Date: November 05, 2026

Financial Results (Consolidated)

Q2 FY27 Performance (YoY Comparison)

  • Revenue from Operations: ₹5,921 million (15% growth from ₹5,130 million in Q2 FY26)
  • EBITDA: ₹284 million (56% decline from ₹639 million in Q2 FY26)
  • EBITDA Margins: 4.8% (down from 12.5% in Q2 FY26)
  • PBT: ₹204 million (65% decline from ₹584 million in Q2 FY26)
  • PAT: ₹176 million (58% decline from ₹423 million in Q2 FY26)
  • PAT Margins: 3.0% (down from 8.2% in Q2 FY26)
  • Finance Costs: ₹32 million (147% increase from ₹13 million in Q2 FY26)
  • Other Income: ₹4 million (373% increase from ₹1 million in Q2 FY26)
  • Tax: ₹28 million (83% decline from ₹161 million in Q2 FY26)
  • Total Comprehensive Income: ₹178 million (58% decline from ₹426 million in Q2 FY26)

H1 FY27 Performance (YoY Comparison)

  • Revenue from Operations: ₹11,153 million (17% growth from ₹9,549 million in H1 FY26)
  • EBITDA: ₹966 million (26% decline from ₹1,272 million in H1 FY26)
  • EBITDA Margins: 8.4% (down from 13.3% in H1 FY26)
  • PBT: ₹819 million (30% decline from ₹1,166 million in H1 FY26)
  • PAT: ₹637 million (26% decline from ₹864 million in H1 FY26)
  • PAT Margins: 5.7% (down from 9.0% in H1 FY26)
  • Diluted EPS: ₹41.31 (26% decline from ₹56.15 in H1 FY26)
  • Finance Costs: ₹55 million (85% increase from ₹30 million in H1 FY26)
  • Other Income: ₹10 million
  • Tax: ₹182 million (40% decline from ₹302 million in H1 FY26)
  • Total Comprehensive Income: ₹639 million (26% decline from ₹867 million in H1 FY26)

Segment Performance

Performance Polymers & Chemicals

Q2 FY27:

  • Net Sales: ₹3,853 million (33% growth from ₹2,897 million in Q2 FY26)
  • EBIT: ₹262 million (33% decline from ₹388 million in Q2 FY26)

H1 FY27:

  • Net Sales: ₹7,668 million (30% growth from ₹5,892 million in H1 FY26)
  • EBIT: ₹915 million (2% decline from ₹932 million in H1 FY26)

Adhesives

Q2 FY27:

  • Net Sales: ₹1,532 million (20% growth from ₹1,279 million in Q2 FY26)
  • EBIT: ₹122 million (9% growth from ₹112 million in Q2 FY26)

H1 FY27:

  • Net Sales: ₹3,004 million (19% growth from ₹2,519 million in H1 FY26)
  • EBIT: ₹310 million (26% growth from ₹246 million in H1 FY26)

Agri Products

Q2 FY27:

  • Net Sales: ₹2,068 million (7% decline from ₹2,232 million in Q2 FY26)
  • EBIT: ₹36 million (87% decline from ₹289 million in Q2 FY26)

H1 FY27:

  • Net Sales: ₹3,485 million (5% decline from ₹3,657 million in H1 FY26)
  • EBIT: ₹101 million (76% decline from ₹424 million in H1 FY26)

Sub-segment Breakdown (H1 FY26 vs H1 FY27)

  • P&K Fertilizers: Net Sales ₹3,369 million (6% decline from ₹3,589 million)
  • Agri Nutrients: Net Sales ₹116 million (69% growth from ₹68 million)

Operational Highlights

Performance Polymers & Chemicals

  • Domestic demand remained healthy
  • Gained market share in SBR Latex segment in key accounts
  • Export volumes impacted by geopolitical disruptions and logistics challenges
  • Continued marketing spend and increased input costs impacted gross margins
  • Raw material cost and supply chain disruption may continue to impact margins short-term
  • Export demand may face near-term volatility due to geopolitical tensions
  • Pricing actions in Q2 and Q3 expected to improve gross margins progressively from Q3 onwards
  • New SBR Latex capacity to be completed mid-Q4 FY27

Adhesives

  • Healthy revenue growth led by strong domestic demand and market share gains
  • Strengthened market position through demand generation initiatives and contractor engagement
  • Successfully navigated raw material inflation through timely price increases
  • Drove operational efficiencies through strategic sourcing and supply chain optimization
  • New Savli, Gujarat plant has stabilized well, improving operational efficiency
  • Q3 demand outlook remains stable; weak monsoon may impact rural demand

Agri Products

  • El Niño conditions significantly impacted agricultural environment with rainfall deficit >12%
  • Delayed sowing and erratic rainfall impacted timely sowing of major crops
  • Supply chain disruption impacted key raw material supply conditions
  • Lower demand resulted in slower inventory liquidation and higher working capital requirements
  • Agri Nutrient business delivered strong double-digit growth supported by portfolio expansion
  • Demand expected to remain subdued in near term
  • Focus on stock liquidation in key operating regions for working capital unlock

Expansion & Capacity Addition

  • Brownfield capex of ₹50 Crore sanctioned
  • New category entry: SBR Latex targets construction chemicals
  • Proposed capacity addition: 30,000 MTPA
  • Phase-1 Adhesives: Commercial production started Q1 FY27
  • Phase-2 SBR Latex: To be completed by mid-Q4 FY27
  • Full run-rate adds 30,000 MTPA combined capacity
  • Expansion is brownfield at Vadodara location

Demerger Update

  • Board approved Scheme of Arrangement for demerger between Jubilant Agri and Consumer Products Limited and Jubilant Agri Solutions Limited on November 04, 2025
  • Scheme provides for demerger of Agri Division from Demerged Company into Resulting Company
  • Share exchange ratio: 1 equity share of Resulting Company for every 1 equity share of Demerged Company
  • Scheme approved by shareholders and unsecured creditors on September 05, 2026
  • NCLT Order dated October 08, 2026 directed issuance of notices to statutory authorities
  • Next hearing fixed for December 03, 2026
  • Scheme subject to receipt of requisite approvals from statutory and regulatory authorities including NCLT

Historical Financial Overview

Income Statement (INR MN)

| Particulars | FY24 | FY25 | FY26 |

| Revenue from Operations | 12,533 | 15,610 | 18,911 |

| EBITDA | 1,072 | 1,457 | 1,960 |

| EBITDA Margins (%) | 8.55% | 9.33% | 10.36% |

| PBT | 405 | 1,179 | 1,722 |

| PAT | 297 | 878 | 1,279 |

| PAT Margins (%) | 2.37% | 5.62% | 6.76% |

| Diluted EPS (INR) | 18.44 | 57.17 | 83.31 |

Balance Sheet Highlights (INR MN)

| Particulars | FY24 | FY25 | FY26 |

| Share Capital | 151 | 151 | 152 |

| Other Equity | 2,202 | 3,104 | 4,447 |

| Borrowings (Current) | 1,315 | 528 | 279 |

| Trade Payables | 1,892 | 1,635 | 2,117 |

| Inventories | 2,351 | 1,905 | 2,147 |

| Trade Receivable | 2,461 | 2,875 | 4,088 |

| Property, Plant & Equipment | 1,707 | 1,799 | 1,984 |

Capital Market Information

  • Face Value: ₹10.0
  • Market Price (NSE closing): ₹2,061.2
  • Market Cap: ₹31,232.3 million
  • Equity Shares Outstanding: 15.2 million
  • Average Volume: 16,700
  • Shareholding Pattern (Sept 30, 2026): Promoters 74.36%, Public 25.28%, FII 0.21%, DII 0.15%