | 21.3% | 28.3% | 7.3% | 9.1% | 9% | - |
| Value Creation Index ⓘ | 1.1 | 1.9 | 0.9 | 0.3 | 0 | 0.5 | 1.0 | -0.5 | -0.4 | -0.4 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 228 | 252 | 258 | 226 | 188 | 257 | 335 | 245 | 272 | 289 | 314 |
| Sales YoY Gr. | - | 10.4% | 2.4% | -12.3% | -16.9% | 36.6% | 30.7% | -27% | 11.1% | 6.3% | - |
| Adj EPS ⓘ | 2.9 | 4.7 | 3.7 | 2.7 | 1.9 | 3.7 | 6.6 | 2.4 | 5.2 | 4.6 | 6 |
| YoY Gr. | - | 62.9% | -21.1% | -26.7% | -30.3% | 93.2% | 78.6% | -63% | 111.1% | -11.3% | - |
| BVPS (₹) ⓘ | 9.6 | 14.8 | 19.1 | 22.4 | 24.5 | 29.5 | 37.4 | 73.9 | 79.6 | 84.5 | 86.7 |
| Adj Net Profit ⓘ | 9.2 | 15 | 11.9 | 8.7 | 6.1 | 11.7 | 20.9 | 9.6 | 20.2 | 17.9 | 24 |
| Cash Flow from Ops. ⓘ | -7.5 | 19.4 | -3.9 | 28.2 | 4.1 | -3.1 | 6.1 | 27.7 | -13.4 | -7.3 | - |
| Debt/CF from Ops. ⓘ | -5.7 | 1.5 | -9.6 | 0.7 | 5.4 | -7.7 | 2.2 | 0 | 0 | -0.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 2.7% | 9% | -4.8% | 6.3% | ||||
| Adj EPS ⓘ | 5.1% | 19.1% | -11.5% | -11.3% | ||||
| BVPSⓘ | 27.4% | 28.1% | 31.2% | 6.1% | ||||
| Share Price | - | - | - | 56.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 35.9 | 38.9 | 22.1 | 13.2 | 8.1 | 13.7 | 19.7 | 4.7 | 6.7 | 5.6 | 7 |
| Op. Profit Mgn % ⓘ | 7.9 | 11.1 | 7.3 | 4.1 | 5.4 | 5.7 | 8.4 | 4.4 | 5.2 | 4.8 | 5.8 |
| Net Profit Mgn % ⓘ | 4 | 6 | 4.6 | 3.9 | 3.2 | 4.6 | 6.2 | 3.9 | 7.4 | 6.2 | 7.5 |
| Debt to Equity ⓘ | 1.4 | 0.6 | 0.6 | 0.3 | 0.3 | 0.3 | 0.1 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 100 | 112 | 106 | 124 | 161 | 133 | 121 | 176 | 192 | 235 | 137 |
| Cash Conv. Cycle ⓘ | 77 | 87 | 79 | 84 | 102 | 96 | 84 | 103 | 98 | 112 | 129 |
Valuation of JG Chemicals - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 250 | 339 | 399 | 435 | 613 | 785 | 668 | 848 | 973 |
| Operating Expenses ⓘ + | 229 | 296 | 380 | 393 | 556 | 710 | 623 | 765 | 891 |
| Operating Profit ⓘ | 21 | 43 | 19 | 42 | 57 | 74 | 45 | 83 | 82 |
| Operating Profit Margin (%) | 8.3% | 12.7% | 4.8% | 9.6% | 9.3% | 9.5% | 6.7% | 9.8% | 8.4% |
| Other Income ⓘ + | 1 | 3 | 8 | 7 | 10 | 11 | 8 | 13 | 16 |
| Interest ⓘ | 6 | 6 | 6 | 5 | 7 | 5 | 4 | 1 | 1 |
| Depreciation ⓘ | 2 | 2 | 2 | 2 | 3 | 3 | 5 | 5 | 5 |
| Profit Before Tax ⓘ | 14 | 38 | 19 | 41 | 57 | 77 | 43 | 90 | 92 |
| Tax ⓘ | 5 | 13 | 5 | 12 | 14 | 20 | 11 | 23 | 23 |
| Profit After Tax | 9 | 25 | 14 | 29 | 43 | 57 | 32 | 67 | 69 |
| PAT Margin (%) | 3.7% | 7.4% | 3.5% | 6.6% | 7.0% | 7.2% | 4.8% | 7.9% | 7.1% |
| Adjusted EPS (₹) | 2.9 | 7.3 | 4.1 | 7.4 | 12.6 | 17.3 | 7.9 | 16.3 | 16.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 6.10% | 6.50% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 31 | 54 | 85 | 108 | 153 | 208 | 398 | 465 | 528 | ||
| Debt + | 61 | 50 | 51 | 72 | 89 | 68 | 11 | 0 | 6 | ||
| Minority Interest | 0 | 2 | 5 | 11 | 4 | 6 | 7 | 10 | 13 | ||
| Trade Payables | 3 | 5 | 3 | 7 | 5 | 8 | 8 | 17 | 11 | ||
| Others Liabilities ⓘ | 8 | 14 | 5 | 12 | 13 | 8 | 24 | 7 | 11 | ||
| Total Liabilities ⓘ | 102 | 126 | 149 | 210 | 264 | 298 | 448 | 498 | 569 | ||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 14 | 14 | 21 | 23 | 22 | 35 | 42 | 39 | 67 | ||
| CWIP ⓘ | 0 | 0 | 0 | 0 | 7 | 1 | 0 | 1 | 8 | ||
| Investments ⓘ | 0 | 0 | 6 | 9 | 8 | 3 | 43 | 51 | 136 | ||
| Inventories | 35 | 41 | 46 | 49 | 88 | 104 | 56 | 111 | 92 | ||
| Trade Receivables | 36 | 53 | 50 | 90 | 95 | 116 | 117 | 142 | 171 | ||
| Cash Equivalents | 0 | 1 | 1 | 5 | 8 | 5 | 147 | 105 | 38 | ||
| Others Assets ⓘ | 17 | 16 | 26 | 35 | 35 | 34 | 44 | 48 | 57 | ||
| Total Assets ⓘ | 102 | 126 | 149 | 210 | 264 | 298 | 448 | 498 | 569 | ||
| PARTICULARS | Mar'17 | Mar'18 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -14 | 19 | 41 | -7 | 7 | 31 | 76 | -11 | 44 |
| Cash Flow From Investing Activity ⓘ + | -6 | -2 | -11 | -6 | -5 | -5 | -140 | 25 | -60 |
| Cash Flow From Financing Activity ⓘ + | 18 | -16 | -30 | 17 | -0 | -29 | 107 | -29 | 1 |
| Net Cash Flow ⓘ | -1 | 1 | -0 | 4 | 1 | -2 | 43 | -15 | -15 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 29.77 | 59.59 | 20.1 | 29.78 | 33.03 | 31.53 | 10.6 | 15.47 | 13.82 | |
| ROCE (%) | 21.63 | 44.86 | 21.03 | 29.05 | 29.93 | 31.28 | 13.65 | 20.78 | 18.59 | |
| Asset Turnover Ratio | 2.44 | 2.98 | 2.91 | 2.42 | 2.59 | 2.79 | 1.79 | 1.79 | 1.82 | |
| PAT to CFO Conversion(x) | -1.56 | 0.76 | 2.93 | -0.24 | 0.16 | 0.54 | 2.38 | -0.16 | 0.64 | |
| Working Capital Days | ||||||||||
| Receivable Days | 53 | 48.10 | 47.10 | 58.60 | 55 | 48.90 | 63.50 | 55.60 | 58.70 | |
| Inventory Days | 50.50 | 40.80 | 39.70 | 39.50 | 40.80 | 44.70 | 43.60 | 36 | 38.10 | |
| Payable Days | 5.30 | 5.60 | 4.40 | 5.40 | 4.60 | 3.90 | 5.50 | 6.70 | 6.30 | |
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JG Chemicals Ltd FAQs
The current trading price of JG Chemicals on 16-Oct-2026 16:59 is ₹636.6.
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 15-Oct-2026 the market cap of JG Chemicals stood at ₹2,494.8 Cr
The latest P/E ratio of JG Chemicals as of 15-Oct-2026 is 105.8.
The latest P/B ratio of JG Chemicals as of 15-Oct-2026 is 7.35.
The 52-week high of JG Chemicals is ₹691.1 and the 52-week low is ₹300.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of JG Chemicals is ₹314 ( 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 Semi Strong which suggest that the price of JG Chemicals Ltd is likely to Rise-somewhat 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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