Jubilant Ingrevia Ltd (JUBLINGREA)
🎯 Key Takeaways
- Jubilant Ingrevia is transitioning from a traditional chemical manufacturer to a diversified CDMO and electronics-focused growth platform, with specialty chemicals and nutrition driving current profitability while strategic acquisitions and new ventures signal long-term expansion ambitions. The company is in a high-investment phase, leveraging strong operational execution to scale high-margin segments.
- Revenue grew 10.3% QoQ to ₹1,300 in Q1FY27.
- ⚠️ Execution risk around the Zettaone Technologies acquisition, including integration challenges and timely tranche closures (first by Nov 2026, second b
- Market Cap
- ₹10,413
- P/E Ratio
- 33.5
- P/B Ratio
- 3.25
- ROE
- 9.6%
- ROCE
- 11.7%
- Debt/Equity
- 0.24
- Div Yield
- 0.38%
- Promoter
- 45.2%
📖 The Story
Jubilant Ingrevia is transitioning from a traditional chemical manufacturer to a diversified CDMO and electronics-focused growth platform, with specialty chemicals and nutrition driving current profitability while strategic acquisitions and new ventures signal long-term expansion ambitions. The company is in a high-investment phase, leveraging strong operational execution to scale high-margin segments.
📰 What's Happening
In Q1 FY27, Jubilant Ingrevia reported ₹533 crores revenue (+25% YoY) and EBITDA of ₹209 crores (+36% YoY), with specialty chemicals contributing ₹100 crores (~15% of EBITDA). Management highlighted expansion of its CDMO pipeline to 25 projects (including 5 new additions) with INR1,500 crore peak revenue potential. The nutrition plant utilization is targeted to exceed 70% by year-end, and sequential EBITDA guidance for FY27 is set at INR750-800 crores. Operational milestones include safety awards, M&A integration of Remidex Pharma, and an Investor Day at the Bharuch facility. Earlier board approvals included a 40% stake in Zettaone Technologies via a newly incorporated subsidiary (Jubilant Advanced Electronics Limited) for approximately ₹189.2 crore, with closings planned in tranches through September 2027.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,121 | 1,051 | 1,179 | 1,300 |
| Operating Profit | 94 | 81 | 114 | 148 |
| OPM % | 8.4% | 7.8% | 9.7% | 11.4% |
| Net Profit | 69 | 47 | 86 | 106 |
| EPS | ₹4.40 | ₹2.97 | ₹5.47 | ₹6.70 |
Revenue and profitability have shown consistent growth over the past four quarters, with revenue rising from ₹1,051 crores (Dec 2025) to ₹1,300 crores (Jun 2026), and net profit increasing from ₹47 crores to ₹106 crores. Operating margins improved from 7.8% to 11.4% over the same period, reflecting operational efficiency and margin expansion in specialty chemicals (26% EBITDA margin). This upward trend aligns with management's focus on high-margin segments and scalable CDMO operations, supporting their FY27 EBITDA guidance of INR750-800 crores.
🔮 Management Outlook & What's Next
Management expects sequential EBITDA improvement to INR750-800 crores in FY27, driven by continued scale in specialty chemicals and nutrition, with nutrition plant utilization targeting 70%+ by year-end. They highlighted the expansion of the CDMO pipeline to 25 projects (including 5 new additions) with INR1,500 crore peak revenue potential, and confirmed strong utilization (95%+) of pyridine in specialty chemicals. Lean savings of ₹100 crores remain on track, and operational discipline is underscored by safety awards and M&A integration.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 |
| Reserves | 2,911 | 2,800 | 3,192 | 3,025 |
| Borrowings | 764 | 720 | 781 | 806 |
| Total Liabilities | 5,032 | 4,841 | 5,484 | 5,257 |
| Fixed Assets | 2,558 | 2,520 | 3,183 | 2,590 |
| Investments | 37 | 19 | 33 | 26 |
| Total Assets | 5,032 | 4,841 | 5,484 | 5,257 |
The balance sheet shows stable equity (₹16 crores) and growing reserves (₹3,192 crores as of Mar 2026), indicating retained earnings growth. Borrowings have slightly decreased to ₹781 crores from ₹806 crores YoY, suggesting modest deleveraging. Total assets have increased steadily from ₹5,032 crores (Mar 2025) to ₹5,484 crores (Mar 2026), reflecting investments in capacity expansion and acquisitions. The capital structure remains conservative with low D/E of 0.24, supporting flexibility for ongoing strategic investments like the Zettaone acquisition.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +524 |
| Investing | -276 |
| Financing | -155 |
| Net Cash Flow | +119 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 45.2% | 45.2% | 45.2% | 45.2% |
| FII | 6.0% | 6.2% | 6.5% | 6.5% |
| DII | 23.0% | 24.0% | 24.8% | 25.0% |
| Public | 19.2% | 18.3% | 17.4% | 17.1% |
| # Shareholders | 1,25,749 | 1,17,529 | 1,12,696 | 1,10,949 |
Institutional investor interest has grown steadily, with FII holding rising from 5.96% (Q2FY26) to 6.49% (Q1FY27), and DII increasing from 23.04% to 24.98% over the same period. Promoter holding remains stable at 45.22%. The expanding shareholder base, now comprising over 1.1 lakh shareholders, reflects growing institutional confidence. No pledging or significant dilution was observed in recent filings.
⚖️ Peer Comparison — Chemicals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| PIDILITIND | 1.50 L Cr | 56.5 | 33.4% | — | 0.01 |
| SRF | 73,336 | 33.9 | 15.6% | — | 0.36 |
| LINDEINDIA | 54,023 | 98.9 | 17.5% | — | 0.00 |
| FLUOROCHEM | 48,430 | 79.2 | 9.6% | — | 0.34 |
| NAVINFLUOR | 42,306 | 53.5 | 22.2% | — | 0.31 |
| GODREJIND | 34,967 | 29.8 | 9.2% | — | 4.57 |
| HSCL | 34,188 | 42.5 | 20.7% | — | 0.16 |
| AETHER | 22,546 | 95.6 | 13.8% | — | 0.08 |
| DEEPAKNTR | 20,882 | 26.6 | 15.3% | — | 0.26 |
| CASTROLIND | 19,817 | 18.7 | 76.2% | — | 0.00 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
Execution risk around the Zettaone Technologies acquisition, including integration challenges and timely tranche closures (first by Nov 2026, second by Sept 2027), could delay synergies. CDMO revenue estimates remain tentative and depend on client-specific project timelines. Margin expansion in specialty chemicals is contingent on continued raw material cost control and high utilization rates, which may be vulnerable to market volatility. Rising working capital requirements from growth initiatives may pressure near-term liquidity.
📋 Recent Filings
- 🟡 Board Meeting2026-10-01Jubilant Ingrevia's board approved incorporating a wholly owned subsidiary, Jubilant Advanced Electronics Limited, to acquire a 40% stake in Zettaone …
- 🔴 Corporate Action2026-10-01Jubilant Ingrevia announced incorporation of Jubilant Advanced Electronics Limited as a wholly owned subsidiary to acquire a 40% stake in Zettaone Tec…
- 🔴 Announcement2026-10-01Jubilant Ingrevia Ltd announced the resignation of Sr. Vice President of Supply Chain Birajeev Singh effective November 5, 2026, citing better opportu…
- 🟡 Board Meeting2026-10-01Jubilant Ingrevia Ltd announced on October 1, 2026 that its board approved amending the Employee Stock Option Plan 2021 to increase the option pool fr…
- Announcement2026-09-28Jubilant Ingrevia Ltd announced that its trading window will close on October 1, 2026, remaining shut until 48 hours after the quarter and half-year f…
- 🔴 Corporate Action2026-09-25Jubilant Ingrevia Ltd announced the record date for maturity of its newly issued commercial paper on September 24, 2026, with a maturity date of Decem…
- 🔴 Corporate Action2026-09-24Jubilant Ingrevia Ltd issued unsecured commercial papers worth ₹100 crores on September 24, 2026, with a 90-day tenure maturing December 23, 2026, off…
- 🟡 Board Meeting2026-08-18Jubilant Ingrevia Limited announced on August 18, 2026, that its board approved a binding term sheet to acquire a 40% strategic equity stake in Zettao…
- 🟡 Board Meeting2026-08-18Jubilant Ingrevia Limited announced on August 18, 2026, that its board approved a binding term sheet to acquire a 40% strategic equity stake in Zettao…
- 🔴 annual report2026-08-01Jubilant Ingrevia Limited announced that it dispatched letters to shareholders without registered email addresses, providing web links to access the F…
🧠 Analyst's Read
Jubilant Ingrevia is executing a clear strategic shift toward high-growth CDMO and electronics manufacturing, supported by strong operational performance and margin expansion. Investors should monitor the progress of the Zettaone acquisition integration and realization of CDMO pipeline potential as key near-term catalysts.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-10-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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