JUBLINGREA
Large CapJubilant Ingrevia Limited
Industrials
Jubilant Ingrevia Limited is a leading player in Specialty Chemicals & CDMO globally, serving Pharmaceutical, Nutrition, Agrochemical, Consumer, Semiconductor and Industrial customers. It offers customised solutions, has 130+ products, 45 years legacy, and is a top player in Pyridine & Picolines, Acetic Anhydride, Vitamin-B3. Operates 50+ plants across 5 facilities in India, with 3 R&D centers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +12% YoY · PAT +16% YoY · +12% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,179 Cr | +12.2% | +12.2% |
| EBITDA | ₹163 Cr | +10.9% | +29.4% |
| Operating margin | 14.0% | +0 bps | +200 bps |
| PAT | ₹86 Cr | +16.2% | +83.0% |
| PAT margin | 7.3% | +25 bps | +282 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Jubilant Ingrevia reported healthy Q4 FY26 performance with 12% YoY revenue growth to Rs 1,179 crore and 11% YoY EBITDA growth to Rs 172 crore. PAT surged 17% YoY to Rs 86 crore, driven by volume growth, improved mix, and effective cost pass-through despite Middle East disruptions.
The company delivered strong Q4 FY26 results, with robust volume growth and margin expansion across segments, particularly Specialty Chemicals and Nutrition. The 'Pinnacle journey' initiatives are yielding visible improvements in portfolio mix, cost structure, and customer engagement, supporting management's confident FY27 outlook.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Specialty Chemicals Momentum
Strong momentum driven by volume recovery, especially Pyridine & derivatives, Fine Chemicals & Diketene derivatives, and CDMO.
CDMO Business Expansion
Progressed well with higher realizations and commencement of a large Agro contract, reflecting a shift towards value-added products.
Nutrition & Health Solutions Recovery
Strong recovery led by Niacinamide (Vitamin B3) demand in Feed and Cosmetics, and Choline exports to Europe.
Human Nutrition Premixes
Acquisition of Remidex Pharma expands presence in human nutrition and premix solutions, strengthening the portfolio.
Agro CDMO Facility Commissioning
Bharuch CDMO plant successfully constructed and commissioned in 14 months; 1st shipment dispatched to global agro innovator in March '26.
Gajraula Multi Purpose Plant (MPP)
Construction progressing well, expected to further strengthen the CDMO growth roadmap.
Semiconductor R&D Lab
Building R&D lab at Greater Noida with clean room; CAPEX approved for Semiconductor R&D and Pilot lab.
Resilient Chemical Industry Demand
Overall chemical industry demand remains resilient despite Middle East disruptions, with volumes continuing to grow.
Firmed Pricing & Pass-through
Pricing firmed up in recent weeks due to higher crude-linked costs, with effective pass-through to customers.
European Market Opportunities
Chemical Intermediates benefit from European force majeure events and plant closures, and anti-dumping duties on China for Choline.
Pinnacle Journey Outcomes
Early outcomes visible in strong EBITDA growth, improving portfolio mix, enhanced customer relationships, and efficient cost structure.
Middle East Crisis Disruptions
Middle East crisis impacted supply and prices, though managed effectively with diversified sourcing and agility.
China Pricing Pressure
Pyridine & Picolines pricing remained muted with pressure from China continuing, though some improvement towards quarter-end.
Agrochemical Pricing/Margins
Remain under pressure due to competitive intensity (China oversupply).
Raw Material Price Volatility
Middle East disruptions firmed input costs; rising acetic acid prices set stage for favorable pricing outlook, but volatility remains a risk.
Global Supply Chain Disruptions
Middle East crisis impacted supply and prices, requiring diversified sourcing and agility to minimize disruption.
Competitive Intensity
Agrochemical sector faces pricing/margin pressure due to competitive intensity (China oversupply).
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reported strong YoY growth across key financial metrics, reflecting overall business expansion. QoQ comparisons are also relevant as management highlighted sequential growth expectations and recovery in certain segments.
Total Revenue
Rs 1,179 crore in Q4 FY26, up 12% YoY and 12% QoQ.
Total EBITDA
Rs 172 crore in Q4 FY26, up 11% YoY and 26% QoQ.
EBITDA Margin
15% in Q4 FY26, up from 13% in Q3 FY26 and stable YoY.
PAT
Rs 86 crore in Q4 FY26, up 17% YoY and 84% QoQ.
Sustained Growth Confidence
Confident of sustained growth going forward across segments with improving volume demand and escalated pricing.
FY27 Growth Drivers
For FY27, growth expected to be led by Specialty Chemicals and Nutrition, along with recovery in Acetyls.
Sequential Growth Expectation
Expecting a sequential growth in revenue and EBITDA in coming quarters, starting with Q1 FY27 itself.
Continued Business Investment
Will continue to invest further in the business; Gajraula MPP construction will strengthen CDMO growth roadmap.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Specialty Chemicals EBITDA Margin | 27% in Q4 FY26. | Sustained margin expansion driven by value-added CDMO products and Fine Chemicals contribution. |
| Nutrition & Health Solutions Volume Growth | Strong double-digit volume expansion QoQ & YoY, led by Niacinamide. | Continued volume momentum, especially in B3 and Choline, and successful integration of Remidex. |
| Chemical Intermediates Recovery | EBITDA up 111% YoY and 45% QoQ, with improved realizations. | Sustained recovery in volumes and pricing, supported by European market dynamics and cost pass-through. |
| CDMO Pipeline Conversion | 20+ confirmed molecules (~Rs 1,500 crore) from 100+ opportunities. | Conversion of advanced stage pipeline (10+ molecules, Rs 1,100 crore peak revenue) into firm orders and revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
54NeutralSMA20 +6.0% / mo
Technical chart
JUBLINGREAdaily · 3Y-6.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 34.
- SMA20 falling (~3.9% over last month) — short-term momentum negative.
- RSI(14) at 34 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 19% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 20.3%.
- Cash flow contributes 8/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 84th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 84th pctile, median 68 · Large: 66th pctile, median 74
95 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.5%.
- ▸4 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.20
- P/B
- 3.15
- EV/EBITDA
- 14.33
- Market Cap
- 9844.00Cr
Profitability
- ROE
- 9.51%
- ROCE
- 11.40%
- ROA
- 5.07%
- Dividend Y
- 0.81%
Growth (CAGR)
- Revenue 5Y
- 45.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- -3.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 11.57×
- Altman Z
- 4.65
- Book Value
- 196.00
Cash Flow
- FCF Yield
- 2.52%
- FCF Positive Y
- 4/5
- OCF
- 524.00 Cr
- EPS TTM
- 17.45
Shareholding
- Promoter Hold
- 45.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 26%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.