Jubilant Ingrevia Q2 Revenue Up 24% YoY

JUBLINGREA (NSE)

Revenue: INR 560 crore, up 16% YoY and 5% sequentially
EBITDA: INR 140 crore
EBITDA Margin: 25%
Performance driven by healthy volume growth across fine chemicals and CDMO, with improved pricing in value-added fine chemicals and CDMO portfolio.

Revenue: INR 270 crore, up 50% YoY and 11% sequentially
EBITDA: INR 39 crore, up 87% YoY and 9% sequentially
EBITDA Margin: 15%
Human Nutrition: Vitamin B3 delivered strong volume growth with double-digit growth across food and cosmetic applications. CCCBT witnessed improved volumes and pricing.
Animal Nutrition: Vitamin B3 delivered strong double-digit volume growth though pricing remained marginally soft. Choline maintained domestic market position.

Revenue: INR 563 crore, up 24% YoY and 8% sequentially
EBITDA: INR 64 crore, up 26% YoY and 13% sequentially
Acetic Anhydride: Healthy sequential volume growth supported by resilient pharma demand and market share gains in Europe.
Ethyl Acetate: Steady sequential volume growth with significant improvement in realizations.

Signed an agreement to acquire 40% stake in Zettaone Technologies Limited for an investment of INR 189 crore.
Zettaone operates in electronics design and manufacturing services space.
Transaction is progressing well and shareholders agreement will be concluded soon.
Expected to provide access to broader electronics and semiconductor ecosystem and enable integrated value proposition.
Zettaone has delivered strong growth over last three years and is expected to grow 60-70% in current year.
Company is establishing a new manufacturing facility near Bangalore.

Management reiterated full-year EBITDA guidance of INR 750-800 crore, expecting to be closer to upper end.
Growth expected across all three business segments in FY27.
Within Acetyls, anticipate higher volumes supported by planned closures in Europe.
New multipurpose plant in Gajraula on track for commissioning by year-end.
Company aims to maintain specialty chemical portfolio growth at 20-25% year-on-year on multi-year CAGR basis.
Annual capex planned at INR 400-500 crore to support growth pipeline.

Have 25+ confirmed molecules in pipeline with peak potential revenue of INR 1,500 crore plus (INR 2,000 crore including large contract).
Expect to clock at least one-third of this potential in current fiscal year.
For large agrochemical CDMO contract, first lot has been delivered as per commitment. Future volumes scenario being discussed with customer, with visibility expected within few weeks.

Acetyls: Volumes remained stable while pharma crude prices supported improved realization. Input and utility costs partially offset benefits of improved pricing.
Pharmaceuticals: Segment continues to grow supported by steady volumes and sustained demand for intermediates.
Agro-chemicals: Segment remained under pressure with stable volumes but muted pricing due to excess capacity in China.
Personal care: Strong volume growth with increasing traction from new customers seeking outsourcing partnerships. Currently represents 7% of portfolio, expected to reach double digits in coming quarters.
Nutrition: Maintained steady volumes despite some softening in vitamin B3 pricing in animal feed segment.
Semiconductors and electronics: Strong growth in new molecule pipeline with encouraging customer traction, particularly in Japan.

Competitor plant closure in Europe expected to strengthen demand and pricing for acetic anhydride going forward.
Expected uplift starting from early part of next calendar year, with meaningful impact anticipated in FY28.
Company aims to double market share in Europe (currently high teens close to 20%) over next couple of years.

Disclosure digitally signed by Deepanjali Gulati, Company Secretary & Compliance Officer on November 02, 2026