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JB Chemicals Q4 Results Review: Dolat Capital Maintains 'Buy' Post Inline Earnings, Sees 27% Upside
Dolat Capital maintains ‘Buy’ rating on JB Chemicals with a revised target price of Rs 2,081 at 32 times FY27 P/E adjusted for ESOP and amortization.
15 May 2025, 08:38 PM IST 
JB Chemicals' domestic formulations business maintained its market-beating performance growth of 11.6% YoY in Q4 FY25. (Photo Source: Company website)
JB Chemicals’ Q4 FY25 earnings were in line with estimates. Ebitda margin excluding ESOP at around 25% was also in line. The company guided FY26 operating Ebitda margin (ex-ESOP) to be in the range of 27-29% and 30-50 bps improvement in gross margin.
