Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹10162 Cr.
Stock P/E
36.6
P/B
3.2
Current Price
₹638
Book Value
₹ 201.4
Face Value
1
52W High
₹795
52W Low
₹ 535.3
Dividend Yield
0.78%

Jubilant Ingrevia Overview

Business

Jubilant Ingrevia Ltd. is a global integrated specialty chemicals company that manufactures and supplies a broad range of specialty ingredients. Its core business model involves developing, manufacturing, and marketing value-added products across three main business segments: Specialty Intermediates, Nutritional Products, and Chemical Ingredients. The company serves diverse end-use industries including nutrition, pharmaceuticals, agrochemicals, animal nutrition, paints & coatings, adhesives, and various industrial applications, generating revenue through direct sales to customers worldwide.

Revenue Mix

Jubilant Ingrevia operates through three primary segments:

Specialty Intermediates: Includes Acetyls, Pyridines, and their derivatives. (Approx. 39-40% of FY23 revenue)

Nutritional Products: Comprises Vitamin B3 (Niacin & Niacinamide), Choline Chloride, and other specialty nutrition solutions. (Approx. 30-31% of FY23 revenue)

Chemical Ingredients: Consists primarily of Ethanol-based chemicals like Acetic Anhydride and Ethyl Acetate. (Approx. 30% of FY23 revenue)

(Note: Revenue contributions are approximate and can vary slightly based on annual performance.)

Industry

The company operates in the Indian Chemicals sector, which is diverse and undergoing significant growth, especially in specialty chemicals. The industry benefits from global supply chain diversification trends ("China + 1" strategy). Jubilant Ingrevia is a significant global player in specific niche areas, notably being among the largest global producers of Vitamin B3 (Niacinamide) and certain Pyridine derivatives. It competes with both domestic and international chemical manufacturers, distinguishing itself through backward integration, R&D capabilities, and a diversified product portfolio serving critical end-user applications.

MOAT

Backward Integration: Strong backward integration in key product lines (e.g., for acetic anhydride, pyridines) provides cost competitiveness, supply security, and margin stability.

Scale & Cost Leadership: Large manufacturing capacities in certain products like Vitamin B3 and Ethyl Acetate offer economies of scale.

R&D Capabilities: A focus on process innovation, new product development, and proprietary technologies, particularly in specialty chemicals, helps create value-added offerings.

Diversified Product Portfolio & End Markets: Reduces dependence on a single product or industry cycle, providing resilience.

Global Customer Relationships: Established long-term relationships with multinational customers across diverse geographies.

Growth Drivers

Capacity Expansion: Ongoing capital expenditure projects focused on expanding manufacturing capacities for high-margin specialty ingredients and nutritional products.

New Product Development: Continuous introduction of new value-added products, especially in specialty segments, driven by R&D and market demand.

Global Demand for Specialty Chemicals: Benefiting from the "China + 1" sourcing strategy and increasing demand for high-performance chemicals across various industries.

Growing Demand for Nutritional Products: Rising global awareness for health & wellness, and sustained growth in animal nutrition.

Operational Efficiencies & Further Backward Integration: Initiatives to improve cost structures and enhance supply chain resilience.

Risks

Raw Material Price Volatility: Exposure to price fluctuations of key inputs like ethanol, acetic acid, and ammonia, which are influenced by crude oil or agri-based derivatives.

Intense Competition: High competition from both domestic and international players can lead to pricing pressures and margin erosion.

Regulatory & Environmental Risks: Stringent environmental regulations, compliance costs, and potential liabilities from adverse environmental events.

Foreign Exchange Fluctuations: Significant import and export activities expose the company to currency volatility.

Economic Slowdown: A slowdown in global or domestic economies can impact demand from end-user industries (e.g., pharma, agro, paints).

Product Concentration: While diversified, a substantial portion of revenue still comes from a few key products, making it susceptible to specific market dynamics for those products.

Management & Ownership

Jubilant Ingrevia is part of the Jubilant Bhartia Group, promoted by Mr. Shyam Sunder Bhartia and Mr. Hari Shankar Bhartia. The group has a strong legacy in chemicals, pharmaceuticals, and other sectors. The company is managed by an experienced team with domain expertise in the chemicals industry, overseen by a board that adheres to established corporate governance practices. The promoter holding typically ranges around 50-51%, with significant participation from institutional investors (FIIs and DIIs).

Outlook

Jubilant Ingrevia is well-positioned to capitalize on the growth in the global specialty chemicals and nutritional products markets, supported by its strong backward integration, diversified portfolio, and ongoing capacity expansions. The "China + 1" sourcing trend is a significant tailwind for Indian chemical manufacturers, including Jubilant Ingrevia. However, the company faces inherent challenges from volatile raw material prices, intense competition, and potential shifts in global demand. Its ability to continuously innovate, manage operational costs effectively, and navigate regulatory complexities will be crucial for sustained profitable growth. While its established market positions and strategic investments offer potential upside, external macroeconomic factors and commodity price movements remain key determinants of its short-to-medium term performance.

Jubilant Ingrevia Share Price

Live · BSE / NSE · Inception: 2019
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Jubilant Ingrevia Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1074 1024 1045 1057 1051 1038 1121 1051 1179 1300
Other Income 10 10 10 9 8 11 11 9 9 10
Total Income 1084 1034 1056 1066 1060 1049 1132 1060 1188 1310
Total Expenditure 983 915 921 918 905 896 985 924 1016 1101
Operating Profit 101 119 135 148 155 153 146 136 172 209
Interest 14 14 15 12 14 13 12 12 12 17
Depreciation 36 39 40 40 39 41 41 45 48 51
Exceptional Income / Expenses 0 0 0 0 0 0 0 -13 0 0
Profit Before Tax 51 66 80 96 102 100 93 65 112 141
Provision for Tax 22 17 21 26 28 25 23 19 25 35
Profit After Tax 29 49 59 69 74 75 70 47 86 106
Adjustments -0 0 -0 0 0 -0 -0 -0 -0 -0
Profit After Adjustments 29 49 59 69 74 75 69 47 86 106
Adjusted Earnings Per Share 1.9 3.1 3.7 4.4 4.7 4.8 4.4 3 5.5 6.7

Jubilant Ingrevia Profit & Loss

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 0 684 4949 4773 4136 4178 4388 4651
Other Income 0 3 31 33 35 38 41 39
Total Income 0 687 4981 4806 4171 4215 4429 4690
Total Expenditure 0 567 4118 4226 3715 3659 3821 4026
Operating Profit -0 120 863 581 456 557 608 663
Interest 0 7 31 22 53 56 49 53
Depreciation 0 22 123 122 136 158 175 185
Exceptional Income / Expenses 0 -13 0 0 0 0 -13 -13
Profit Before Tax -0 77 709 437 268 344 370 411
Provision for Tax 0 23 232 129 85 92 92 102
Profit After Tax -0 54 477 307 183 251 278 309
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments -0 54 477 307 183 251 278 308
Adjusted Earnings Per Share -3.3 3.4 30 19.3 11.6 15.9 17.6 19.6

Jubilant Ingrevia Balance Sheet

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -0 1923 2433 2666 2737 2927 3126
Minority's Interest 0 0 0 0 0 0 0
Borrowings 0 456 100 150 426 363 322
Other Non-Current Liabilities 0 93 197 253 270 324 429
Total Current Liabilities 0 894 1053 1180 1286 1401 1592
Total Liabilities 0 3366 3782 4249 4719 5015 5470
Fixed Assets 0 1805 1798 1846 2539 2581 3183
Other Non-Current Assets 0 137 219 585 401 581 240
Total Current Assets 0 1424 1765 1818 1780 1853 2046
Total Assets 0 3366 3782 4249 4719 5015 5470

Jubilant Ingrevia Cash Flow

#(Fig in Cr.) Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 0 0 73 38 73 79 69
Cash Flow from Operating Activities 0 112 453 462 430 508 524
Cash Flow from Investing Activities 0 -44 -72 -472 -569 -393 -276
Cash Flow from Financing Activities 0 -72 -418 42 144 -129 -155
Net Cash Inflow / Outflow 0 -4 -37 32 5 -13 93
Closing Cash & Cash Equivalent 0 73 38 73 79 69 188

Jubilant Ingrevia Ratios

# Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -3.32 3.41 29.99 19.34 11.58 15.88 17.62
CEPS(Rs) -3.32 4.8 37.75 27.03 20.19 25.85 28.75
DPS(Rs) 0 0.35 5 5 5 5 5
Book NAV/Share(Rs) -2.32 120.73 152.96 167.47 172.67 184.02 196.65
Core EBITDA Margin(%) 0 17.07 16.79 11.45 10.16 12.4 12.91
EBIT Margin(%) 0 12.35 14.93 9.59 7.73 9.53 9.53
Pre Tax Margin(%) 0 11.28 14.31 9.14 6.46 8.21 8.42
PAT Margin (%) 0 7.92 9.62 6.43 4.41 6 6.33
Cash Profit Margin (%) 0 11.14 12.11 8.99 7.7 9.76 10.32
ROA(%) -332 3.23 13.34 7.66 4.08 5.16 5.3
ROE(%) 0 5.65 21.89 12.07 6.79 8.91 9.25
ROCE(%) 0 6.86 28.84 16.01 9.8 11.16 11.04
Receivable days 0 250.55 38.75 41.69 47.67 51.39 57.72
Inventory Days 0 323.99 56 74.31 87.01 82.14 75.74
Payable days 0 342.47 95.87 113.03 133.54 136.97 139.62
PER(x) 0 76.51 15 18.6 39.02 40.91 30.85
Price/Book(x) 0 2.16 2.94 2.15 2.62 3.53 2.76
Dividend Yield(%) 0 0.13 1.11 1.39 1.11 0.77 0.92
EV/Net Sales(x) 0 6.71 1.48 1.26 1.88 2.62 2.09
EV/Core EBITDA(x) 0 38.32 8.49 10.39 17.07 19.63 15.09
Net Sales Growth(%) 0 0 623.45 -3.57 -13.34 1.01 5.04
EBIT Growth(%) 0 0 773.36 -38.06 -30.12 24.66 4.91
PAT Growth(%) 0 0 776.97 -35.5 -40.52 37.34 10.64
EPS Growth(%) 0 202.8 778.68 -35.5 -40.15 37.22 10.92
Debt/Equity(x) 0 0.28 0.09 0.15 0.27 0.26 0.25
Current Ratio(x) 0.3 1.59 1.68 1.54 1.38 1.32 1.29
Quick Ratio(x) 0.3 0.91 0.81 0.66 0.65 0.65 0.73
Interest Cover(x) 0 11.56 23.92 21.24 6.08 7.18 8.53
Total Debt/Mcap(x) 0 0.13 0.03 0.07 0.1 0.07 0.09

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +5% -3% +45% —
Operating Profit CAGR +9% +2% +38% —
PAT CAGR +11% -3% +39% —
Share Price CAGR -2% +10% -3% —
ROE Average +9% +8% +12% +9%
ROCE Average +11% +11% +15% +12%

Jubilant Ingrevia Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 45.22 %
FII 6.49 %
DII (MF + Insurance) 25 %
Public (retail) 23.28 %
Others 0.01 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 51.4751.4751.4751.4751.4745.2245.2245.2245.2245.22
FII 6.586.557.226.897.126.965.966.156.496.49
DII 13.614.0715.4615.9815.9121.7923.0524.0124.7725
Public 28.3427.925.8525.6525.526.0225.7624.6223.5123.28
Others 0000000000
Total 100100100100100100100100100100

Jubilant Ingrevia Peer Comparison

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Jubilant Ingrevia Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Jubilant Ingrevia Pros & Cons

Pros

  • Company has delivered good profit growth of 38% CAGR over last 5 years
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 45.22%.
  • Company has a low return on equity of 8% over the last 3 years.
  • Debtor days have increased from 136.97 to 139.62days.
  • Stock is trading at 3.2 times its book value.
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