JG Chemicals' consolidated PAT jumps 86% YoY to ₹28 Cr, margins expand

Consolidated revenue rose 63.9% YoY to ₹361.0 Cr (from ₹220.3 Cr) and 14.4% QoQ (from ₹315.7 Cr); consolidated PAT climbed 85.9% YoY to ₹27.95 Cr (from ₹15.03 Cr) and 7.0% QoQ (from ₹26.12 Cr), with PAT attributable to owners at ₹26.70 Cr and basic EPS of ₹6.81 versus ₹3.67 a year ago. Neither period carries exceptional items, so the comparison is clean, and profit growth outpacing revenue growth YoY makes this a strong print on both counts. Operating margin (PBT adjusted for other income, finance cost and depreciation, over revenue) expanded to ~10.55% from 8.15% a year ago, driven mainly by cost of materials consumed falling to 84.6% of revenue from 86.0% YoY. Sequentially, operating margin was roughly flat versus Q1 FY27's 10.62%, but net margin slipped to 7.73% from 8.20% QoQ purely because other income fell to ₹0.58 Cr from ₹2.73 Cr — core operating profitability held up even as the headline net-margin ratio dipped. On a standalone (parent-only) basis, PAT grew a slower 59.0% YoY to ₹6.59 Cr versus the consolidated 85.9%, a meaningful divergence reflecting faster profit growth at subsidiary BDJ Oxides within the consolidated group. Management's prior concall guided mid-teens volume growth and "consistent demand momentum" through FY27, alongside 50-60% FY28 utilization and 11-12% EBITDA margin at the under-construction Dahej Phase 1 line (15-17K MTPA); this quarter's 64% revenue growth and YoY margin expansion run well ahead of that trajectory — a beat. Dahej Phase 1 was guided to commission this very month (November 2026), so none of its capacity shows up in this print, making it the key swing factor for H2 FY27. No specific Street consensus estimate for this quarter could be found (vsStreet unknown); broader analyst commentary points to 15-20% FY27 PAT growth, a bar this quarter's YoY print comfortably outpaces on a run-rate basis. No company press release commentary was available for this filing. Alongside the results, the board appointed two independent directors (Kaushik Roy, ex-PCBL Chemical MD; Sunil Duggal, ex-Hindustan Zinc CEO) and filed an IPO-proceeds utilization report — both housekeeping items, not drivers of the print.