Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
CIE Automotive India reported consolidated Q4 CY25 revenue of INR 23.3 billion, up 15% YoY, driven by strong India operations (INR 15.44 billion, +12% YoY) and Europe (INR 7.88 billion, +21% YoY, but only +4% in euro terms).
Read CIE Automotive India analysis →JG Chemicals delivered its highest-ever quarterly revenue of ₹249 crore (up 19% YoY), EBITDA of ₹26 crore, and PAT of ₹18 crore, driven by strong tire industry demand post-GST rate cuts, improved product mix, and higher capacity utilization.
Read JG Chemicals analysis →
CIE Automotive India reported consolidated Q4 CY25 revenue of INR 23.3 billion, up 15% YoY, driven by strong India operations (INR 15.44 billion, +12% YoY) and Europe (INR 7.88 billion, +21% YoY, but only +4% in euro terms). India EBITDA margin was 16.8%, impacted by one-off gratuity costs and energy tariff hikes; adjusted margin stood at 17.9%. Europe EBITDA margin fell to 12.7% due to restructuring costs, but adjusted above 15%. Management highlighted a steady improvement in India growth trajectory (7%, 9%, 12% in last three quarters) and expects this to continue, supported by new order wins of INR 8.7 billion per year in India and capacity expansions across verticals. Key risks include European market weakness, Chinese competition, and slower-than-expected EV adoption. The company is transferring some European capacity to India to leverage cost advantages and trade deals.
JG Chemicals delivered its highest-ever quarterly revenue of ₹249 crore (up 19% YoY), EBITDA of ₹26 crore, and PAT of ₹18 crore, driven by strong tire industry demand post-GST rate cuts, improved product mix, and higher capacity utilization. The company is executing a greenfield expansion in Gujarat (Phase I capex ~₹45-50 crore, revenue potential ~₹400 crore) expected to commission in Q2 FY27, alongside a brownfield expansion at Naidupa. Management targets doubling revenue every 3-4 years and improving EBITDA margins to 13-14% over 2-3 years via operating leverage and non-rubber mix shift to 70:30. A pilot recycled rubber project shows encouraging initial results. Key risk: zinc price volatility could impact working capital, though management expects inventory gains to flow in Q4.
New business won in CY25 for India operations, per year.
New business won in CY25 for European operations, per year.
Q4 CY25 India sales growth; prior quarters: 7%, 9%.
10% of new India orders in CY25 were for EVs, 90% ICE.
Utilization in late 70s of achievable capacity; target 80-85% for efficient operations.
Non-rubber segment (pharma, ceramics, specialty chemicals) increased from 10% to ~15-17%.
Exports remain in 10-15% range; management does not expect near-term increase to 25-30%.
Zinc oxide volumes grew double-digit YoY in 9M FY26; exact figures not disclosed.
Management expects the quarterly growth trend (7%, 9%, 12%) to sustain, with arithmetic progression likely.
Management guidance growthExpansions underway in composites, stampings, aluminum, and iron foundry; new export program SOP in June 2026.
Management guidance expansionMoving fully automated presses and gear production cells from Europe to India starting April 2026.
Management guidance expansionCapex in CY26 will exceed CY25 levels, driven by India growth projects.
Management guidance capexPhase I of the Gujarat plant (40,000 MTPA capacity) expected to commission in Q2 FY27, with full utilization in 2-2.5 years.
Management guidance expansionBased on 9M run rate of ~₹700 crore, management expects FY26 revenue to exceed ₹900 crore, potentially reaching ₹950 crore.
Management guidance revenueCore EBITDA margin of 10.5-11% expected to improve to 13-14% through operating leverage and higher specialty product mix.
Management guidance marginsManagement targets increasing non-rubber contribution from current 15-17% to 30% over the next 2-3 years.
Management guidance growth
European light vehicle production stagnant; Chinese OEMs gaining share, posing risk to CIE's European business.
high · management_commentaryLegasp plant bet on EV components; if EV growth delays further, additional restructuring may be needed.
medium · management_commentaryThese verticals underperformed due to customer concentration and CNG bike drop; recovery expected only by H2 CY26.
medium · analyst_questionIndia Q4 growth of 12% lagged industry; management attributes to CNG and aluminium recognition changes, but gap remains material.
medium · data_observationRising zinc prices may increase working capital requirements; management believes internal cash flows are sufficient but risk remains if prices spike sharply.
medium · analyst_questionCommissioning in Q2 FY27 with full utilization expected in 2-2.5 years; any delays or slower customer uptake could impact revenue growth.
medium · management_commentaryBudget removed import duty on zinc scrap but not on zinc dross, a key raw material; management is lobbying for correction, but uncertainty remains.
low · management_commentaryHigh zinc and sulfuric acid prices are causing farmers to defer purchases, leading to slower offtake; recovery depends on price stabilization.
low · analyst_question
We are moving and we are planning to move certain capacity from our European sites to India. We are executing this plan.
Probably is the best time and I think that everybody knows that the automotive industry in India now is having a boom.
We believe in responsible pricing and whether the demand is muted or is in a buoyant stage, the company has very long-standing relationship with our customers wherein any cost pressure on the company is passed on and is absorbed by our customers.
Our internal targets are that every 3 to four years max we want to double our revenues.
