Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 1 Oct - Board approves WOS Jubilant Advanced Electronics Ltd; 40% Zettaone stake acquisition will route through it.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result22 Jul, 06:02 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
41NeutralSMA20 -5.9% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 38
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
JUBLINGREAD candles · FIT view-15.6%Latest close ₹623.70 on 2026-10-19
Bar
-1.8%
RSI
41
MACD hist
1.52
52W pos
34%
2026-10-19O ₹635.15H ₹635.90L ₹621.00C ₹623.70Vol 1.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JUBLINGREANifty ChemicalsNifty 500
- JUBLINGREA
- -15.4%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -9.8 pp
Chart stats
19 Oct 2026- From 52W high
- -21.5%
- 52W range position
- 34%
- ATR (14)
- 3.2%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹16.8 Cr
- 20D price channel
- ₹612.3 - ₹677.4
₹795
₹537.3 - ₹795
₹20
Latest completed session
20-session average
31.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE51
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +25.2% · PAT +41.3% YoY
Technical
Neutral41
Price trend and sector-relative-strength timing.
Valuation
Legacy model+28.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence77
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +25% YoY · PAT +41% YoY · margin expansion · +10% QoQ · operating leverage
Filed 22 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 32.00
- P/B
- 3.27
- EV/EBITDA
- 13.56
- Market Cap
- 10193.00Cr
Profitability
- ROE
- 9.52%
- ROCE
- 11.40%
- ROA
- 5.65%
- Dividend Y
- 0.78%
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
- 4.84
- Book Value
- 196.00
Cash Flow
- FCF Yield
- 2.69%
- FCF Positive Y
- 4/5
- OCF
- 524.00 Cr
- EPS TTM
- 19.37
Shareholding
- Promoter Hold
- 45.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,300+10.3% vs prev
Net Profit
₹ CrLatest: 106+23.3% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.2% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
41
RS percentile
Stage 1 Base / Transition
1M return
-0.2%
3M return
-15.4%
6M return
-10.8%
1Y return
-9.9%
RS 1D
-6
RS 20D
-5
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is within 7.5% of the 30-week proxy.
- The 30-week proxy changed +1.2% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 98.88-0.12%
RS vs Nifty 50099
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 51 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation8/30
Growth19/25
Quality2/20
Balance Sheet9/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
51
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
51/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.4%.
- 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 8/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
32.0
PB
3.3
EV/EBITDA
13.6
ROE
9.5%
ROCE
11.4%
FCF Yield
2.7%
Debt/Equity
0.3
MoS
+28.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
51
Previous: 51
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+28.4%
Previous: +28.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
51
51
51
51
51
51
51
51
51
51
51
51
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹292.27
-113.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹871.65
+28.4% MoS
PEG
0.91
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CLEAN
Large
Clean Science and Technology Limited
Specialty Chemicals
match 162
39
37.3
15.3%
-254%
WATCHLIST
ALKYLAMINE
Micro
Alkyl Amines Chemicals Limited
Specialty Chemicals
match 160
63
49.5
41.4%
-1%
UNDERVALUED
ANURAS
Large
Anupam Rasayan India Limited
Specialty Chemicals
match 159
25
77.4
5.5%
-61%
OVERVALUED
BALAMINES
Micro
Balaji Amines Limited
Specialty Chemicals
match 156
25
33.1
8.7%
-598%
OVERVALUED
ATUL
Large
Atul Limited
Specialty Chemicals
match 156
38
22.1
11.5%
-179%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-12T16:54:23.483Z
Management commentary snapshot
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.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Specialty Chemicals44.0%
Chemical Intermediates38.0%
Nutrition & Health Solutions18.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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).
Management forward view
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.
Thesis monitor
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.
Trust Score
77Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
98 docs text-extracted · 45 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
83rd percentile
overall median 67 · Chemicals: 72nd pctile, median 73 · Large: 65th pctile, median 73
Evidence depth
Financial-only
98 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.7%.
- ▸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.
Continue researching Jubilant Ingrevia Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug - Management of the Company is participating in the Equirus Annual India Conference 2026 on 13th & 14th August, 2026
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Aug - Management of the Company is participating in the Nuvama India Conference 2026 on 11th & 12th August, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 18 Aug - Jubilant Ingrevia to acquire 40% stake in Zettaone for ₹189.2 crore in two tranches.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Aug - Newspaper Advertisement regarding "Notice of 7th AGM, E-voting, Record Date and Final Dividend information"
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 29 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 May
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 28 May - Jubilant Ingrevia issued FY26 secretarial compliance report; auditors noted full SEBI LODR compliance.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.