JG Chemicals Limited | Globe Capital Market LTD.
JG Chemicals Limited
Price Band
₹210 to ₹221
IPO Issue Period
Mar 5, 2024 to Mar 7, 2024
Issue Size
₹251.19 Cr
Face value
₹10 per share
Fresh issue
₹165.00 Cr
Offer for sale
₹86.19 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Kfin Technologies Limited
Tentative Listing Date
March 13, 2024

Centrum Capital Limited
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JG Chemicals Limited was founded in 1975 and is a zinc oxide manufacturer using the French process. The company produces more than 80 grades of zinc oxide.

This product is used in various industrial applications such as ceramics, paints and coatings, pharmaceuticals and cosmetics, electronics and batteries, agrochemicals and fertilizers, specialty chemicals, lubricants, oil and gas, and animal feed.

The company operates three manufacturing facilities in Jangalpur and Belur, both in Kolkata, West Bengal and Naidupeta in Nellore District, Andhra Pradesh. Naidupeta is the largest facility, owned and operated by the Material subsidiary. All manufacturing facilities are ISO 45001:2018 and ISO 14001:2015 certified and ISO 9001:2015 accredited.

The company has served the needs of more than 200 local and 50 international customers in more than 10 countries.

As of December 31, 2023, the company employed 112 permanent employees, over 100 workers and apprentices.

For the nine-month period ended December 31, 2023 and the financial years 2023, 2022 and 2021, the Company recorded operating income of ₹ 4,863.22 million, ₹ 7,845.76 million, ₹ 6,128.30 million and ₹ 4,352.98 million respectively.

For year/ period ended ( in Cr.)

Particulars H1FY23 FY22 FY21
Total Revenue 794.19 623.05 440.41
Profit After Tax 56.79 43.13 28.80
EPS 17.32 12.61 7.39
OPM (%) 10.85% 10.83% 11.17%
PATM (%) 7.15% 7.14% 6.62%


For year/ period ended ( in Cr.)

Company Name Market Cap (Cr.) Price P/BV P/E Sales (Cr.)
Net Profits(Cr.)
JG Chemicals Limited *866 221 3.51 16.25 794.19 56.79
Nocil Ltd. 4,434 266 2.64 37.02 340.62 30
Rajratan Global Wire Ltd. 3,313 653 7.03 46.1 232.69 19.68
Yasho Industries Ltd 2,349 2,060 8.47 42.18 129.87 13.54


*Market cap @upper band 

  • JGCL is India’s largest zinc oxide manufacturer enjoying virtual monopoly.
  • Leading market position with a diversified customer base;
  • High entry barriers in key end-use industries;•
  • Strong and consistent financial performance;
  • Long-term relationships with customers and suppliers & having robust supply chain;
  • Experienced and dedicated management team; and
  • Focus on long term sustainability with environmental initiatives and safety standards
  • Investment in Material Subsidiary, viz. BDJ Oxides (i) repayment or pre-payment, in full or in part, of all or certain borrowings availed by its Material Subsidiary; (ii) funding capital expenditure requirements for setting up of a research and development center situated in Naidupeta, Andhra Pradesh (R&D Centre); and (iii) funding its long-term working capital requirements;
  • Funding long-term working capital requirements of the Company; and

The company is India’s largest zinc oxide manufacturer serving to almost all top tier manufacturing companies globally. Although, the issue appears fully priced. Hence, investor may subscribe for the medium to long term rewards.

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