Jubilant Ingrevia Ltd (JUBLINGREA)

Chemicals · Chemicals · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹674.3 ↓ 7.68% (1Y)

🎯 Key Takeaways

Jubilant Ingrevia Ltd is in a growth phase driven by strategic expansion in specialty chemicals and CDMO capabilities, supported by strong top-line momentum and margin improvement. The company is actively investing in capacity expansion and technology partnerships to scale high-margin segments, though its near-term trajectory remains tied to execution of its Pinnacle strategy and macro demand trends.
Revenue grew 10.3% QoQ to ₹1,300 in Q1FY27.
⚠️ Execution risk in the Zettaone acquisition, which involves two tranche closings by 2027 and integration into CDMO operations, with no clarity on syner

Market Cap

₹10,740

P/E Ratio

34.5

P/B Ratio

3.35

ROE

9.6%

ROCE

11.7%

Debt/Equity

0.24

Div Yield

0.37%

Promoter

45.2%

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📖 The Story

Jubilant Ingrevia Ltd is in a growth phase driven by strategic expansion in specialty chemicals and CDMO capabilities, supported by strong top-line momentum and margin improvement. The company is actively investing in capacity expansion and technology partnerships to scale high-margin segments, though its near-term trajectory remains tied to execution of its Pinnacle strategy and macro demand trends.

📰 What's Happening

In Q1 FY27, revenue rose 25% YoY to ₹533 crores, with EBITDA up 36% to ₹209 crores, led by specialty chemicals contributing ₹100 crores. Management highlighted a 25-project CDMO pipeline with INR1,500 crore peak revenue potential and added 5 new molecules. The nutrition plant utilization is targeted at 70%+ by year-end, and a ₹100 crore lean savings target remains on track. A key development is the board-approved acquisition of a 40% stake in Zettaone Technologies for ₹189.2 crore to integrate electronics design and manufacturing into its CDMO operations, with first tranche closing by November 2026 and second by 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 growth has accelerated sequentially, rising from ₹1,051 crores in Dec 2025 to ₹1,300 crores in June 2026, while operating margin improved to 11.4% from 7.8% a year earlier, reflecting better cost management and product mix. Net profit grew steadily from ₹47 crores to ₹106 crores over the same period, indicating margin expansion is translating into earnings growth. Despite flat operating profit in earlier quarters, recent performance shows a clear inflection with EBITDA margin holding at 26% in specialty chemicals and improving utilization across segments.

🔮 Management Outlook & What's Next

Management expects sequential EBITDA improvement to INR750-800 crores in FY27, driven by continued CDMO expansion, nutrition plant utilization above 70%, and execution of lean savings. They emphasized the scalability of the CDMO pipeline, with 25 projects now active including 5 new additions, and highlighted captive consumption growth and 95%+ pyridine utilization as tailwinds for specialty chemicals margins. No formal guidance was provided beyond EBITDA range and utilization targets.

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	2,800	2,911	3,025	3,192
Borrowings	720	764	806	781
Total Liabilities	4,841	5,032	5,257	5,484
Fixed Assets	2,520	2,558	2,590	3,183
Investments	19	37	26	33
Total Assets	4,841	5,032	5,257	5,484

The balance sheet shows stable leverage with D/E at 0.24 and interest coverage at 11.39x, indicating comfortable debt servicing capacity. Equity remains flat at ₹16 crores, but reserves have grown steadily from ₹2,911 crores to ₹3,192 crores, suggesting retained earnings are being reinvested rather than distributed. Borrowings have slightly increased from ₹764 to ₹806 crores, but asset growth outpaces liabilities, supporting a strengthening balance sheet without aggressive capital structure changes.

💰 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 is rising, with FII holding increasing from 5.96% in Q2FY26 to 6.49% in Q1FY27, while DII also grew from 23.04% to 24.98% over the same period. Promoter holding remains stable at 45.22%, indicating no dilution or stake sales. The growing number of retail shareholders (1,10,949 in Q1FY27) reflects expanding retail participation, but the key trend is the consistent accumulation by FII and DII, signaling confidence in the company’s growth trajectory.

⚖️ Peer Comparison — Chemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PIDILITIND	1.67 L Cr	63.2	33.4%	24.7%	0.01
SRF	75,831	35.1	15.6%	15.4%	0.36
LINDEINDIA	54,443	99.7	17.5%	12.8%	0.00
FLUOROCHEM	51,528	84.2	9.6%	7.7%	0.34
NAVINFLUOR	44,502	56.3	22.2%	19.9%	0.31
GODREJIND	38,256	32.5	9.2%	19.8%	4.57
HSCL	33,181	41.2	20.7%	17.1%	0.16
DEEPAKNTR	23,850	30.4	15.3%	13.4%	0.26
AETHER	22,459	95.2	13.8%	10.6%	0.08
AARTIIND	19,021	35.8	9.2%	9.5%	0.68

🔗 Peer Stock Analyses

PIDILITIND SRF LINDEINDIA FLUOROCHEM NAVINFLUOR

⚠️ Risk Factors

1. Execution risk in the Zettaone acquisition, which involves two tranche closings by 2027 and integration into CDMO operations, with no clarity on synergies or timeline for revenue contribution. 2. CDMO revenue estimates remain tentative, with no confirmed orders or timelines for the INR1,500 crore peak potential, making scalability uncertain. 3. Margin pressure could emerge if raw material costs rise or utilization targets are not met, especially in nutrition where volume growth must align with capacity.

📋 Recent Filings

🧠 Analyst's Read

Jubilant Ingrevia is transitioning from a specialty chemicals player to a diversified CDMO and electronics-integrated manufacturer, with Q1 FY27 results showing strong execution in core segments. The next watchpoint is the progress of the Zettaone integration and the pace of CDMO order realization, which will determine whether the EBITDA guidance is achievable. Investors should monitor quarterly utilization trends and order updates in the coming quarters.

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 2026-09-01.

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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