Jubilant Ingrev.

Jubilant Ingrevia achieved its highest quarterly turnover in the last 10 quarters, with revenue reaching INR 1,121 crore in Q2 FY26, up 7% year-on-year from INR 1,045 crore in Q2 FY25. This growth was primarily volume-driven, with an approximate 18% increase despite macroeconomic headwinds. EBITDA for the quarter stood at INR 146 crore, marking an 8% year-on-year increase, while PAT saw an impressive 18% rise to INR 70 crore compared to INR 59 crore in the prior year period. Half-yearly performance also showed strong growth, with EBITDA up 18% and PAT surging 34%.

The Specialty Chemicals segment continued to be a key growth driver, reporting 12% year-on-year revenue growth and a significant 50% year-on-year increase in EBITDA to INR 125 crore, maintaining healthy margins of 26%. This was supported by strong performance in Fine Chemicals and CDMO sales, with pyridine and diketene derivatives showing high double-digit growth. The CDMO business successfully delivered volumes against a new Agro CDMO innovator contract in Q2, and the company has secured 10+ new molecules with an estimated peak annual revenue potential of INR 1,200 crore, with a major $300 million contract set to commence in the next quarter.

The Nutrition & Health Solutions business segment experienced a marginal 1% year-on-year revenue decline and a 13% year-on-year EBITDA decline, with margins trending lower in the 12-14% range. This was primarily attributed to short-term pricing pressure across the broader nutrition portfolio, particularly in feed-grade vitamins. However, the segment saw strong volume growth in vitamin B3 and B4, and the new cGMP facility is driving cosmetic grade sales. The company expects margin improvement in coming quarters as prices stabilize and the share of higher-value cosmetic and food-grade products increases, targeting 16-18% EBITDA margins as high-grade share reaches 60-70%.

The Chemical Intermediates segment showed signs of recovery, delivering 20% sequential revenue growth and 6% year-on-year growth. This was fueled by strong volume expansion in Ethyl Acetate and Acetic Anhydride, reaching the highest levels in the last six quarters. The company maintained margins in line with the previous quarter through sustained focus on cost efficiency. Overall energy costs have decreased by approximately 16% year-on-year, with renewable power now contributing 28% of the total requirement, targeted to reach 35% in the steady state, further supported by the upcoming commissioning of a new boiler in Q3 FY26.

Jubilant Ingrevia is actively pursuing strategic initiatives, including expanding its opportunity funnel to over 100 active opportunities with a collective peak annual revenue potential of INR 3,500 crore. The company plans to invest approximately INR 600 crore in capex for FY26, primarily funded by internal accruals, targeting the CDMO Agro plant, a new multipurpose plant in Gajraula, and a state-of-the-art Semiconductor R&D facility in Greater Noida. Significant investments are also being made in R&D, with over 50 products under development and a plan to launch 18 new products in FY26, alongside a substantial expansion of the R&D team and infrastructure.