We are pleased to invite you to the Q2 FY27 earnings call of J.G. Chemicals Ltd (NSE Code: JGCHEM; BSE Code: 544138), India’s largest zinc oxide manufacturer and largest zinc recycling company, with a diversified portfolio of zinc oxide and zinc chemicals serving industries including tyres, ceramics, pharmaceuticals, agriculture, paints & coatings and specialty chemicals. The Company delivered its best-ever quarterly performance in Q2 FY27, surpassing the record established in Q1 FY27, with revenue, EBITDA and PAT reaching new highs. The Q2 and H1 FY27 performance and business outlook will be discussed during the conference call scheduled for Today, 4th November 2026 (Today), at 4:00 P.M.
Dial in to know more –
Q2 FY27 Conference Call Details
Date: 4th November 2026 (Today)
Time: 4:00 PM (IST)
Conference Dial In: +91 22 6280 1480/+91 22 7115 8119
Click on the Diamond Pass link below to register:
Key result highlights –
Strategic Updates –
• Dahej Greenfield Expansion: Phase 1 of the 40,000+ MTPA Dahej project, comprising approximately 15,000 MTPA of zinc oxide capacity, is nearing completion, with trial runs scheduled for next month and commissioning targeted for Q3 FY27. The project entails an investment of approximately Rs. 100 Cr and has an estimated annual revenue potential of Rs. 900 Cr at full capacity.
• Naidupeta Brownfield Expansion: The brownfield expansion at Naidupeta remains on track for commissioning in Q4 FY27. Together, the Dahej and Naidupeta additions are expected to increase total zinc oxide capacity to 79,904 MTPA, supporting anticipated demand through FY28 and FY29.
• Product Diversification to Drive Margins: Non-rubber applications contributed over 18% of Q2 FY27 sales, supported by growth across ceramics, specialty chemicals, agriculture and pharmaceuticals. The Company is focused on increasing the share of non-rubber revenues through a wider product portfolio and deeper customer engagement across high-growth applications.
• New Product Launches and Innovation: During H1 FY27, JGC launched LabPure analytical-grade zinc oxide on e-commerce platforms and JG-ZRA for specialised rubber applications. JG TUR has also completed successful pilot trials with key tyre customers, while the Company continues to progress the rubber curing activator patent developed with IIT Kharagpur.
• R&D and Specialised Grades: The Company now offers 90+ specialised zinc oxide grades, supported by its new R&D centre at Naidupeta, inaugurated in H1 FY27, with capabilities in polymer testing and new grade development. These initiatives are expected to strengthen product customization and support entry into higher-value applications.
• International Expansion and Raw-material Security: Despite volatility in global supply chains, JGC’s long-standing supplier relationships, scale and financial strength ensured uninterrupted zinc raw-material supply. To further strengthen sourcing and distribution capabilities, the Company is incorporating BDJ Materials and Metals Trading FZCO in Dubai as a step-down wholly owned subsidiary.
• Land Acquisition and Sustainability: BDJ Oxides Private Limited has acquired approximately 16.74 acres of freehold land at Naidupeta, Andhra Pradesh, to support future capacity expansion. Phase 1 of the Naidupeta solar plant is supplying clean power, complementing JGC’s recycled-zinc-based manufacturing model and lower environmental footprint.
Operational Performance
• Double-digit Volume Growth and Capacity Utilisation: The Company continued to deliver double-digit volume growth, with zinc oxide capacity utilisation exceeding 80%. The upcoming capacities at Dahej and Naidupeta are expected to support rising demand from the tyre sector and other end-user industries.
• Strong Automotive Demand and Industry Capex: The automotive industry maintained strong momentum in Q2 FY27, with passenger vehicle volumes growing 30.7% YoY, two-wheelers 15.2%, commercial vehicles 28.7% and three-wheelers 23.6%, as per ATMA/SIAM estimates. Indian tyre majors are progressing with approximately Rs. 25,000 Cr of announced capex to meet growing OEM and replacement demand and expand exports. As the largest zinc oxide supplier to the Indian tyre industry, JGC is well positioned to benefit from this capacity expansion.
Consolidated Financial Highlights –
• Revenue from Operations: Q2 FY27 revenue increased 63.9% YoY and 14.3% QoQ to Rs. 361.0 Cr. H1 FY27 revenue grew 54.4% YoY to Rs. 676.7 Cr.
• EBITDA: Q2 FY27 EBITDA rose 76.7% YoY and 6.6% QoQ to Rs. 38.7 Cr, with an EBITDA margin of 10.72%. H1 FY27 EBITDA increased 66.1% YoY to Rs. 74.9 Cr, with a margin of 11.07%.
• PAT: Q2 FY27 PAT increased 86.7% YoY and 7.3% QoQ to Rs. 28.0 Cr. H1 FY27 PAT grew 72.3% YoY to Rs. 54.1 Cr.
• Strong Margin Profile: Q2 FY27 EBITDA margin stood at 10.72%, while PAT margin stood at 7.76%. The Company’s LME-linked pricing model enables the pass-through of zinc price movements, helping maintain neutrality to absolute zinc prices, with conversion spread remaining the key earnings driver.
Mr. Anirudh Jhunjhunwala (MD & CEO), Mr. Anuj Jhunjhunwala (Whole Time Director & CFO), and Mr. Amit Agarwal, General Manager (Accounts & Finance), will discuss the Company’s results, business outlook and industry developments.
Dial in to know more –
Q2 FY27 Conference Call Details
Date: 4th November 2026 (Today)
Time: 4:00 PM (IST)
Conference Dial In: +91 22 6280 1480/+91 22 7115 8119
Click on the Diamond Pass link below to register:
GoIndia Advisors LLP | SEBI Registered Research Analyst | Reg. No. INH000020040 | BSE Enlistment No. - 6518