General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
₹315.65 crore of revenue in a single quarter, up 44.8% year-on-year, from a company whose entire product line is essentially one white powder in ninety slightly different personalities. Operating profit came in at ₹33.52 crore against ₹19.80 crore in the same quarter last year. Net profit attributable to owners was ₹25.08 crore, up 59.0%. EPS printed at ₹6.40 against ₹4.02.
Management called it the “best-ever quarterly performance,” a phrase that appears in Indian earnings decks roughly as often as the word “the,” but here it arrives attached to revenue, EBITDA and PAT each at all-time quarterly highs by the company’s own reckoning.
Elsewhere in the quarter’s paperwork: BDJ Oxides, the 94%-owned subsidiary, picked up 16.74 acres in Andhra Pradesh for ₹18.41 crore on 18 August 2026. The Dahej greenfield plant in Gujarat — ₹100 crore, 40,000+ MTPA, funded entirely from internal accruals — is at the equipment-installation stage, with Phase 1 commissioning targeted for Q3 FY27, guided by the CFO as “sometime in November.” A brownfield debottlenecking at Naidupeta is scheduled for the same quarter, adding roughly 5,000 tonnes.
The company holds about a 30% share of the Indian zinc oxide market and is, per its own filings, among the top five producers globally. It sells to 9 of the world’s top 10 tyre manufacturers. Working capital days for FY26 stood at 156.
Market cap is ₹2,437 crore. Borrowings on the FY26 balance sheet: ₹6.45 crore. The interest line for the June 2026 quarter was ₹0.10 crore — an entire quarter of finance costs that would not cover a mid-sized wedding.
2. Introduction
The company that Screener dates to 2001 and CRISIL dates to 1975 has, either way, been making zinc oxide for a while. The investor presentation splits the difference by starting the story in 1975 with a small Kolkata plant producing about 600 MTPA. Today the installed base is close to 70,000 MTPA of zinc chemicals across three plants, which works out to a compounding rate that most people would describe as “patient.”
Two of those plants sit in West Bengal — Jangalpur, with 14,400 MTPA of zinc oxide and 5,040 MTPA of recycled zinc ingots, and Belur, at 1,800 MTPA. The third, run by subsidiary BDJ Oxides at Naidupeta in Andhra Pradesh, is the big one: 43,704 MTPA of zinc oxide, 2,016 MTPA of ingots, and 10,080 MTPA of zinc sulphate and allied chemicals. Naidupeta is described in company filings as the only IATF-approved zinc oxide facility globally, with WHO GMP certification alongside it. When a factory has more certifications than a competitive swimmer, that is generally the point of the factory.
The customer base has gone from roughly 10 to over 200 domestic names plus 50-plus global ones across more than 10 countries, with repeat customers at over 90%. The client list runs MRF, Apollo Tyres, CEAT, JK Tyres, Bata, UPL, Continental, Goodyear, Zuari Agro, Relaxo.
The company listed on 13 March 2024, raising ₹221 crore of which ₹165 crore was fresh issue, earmarked for investment in BDJ Oxides, working capital, and the traditional “general corporate purposes” — the accounting equivalent of a kitchen drawer. Massachusetts Institute of Technology came in as an IPO anchor investor and, as of June 2026, still held 2.62%.
Since listing, the corporate calendar has been dominated by one letter of the alphabet: D, for Dahej. Land bought in May 2025 (11.43 acres, ₹24.05 crore). Capex approved by the Board in August 2025. Civil works advanced and equipment installation underway as of the August 2026 presentation. The Board meeting that approved the ₹100 crore project also approved the cost auditor’s remuneration of ₹25,000 per annum, and both items were disclosed with identical gravity.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
They take zinc that somebody else has already finished using, and turn it back into zinc.
More precisely: J.G. Chemicals is India’s largest zinc recycler, buying zinc dross, ash and scrap — which the company’s own presentation notes “comes in different size, shapes and quality,” a sentence doing enormous quiet labour — and processing it through the French process into zinc oxide. Roughly 73% of the zinc used is secondary rather than primary, which the company says cuts energy consumption by 82% and carbon footprint by 70%. The presentation also claims reductions of 80% in air pollution, 76% in water pollution and 40% in water use per unit produced versus virgin ore.
Zinc oxide’s largest home is rubber, where it acts in vulcanisation to improve elasticity, resilience and weather resistance. Which means the business is, functionally, an input to tyres. Rubber and tyre accounted for 85.0% of revenue in FY26, down from 89.7% in FY24. Pharma and chemicals was 8.2%, agri 3.7%, others 3.1% as of the FY25 split.
But the same compound also turns up in ointments and wound-healing products, alkaline batteries (higher energy density), ceramics (lowers melting temperature, improves colour glazes), oil-well drilling fluids via zinc bromide, lubricant additives, paints as a UV and corrosion-blocking pigment, fertilisers, and livestock feed as a trace element. It is the character actor of the periodic table’s compounds — in everything, credited in nothing.
The customisation is where the moat is claimed to live. The company sells over 90 specialised grades, up from 80-plus at end-FY24, because — as the presentation puts it — zinc oxide “is not a plain vanilla product where one size fits all.” Ninety grades is ninety separate recipes for a compound
