JUBLINGREA
Jubilant Ingrevia share price & financials
- Price
- ₹739.05
- Market cap
- ₹11.9k Cr
- Sector
- Chemicals
- Calls analysed
- 7
Jubilant Ingrevia Limited Q1 FY27
What went well
- Revenue grew by 25% year-on-year to ₹1,300 crores, marking a 15-quarter high.
- EBITDA increased by 36% year-on-year and 22% sequentially to ₹209 crores.
- PAT grew by 41% year-on-year and 22% quarter-on-quarter to ₹106 crores.
What to watch
- Partial fulfillment of a large CDMO contract in Q1 FY27 due to raw material price escalations and a temporary pause requested by the innovator.
- Lack of firm volume visibility for the large CDMO contract for coming quarters, though full protection is in place.
What Jubilant Ingrevia Limited does
Jubilant Ingrevia Limited manufactures specialty chemicals, Custom Development & Manufacturing (CDMO) solutions and nutrition ingredients for pharmaceutical, agrochemical, personal-care, semiconductor and industrial customers. It operates through three segments built on a base of 35+ proprietary chemistries: Specialty Chemicals (Pyridine & Picolines, fine/diketene derivatives, CDMO for agro/pharma/semicon), Nutrition & Health Solutions (animal and human nutrition, Vitamin B3, Choline, premixes) and Chemical Intermediates (Acetic Anhydride, Ethyl Acetate and related derivatives). It holds global leadership positions in several of these product lines and earns revenue by supplying customers in India as well as export markets including the US, Europe, Japan, the Middle East and South East Asia.
Segments
- Specialty Chemicals
- Nutrition & Health Solutions
- Chemical Intermediates
- Manufacturing facilities
- 5 facilities with 50+ plants in India
- Employees
- 2,300+
- R&D centres
- 3 centres employing 150+ scientists
- Product portfolio
- 130+ products
- Legacy in chemicals industry
- 45+ years
- Global market position
- Top global player in Pyridine & Picolines, Pyridine derivatives, Acetic Anhydride and Vitamin-B3
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 6 delivered 3 missed 11 open- Revenue from $300mn Agro CDMO contract delivered said Q3 FY25 Promised: start getting benefit of revenues... starting Q4 of FY26 Q1 FY27: Management revealed that full volumes for the contract were not served in Q1 due to a temporary pause requested by the innovator amid raw material price hikes. The original promise to 'start' in Q4 FY26 remains achieved.
- ROCE went quiet said Q3 FY25 Promised: 17-20% in the coming years Q1 FY27: No update was provided on the overall company ROCE metric, continuing a pattern of ghosting on this specific target.
- Nutrition Steady State EBITDA Margin at risk said Q4 FY25 Promised: 16% to 18% in steady state Q1 FY27: Margin improved to 15% from 14% in the previous quarter. While showing positive momentum, it remains below the 16-18% target range.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 25.2%, net profit up 41.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,045 | 1,057 | 1,051 | 1,038 | 1,121 +7% | 1,051 −1% | 1,179 +12% | 1,300 +25% |
| EBITDA | 124 | 138 | 147 | 142 | 135 +9% | 126 −9% | 163 +11% | 199 +40% |
| Net profit | 59 | 69 | 74 | 75 | 69 +17% | 47 −32% | 86 +16% | 106 +41% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.0% 1Y
1Y: ₹715.3 on 10 Sept 2025 → ₹658.4. High ₹763.8 (21 Jul 2026), low ₹541.3 (9 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.6%
- 27 Jul
- Q4 FY26
- −4.7%
- 26 May
- Q3 FY26
- −4.0%
- 5 Feb
- Q2 FY26
- −0.1%
- 27 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 2.8% a year over 3 years, FY23 to FY26. Operating margin widened to 12.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.8k Cr | ₹4.1k Cr | ₹4.2k Cr | ₹4.4k Cr |
| Operating profit | ₹547 Cr | ₹422 Cr | ₹519 Cr | ₹566 Cr |
| Operating margin | 11.5% | 10.2% | 12.4% | 12.9% |
| Interest | ₹22 Cr | ₹53 Cr | ₹55 Cr | ₹49 Cr |
| Depreciation | ₹122 Cr | ₹136 Cr | ₹158 Cr | ₹175 Cr |
| Net profit | ₹307 Cr | ₹183 Cr | ₹251 Cr | ₹277 Cr |
| Net margin | 6.4% | 4.4% | 6.0% | 6.3% |
| Cash from operations | ₹462 Cr | ₹430 Cr | ₹508 Cr | ₹524 Cr |
| Free cash flow | ₹-16 Cr | ₹-136 Cr | ₹156 Cr | ₹235 Cr |
| ROCE | 16.0% | 10.0% | 11.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹1.9k Cr | ₹2.4k Cr | ₹2.6k Cr | ₹2.7k Cr | ₹3.0k Cr | ₹3.1k Cr |
| Borrowings | ₹556 Cr | ₹238 Cr | ₹407 Cr | ₹740 Cr | ₹806 Cr | ₹792 Cr |
| Other liabilities | ₹888 Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.6k Cr |
| Total liabilities | ₹3.4k Cr | ₹3.8k Cr | ₹4.2k Cr | ₹4.7k Cr | ₹5.3k Cr | ₹5.5k Cr |
| Fixed assets | ₹1.8k Cr | ₹1.8k Cr | ₹1.8k Cr | ₹2.5k Cr | ₹2.6k Cr | ₹3.2k Cr |
| Capital work in progress | ₹65 Cr | ₹174 Cr | ₹525 Cr | ₹331 Cr | ₹633 Cr | ₹154 Cr |
| Investments | ₹50 Cr | ₹6 Cr | ₹8 Cr | ₹15 Cr | ₹26 Cr | ₹33 Cr |
| Other assets | ₹1.4k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.8k Cr | ₹2.0k Cr | ₹2.1k Cr |
| Total assets | ₹3.4k Cr | ₹3.8k Cr | ₹4.2k Cr | ₹4.7k Cr | ₹5.3k Cr | ₹5.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +3.17 pp while the public trimmed −3.00 pp. The shareholder count shrank 10% to 1,10,949.
- Promoters
- 45.2%
- FIIs
- 6.5%
- DIIs
- 25.0%
- Government
- 0.0%
- Public
- 22.3%
- Others
- 1.0%
Since Jun 2025
- DIIs +3.17 pp
- Public −3.00 pp
- FIIs −0.47 pp
How it drifted, 12 quarters
Over this window DIIs went from 9.2% to 25.0% — +15.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.5%, FIIs 6.3%, DIIs 9.2%, Public 32.2%, Others 0.8%.Dec '23: Promoters 51.5%, FIIs 6.3%, DIIs 11.2%, Public 30.2%, Others 0.8%.Mar '24: Promoters 51.5%, FIIs 6.6%, DIIs 13.6%, Public 27.5%, Others 0.8%.Jun '24: Promoters 51.5%, FIIs 6.5%, DIIs 14.1%, Public 27.1%, Others 0.8%.Sep '24: Promoters 51.5%, FIIs 7.2%, DIIs 15.5%, Public 25.1%, Others 0.8%.Dec '24: Promoters 51.5%, FIIs 6.9%, DIIs 16.0%, Public 24.9%, Others 0.7%.Mar '25: Promoters 51.5%, FIIs 7.1%, DIIs 15.9%, Public 24.8%, Others 0.7%.Jun '25: Promoters 45.2%, FIIs 7.0%, DIIs 21.8%, Public 25.3%, Others 0.7%.Sep '25: Promoters 45.2%, FIIs 6.0%, DIIs 23.0%, Government 0.0%, Public 24.9%, Others 0.8%.Dec '25: Promoters 45.2%, FIIs 6.2%, DIIs 24.0%, Government 0.0%, Public 23.8%, Others 0.8%.Mar '26: Promoters 45.2%, FIIs 6.5%, DIIs 24.8%, Government 0.0%, Public 22.5%, Others 1.0%.Jun '26: Promoters 45.2%, FIIs 6.5%, DIIs 25.0%, Government 0.0%, Public 22.3%, Others 1.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund +0.20 pp 2.48% held
- Rekha Jhunjhunwala - 2 +0.19 pp 1.58% held
- HDFC Mutual Fund - HDFC Manufacturing Fund Mutual fund +0.18 pp 2.11% held
- Kotak Small Cap Fund Mutual fund +0.13 pp 3.07% held
- Franklin India Small Cap Fund Mutual fund +0.09 pp 1.82% held
- Edelweiss Trusteeship Co Ltd Ac- Edelweiss Mf Ac- Edelweiss Mid Cap Fund Mutual fund +0.05 pp 1.12% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Jubilant Ingrevia Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Hsb Trustee Company Pl & Hs Trustee Company Pl | 19.00% | unchanged |
| Spb Trustee Company Pl & Ss Trustee Company Pl | 18.36% | unchanged |
| DSP Small Cap Fund Mutual fund | 8.08% | −0.85 pp |
| Miller Holdings Pte Ltd | 3.53% | unchanged |
| Mav Management Advisors Llp | 3.15% | unchanged |
| Kotak Small Cap Fund Mutual fund | 3.07% | +0.13 pp |
| Bandhan Small Cap Fund Mutual fund | 2.48% | +0.20 pp |
| HDFC Mutual Fund - HDFC Manufacturing Fund Mutual fund | 2.11% | +0.18 pp |
| Franklin India Small Cap Fund Mutual fund | 1.82% | +0.09 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 1.81% | −0.43 pp |
| Rekha Jhunjhunwala - 2 | 1.58% | +0.19 pp |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.23% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in JUBLINGREA
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.1%).
- Held by funds
- ₹253 Cr
- 8 schemes
- Biggest holder
- HDFC Manufacturing Fund
- ₹89 Cr · 0.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹89 Cr | held | Jun '25 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹81 Cr | held | May '23 |
| HDFC Value Fund HDFC Mutual Fund | ₹68 Cr | held | Nov '25 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹9 Cr | +0.02 L | Sep '21 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +2,398 shares (+0.1%)
- Funds are sitting on
- +15%
- vs est. average cost
- Held by funds
- ₹253 Cr
- 8 schemes · ≈ 2.2% of the company
- Biggest holder
- HDFC Manufacturing Fund
- ₹89 Cr · 0.8% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 5y · since Sep '21
Shares held by these funds +25%
Aug '23 34.48 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹658, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~-3%. At that growth it is worth ₹160 — downside of 76%.
- Growth the price implies
- 23.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -3.4% a year
- net profit, FY23–FY26 · EPS -3.3%
- The gap
- 0.3 pp
- -76% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Jubilant Ingrevia Limited
Guides on how to read this kind of business and the numbers that matter.