MoneyWorks4Me

JG Chemicals Ltd (JGCHEM)

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

₹634.05 13.35 (2.15%)

As on 28-Sep'26 10:18

JG Chemicals Ltd (JGCHEM)

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

₹634.05 13.35 (2.15%)

As on 28-Sep'26 10:18

Key Metrics
Valuation Multiples
Market Cap
₹2,432 Cr.
Current Price
₹634.1
52-Week Low / High
₹300 / 675
TTM EPS
₹19.2
TTM Sales
₹1,071 Cr.
Book Value per Share
₹141.5
P/E Ratio
32.35
Lower than its 5-year historical median
Industry PE
48
Price to Book (P/B)
4.39
Higher than its 5-year historical median
Price to Sales (P/S)
2.27
Lower than its 5-year historical median
EV/EBITDA
21.65
Lower than its 5-year historical median
Dividend Yield
0.17%
Profitability Efficiency
Return on Equity (ROE)
15.47%
Outperforms industry median
Return on Capital Employed (ROCE)
20.78%
Outperforms industry median
Return on Assets (ROA)
14.11%
Operating Profit Margin
8.5%
Net Profit Margin
7.87%
Gross Profit Margin
11.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
6.3%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
84.79%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
107.91%
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 / 675.00

JG Chemicals stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Overvalued

Price Trend

Strong
Q.1 Is JG Chemicals Ltd a good quality company?
JG Chemicals Ltd is a average quality company, based on a somewhat consistent 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 16.25%, compared to the industry median CAGR of 0%, indicating faster growth and gaining 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 51.5% 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 some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ29.9%40%27.1%17.9%14%21.3%28.3%7.3%9.1%9%-
Value Creation
Index ⓘ
1.11.90.90.300.51.0-0.5-0.4-0.4-

Growth Parameters ⓘ

Sales ⓘ228252258226188257335245272289314
Sales YoY Gr.-10.4%2.4%-12.3%-16.9%36.6%30.7%-27%11.1%6.3%-
Adj EPS ⓘ2.94.73.72.71.93.76.62.45.24.66
YoY Gr.-62.9%-21.1%-26.7%-30.3%93.2%78.6%-63%111.1%-11.3%-
BVPS (₹) ⓘ9.614.819.122.424.529.537.473.979.684.586.7
Adj Net
Profit ⓘ
9.21511.98.76.111.720.99.620.217.924
Cash Flow from Ops. ⓘ-7.519.4-3.928.24.1-3.16.127.7-13.4-7.3-
Debt/CF from Ops. ⓘ-5.71.5-9.60.75.4-7.72.200-0.8-

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 - - - 54.8%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
35.938.922.113.28.113.719.74.76.75.67
Op. Profit
Mgn % ⓘ
7.911.17.34.15.45.78.44.45.24.85.8
Net Profit
Mgn % ⓘ
464.63.93.24.66.23.97.46.27.5
Debt to
Equity ⓘ
1.40.60.60.30.30.30.1000-
Working Cap
Days ⓘ
100112106124161133121176192235137
Cash Conv.
Cycle ⓘ
77877984102968410398112129

Valuation of JG Chemicals - Consolidated

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!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales250339399435613785668848
Operating Expenses ⓘ + 229296380393556710623765
Manufacturing Costs1113192030373545
Material Costs199260340349496634550674
Employee Cost 34101013151618
Other Costs ⓘ 1620111417242128
Operating Profit ⓘ 2143194257744583
Operating Profit Margin (%) 8.3%12.7%4.8%9.6%9.3%9.5%6.7%9.8%
Other Income ⓘ + 13871011813
Exceptional Items ⓘ 000000-20
Interest ⓘ 66657541
Depreciation ⓘ 22223355
Profit Before Tax ⓘ 1438194157774390
Tax ⓘ 51351214201123
Profit After Tax 925142943573267
PAT Margin (%) 3.7%7.4%3.5%6.6%7.0%7.2%4.8%7.9%
Adjusted EPS (₹)2.97.34.17.412.617.37.916.3
Dividend Payout Ratio (%)0%0%0%0%0%0%0%6.10%
PARTICULARSMar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 315485108153208398465
Share Capital ⓘ 1.221.221.221.221.2231.7239.1939.19
Reserves ⓘ 305384107151176359426
Debt +615051728968110
Long Term Debt148656740
Short Term Debt46434567846170
Minority Interest0251146710
Trade Payables353758817
Others Liabilities ⓘ 814512138247
Total Liabilities ⓘ 102126149210264298448498

Fixed Assets

Net Fixed Assets ⓘ +1414212322354239
Gross Block2022232729455657
Accumulated Depreciation68247101418
CWIP ⓘ 00007101
Investments ⓘ 0069834351
Inventories354146498810456111
Trade Receivables3653509095116117142
Cash Equivalents flag ⓘ 011585147105
Others Assets ⓘ 1716263535344448
Total Assets ⓘ 102126149210264298448498
PARTICULARSMar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + -141941-773176-11
PBT ⓘ 1438194157774590
Adjustment ⓘ 7885677-5
Changes in Working Capital ⓘ -31-1920-44-41-3337-74
Tax Paid ⓘ -4-9-6-9-16-20-10-23
Cash Flow From Investing Activity ⓘ + -6-2-11-6-5-5-14025
Capex -3-2-5-5-9-10-9-5
Net Investments 00-6-035-13124
Others ⓘ -20001005
Cash Flow From Financing Activity ⓘ + 18-16-3017-0-29107-29
Net Proceeds from Shares ⓘ 1000001520
Net Proceeds from Borrowing ⓘ 00-1-621-3-4
Interest Paid ⓘ -6-6-6-5-7-5-4-1
Dividend Paid ⓘ 00000000
Others ⓘ 23-10-22285-25-38-24
Net Cash Flow ⓘ -11-041-243-15
PARTICULARSMar'17Mar'18Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)29.7759.5920.129.7833.0331.5310.615.47
ROCE (%)21.6344.8621.0329.0529.9331.2813.6520.78
Asset Turnover Ratio2.442.982.912.422.592.791.791.79
PAT to CFO Conversion(x)-1.560.762.93-0.240.160.542.38-0.16
Working Capital Days
Receivable Days5348.1047.1058.605548.9063.5055.60
Inventory Days50.5040.8039.7039.5040.8044.7043.6036
Payable Days5.305.604.405.404.603.905.506.70

Top 5 Mutual Funds Holding

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Announcements

JG Chemicals Ltd FAQs

The current trading price of JG Chemicals on 28-Sep-2026 10:18 is ₹634.0.

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 27-Sep-2026 the market cap of JG Chemicals stood at ₹2,432.3 Cr

The latest P/E ratio of JG Chemicals as of 27-Sep-2026 is 103.2.

The latest P/B ratio of JG Chemicals as of 27-Sep-2026 is 7.16.

The 52-week high of JG Chemicals is ₹675.0 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 average 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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