New Risk • Feb 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 346% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (346% increase in shares outstanding). Revenue is less than US$1m (₹201k revenue, or US$2.2k). Minor Risk Market cap is less than US$100m (₹2.23b market cap, or US$24.5m). New Risk • Jan 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹827.8m (US$9.17m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). High level of non-cash earnings (44% accrual ratio). Revenue is less than US$1m (₹201k revenue, or US$2.2k). Market cap is less than US$10m (₹827.8m market cap, or US$9.17m). Announcement • Sep 08
ZR2 Bioenergy Limited, Annual General Meeting, Sep 29, 2025 ZR2 Bioenergy Limited, Annual General Meeting, Sep 29, 2025, at 12:00 Indian Standard Time. Announcement • Sep 03
ZR2 Bioenergy Limited Recommends Final Dividend for the Financial Year Ended March 31, 2025 The Board of ZR2 Bioenergy Limited at its meeting held on September 03, 2025, recommended payment of Final Dividend of INR 0.10 per Equity Share of INR 1 each (i.e. 10%) for the financial year ended March 31, 2025, subject to the approval of shareholders at the ensuing 86th Annual General Meeting (AGM). The dividend, if approved by the shareholders, will be paid within thirty days from the conclusion of AGM subject to deduction of tax at source. To all members in respect of shares held in physical form after giving effect to valid transmission or transposition requests lodged with the Company or MUFG Intime India Private Limited, Registrar and Transfer Agent of the Company, as of the close of business hours on September 09, 2025. Announcement • Aug 09
ZR2 Bioenergy Limited to Report Q1, 2026 Results on Aug 13, 2025 ZR2 Bioenergy Limited announced that they will report Q1, 2026 results at 12:15 PM, Indian Standard Time on Aug 13, 2025 New Risk • Jul 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (114% accrual ratio). Revenue is less than US$1m (₹15m revenue, or US$173k). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (6.0% net profit margin). Market cap is less than US$100m (₹1.35b market cap, or US$15.7m). Announcement • May 19
ZR2 Bioenergy Limited to Report Q4, 2025 Results on May 29, 2025 ZR2 Bioenergy Limited announced that they will report Q4, 2025 results on May 29, 2025 Announcement • Feb 07
Gujchem Distillers India Limited to Report Q3, 2025 Results on Feb 13, 2025 Gujchem Distillers India Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Announcement • Jan 02
Gujchem Distillers India Limited Announces Resignation of Bhoomika Mangal as Company Secretary and Compliance Officer Gujchem Distillers India Limited informed that Ms. Bhoomika Mangal has tendered her resignation from the position of Company Secretary and Compliance Officer of Gujchem Distillers India Limited effective from the close of business hours on January 02, 2025, due to her personal reasons. New Risk • Nov 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (140% accrual ratio). Revenue is less than US$1m (₹31m revenue, or US$363k). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹1.25b market cap, or US$14.8m). Announcement • Oct 30
Gujchem Distillers India Limited, Annual General Meeting, Nov 30, 2024 Gujchem Distillers India Limited, Annual General Meeting, Nov 30, 2024, at 15:00 Indian Standard Time. Announcement • Oct 02
Gujchem Distillers India Limited to Report Q2, 2025 Results on Oct 05, 2024 Gujchem Distillers India Limited announced that they will report Q2, 2025 results on Oct 05, 2024 Announcement • Aug 15
Gujchem Distillers India Limited Announces Change in Chief Financial Officer Gujchem Distillers India Limited announced that at its board meeting held on August 14, 2024, considered and accepted the resignation of Mr. Samir Rohitbhai Shah from the office of Chief Financial Officer of the Company effective from the closing hours of August 14, 2024. Reason for change is due to change in management. The board based on recommendation of the audit committee and nomination and remuneration committee considered and appointed Mr. Mahendra Agarwal as a Chief Financial Officer of the Company with effect from August 14, 2024. Mr. Mahendra Agarwal is Commerce Graduate with Honours from Kolkata University. He is senior Chartered Accountant with professional experience of more than four decades. Till recently, he was engaged in financial advisory services. Earlier he has worked with industrial groups viz. M & M, Usha Martin and Piramals. Announcement • Aug 09
Gujchem Distillers India Limited to Report Q1, 2025 Results on Aug 14, 2024 Gujchem Distillers India Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Announcement • Jul 26
Gujchem Distillers India Limited Announces Board and Committee Changes Gujchem Distillers India Limited at its board meeting held on July 26, 2024 announced resignation of Mr. Sagar Samir Shah as Chairman and Director of the Company w.e.f July 26, 2024 due to change of management. Consequently, he shall also cease to be a Member of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee of the Company. The company also announced resignation of Mrs. Rajasvee Sagar Shah from the office of Director under promoter category of the Company w.e.f July 26, 2024 who resigned due to change of management, Resignation of Mrs. Viraj Varun Sheth (DIN: 07889459) from the office of Whole- Time Director of the Company w.e.f July 26, 2024 who resigned due to change of management, resignation of Mrs. Barkha Balkrushnan Deshmukh (DIN: 08562935) from the office of Independent Director w.e.f July 26, 2024 who resigned due to change of management. Consequently, she shall also cease to be a Member and Chairperson of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee of the Company. All the resignations are effective from the closing hours of July 26, 2024. The company approved Reconstitution of committee: Audit Committee: Ms. Nirupama Charuhas Khandke as Chairperson and Mr. Sunil Kondiba Kalpure and Mr. Jimmy Olsson as members. Nomination & Remuneration Committee: Mr. Sunil Kondiba Kalpure as Chairperson and Mr. Nilesh Jayant Jain and Ms. Nirupama Charuhas Khandke as members. Stakeholders Relationship Committee: Mr. Sunil Kondiba Kalpure as Chairperson and Ms. Nirupama Charuhas Khandke and Mr. Jimmy Olsson as members. New Risk • Jun 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). High level of non-cash earnings (81% accrual ratio). Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Revenue is less than US$1m (₹19m revenue, or US$226k). Market cap is less than US$10m (₹797.3m market cap, or US$9.54m). Announcement • May 19
Gujchem Distillers India Limited to Report Q4, 2024 Results on May 24, 2024 Gujchem Distillers India Limited announced that they will report Q4, 2024 results on May 24, 2024 Announcement • Feb 03
Gujchem Distillers India Limited to Report Q3, 2024 Results on Feb 08, 2024 Gujchem Distillers India Limited announced that they will report Q3, 2024 results on Feb 08, 2024 New Risk • Jan 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.2% average weekly change). High level of non-cash earnings (126% accrual ratio). Shareholders have been substantially diluted in the past year (241% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (₹444.8m market cap, or US$5.35m). Announcement • Dec 20
Gujchem Distillers India Limited Announces Resignation of Sangeeta Amit Khyani as Company Secretary and Compliance Officer Gujchem Distillers India Limited informed that Mrs. Sangeeta Amit Khyani has resigned from the office of Company Secretary and Compliance Officer of the Company. with effect from December 19, 2023. Resignation of Mrs. Sangeeta Amit Khyani from the office of Company Secretary and Compliance Officer of the Company due to her appointment as Company Secretary and Compliance Officer in other Group Company. Announcement • Oct 31
Gujchem Distillers India Limited to Report Q2, 2024 Results on Nov 08, 2023 Gujchem Distillers India Limited announced that they will report Q2, 2024 results on Nov 08, 2023 Announcement • Aug 10
Gujchem Distillers India Limited, Annual General Meeting, Sep 22, 2023 Gujchem Distillers India Limited, Annual General Meeting, Sep 22, 2023, at 15:30 Indian Standard Time. Announcement • Aug 03
Gujchem Distillers India Limited to Report Q1, 2024 Results on Aug 09, 2023 Gujchem Distillers India Limited announced that they will report Q1, 2024 results on Aug 09, 2023 New Risk • Jul 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (119% accrual ratio). Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (₹322.1m market cap, or US$3.91m). New Risk • Jun 25
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 120% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (119% accrual ratio). Shareholders have been substantially diluted in the past year (120% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (₹339.0m market cap, or US$4.14m). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹68.25, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 9.6% over the past year. Announcement • May 13
Gujchem Distillers India Limited to Report Q4, 2023 Results on May 20, 2023 Gujchem Distillers India Limited announced that they will report Q4, 2023 results on May 20, 2023 Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹77.17, the stock trades at a trailing P/E ratio of 44.1x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 34% over the past year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹57.20, the stock trades at a trailing P/E ratio of 32.7x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 104% over the past three years. Announcement • Feb 09
Gujchem Distillers India Limited Announces Cessation of Devi Prasad Choudhary as Additional Independent Director Gujchem Distillers India Limited at its board meeting held on February 6, 2023, has considered and taken note of cessation Mr. Devi Prasad Choudhary as an Additional Independent Director of the Company with effect from January 10, 2023 due to non-compliance of Regulation 17(1C) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 related to confirmation of the shareholders within the stipulated time period for his regularisation as an Independent Director. Announcement • Jan 28
Gujchem Distillers India Limited to Report Q3, 2023 Results on Feb 06, 2023 Gujchem Distillers India Limited announced that they will report Q3, 2023 results on Feb 06, 2023 Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₹67.45, the stock trades at a trailing P/E ratio of 38.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 183% over the past three years. Buying Opportunity • Dec 23
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be ₹74.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 143% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹59.60, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₹56.20, the stock trades at a trailing P/E ratio of 31.8x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 243% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Non-Executive Independent Director Barkha Deshmukh was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 05
Gujchem Distillers India Limited to Report Q2, 2023 Results on Nov 11, 2022 Gujchem Distillers India Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Announcement • Aug 25
Gujchem Distillers India Limited, Annual General Meeting, Sep 15, 2022 Gujchem Distillers India Limited, Annual General Meeting, Sep 15, 2022, at 12:30 Indian Standard Time. Location: the Registered office of the Company at 307, 3 Floor, Ashirwad Paras-1, S.G. Highway, Makarba, Ahmedabad Gujarat India Agenda: To receive, consider and adopt the audited balance sheet as at march 31, 2022, statement of profit & loss together with cash flow statement and notes forming part thereto ("financial statements") for the year ended on march 31, 2022 and report of the board of directors and auditors thereon; to appoint a director in place of MRS. RAJASVEE SAGAR SHAH (din: 08265565) director who retires by rotation at this meeting and being eligible offers himself for re-appointment; and to consider other matters. Announcement • Aug 23
Gujchem Distillers India Limited Announces Demise of Rameshbhai Chimanlal Dathia, Independent Director Gujchem Distillers India Limited announced that there has been sad demise of Mr. Rameshbhai Chimanlal Dathia, Independent Director of the Company on August 19, 2022. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 16% share price gain to ₹55.55, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 265% over the past three years. Announcement • Aug 03
Gujchem Distillers India Limited to Report Q1, 2023 Results on Aug 08, 2022 Gujchem Distillers India Limited announced that they will report Q1, 2023 results on Aug 08, 2022 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 19% share price gain to ₹59.90, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 351% over the past three years. Announcement • May 14
Gujchem Distillers India Limited to Report Q4, 2022 Results on May 23, 2022 Gujchem Distillers India Limited announced that they will report Q4, 2022 results on May 23, 2022 Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Non Executive & Independent Director Manish Kumar Mehta is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 28% share price gain to ₹191, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 66% over the past three years. Board Change • Dec 06
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Non Executive & Independent Director Manish Kumar Mehta is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₹136, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 19% share price gain to ₹162, the stock trades at a trailing P/E ratio of 33.7x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 27% share price gain to ₹157, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 19% share price gain to ₹83.45, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 20x in the Chemicals industry in India. Total loss to shareholders of 17% over the past three years. Executive Departure • Mar 24
Company Secretary & Compliance Officer has left the company On the 16th of March, Bhavika Lalwani's tenure as Company Secretary & Compliance Officer ended after less than a year in the role. We don't have any record of a personal shareholding under Bhavika's name. Bhavika is the only executive to leave the company over the last 12 months. Announcement • Mar 17
Gujchem Distillers India Limited Approves Resignation of Bhavika Dilip Lalwani as Company Secretary & Compliance Officer of the Company Gujchem Distillers India Limited at its board meeting held on March 16, 2021 has considered and approved resignation of Ms. Bhavika Dilip Lalwani as a Company Secretary & Compliance officer of the company with effect from March 16, 2021. Announcement • Feb 05
Gujchem Distillers India Limited to Report Q3, 2021 Results on Feb 12, 2021 Gujchem Distillers India Limited announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Jan 06
New 90-day high: ₹111 The company is up 1.0% from its price of ₹110 on 07 October 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₹83.30, the stock is trading at a trailing P/E ratio of 15.5x, up from the previous P/E ratio of 13.4x. This compares to an average P/E of 18x in the Chemicals industry in India. Total return to shareholders over the past three years is a loss of 30%. Is New 90 Day High Low • Dec 07
New 90-day low: ₹71.00 The company is down 49% from its price of ₹139 on 08 September 2020. The Indian market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 16% over the same period. Is New 90 Day High Low • Nov 11
New 90-day low: ₹81.70 The company is down 49% from its price of ₹160 on 12 August 2020. The Indian market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 22
New 90-day low: ₹90.25 The company is down 62% from its price of ₹240 on 24 July 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 13% over the same period. 
