Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹249 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹26 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Phase I of the Gujarat plant (40,000 MTPA capacity) expected to commission in Q2 FY27, with full utilization in 2-2.5 years.
- Based on 9M run rate of ~₹700 crore, management expects FY26 revenue to exceed ₹900 crore, potentially reaching ₹950 crore.
- Core EBITDA margin of 10.5-11% expected to improve to 13-14% through operating leverage and higher specialty product mix.
- Management targets increasing non-rubber contribution from current 15-17% to 30% over the next 2-3 years.
Risks flagged
- Rising zinc prices may increase working capital requirements; management believes internal cash flows are sufficient but risk remains if prices spike sharply.
- Commissioning in Q2 FY27 with full utilization expected in 2-2.5 years; any delays or slower customer uptake could impact revenue growth.
- Budget removed import duty on zinc scrap but not on zinc dross, a key raw material; management is lobbying for correction, but uncertainty remains.
- High zinc and sulfuric acid prices are causing farmers to defer purchases, leading to slower offtake; recovery depends on price stabilization.
Key quotes
- 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.
- We are most happy at 80-85% achievable capacity utilization. That's for a chemical plant that is at best one should imagine for efficient running of the plant.
Research modules