Jubilant Ingrevia Limited (JUBLINGREA)
Large CapChemicals stocks · Large cap · NSE
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 30 Jun 2026
Excellent · 100/100Rev +25% YoY · PAT +41% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,300 Cr | +25.2% | +10.3% |
| EBITDA | ₹199 Cr | +40.1% | +22.1% |
| Operating margin | 15.0% | +100 bps | +100 bps |
| PAT | ₹106 Cr | +41.3% | +23.3% |
| PAT margin | 8.2% | +92 bps | +86 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Jubilant Ingrevia reported healthy Q4 FY26 performance with consolidated revenue up 12% YoY to Rs 1,179 crore and EBITDA up 11% YoY to Rs 172 crore. PAT increased 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 double-digit revenue and EBITDA growth, supported by volume expansion and effective cost management. The 'Pinnacle journey' initiatives are yielding visible improvements in portfolio mix, customer engagement, and operational efficiency, positioning for sustained growth.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Specialty Chemicals
Strong momentum, driven by volume recovery in Fine Chemicals and Pyridine & Picolines, with higher realizations in CDMO products.
Nutrition & Health Solutions
Strong volume recovery, led by Niacinamide (Vitamin B3) due to Cosmetics demand and Choline with increased exports to Europe.
CDMO Business
Progressed well with higher realizations and commencement of a large Agro contract, reflecting a shift towards value-added products.
Acquisition of Remidex Pharma
Completed acquisition to expand presence in human nutrition and premix solutions, strengthening the portfolio.
Agro CDMO Facility
Successfully constructed and commissioned within 14 months, with first shipment dispatched to a global agro innovator in March '26.
Gajraula Multi Purpose Plant (MPP)
Construction is progressing well, expected to further strengthen the CDMO growth roadmap.
Semiconductor R&D Lab
Building an R&D lab at Greater Noida with a clean room to increase funnel across key applications.
Resilient Chemical Industry Demand
Overall chemical industry demand remains resilient, with volumes growing and pricing firming up due to crude-linked costs with effective pass-through.
Pharmaceuticals Sector Growth
Pharmaceuticals continue to anchor growth with strong volumes and consistent demand.
Agrochem Sector Recovery
Agrochem saw strong growth with robust export visibility and successful price increases, especially in the second half of the quarter.
Nutrition and Personal Care Market Demand
Markets witnessed volume and price-led growth, driven by Niacinamide, with strong demand in Feed and Cosmetics.
Middle East Crisis Disruptions
Middle East disruptions impacted supply and prices, firming input costs, though managed with diversified sourcing and cost pass-through.
Pricing Pressure from China
Pricing for Pyridine & Picolines and Fine Chemicals remained muted with pressure from China continuing.
Agrochemical Pricing/Margins
Pricing/Margins remain under pressure due to competitive intensity and China oversupply.
Geopolitical Supply Chain Disruptions
Middle East crisis highlights vulnerability to supply chain disruptions and input cost volatility, requiring agile sourcing.
Raw Material Price Volatility
Higher crude-linked costs and sharp increases in Acetic Acid prices can impact margins if pass-through is not effective.
Competitive Pricing Environment
Continued pricing pressure from China in certain segments like Pyridine & Picolines and agrochemicals could limit margin expansion.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 reports both YoY and QoQ growth for Q4 FY26, highlighting sequential momentum in revenue and EBITDA, and explicitly states expectations for sequential growth in coming quarters. YoY is relevant for overall annual trends, while QoQ shows recent operational improvements and market recovery.
Total Revenue
Q4 FY26: Rs 1,179 crore (+12% YoY, +12% QoQ). FY26: Rs 4,388 crore (+5% YoY).
Total EBITDA
Q4 FY26: Rs 172 crore (+11% YoY, +26% QoQ). FY26: Rs 607 crore (+9% YoY).
EBITDA Margin
Q4 FY26: 15% (vs 15% Q4 FY25, 13% Q3 FY26). FY26: 14% (vs 13% FY25).
PAT
Q4 FY26: Rs 86 crore (+17% YoY, +84% QoQ). FY26: Rs 278 crore (+11% YoY).
Confidence in Sustained Growth
Management is confident of sustained growth across segments with improving volume demand and escalated pricing.
FY27 Growth Drivers
For FY27, growth is expected to be led by Specialty Chemicals and Nutrition, along with recovery in Acetyls.
Sequential Growth Expectation
Management expects sequential growth in revenue and EBITDA in coming quarters, starting with Q1 FY27 itself.
Continued Business Investment
The company will continue to invest further in the business, with Gajraula MPP strengthening the CDMO growth roadmap.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overall EBITDA Margin | 15% (Q4 FY26) | Sustained expansion towards higher levels, indicating improved product mix and cost efficiencies. |
| Specialty Chemicals EBITDA Contribution | 72% (Q4 FY26) | Continued increase in its share of overall EBITDA, reflecting successful portfolio shift. |
| CDMO Order Pipeline Conversion | 20+ confirmed molecules (~Rs 1,500 crore potential) | New molecule wins and timely execution of large contracts, especially in Agro and Pharma CDMO. |
| Net Debt/EBITDA | 0.99x | Further deleveraging despite ongoing capex for growth projects like Gajraula MPP. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49NeutralSMA20 -4.3% / mo · MACD −
Technical chart
JUBLINGREAdaily · 1Y · AUTO+20.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 40. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 40 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 27% 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.
Relative Strength & Trend Stage
- Price is 2.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 48 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 22.0%.
- Cash flow contributes 8/10 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; 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: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 83rd percentile of the scored universe and 72nd percentile within Chemicals. 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 · Chemicals: 72nd pctile, median 73 · Large: 65th pctile, median 73
89 documents have extracted text, 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 34.10
- P/B
- 3.47
- EV/EBITDA
- 14.36
- Market Cap
- 10836.00Cr
Profitability
- ROE
- 9.52%
- ROCE
- 11.40%
- ROA
- 5.65%
- Dividend Y
- 0.73%
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
- 11.56×
- Altman Z
- 5.00
- Book Value
- 196.00
Cash Flow
- FCF Yield
- 2.53%
- FCF Positive Y
- 4/5
- OCF
- 524.00 Cr
- EPS TTM
- 19.37
Shareholding
- Promoter Hold
- 45.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Chemicals, ranked by similarity
Peers
Business-comparable peers in Chemicals — 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.