Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Sudarshan Chemical reported a tough Q3 FY26, with the acquired Heubach/Clariant business posting a €38 million EBITDA loss, driven by customer destocking and weak demand in Europe and North America.
Read Sudarshan Chemical Industries 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 →Sudarshan Chemical reported a tough Q3 FY26, with the acquired Heubach/Clariant business posting a €38 million EBITDA loss, driven by customer destocking and weak demand in Europe and North America. Legacy Sudarshan revenues were flattish. Management highlighted that customer trust has been rebuilt and buying has resumed in January/February, expecting a €9-10 million business EBITDA in Q4. However, a planned inventory reduction of €30-40 million over three quarters will temporarily depress reported EBITDA by €9-12 million due to overhead absorption. The long-term target of €90-100 million EBITDA remains intact, but near-term risks include slower-than-expected demand recovery and execution challenges in cost synergies.
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.
Acquired group reported a loss of €38 million in Q3, compared to a profit of €78 million in Q1.
₹40 crore of cost savings realized in Q3 vs Q1, with a healthy pipeline ahead.
Management targets reducing inventory by €30-40 million over the next three quarters.
Employee costs reduced by €25 million in Q3 vs Q1, part of fixed cost optimization.
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 business EBITDA (excluding inventory impact) of €9-10 million in Q4 FY26, driven by demand recovery and cost actions.
Management guidance marginsPlan to reduce finished goods inventory by €30-40 million over the next three quarters, improving cash flow but temporarily reducing reported EBITDA by €9-12 million.
Management guidance otherManagement reiterated the 3-4 year target of delivering €90-100 million EBITDA, assuming normal market conditions and full synergy realization.
Management guidance marginsHarmonization of four SAP systems into one by December 2026 to improve productivity and reduce costs.
Management guidance otherPhase 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 growthCustomer destocking may persist longer than anticipated, delaying volume recovery and impacting Q4 guidance.
high · analyst_questionPlanned inventory reduction will temporarily depress reported EBITDA by €9-12 million, which may surprise investors.
medium · management_commentaryThe acquired group has a high fixed cost structure, making EBITDA highly sensitive to volume fluctuations.
high · analyst_questionPotential EU-India trade deal may take 10-12 months to implement, with no immediate benefit; global footprint provides flexibility.
low · management_commentaryRising 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_questionWe expect a 9 to 10 million of a business EBITDA right however we are in a mode now to start reducing our inventories... and that would have an impact on our EBITDA going forward but it will have a very positive impact on cash flow.
The customers promised that they would start buying after January and we are seeing that already in January and early February.
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.
