Financial Performance Highlights

Q2 FY27 Financial Results:

  • Revenue from Operations: ₹3,610 million (63.89% YoY growth, 14.37% QoQ growth)
  • EBITDA: ₹387 million (76.82% YoY growth, 6.62% QoQ growth)
  • EBITDA Margin: 10.72% (improved 78 bps YoY from 9.92%)
  • PAT: ₹280 million (85.96% YoY growth, 7.03% QoQ growth)
  • PAT Margin: 7.76% (improved 92 bps YoY from 6.82%)
  • Basic/Diluted EPS: ₹6.81 per share (85.6% YoY growth)

H1 FY27 Financial Results:

  • Revenue from Operations: ₹6,767 million (54.39% YoY growth)
  • EBITDA: ₹749 million (66.15% YoY growth)
  • EBITDA Margin: 11.07% (improved 78 bps YoY from 10.29%)
  • PAT: ₹541 million (72.14% YoY growth)
  • PAT Margin: 7.99% (improved 83 bps YoY from 7.16%)
  • Basic/Diluted EPS: ₹13.21 per share (71.6% YoY growth)

Operational Highlights

Record Quarterly Performance:

  • Fifth consecutive quarter of sequential revenue growth
  • Double-digit volume growth with zinc oxide capacity utilization exceeding 80%
  • Strong automotive industry demand: passenger vehicles grew 30.7% YoY, two-wheelers 15.2%, commercial vehicles 28.7%, three-wheelers 23.6%
  • Indian tyre majors progressing with approximately ₹25,000 crore of announced capex

Raw Material Security:

  • Uninterrupted zinc raw material supply despite global volatility
  • Incorporating BDJ Materials and Metals Trading FZCO, Dubai as step-down wholly owned subsidiary to diversify sourcing

Capacity Expansion Projects:

  • Dahej Greenfield Project: Phase 1 (15,000 MTPA zinc oxide capacity) nearing completion, trial runs scheduled for December 2026
  • Naidupeta Brownfield Expansion: On track for commissioning in Q4 FY27
  • Total capacity to reach 79,904 MTPA after expansions
  • BDJ Oxides Pvt Ltd acquired 16.74 acres of freehold land at Naidupeta for future expansion

Product Diversification:

  • Non-rubber applications accounted for over 18% of Q2 FY27 sales
  • New product launches: LabPure analytical-grade zinc oxide, JG-ZRA for non-tyre rubber applications
  • Rubber curing activator patent in advanced stages with IIT Kharagpur
  • JG TUR completed successful pilot trials with key tyre customers
  • Portfolio now comprises 90+ specialized zinc oxide grades

Manufacturing Facilities:

  • Jangalpur Plant: 14,400 MTPA Zinc Oxide, 5,040 MTPA Recycled Zinc Ingots
  • Belur Plant: 1,800 MTPA Zinc Oxide
  • Naidupeta Plant: 43,704 MTPA Zinc Oxide, 2,016 MTPA Recycled Zinc Ingots, 10,080 MTPA Zinc Sulphate
  • Only IATF approved ZnO facility globally with WHO GMP certification

Business Model Advantages:

  • LME-linked pricing model creates natural hedge against zinc price volatility
  • Input procurement: Monthly LME-linked pricing
  • Output pricing: Same-month LME + premium
  • Structural neutrality to absolute zinc prices
  • 95% of sales directly to end customers

Sustainability Initiatives:

  • Largest zinc recycling company in India
  • Recycled zinc reduces CO2 emissions by 80%, water pollution by 76%, water use by 40%
  • Phase 1 of Naidupeta solar plant operational
  • Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IATF 16949:2016, Ecovadis ESG Silver Rating, WHO GMP certification

Capital Market Information

  • Face Value: ₹10.00
  • CMP: ₹645.10 (as on 30th September, 2026)
  • 52 Week H/L: ₹694.90/₹300
  • Market Cap: ₹25,278.93 million
  • Shares Outstanding: 39.19 million

Shareholding Pattern (30th September, 2026):

  • Promoters: 70.99%
  • Public: 23.11%
  • FII: 3.77%
  • AIF: 2.13%

Marquee Shareholders:

  • Massachusetts Institute of Technology: 2.62%
  • Carnelian Structural Shift Fund: 1.69%
  • CTL Trusteeship Limited: 1.66%
  • Brinda Upadhaya: 0.76%
  • Innocent Merchandise Pvt Ltd: 0.44%

Historical Financial Performance

Income Statement (INR Mn):

| Period | Revenue | EBITDA | EBITDA Margin | PAT | PAT Margin |

| FY24 | 6,677 | 530 | 7.94% | 321 | 4.81% |

| FY25 | 8,479 | 961 | 11.33% | 668 | 7.87% |

| FY26 | 9,729 | 978 | 10.05% | 686 | 7.05% |

| H1-FY27| 6,767 | 749 | 11.07% | 541 | 7.99% |

Forward-Looking Statements

The presentation contains forward-looking statements based on management's beliefs and assumptions, subject to risks and uncertainties including future changes in business, competitive environment, and political, economic, legal and social conditions.

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