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Revenue
₹286.2 Cr
verified against source
Revenue YoY
27.6%
reported change
EBITDA
₹26.8 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JG Chemicals delivered a strong Q4 FY26 with revenue of ₹286.2 crore (+27.6% YoY), EBITDA of ₹26.8 crore, and PAT of ₹18.9 crore, driven by robust tire demand post-GST cuts and volume growth in the mid-teens. Full-year revenue hit a record ₹972.9 crore with EBITDA of ₹97.9 crore and PAT of ₹68.6 crore. Management highlighted successful pass-through of March raw material and energy cost spikes from April 1, with margins expected to normalize to 10-11% in Q1 FY27. The Gujarat plant (Phase I) is on track for H1 FY27 commissioning, targeting 30-40% utilization in H2 and 65-70% by FY28. The recycled rubber pilot received strong customer validation, with commercial scale details to follow. Key risk: geopolitical disruptions could continue to pressure raw material availability and energy costs, potentially impacting near-term margins.
Colored figures show movement against the previous available record.
Guidance to track
- The greenfield facility at Dahi (Gujarat) will be commissioned in the first half of FY27, with Phase I zinc oxide production starting as planned.
- Management expects the Gujarat plant to reach 30-40% utilization in the second half of FY27 and 65-70% in FY28.
- Incremental debottlenecking at the Naidupeta facility is ongoing and expected to be fully completed by December 2026.
- After passing on March cost increases from April 1, margins should normalize to the regular 10-11% EBITDA margin range.
Risks flagged
- 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.
Key quotes
- Crisis like these only reinforce a conviction that JG's franchise gets stronger, not weaker, when the operating environment becomes more challenging.
- Our current utilization rates are in the late 70s and we can easily take this up to the 86 to 87% range as required within this calendar year.
- The difference in size in terms of capacity and volumes etc between us and our nearest competitor would be significant today. So we are by far the largest player in India.
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