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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE A-
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 24 Oct 2019
This rating is over a year old.
View Full ReportValuation
Financials (FY2024)
Source: CRISILInvestment Thesis
Jesons Industries Limited is a well-established Mumbai-based specialty chemicals company with over 50 years of operational history and strong market positioning in the adhesive and polymer emulsion space. While the unlisted status limits investor visibility, its diversified end-market exposure and dominant position in a niche B2B segment make it a credible long-term value opportunity for patient investors.
Pros
Cons
Business Segments
Polymer Emulsions
Manufacturing of vinyl acetate ethylene (VAE), acrylic, and SBR latex emulsions used as binders in paints, coatings, paper, and adhesive applications.
Adhesives & Sealants
Specialty adhesive formulations for packaging, textiles, and construction applications, including water-based and solvent-based adhesive systems.
Specialty Chemicals
Niche chemical products for paper treatment, textile finishing, and construction applications serving industrial customers.
Revenue Model
Jesons generates revenue through B2B sales of polymer emulsions, adhesives, and specialty chemicals to industrial customers across multiple end-use sectors. Revenue is driven by volume growth in end-user industries and pricing power tied to raw material cost pass-through mechanisms.
Detailed Analysis
Growth Plans
India's booming construction and real estate sector driving demand for adhesives and construction chemicals
Rapid growth in flexible packaging demand from FMCG and e-commerce sectors boosting polymer emulsion sales
Government's Make in India initiative supporting domestic specialty chemicals import substitution
Potential future listing on BSE SME or NSE Emerge platform could unlock significant valuation upside
Industry Tailwinds
Recent Developments
Jesons Industries continued to expand manufacturing capacity for polymer emulsions to capture growing demand from India's construction and packaging sectors amid post-pandemic industrial recovery.
2023-01Company focused on managing input cost volatility from petrochemical raw materials through procurement optimization and pricing adjustments to protect margins.
2024-01Comparable Companies
PIDILITIND.NS · ~₹1,30,000 crore
FUL (NYSE) · ~$3.5 billion
Frequently Asked Questions
About Jesons Industries Limited
Jesons Industries Limited is a Mumbai-based specialty chemicals company incorporated on 12 October 1999 in Maharashtra, though the Jesons group's origins trace to 1972. The company is a leading manufacturer of specialty coating emulsions (SCE), water-based pressure sensitive adhesives (PSA) for tape and label segments, construction chemicals, and adhesive technologies. Registered at Peninsula Tower, Lower Parel (West), Mumbai, Jesons operates three globally-oriented business units. The Adhesive Technologies division produces water-based PSA adhesives used in self-adhesive labels, tapes, and flexible packaging — a high-value specialty chemicals segment with strong industrial demand. The Coating Emulsions division manufactures specialty polymer emulsions used in paints, paper coatings, textiles, leather finishing, and construction applications. The Construction Chemicals unit produces waterproofing compounds, tile adhesives, and specialty construction chemistry products. India's specialty chemicals sector is one of the world's fastest-growing chemical industries, projected to reach $64 billion by 2025-26 from $32 billion. Global companies are diversifying supply chains from China, benefiting Indian specialty chemical manufacturers like Jesons. The company's products are consumed across paints, packaging, construction, textiles, leather, and paper industries, providing revenue diversification across end-market cycles. Jesons exports to markets in Asia, Africa, and the Middle East, with international competitive quality. With headquarters at one of Mumbai's premium commercial locations (Lower Parel) and over 50 years of chemical expertise since its 1972 founding, Jesons represents a quality specialty chemical manufacturer with international market reach.
Key Milestones
1972: Jesons Industries founded in Mumbai as a specialty chemicals and adhesives manufacturer
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's booming construction and real estate sector driving demand for adhesives and construction chemicals
Rapid growth in flexible packaging demand from FMCG and e-commerce sectors boosting polymer emulsion sales
Government's Make in India initiative supporting domestic specialty chemicals import substitution
Potential future listing on BSE SME or NSE Emerge platform could unlock significant valuation upside
Industry Headwinds
Intensifying competition from Pidilite, Henkel, and other multinational adhesive players
Petrochemical price volatility impacting input costs
Any slowdown in construction or packaging sectors could dampen revenue growth
Net profit margin is thin at 3.8% (FY2024) — limited buffer against revenue or cost shocks
Source: Financial data
Heavy reliance on petrochemical derivatives means crude oil price spikes can significantly compress margins if not passed on to customers
Source: Company Financial Filings
Competes against large listed players like Pidilite Industries and multinational specialty chemical companies with greater R&D and distribution scale
Source: Media Reports / Public Records
Demand linked to construction, packaging, and textiles sectors which are sensitive to economic cycles and capital expenditure slowdowns
Source: Media Reports / Public Records
Unlisted status means investors face significant illiquidity with no readily available secondary market for share transactions
Source: Media Reports / Public Records
Limited financial transparency as an unlisted company constrains independent credit or equity assessment by external analysts
Source: Media Reports / Public Records
Heavy reliance on petrochemical derivatives means crude oil price spikes can significantly compress margins if not passed on to customers
Competes against large listed players like Pidilite Industries and multinational specialty chemical companies with greater R&D and distribution scale
Demand linked to construction, packaging, and textiles sectors which are sensitive to economic cycles and capital expenditure slowdowns
Unlisted status means investors face significant illiquidity with no readily available secondary market for share transactions
Limited financial transparency as an unlisted company constrains independent credit or equity assessment by external analysts
1999: Current legal entity incorporated under Companies Act (CIN: U24295MH1999PLC122193)
2000s: Expansion of polymer emulsion manufacturing capacity to serve growing paints and construction sectors
2010s: Diversified customer base across packaging, textiles, and paper industries; established dominant market position
2020s: Continued focus on import substitution of specialty polymer emulsions in the Indian market