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Jubilant Ingrevia Ltd.
NSE: JUBLINGREABasic MaterialsSpecialty Chemicals
- Last close
- ₹601.90
- Day change
- −₹7.55 (−1.24%)vs
- Market cap
- ₹9,897 crIndian rupees
- Research updated
- 1 report
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About Jubilant Ingrevia
Jubilant Ingrevia Ltd. is a distinguished chemical manufacturing company specializing in a diverse range of products, primarily aimed at the life sciences, specialty chemicals, and nutrition markets. Formed as a spin-off from Jubilant Life Sciences, it facilitates and enhances various industrial processes by providing essential chemicals and intermediates. This company plays a pivotal role in the pharmaceutical and agrochemical industries by offering high-quality ingredients essential for drug development and crop protection solutions. Furthermore, Jubilant Ingrevia is integral to the food and beverage industry, supplying crucial nutritional components. Its innovative approach towards sustainable practices distinguishes the company within the chemical sector. With a strong emphasis on research and development, Jubilant Ingrevia's contributions significantly impact the healthcare and industrial sectors, making it a vital player in the chemical landscape. Headquartered in India, the company operates globally, underscoring its importance in facilitating industrial growth and advancement through its chemical expertise.
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Listing
- NSE: JUBLINGREA
- Next results
- Chief executive
- Mr. Deepak Jain
- Employees
- 2,185
- Headquarters
- Noida, India
- ISIN
- INE0BY001018
- Website
- jubilantingrevia.com
Public research · Report of
Business model & financial foundation
Jubilant Ingrevia (NSE: JUBLINGREA), Integrated specialty chemicals, nutrition ingredients and chemical intermediates: revenue of ₹4,388 crore in FY26 (+5.0% on FY25), an EBITDA margin of 12.9%, net profit of ₹277.9 crore and net debt of ₹591.0 crore.
- Revenue, FY26 (₹ crore)
- 4,388
- consolidated
- Revenue growth, FY26
- +5.0%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 277.9
- to owners
- Return on equity, FY26
- 9.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 591.0
- Net debt including liquid investments
- Market capitalisation (₹ crore)
- 9,967
- at the close of 13 Oct 2026
Company profile
Jubilant Ingrevia is an integrated manufacturer of specialty chemicals, nutrition and health ingredients, and chemical intermediates, with custom development and manufacturing for global pharmaceutical and agrochemical innovators. Its acetyl, pyridine/picoline and downstream nutrition chains provide backward integration, while specialty derivatives and CDMO seek a higher-value mix. It supplies domestic and overseas customers through Indian manufacturing sites and overseas distribution subsidiaries; the model profile is industrial, not pharmaceutical or holding-company.
| Item | Value |
|---|---|
| Legal name | Jubilant Ingrevia Limited |
| Exchange and ticker | NSE: JUBLINGREA; BSE: 543271 |
| ISIN | INE0BY001018 |
| CIN | L24299UP2019PLC122657 |
| Sector | Chemicals |
| Industry | Integrated specialty chemicals, nutrition ingredients and chemical intermediates |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹9,967 crore (13 Oct 2026) |
| Shares outstanding | 15.93 crore shares (FY26) |
| Price | ₹628.0 (close, 13 Oct 2026) |
| 52-week range | ₹537.3 - ₹795.0 (to 13 Oct 2026) |
| Website | https://www.jubilantingrevia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jubilant Infrastructure Limited | 100% | Bharuch SEZ infrastructure and utilities; investment holdings |
| Jubilant Agro Sciences Limited | 100% | Agrochemical/CDMO manufacturing and development |
| Jubilant Ingrevia (USA) Inc. | 100% | Americas sales and distribution; renamed from Jubilant Life Sciences (USA) Inc. 17 April 2025 |
| Jubilant Ingrevia International Pte. Limited | 100% | Singapore international business/holding company; renamed 10 November 2025 |
| Jubilant Life Sciences (Shanghai) Limited | 100% | China sales and distribution; indirect subsidiary via Singapore |
| Jubilant Life Sciences NV | 100% | European sales and distribution; material subsidiary under LODR |
| Jubilant Ingrevia Employees Welfare Trust | 100% | Consolidated employee-benefit trust holding treasury shares; not an operating subsidiary |
| Remidex Pharma Private Limited | 100% | Human nutrition vitamin/mineral premixes and pharmaceutical formulations; acquired 30 March 2026 |
FY26 year-end scope. Associates: Mister Veg37.98%, AMP Energy26%, O2 Renewable26.43% (S13:p335). Forum I Aviation15.79% held by Infrastructure is investment. Post-year-end JAEL incorporated12 Oct2026 as100% electronics/semiconductor WOS (S25); proposed Zettaone40% associate not closed by cutoff (S27).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 45.22% | 45.22% | 45.22% | 45.22% |
| Promoter holding pledged | 3.20% | 3.20% | 3.45% | 4.21% |
| Foreign institutions | 5.96% | 6.15% | 6.49% | 6.49% |
| Domestic institutions | 23.04% | 24.00% | 24.76% | 24.98% |
| of which mutual funds | 20.41% | 21.46% | 22.21% | 22.39% |
| Retail | 15.28% | 14.27% | 13.78% | 13.49% |
| Other | 10.50% | 10.36% | 9.75% | 9.82% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jubilant Ingrevia makes chemicals in three segments that feed one another. Its integrated acetyl chain (Chemical Intermediates: acetic anhydride, ethyl acetate, acetaldehyde) supplies its pyridine and picoline chemistry (Speciality Chemicals: derivatives, fine chemicals and agro/pharma CDMO), which in turn feeds vitamin B3/B4 and premixes (Nutrition & Health). FY26 external revenue was 1,936cr Specialty, 790cr Nutrition and 1,662cr Intermediates. Statutory segment EBIT was 410cr, 79cr and 19cr; Specialty earns about three-quarters of segment profit on 44% of sales. Exports are 44% of sales across 1,600+ customers in 63 countries. The company controls its feedstock integration and qualifications. It does not control Chinese pyridine and acetyl pricing, the timing of innovator CDMO orders, or the cost of molasses and alcohol inputs.
| Segment | gross revenue, FY26 (₹ crore) | Share | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Speciality Chemicals | 2,214 | 47.4% | 1,936 | 44.1% | 410.4 | 80.7% |
| Nutrition & Health Solutions | 790.4 | 16.9% | 789.7 | 18.0% | 79.4 | 15.6% |
| Chemical Intermediates | 1,668 | 35.7% | 1,662 | 37.9% | 18.9 | 3.7% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Aarti Industries (AARTIIND) | Integrated specialty intermediates with pharma/agro end markets, export exposure and large investment cycle. |
| Atul (ATUL) | Diversified integrated chemical manufacturer with life-science intermediates and industrial applications. |
| Deepak Nitrite (DEEPAKNTR) | Integrated intermediates and specialty products; commodity spread exposure and capital-intensive expansion. |
| SRF (SRF) | Specialty chemicals/custom synthesis serving global agro/pharma customers; different fluorochemical chemistry and nonchemical segments. |
| PI Industries (PIIND) | Agrochemical custom synthesis/CDMO innovator partnerships; relevant to CDMO growth, not acetyl economics. |
| Vinati Organics (VINATIORGA) | Export-oriented niche specialty chemistry, integration and capacity-ramp economics; narrower portfolio. |
| Laxmi Organic Industries (LXCHEM) | Closest listed acetyl/diketene product-family comparator; commodity/specialty mix and feedstock sensitivity. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 4,914 | 4,773 | 4,136 | 4,178 | 4,388 |
| Cost of revenue (vendor classification) * | 2,958 | 2,696 | 2,250 | 2,107 | 2,410 |
| Other operating costs (vendor classification) * | 800.7 | 1,159 | 1,058 | 1,212 | 954.9 |
| EBITDA (vendor classification) * | 868.9 | 580.7 | 462.1 | 556.9 | 607.5 |
| Operating EBIT excluding other income and exceptionals | 736.0 | 425.0 | 284.9 | 361.5 | 391.6 |
| Finance costs expensed | 27.1 | 21.6 | 52.7 | 55.6 | 49.1 |
| Profit before tax | 708.9 | 436.7 | 267.6 | 343.6 | 369.7 |
| Current and deferred tax expense | 232.2 | 129.2 | 84.7 | 92.4 | 91.8 |
| Profit for the year including NCI | 476.7 | 307.5 | 182.9 | 251.2 | 277.9 |
| Diluted EPS (₹) | 29.97 | 19.33 | 11.55 | 15.84 | 17.51 |
| Materials, traded goods and inventory change | 2,582 | 2,143 | 2,107 | 2,295 | |
| Employee benefits expense | 343.5 | 383.9 | 418.0 | 425.6 | |
| Other operating expenses | 1,301 | 1,188 | 1,133 | 1,101 | |
| Operating EBITDA excluding other income | 547.1 | 421.1 | 519.1 | 567.0 | |
| Other income | 33.4 | 35.3 | 37.8 | 40.5 | |
| Depreciation and amortisation | 122.2 | 136.2 | 157.6 | 175.5 | |
| Exceptional items signed profit effect | 0.00 | 0.00 | 0.00 | -13.0 | |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of associates profit or loss signed | -0.04 | 0.02 | -0.02 | -0.18 | |
| Profit attributable to owners | 307.5 | 182.9 | 251.2 | 277.9 | |
| Cost of materials consumed | 2,548 | 2,040 | 2,050 | 2,105 | |
| Purchases of stock in trade | 161.6 | 49.1 | 56.8 | 149.0 | |
| Inventory change expense signed | -127.7 | 53.1 | 0.18 | 41.1 | |
| COGS / revenue (x) | 0.52x | 0.50x | 0.52x | ||
| Employee cost / revenue (x) | 0.09x | 0.10x | 0.10x | ||
| Other operating expenses / revenue | 0.29x | 0.27x | 0.25x | ||
| Recorded tax / PBT | 0.32x | 0.27x | 0.25x | ||
| Implied diluted shares — EPS reconstruction only | 15.83 | 15.86 | 15.87 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (net worth) | 2,433 | 2,666 | 2,737 | 2,927 | 3,126 |
| Bank borrowings excluding leases | 237.8 | 396.7 | 733.0 | 756.5 | 781.0 |
| Cash and cash equivalents | 37.6 | 72.7 | 78.8 | 69.4 | 188.5 |
| Net trade receivables | 580.9 | 510.9 | 572.0 | 607.1 | 782.5 |
| Inventories | 911.2 | 1,035 | 941.3 | 943.4 | 880.0 |
| Trade payables including supplier finance | 797.8 | 801.1 | 766.7 | 814.9 | 940.6 |
| Property plant equipment net | 1.67 | 1,788 | 2,478 | 2,516 | 3,104 |
| Capital work in progress | 186.9 | 524.9 | 330.7 | 525.2 | 153.9 |
| Total assets | 3,797 | 4,259 | 4,732 | 5,032 | 5,484 |
| Other bank balances including restricted cash | 11.9 | 0.81 | 29.4 | 1.47 | |
| Current liquid mutual fund investments | 0.00 | 0.00 | 16.2 | 0.00 | |
| Net debt including liquid investments | 312.1 | 653.4 | 641.6 | 591.0 | |
| Current and non-current lease liabilities | 10.0 | 7.24 | 7.26 | 10.8 | |
| Liquidity-only net debt including leases | 322.2 | 660.6 | 648.8 | 601.9 | |
| Year-end receivable days | 50 | 53 | 65 | ||
| Year-end inventory days | 160 | 163 | 140 | ||
| Year-end payable days | 131 | 141 | 150 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after tax | 334.9 | 462.5 | 430.0 | 508.1 | 524.3 |
| Free cash flow (vendor definition) * | 222.6 | -18.9 | -138.4 | 142.3 | 224.9 |
| Cash dividends paid positive outflow | -45.2 | 79.3 | 78.6 | 79.8 | 79.3 |
| Cash purchase PPE and intangibles positive outflow | -227.6 | 481.4 | 568.4 | 365.8 | 299.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Legal issued equity shares at year end | 15.90 | 15.93 | 15.93 | 15.93 | 15.93 |
| Year-end shares net of employee trust | 15.90 | 15.80 | 15.81 | 15.77 | |
| Weighted average diluted shares for EPS | 15.90 | 15.84 | 15.86 | 15.87 | |
| Related-party goods/services sales | 18.2 | 21.2 | 21.8 | ||
| Related-party rental and other income | 39.4 | 36.9 | 39.0 | ||
| Related-party goods/services purchases | 57.3 | 52.6 | 60.2 | ||
| Related-party year-end trade receivables | 3.57 | 5.08 | 9.70 | ||
| Related-party year-end other receivables | 17.8 | 19.6 | 21.6 | ||
| Related-party year-end trade payables | 14.6 | 10.5 | 13.8 | ||
| Related-party KMP remuneration | 31.3 | 41.6 | 40.2 | ||
| Related-party year-end director commission payable | 3.20 | 5.25 | 5.63 | ||
| Donation to Jubilant Bhartia Foundation | 7.68 | 8.99 | 6.89 | ||
| Related-party lease payments | 2.37 | 1.76 | 1.05 | ||
| Related-party recovery of expenses | 2.24 | 3.43 | 5.21 | ||
| Related-party reimbursement of expenses | 7.45 | 8.15 | 9.95 | ||
| Company-style EBITDA including other income | 580.5 | 456.4 | 556.9 | 607.6 | |
| Regulatory EBITDA PBT plus D&A plus finance costs | 580.5 | 456.4 | 556.9 | 594.4 | |
| CFO after tax / PAT owners | 2.35x | 2.02x | 1.89x | ||
| Cumulative FY24-FY26 CFO after tax | 1,462 | ||||
| Cumulative FY24-FY26 PAT owners | 712.0 | ||||
| Cumulative FY24-FY26 CFO / cumulative PAT (x) | 2.05x | ||||
| Trade receivables growth YoY (%) | 12.0% | 6.1% | 28.9% | ||
| Revenue from operations growth YoY (%) | -13.3% | 1.0% | 5.0% | ||
| Receivables less revenue growth, percentage points (%) | 25.3% | 5.1% | 23.9% | ||
| Gross bank borrowings / operating EBITDA (x) | 1.74x | 1.46x | 1.38x | ||
| Liquidity-only net debt incl leases / operating EBITDA (x) | 1.57x | 1.25x | 1.06x | ||
| Operating EBIT / expensed finance costs | 5.41x | 6.50x | 7.97x | ||
| Disputed contingent claims / closing equity (%) | 13.2% | 12.3% | 14.8% | ||
| Consolidated RP goods and services sales / revenue (%) | 0.4% | 0.5% | 0.5% | ||
| Gross disclosed RP commercial flows / revenue (%) | 3.1% | 3.0% | 3.1% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,045 | 1,057 | 1,051 | 1,038 | 1,121 | 1,051 | 1,179 | 1,300 |
| Materials plus purchases plus inventory change | 507.1 | 538.6 | 532.9 | 519.4 | 600.5 | 556.1 | 618.8 | 628.6 |
| Employee benefits expense | 113.3 | 106.7 | 96.0 | 108.2 | 107.5 | 103.6 | 106.3 | 117.4 |
| Power and fuel plus other operating expenses | 300.3 | 273.2 | 275.6 | 268.1 | 277.2 | 264.8 | 291.0 | 355.2 |
| Operating EBITDA excluding other income | 124.6 | 138.3 | 146.7 | 142.1 | 135.5 | 126.5 | 162.6 | 199.1 |
| Other income | 10.5 | 9.43 | 8.36 | 11.3 | 10.8 | 9.50 | 9.31 | 10.2 |
| Depreciation and amortisation | 39.6 | 39.8 | 39.4 | 40.8 | 41.2 | 45.0 | 48.4 | 51.0 |
| Finance costs | 15.1 | 12.4 | 13.9 | 12.7 | 12.2 | 12.5 | 11.8 | 17.4 |
| Exceptional items, signed income or expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -13.0 | 0.00 | 0.00 |
| Profit before tax after associates and exceptional items | 80.2 | 95.6 | 101.8 | 99.8 | 92.9 | 65.4 | 111.7 | 140.9 |
| Current plus deferred tax, signed | 21.2 | 26.2 | 27.7 | 24.7 | 23.4 | 18.5 | 25.3 | 35.0 |
| Consolidated net profit | 59.0 | 69.4 | 74.1 | 75.1 | 69.5 | 46.9 | 86.4 | 105.8 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates profit or loss, signed | -0.14 | 0.01 | 0.03 | -0.06 | -0.08 | -0.02 | -0.02 | -0.03 |
| Net profit attributable to owners of the company | 59.0 | 69.4 | 74.1 | 75.1 | 69.5 | 46.9 | 86.4 | 105.8 |
| Diluted EPS, not annualised (₹) | 3.73 | 4.39 | 4.64 | 4.75 | 4.40 | 2.97 | 5.39 | 6.68 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 623.8% | -2.9% | -13.3% | 1.0% | 5.0% |
| EBITDA margin | 11.5% | 10.2% | 12.4% | 12.9% | |
| Net margin | 6.4% | 4.4% | 6.0% | 6.3% | |
| Return on equity | 12.1% | 6.8% | 8.9% | 9.2% | |
| Return on capital employed | 28.6% | 14.8% | 8.7% | 10.1% | 10.3% |
| Return on assets | 7.6% | 4.1% | 5.1% | 5.3% | |
| Net debt (₹ crore) | 312.1 | 653.4 | 641.6 | 591.0 | |
| Net debt / EBITDA | 0.57x | 1.55x | 1.24x | 1.04x | |
| Interest cover | 27.2x | 19.7x | 5.41x | 6.50x | 7.97x |
| Asset turnover | 1.37x | 1.18x | 0.92x | 0.86x | 0.83x |
| Receivable days | 43 | 39 | 50 | 53 | 65 |
| Inventory days (on revenue) | 68 | 79 | 83 | 82 | 73 |
| Payable days (on revenue) | 59 | 61 | 68 | 71 | 78 |
| Cash conversion | 1.50x | 2.35x | 2.02x | 1.89x | |
| Capex intensity | 4.6% | 10.1% | 13.7% | 8.8% | 6.8% |
| Free cash flow (₹ crore) | 107.4 | -18.9 | -138.4 | 142.3 | 224.9 |
| Dividend payout | 25.8% | 43.0% | 31.8% | 28.5% | |
| EPS, diluted (₹) | 29.97 | 19.33 | 11.55 | 15.84 | 17.51 |
| Book value per share (₹) | 153.0 | 167.4 | 171.9 | 183.8 | 196.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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