Nifty

:

24252.00

Sensex

:

77540.83

20.15 (0.08%)
3.11 (0.00%)

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Nifty
Sensex

:
:

24252.00
77540.83

20.15 (0.08%)
3.11 (0.00%)

JG Chemicals Ltd.

Chemicals

Rating :

78/99

BSE: 544138 | NSE: JGCHEM

Watchlist

NSE BSE

621.85

21-Aug-2026

Open
High
Low
Previous Close

618.95
625.25
606.05
619.90

Volume
Traded Value (lacs)
52 Week High
52 Week Low

161611
99677797.95
663.1
298.4

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

2,437.18
32.41
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

2,405.21
0.18%
4.39

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

4.18
14.27
2.62

EBITDA CAGR (%)

10 Years
5 Years
3 Years

0.96
14.63
2.31

PAT CAGR (%)

10 Years
5 Years
3 Years

14.88
22.26
5.23

P:E (Median)

8 Years
5 Years
3 Years

-
-
-

P:BV (Average)

8 Years
5 Years
3 Years

-
-
-

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-
-

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 95.89 70.97 35.11% 87.92 75.50 16.45% 70.46 60.37 16.71% 59.60 70.94 -15.99%
Expenses 87.39 66.95 30.53% 82.45 72.39 13.90% 68.57 57.85 18.53% 57.33 66.11 -13.28%
EBITDA 8.49 4.02 111.19% 5.47 3.11 75.88% 1.89 2.52 -25.00% 2.27 4.83 -53.00%
EBIDTM 8.86% 5.66% 6.22% 4.12% 2.69% 4.17% 3.81% 6.80%
Other Income 3.22 4.85 -33.61% 4.55 5.82 -21.82% 3.69 2.74 34.67% 3.69 4.09 -9.78%
Interest 0.03 0.05 -40.00% 0.06 0.05 20.00% 0.07 0.06 16.67% 0.07 0.05 40.00%
Depreciation 0.30 0.34 -11.76% 0.38 0.35 8.57% 0.37 0.37 0.00% 0.36 0.34 5.88%
PBT 11.37 8.47 34.24% 9.57 8.54 12.06% 5.14 4.83 6.42% 5.53 8.52 -35.09%
Tax 2.88 2.11 36.49% 2.39 2.18 9.63% 1.38 1.29 6.98% 1.39 2.23 -37.67%
PAT 8.50 6.37 33.44% 7.18 6.36 12.89% 3.76 3.54 6.21% 4.14 6.29 -34.18%
PATM 8.86% 8.97% 8.17% 8.42% 5.33% 5.86% 6.95% 8.86%
EPS 2.17 1.62 33.95% 1.83 1.62 12.96% 0.96 0.90 6.67% 1.06 1.60 -33.75%

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 315.65 218.01 44.79% 286.17 224.25 27.61% 248.47 209.08 18.84% 220.28 212.08 3.87%
Expenses 282.13 198.21 42.34% 264.68 204.77 29.26% 225.70 185.98 21.36% 202.32 190.97 5.94%
EBITDA 33.52 19.80 69.29% 21.48 19.48 10.27% 22.77 23.10 -1.43% 17.96 21.11 -14.92%
EBIDTM 10.62% 9.08% 7.51% 8.69% 9.16% 11.05% 8.15% 9.95%
Other Income 2.73 3.42 -20.18% 5.36 3.54 51.41% 3.17 2.53 25.30% 3.90 3.49 11.75%
Interest 0.10 0.11 -9.09% 0.12 0.10 20.00% 0.11 0.26 -57.69% 0.20 0.14 42.86%
Depreciation 1.18 1.26 -6.35% 1.31 1.37 -4.38% 1.32 1.41 -6.38% 1.31 1.31 0.00%
PBT 34.97 21.84 60.12% 25.41 21.55 17.91% 24.51 23.96 2.30% 20.35 23.15 -12.10%
Tax 8.86 5.49 61.38% 6.51 5.65 15.22% 6.15 6.15 0.00% 5.32 6.01 -11.48%
PAT 26.11 16.36 59.60% 18.90 15.91 18.79% 18.36 17.81 3.09% 15.03 17.14 -12.31%
PATM 8.27% 7.50% 6.60% 7.09% 7.39% 8.52% 6.82% 8.08%
EPS 6.40 4.02 59.20% 4.65 3.92 18.62% 4.47 4.33 3.23% 3.67 4.21 -12.83%

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Net Sales 313.87 271.82 244.65 335.30 256.59 187.81 225.93 257.69 251.72 228.07 180.47 Net Sales Growth 12.99% 11.11% -27.04% 30.68% 36.62% -16.87% -12.32% 2.37% 10.37% 26.38% Cost Of Goods Sold 258.54 220.75 201.97 272.27 213.22 157.54 192.88 214.28 193.26 181.90 150.99 Gross Profit 55.33 51.08 42.68 63.03 43.37 30.27 33.05 43.41 58.46 46.18 29.48 GP Margin 17.63% 18.79% 17.45% 18.80% 16.90% 16.12% 14.63% 16.85% 23.22% 20.25% 16.34% Total Expenditure 295.74 260.23 234.36 308.76 241.93 179.22 216.76 238.92 223.74 209.96 169.94 Power & Fuel Cost - 9.09 8.99 10.76 8.55 5.11 7.07 7.63 6.23 6.18 6.33 % Of Sales - 3.34% 3.67% 3.21% 3.33% 2.72% 3.13% 2.96% 2.47% 2.71% 3.51% Employee Cost - 8.54 7.50 6.74 7.20 5.77 3.95 3.15 3.71 2.68 1.89 % Of Sales - 3.14% 3.07% 2.01% 2.81% 3.07% 1.75% 1.22% 1.47% 1.18% 1.05% Manufacturing Exp. - 5.98 4.46 4.85 4.93 3.44 3.99 4.18 2.75 3.30 2.63 % Of Sales - 2.20% 1.82% 1.45% 1.92% 1.83% 1.77% 1.62% 1.09% 1.45% 1.46% General & Admin Exp. - 5.82 4.41 4.79 2.96 1.51 4.42 4.56 4.61 4.84 4.70 % Of Sales - 2.14% 1.80% 1.43% 1.15% 0.80% 1.96% 1.77% 1.83% 2.12% 2.60% Selling & Distn. Exp. - 6.44 5.69 6.63 4.64 3.29 4.13 4.78 4.85 4.46 3.01 % Of Sales - 2.37% 2.33% 1.98% 1.81% 1.75% 1.83% 1.85% 1.93% 1.96% 1.67% Miscellaneous Exp. - 3.61 1.34 2.72 0.43 2.57 0.32 0.34 8.31 6.61 3.01 % Of Sales - 1.33% 0.55% 0.81% 0.17% 1.37% 0.14% 0.13% 3.30% 2.90% 0.22% EBITDA 18.12 11.59 10.29 26.54 14.66 8.59 9.17 18.77 27.98 18.11 10.53 EBITDA Margin 5.77% 4.26% 4.21% 7.92% 5.71% 4.57% 4.06% 7.28% 11.12% 7.94% 5.83% Other Income 15.15 17.25 7.71 9.49 9.21 5.25 8.32 5.40 2.70 1.03 1.05 Interest 0.23 0.46 0.88 1.09 2.37 1.84 2.88 4.21 4.06 3.86 3.54 Depreciation 1.41 1.39 0.90 0.68 0.70 0.48 0.58 0.65 0.91 0.56 0.49 PBT 31.61 27.00 16.21 34.25 20.80 11.51 14.03 19.30 25.72 14.73 7.55 Tax 8.04 6.98 3.62 9.03 5.01 4.61 3.57 5.73 9.23 5.31 2.55 Tax Rate 25.43% 25.85% 25.12% 26.36% 24.09% 40.05% 25.45% 29.69% 35.89% 36.05% 33.77% PAT 23.58 20.02 10.79 25.22 15.80 6.90 10.46 13.58 16.49 9.41 5.00 PAT before Minority Interest 23.58 20.02 10.79 25.22 15.80 6.90 10.46 13.58 16.49 9.41 5.00 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin 7.51% 7.37% 4.41% 7.52% 6.16% 3.67% 4.63% 5.27% 6.55% 4.13% 2.77% PAT Growth 4.52% 85.54% -57.22% 59.62% 128.99% -34.03% -22.97% -17.65% 75.24% 88.20% EPS 6.02 5.11 2.75 6.43 4.03 1.76 2.67 3.46 4.21 2.40 1.28

Description TTM Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 18 Mar 17
Net Sales 1,070.57 847.94 667.69 784.58 612.83 435.30 399.39 339.40 250.02 Net Sales Growth 23.99% 27.00% -14.90% 28.03% 40.78% 8.99% 17.68% 35.75% Cost Of Goods Sold 877.81 673.85 549.64 634.06 495.84 349.02 340.34 259.54 198.55 Gross Profit 192.76 174.10 118.05 150.51 116.98 86.28 59.06 79.87 51.47 GP Margin 18.01% 20.53% 17.68% 19.18% 19.09% 19.82% 14.79% 23.53% 20.59% Total Expenditure 974.83 764.84 622.72 710.43 556.12 393.31 380.20 296.16 229.24 Power & Fuel Cost - 28.08 24.42 25.81 19.58 12.96 13.08 8.71 6.93 % Of Sales - 3.31% 3.66% 3.29% 3.20% 2.98% 3.27% 2.57% 2.77% Employee Cost - 18.41 16.46 14.81 13.31 10.30 9.69 4.45 3.15 % Of Sales - 2.17% 2.47% 1.89% 2.17% 2.37% 2.43% 1.31% 1.26% Manufacturing Exp. - 16.93 10.74 11.66 10.22 7.41 6.09 3.84 4.26 % Of Sales - 2.00% 1.61% 1.49% 1.67% 1.70% 1.52% 1.13% 1.70% General & Admin Exp. - 9.75 7.62 8.32 6.98 3.92 3.25 4.63 4.49 % Of Sales - 1.15% 1.14% 1.06% 1.14% 0.90% 0.81% 1.36% 1.80% Selling & Distn. Exp. - 12.11 11.24 12.40 9.29 7.00 6.34 1.15 1.69 % Of Sales - 1.43% 1.68% 1.58% 1.52% 1.61% 1.59% 0.34% 0.68% Miscellaneous Exp. - 5.73 2.60 3.37 0.89 2.70 1.41 13.84 10.17 % Of Sales - 0.68% 0.39% 0.43% 0.15% 0.62% 0.35% 4.08% 4.07% EBITDA 95.73 83.10 44.97 74.15 56.71 41.99 19.19 43.24 20.78 EBITDA Margin 8.94% 9.80% 6.74% 9.45% 9.25% 9.65% 4.80% 12.74% 8.31% Other Income 15.16 13.42 8.47 11.34 10.24 6.88 8.24 3.31 1.03 Interest 0.53 1.24 4.01 5.35 6.82 5.33 6.45 6.15 5.62 Depreciation 5.12 5.38 4.53 3.44 2.68 2.34 1.86 1.98 1.70 PBT 105.24 89.90 44.90 76.69 57.45 41.20 19.11 38.42 14.48 Tax 26.84 23.14 10.99 19.90 14.32 12.40 5.16 13.20 5.31 Tax Rate 25.50% 25.74% 25.50% 25.95% 24.93% 30.10% 27.00% 34.36% 36.67% PAT 78.40 64.02 30.86 54.94 40.01 23.44 12.95 23.07 9.23 PAT before Minority Interest 75.18 66.76 32.11 56.79 43.13 28.80 13.95 25.23 9.17 Minority Interest -3.22 -2.74 -1.25 -1.85 -3.12 -5.36 -1.00 -2.16 0.06 PAT Margin 7.32% 7.55% 4.62% 7.00% 6.53% 5.38% 3.24% 6.80% 3.69% PAT Growth 16.63% 107.45% -43.83% 37.32% 70.69% 81.00% -43.87% 149.95% EPS 20.00 16.33 7.87 14.02 10.21 5.98 3.30 5.89 2.35

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 19 Mar 18 Mar 17 Mar 16
Shareholder's Funds 311.95 289.67 118.77 93.49 77.66 70.95 60.50 46.92 30.43 20.97 Share Capital 39.19 39.19 31.72 1.22 1.22 1.22 1.22 1.22 1.22 1.22 Total Reserves 272.76 250.48 87.05 92.27 76.44 69.73 59.28 45.70 29.21 19.75 Non-Current Liabilities 0.12 -1.03 0.16 -0.04 0.08 0.02 0.10 0.18 4.22 4.59 Secured Loans 0.00 0.00 0.00 0.04 0.11 0.20 0.30 0.39 0.31 0.07 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.92 4.33 Long Term Provisions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.21 Current Liabilities 9.75 22.59 18.13 29.88 29.05 22.62 42.23 37.49 46.96 29.10 Trade Payables 3.80 4.00 3.24 3.15 3.33 2.04 3.93 1.20 2.52 2.78 Other Current Liabilities 4.98 17.72 0.91 2.08 3.09 0.95 0.91 4.82 4.34 0.28 Short Term Borrowings 0.00 0.16 13.24 24.06 22.08 19.42 36.90 28.24 38.58 25.81 Short Term Provisions 0.97 0.71 0.74 0.58 0.55 0.22 0.48 3.23 1.51 0.23 Total Liabilities 321.82 311.23 137.06 123.33 106.79 93.59 102.83 84.59 81.61 54.66 Net Block 7.46 8.58 5.29 5.31 5.39 4.04 4.37 4.47 4.63 4.38 Gross Block 9.98 11.53 7.44 6.84 6.41 11.05 10.85 10.30 9.69 8.96 Accumulated Depreciation 2.53 2.95 2.15 1.53 1.01 7.01 6.48 5.83 5.06 4.58 Non Current Assets 77.81 47.03 13.00 17.68 24.83 21.86 14.04 7.02 6.66 4.46 Capital Work in Progress 0.41 0.00 0.45 0.02 0.00 0.25 0.17 0.05 0.00 0.02 Non Current Investment 13.28 12.29 5.78 11.31 11.46 8.94 1.09 1.09 1.09 0.00 Long Term Loans & Adv. 56.58 25.60 1.01 0.62 7.58 8.23 8.03 0.43 0.07 0.05 Other Non Current Assets 0.08 0.56 0.46 0.42 0.40 0.40 0.38 0.97 0.86 0.01 Current Assets 244.00 264.20 124.05 105.65 81.96 71.73 88.78 77.57 74.95 50.21 Current Investments 31.29 32.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 38.89 22.69 28.16 43.41 19.24 24.07 41.63 27.44 29.40 18.41 Sundry Debtors 49.06 44.09 50.28 40.08 38.90 28.23 32.22 35.69 32.07 22.42 Cash & Bank 97.54 143.69 3.81 5.29 4.57 0.29 0.61 0.73 0.07 1.29 Other Current Assets 27.22 4.49 19.92 0.33 19.25 19.14 14.32 13.71 13.42 8.09 Short Term Loans & Adv. 17.70 17.15 21.87 16.54 17.80 17.76 12.51 13.67 13.39 5.61 Net Current Assets 234.26 241.61 105.92 75.78 52.91 49.11 46.55 40.08 28.00 21.11 Total Assets 321.81 311.23 137.05 123.33 106.79 93.59 102.82 84.59 81.61 54.67

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20 Mar 18 Mar 17
Shareholder's Funds 464.75 398.39 207.66 152.62 108.48 84.95 53.87 30.80 Share Capital 39.19 39.19 31.72 1.22 1.22 1.22 1.22 1.22 Total Reserves 425.56 359.21 175.94 151.40 107.26 83.73 52.65 29.58 Non-Current Liabilities 1.01 3.37 7.59 5.80 5.98 5.95 13.69 15.53 Secured Loans 0.05 3.61 6.72 5.59 5.48 5.72 7.69 14.04 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 0.45 0.41 0.28 0.24 0.18 0.13 6.19 1.51 Current Liabilities 22.31 39.45 76.67 101.67 84.96 53.26 55.51 55.76 Trade Payables 16.60 8.21 8.37 5.31 7.19 3.09 5.04 2.86 Other Current Liabilities 3.58 21.85 5.59 10.49 7.69 4.19 7.95 6.41 Short Term Borrowings 0.01 7.34 60.81 83.86 66.55 45.10 42.52 46.49 Short Term Provisions 2.12 2.05 1.90 2.01 3.52 0.87 0.00 0.00 Total Liabilities 497.93 448.32 297.79 264.11 209.95 149.32 125.53 102.39 Net Block 38.92 41.71 35.28 22.38 22.97 20.74 13.78 13.98 Gross Block 56.81 56.17 45.31 29.04 27.12 22.55 21.90 20.25 Accumulated Depreciation 17.89 14.46 10.04 6.66 4.15 1.82 8.12 6.27 Non Current Assets 53.89 54.44 41.45 40.39 34.37 30.48 15.38 14.94 Capital Work in Progress 1.09 0.00 0.92 7.38 0.04 0.33 0.13 0.00 Non Current Investment 12.18 11.20 2.96 8.49 8.63 5.75 0.00 0.00 Long Term Loans & Adv. 1.59 0.95 1.81 1.73 2.33 3.26 0.49 0.09 Other Non Current Assets 0.11 0.58 0.49 0.42 0.40 0.40 0.97 0.86 Current Assets 444.04 393.89 256.34 223.72 175.57 118.83 110.15 87.46 Current Investments 39.02 32.07 0.00 0.00 0.00 0.00 0.00 0.00 Inventories 111.44 55.66 103.84 88.27 48.64 45.54 41.23 34.60 Sundry Debtors 141.85 116.69 115.61 94.77 89.80 49.95 53.06 36.32 Cash & Bank 105.33 146.70 4.86 8.06 5.15 0.70 1.01 0.15 Other Current Assets 46.39 15.17 21.03 0.80 31.99 22.64 14.85 16.38 Short Term Loans & Adv. 30.66 27.61 11.00 31.82 31.25 22.25 14.76 16.30 Net Current Assets 421.73 354.44 179.66 122.05 90.61 65.58 54.63 31.70 Total Assets 497.93 448.33 297.79 264.11 209.94 149.31 125.53 102.40

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22
Cash From Operating Activity -13.42 27.74 6.11 -3.14 PBT 27.00 16.21 34.25 20.80 Adjustment -12.23 -1.50 -0.42 -1.77 Changes in Working Capital -21.46 17.99 -19.09 -16.68 Cash after chg. in Working capital -6.69 32.69 14.75 2.35 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -6.73 -3.15 -8.64 -5.48 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 -1.80 0.00 0.00 Cash From Investing Activity 8.12 -141.21 5.18 2.94 Net Fixed Assets 1.14 -3.64 -1.03 Net Investments -0.21 -38.58 5.53 Others 7.19 -98.99 0.68 Cash from Financing Activity -14.79 153.68 -11.75 -0.22 Net Cash Inflow / Outflow -20.10 40.21 -0.45 -0.42 Opening Cash & Equivalents 43.69 3.48 3.94 4.36 Closing Cash & Equivalent 23.60 43.69 3.49 3.94

Description Mar 25 Mar 24 Mar 23 Mar 22
Cash From Operating Activity -11.20 75.96 31.17 6.75 PBT 89.90 44.90 76.69 57.45 Adjustment -4.51 6.55 7.16 6.37 Changes in Working Capital -73.88 36.77 -33.15 -41.32 Cash after chg. in Working capital 11.52 88.23 50.71 22.50 Interest Paid 0.00 0.00 0.00 0.00 Tax Paid -22.71 -10.47 -19.54 -15.75 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 -1.80 0.00 0.00 Cash From Investing Activity 24.76 -139.85 -4.90 -5.42 Net Fixed Assets 1.14 -3.64 -1.03 Net Investments -0.21 -38.58 5.53 Others 23.83 -97.63 -9.40 Cash from Financing Activity -28.88 107.03 -28.57 -0.19 Net Cash Inflow / Outflow -15.32 43.14 -2.30 1.15 Opening Cash & Equivalents 46.69 3.55 5.85 4.71 Closing Cash & Equivalent 31.38 46.69 3.55 5.85

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 25 Mar 24 Mar 23 Mar 22 Mar 14 Mar 13 Mar 12 Mar 11
Book Value (Rs.) 79.61 73.92 37.44 29.47 93.42 80.79 71.81 65.02 ROA 6.32% 4.81% 19.37% 13.73% 3.76% 3.15% 3.05% 3.24% ROE 6.66% 5.28% 23.76% 18.46% 14.50% 11.77% 9.91% 9.40% ROCE 9.13% 7.25% 28.31% 21.30% 14.26% 3.37% 3.28% 3.54% Fixed Asset Turnover 25.27 25.80 46.94 38.73 0.00 0.00 0.00 0.00 Receivable days 62.54 70.40 49.18 56.17 0.00 0.00 0.00 0.00 Inventory Days 41.35 37.94 38.96 44.56 0.00 0.00 0.00 0.00 Payable days 6.44 6.54 4.28 5.54 1053.52 0.00 0.00 0.00 Cash Conversion Cycle 97.44 101.79 83.86 95.19 -1053.52 0.00 0.00 0.00 Total Debt/Equity 0.00 0.00 0.11 0.26 2.54 2.61 2.36 1.66 Interest Cover 59.95 17.29 32.28 9.77 1.75 0.00 0.00 0.00

Description Mar 25 Mar 24 Mar 23 Mar 22
Book Value (Rs.) 118.60 101.67 65.47 48.11 ROA 14.11% 8.61% 20.21% 18.19% ROE 15.47% 10.60% 31.53% 33.03% ROCE 20.78% 13.65% 31.28% 29.93% Fixed Asset Turnover 15.01 13.16 21.10 21.82 Receivable days 55.64 63.49 48.94 54.96 Inventory Days 35.96 43.60 44.69 40.77 Payable days 6.72 5.50 3.94 4.60 Cash Conversion Cycle 84.89 101.59 89.69 91.13 Total Debt/Equity 0.00 0.03 0.34 0.62 Interest Cover 73.33 11.76 15.33 9.42

Top Investors:

massachusetts institute of technology

carnelian structural shift fund

ctl trusteeship limited

Annual Reports:

News Update:

JG Chemicals’ arm acquires freehold land in Andhra Pradesh
19th Aug 2026, 12:28 PM

The newly acquired land is located directly opposite BDJ Oxides’ existing manufacturing facility at Naidupeta, Andhra Pradesh
Read More
JG Chemicals - Quarterly Results
9th Aug 2026, 00:00 AM

Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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