J.G.Chemicals · risk themes across the available quarters.
Bear-case history
The ongoing war caused a freeze in Middle East imports and delays from Europe in March, forcing spot purchases at higher LME and doubling energy costs, which compressed margins by ~150 bps.
Analyst raised concern about plant shutdowns in Morbi (ceramic hub) due to gas shortages, which could impact demand for zinc oxide from that sector.
Non-rubber revenue share did not increase in FY26; management attributed this to geographic concentration of non-rubber demand in Gujarat, which will only be addressed once the Dahi plant starts.