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Jubilant Ingrevia Results: Latest Quarterly Results & Analysis

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Jubilant Ingrevia Ltd. 27 Oct 2025 16:25 PM

Q2FY26 Quarterly Result Announced for Jubilant Ingrevia Ltd.

Specialty Chemicals company Jubilant Ingrevia announced Q2FY26 results

  • Total Revenue: Rs 1,121 crore compared to Rs 1,045 crore during Q2FY25, change 7%.
  • EBITDA: Rs 146 crore compared to Rs 135 crore during Q2FY25, change 8%.
  • EBITDA Margin: 13% for Q2FY26.
  • PAT: Rs 70 crore compared to Rs 59 crore during Q2FY25, change 18%.
  • EPS: Rs 4.4 for Q2FY26.

Shyam S Bhartia Chairman & Hari S Bhartia Co-Chairman, Jubilant Ingrevia, said: “We are pleased to share the financial results for the second quarter of this fiscal year. Our Speciality Chemicals segment continues to drive the growth momentum with double digit YoY revenue growth and a positive growth over last quarter. Our Nutrition business maintained a steady volume growth trajectory across both the core products. Meanwhile, our Chemical Intermediates business clocked highest quarterly sales across value and volumes in last six quarters.

Despite the challenging market conditions, we have grown revenues on the back of growth in volume-market-share and maintained profitability. This quarter, our EBITDA grew by 8% year-over-year, and our Profit After Tax saw an impressive 18% increase. On a half-yearly basis, EBITDA grew by 18%, and Profit After Tax surged by 34%.

Markets Update:

Across the broader Chemicals Industry, we’re witnessing a steady recovery in volumes, even as pricing remains under pressure across all segments. At the same time, many global players, especially players in Europe are reporting deteriorating financials due to weaker demand, continued pricing pressure and elevated energy costs.

The pharmaceutical end-use market continues to show steady volume growth, supported by stable pricing. We saw consistent volume expansion across CDMO and Fine-Chemicals products. Additionally, we saw a marginal recovery in volumes last quarter within the Paracetamol segment.

The global Agrochemical sector has successfully moved beyond the inventory destocking phase, with volumes now stabilizing and showing clear signs of growth. This upward momentum is supported by strong volume expansion on both YoY and QoQ basis. Pricing in the segment has remained stable over the past few quarters, reinforcing the recovery trend.

The Nutrition market recorded steady volume growth during the quarter though feed-grade vitamins pricing showed short-term volatility globally and in India. Niacinamide demand showed a modest uptick as customer purchasing activity resumed, following subdued volumes at the start of the financial year. Choline volumes traditionally dip in Q2 (versus Q1) due to festivals, however we have seen a notable YoY volume increase."

Deepak Jain, Chief Executive Officer & Managing Director, Jubilant Ingrevia, said: “Over the past year, we've made substantial strides across all pillars to set business for both long term and short term value creation. These efforts are already bearing fruit, as reflected in our recent quarterly results, highlighted by robust growth in our Specialty and Nutrition portfolio, stable EBITDA and significantly expanded funnel of new opportunities. In Q2FY26, we continued to build momentum in our Pinnacle journey, achieving several new milestones that further reinforce our trajectory toward long-term value creation.”

Result PDF

Specialty Chemicals company Jubilant Ingrevia announced Q1FY26 results

  • Total Revenue: Rs 1,038 crore compared to Rs 1,024 crore during Q1FY25, change 1%.
  • EBITDA: Rs 153 crore compared to Rs 119 crore during Q1FY25, change 29%.
  • EBITDA Margin: 15% for Q1FY26.
  • PAT: Rs 75 crore compared to Rs 49 crore during Q1FY25, change 54%.
  • PAT Margin: 7% for Q1FY26.
  • EPS: Rs 4.7 for Q1FY26.

Shyam S Bhartia, Chairman & Hari S Bhartia, Co-Chairman, Jubilant Ingrevia, said: “We are pleased to present the financial results for the first quarter of this fiscal year. Our specialty chemical businesses have continued to perform strongly, growing double digit YoY and with stable performance on QoQ basis. Our Chemical Intermediates business has started to recover marginally with QoQ growth. Ongoing cost optimisation initiatives have further enhanced profitability, with EBITDA for the quarter rising by 29% YoY and Profit After Tax increasing by an impressive 54% YoY.

Result PDF

Specialty Chemicals company Jubilant Ingrevia announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Revenue: Rs 1,051 crore in Q4FY25 vs. Rs 1,074 crore in Q4FY24 — down 2%
  • Total EBITDA: Rs 155 crore in Q4FY25 vs. Rs 101 crore in Q4FY24 — up 54%
  • EBITDA Margin (%): 15% in Q4FY25 vs. 9% in Q4FY24 — up 600 bps
  • Profit After Tax (PAT): Rs 74 crore in Q4FY25 vs. Rs 29 crore in Q4FY24 — up 153%
  • PAT Margin (%): 7% in Q4FY25 vs. 3% in Q4FY24 — up 400 bps
  • Basic and Diluted EPS: Rs 4.7 in Q4FY25 vs. Rs 1.8 in Q4FY24 — up 153%

FY25 Financial Highlights:

  • Total Revenue: Rs 4,178 crore in FY25 vs. Rs 4,136 crore in FY24 — up 1%
  • Total EBITDA: Rs 557 crore in FY25 vs. Rs 456 crore in FY24 — up 22%
  • EBITDA Margin (%): 13% in FY25 vs. 11% in FY24 — up 200 bps
  • Profit After Tax (PAT): Rs 251 crore in FY25 vs. Rs 183 crore in FY24 — up 37%
  • PAT Margin (%): 6% in FY25 vs. 4% in FY24 — up 200 bps
  • Basic and Diluted EPS: Rs 15.9 in FY25 vs. Rs 11.6 in FY24 — up 37%

Result PDF

Specialty Chemicals company Jubilant Ingrevia announced Q3FY25 results

  • Total Revenue: Rs 1,057 crore compared to Rs 966 crore during Q3FY24, change 9.4%.
  • EBITDA: Rs 148 crore compared to Rs 104 crore during Q3FY24, change 41.5%.
  • EBITDA Margin: 14% for Q3FY25.
  • PAT: Rs 69 crore compared to Rs 39 crore during Q3FY24, change 80%.
  • PAT margin: 7% for Q3FY25.
  • EPS: Rs 4.4 for Q3FY25.

Shyam S Bhartia, Chairman & Hari S Bhartia, Co-Chairman, Jubilant Ingrevia, said: “We are pleased to announce significant YoY growth for this quarter, attributed to the enhanced performance of our Speciality Chemicals and Nutrition businesses, as well as to the benefits derived from costsaving initiatives implemented in recent quarters.

We are also glad to share that the Board has recommended an interim dividend of 250%, which equates to Rs 2.5 per equity share with a face value of Rs 1 each for FY25. This will result in a cash outflow of Rs 39.8 Crore

Result PDF

Specialty Chemicals company Jubilant Ingrevia announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highilights:

  • Total Revenue: Rs 1,045 crore, QoQ change 2.0%, YoY change 2.5%.
  • Total EBITDA: Rs 135 crore, QoQ change 13.4%, YoY change 7.0%.
  • EBITDA Margin (%): 13%, QoQ change 21.1%, YoY change 2.6%.
  • Profit After Tax: Rs 59 crore, QoQ change 21.1%, YoY change 2.5%.
  • Profit After Tax Margin (%): 6%, QoQ change 21.1%, YoY change 2.5%.
  • Basic and Diluted EPS: Rs 3.7, QoQ change 19.4%, YoY change 2.8%.

H1FY25 Financial Highilights:

  • Total Revenue: Rs 2,070 crore, YoY change -1.2%.
  • Total EBITDA: Rs 254 crore, YoY change 1.1%.
  • EBITDA Margin (%): 12%, YoY change 0.0%.
  • Profit After Tax: Rs 108 crore, YoY change -6.3%.
  • Profit After Tax Margin (%): 5%, YoY change 0.0%.
  • Basic and Diluted EPS: Rs 6.8, YoY change -6.8%.

Shyam S Bhartia Chairman & Hari S Bhartia Co-Chairman said: “We are pleased to announce a healthy QoQ & YoY growth for the quarter, fueled by the enhanced performance of our Speciality Chemicals and Nutrition & Health Solutions Businesses, as well as the advantages gained from cost-saving measures implemented over the last few quarters.

Markets Update:

Globally, the Chemical markets are gradually improving in 2024 with volumes showing a marginal growth over last year. We are witnessing the same in our businesses.

The Pharmaceutical end-use segment continues to experience steady demand, supported by stable pricing and volume placements. Our Pharma folio in Fine Chemicals business reflects the same sentiments. We continue to face pressure in the Acetyls business though, due to low demand in the Paracetamol segment.

The Agrochemical sector is beginning to show some signs of improvement. The excess inventory situation is gradually resolving and volumes are recovering in Pyridine based products. We are optimistic that this steady recovery will continue over the coming quarters.

In the Nutrition Segment, demand remained steady, with Niacinamide volumes showing an upward trend and prices rising during the quarter. Meanwhile, Choline demand remained stable, although pricing pressure continued due to high imports.

Business Update:

In the Speciality Chemicals Business, we saw a notable increase in volumes of high-margin Fine Chemicals business in both QoQ and YoY. The Pyridine & Picolines segment showed material YoY growth driven by higher volumes. The CDMO business continues to show good traction with customers across pharma, agrochemicals and semi-conductor segments (early stage).

In the Nutrition and Health Solutions Business, significant YoY and QoQ growth was driven by increased volumes and prices of Niacinamide. Margin growth was boosted by better product mix with higher share of volumes (versus last quarter) from human grade products.

In the Chemical Intermediates Business, QoQ growth was attributed to an increase in volumes of Ethyl Acetate and Acetic Anhydride. However, the YoY performance declined mainly due to lower prices.

Agrochemical CDMO Update:

We are excited to share that we have signed a five-year agreement with a multinational Agro-innovator to produce a key intermediate for one of their strategic agrochemicals. Jubilant Ingrevia Limited will manufacture this intermediate using the MNC's proprietary technology. As a result of this contract, the company anticipates a significant increase in overall revenue share from its agrochemical CDMO business post commencement of production.

World Economic Forum- Global Lighthouse Network Update:

We are glad to announce our inclusion in the prestigious Global Lighthouse Network (GLN) of the World Economic Forum (WEF). The WEF has recognised Jubilant Ingrevia Limited’s Bharuch manufacturing facility as a Global Manufacturing Lighthouse, making us the only Indian company to achieve this distinction in this cohort. Over the past few years, we have made significant investments to digitally transform our plants, and the results are evident in enhanced efficiency, environmental performance, and safety measures. We are grateful to the WEF for their ongoing partnership in this journey.

Future Outlook:

We expect to see improvements in our overall business performance in FY25, particularly within Speciality Chemicals and Nutrition & Health Solutions segments. Consistent with last few quarters, our primary focus remains on customer-centricity, utilising the newly commissioned plants, enhancing operational efficiency leading to further improvement in margins. We expect sequential improvement in performance in Q3 and Q4, with H2FY25 to be even better vs. H1FY25. We are committed to our growth plans through our ambitious Pinnacle 345 vision of achieving three times revenue and four times EBITDA within five years.”

Result PDF

Speciality Chemicals company Jubilant Ingrevia announced Q1FY25 results:

  • Total Revenue: Rs 1,024 crore

    • Change QoQ: Decreased by 5%
    • Change YoY: Decreased by 5%
  • Total EBITDA: Rs 119 crore

    • Change QoQ: Increased by 18%
    • Change YoY: Decreased by 5%
  • EBITDA Margin: 12

  • Profit After Tax: Rs 49 crore

    • Change QoQ: Increased by 67%
    • Change YoY: Decreased by 15%
  • Profit After Tax Margin: 5%

  • Basic and Diluted EPS (Rs.): Rs 3.1

    • Change QoQ: Increased by 67%
    • Change YoY: Decreased by 15%
  • The capex for the quarter was Rs 116 crore, which was primarily funded through internal accruals
  • Net Working Capital ‘Percentage to Turnover’ for Q1FY25 was lower at 18.6% as against 20% in Q1FY24
  • Reduced Number of days of Working capital to 68, as against 73 in Q1FY24

Shyam S Bhartia Chairman & Hari S Bhartia Co-Chairman, said: "We reaffirm our expectation of witnessing improvements in all three business segments in FY25 over FY24. Like last quarter, our key focus remains customer-centricity, ramping up the newly commissioned plants, remaining lean and bringing back the margins to normal levels.

We are focused towards keeping the costs in control through our Project Lean and are on track to source renewable energy for our long-term energy requirements, which also underscores our firm commitment towards sustainability & environment.

We continue to see increasing utilisation of our newly created plants, and we remain on track with our capex plans towards investing in high-potential product categories to deliver on our bold vision of Pinnacle 345 i.e. 3 times Revenue, 4 times EBIDTA, in 5 years.”

Result PDF

Specialty Chemicals company Jubilant Ingrevia announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Total Revenue for Q4FY24 was Rs 1,074 crore, marking an 11% increase from Q3FY24 but a 6% decrease from Q4FY23.
  • Total EBITDA decreased to Rs 101 crore, down by 4% from Q3FY24 and 9% from Q4FY23.
  • EBITDA Margin for Q4FY24 stood at 9%, showing a decline compared to 11% in Q3FY24.
  • Profit After Tax (Before One Time Transition Mat Credit Write-off) increased to Rs 42 crore, reflecting an 8% increase from Q3FY24 but a 20% decrease from Q4FY23.
  • Profit After Tax Margin for Q4FY24 was 4%, remaining unchanged from Q3FY24 but decreasing from 5% in Q4FY23.
  • Published Profit After Tax dropped to Rs 29 crore, a 24% decrease from Q3FY24 and a 44% decrease from Q4FY23.
  • Published Profit After Tax Margin was 3% in Q4FY24, down from 4% in Q3FY24 and 6% in Q4FY23.
  • Basic and Diluted EPS (Rs.) for Q4FY24 stood at 1.8, indicating a 24% decrease from Q3FY24 and a 44% decrease from Q4FY23.

FY24 Financial Highlights:

  • Total Revenue for FY24 amounted to Rs 4,136 crore, reflecting a 13% decrease compared to FY23.
  • Total EBITDA for FY24 was Rs 456 crore, down by 21% from FY23.
  • EBITDA Margin for FY24 remained at 11%, consistent with FY23.
  • Profit After Tax (Before One Time Transition Mat Credit Write-off) for FY24 was Rs 195 crore, showing a 36% decrease from FY23.
  • Profit After Tax Margin for FY24 was 5%, consistent with FY23.
  • Published Profit After Tax for FY24 was Rs 183 crore, indicating a 41% decrease from FY23.
  • Published Profit After Tax Margin for FY24 decreased to 4% from 6% in FY23.
  • Basic and Diluted EPS (Rs.) for FY24 stood at 11.6, reflecting a 40% decrease from FY23.

Commenting on the Company’s performance, Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, CoChairman, Jubilant Ingrevia said: "We are pleased to announce stable business performance for Q4 amidst the continued challenging market conditions.

Dividend declaration:

We are glad to share that the Board has recommended a final dividend of 250% i.e. Rs 2.50 per equity share of face value of Re 1 each for the FY’24. This shall result in cash outflow of Rs 39.8 Crore. During the year company has already declared an interim dividend of 250% i.e. Rs 2.50 per equity share of Rs 1 each and the total dividend for FY’24 works out to be 500% i.e. Rs 5 Per equity share of Rs 1 each amounting to Rs 79.8 Crore of Cash outflow.

Capacity addition: New product lines at Bharuch (Agro actives & Intermediate), Gajraula (Diketene derivatives)

We are also pleased to share that during the quarter, we commissioned our multipurpose Agro Active & Intermediate Plant at Bharuch facility. This plant would strengthen our capacity and capability to produce forward integrated, high potential Agro Actives & Intermediates, through long-term contractual arrangements with our customers.

In addition to that, we also commissioned a plant for new Diketene Derivatives in Gajraula facility which will further enhance our Diketene product portfolio. Commissioning of these plants is in line with our stated strategy of further strengthening of our Speciality Chemicals product portfolio."

Result PDF

Specialty chemicals company Jubilant Ingrevia announced Q1FY24 results:

  • Q1FY24 vs Q1FY23:
    • Total revenue: Rs 1,075 crore vs Rs 1,166 crore, down 8% YoY
    • Total EBITDA: Rs 125 crore vs Rs 151 crore, down 17% YoY
    • EBITDA margin (%): 11.6% vs 12.9%
    • Profit after tax: Rs 58 crore vs Rs 79 crore, down 27% YoY
    • Profit after tax margin (%): 6.8% vs 5.4%
    • Basic & diluted EPS: Rs 3.6 vs Rs 5, down 27% YoY

Commenting on the Company’s performance, Shyam S Bhartia, Chairman and Hari S Bhartia, Co-Chairman, Jubilant Ingrevia,  said: “We are pleased to announce stable performance in Q1FY24, given the backdrop of depressed market conditions specifically in Agrochemical end-use markets.

In our specialty chemicals business, demand from our agrochemical customers globally continues to face headwinds due to exceptionally higher pipeline inventories. However, demand from our Pharmaceutical and other customers has improved leading to improved price realization and margins from these products including CDMO.

In our Nutrition & Health Solution Business, Niacinamide sales volumes improved significantly, resulting into revenue growth. We continue to witness improved price realisation due to higher demand in the segment. Businesses continue to maintain the global leadership position in Niacinamide and focus on Niche segments like Food & Cosmetics.

In our Chemical Intermediates Business, we continue to improve our market share of key product Acetic Anhydride, despite the challenges of lower demand from the agrochemical end-use segment. We also witnessed lower price realisation in the segment due to pricing pressure from the agro end-use of Acetic Anhydride and lower realisation of Ethyl Acetate in the export market.

We are witnessing softening of coal prices and with that, our overall energy cost is expected to normalise.

We remain committed towards our growth plans and are confident that our well-defined capex plan will deliver structured growth in the future as planned.”

 

 

Result PDF

Specialty Chemicals firm Jubilant Ingrevia announced Q4FY23 & FY23 results:

Q4FY23:

  • Total Revenue - 1,145 crore
  • Total EBITDA - 111 crore
  • EBITDA Margin (%) - 9.7%
  • Profit After Tax - 52 crore
  • Profit After Tax Margin (%) - 4.6%
  • Basic and Diluted EPS (Rs.) - 3.3 crore

FY23:

  • Total Revenue - 4,773 crore
  • Total EBITDA - 580 crore
  • EBITDA Margin (%) - 12.2%
  • Profit After Tax - 308 crore
  • Profit After Tax Margin (%) - 6.4%
  • Basic and Diluted EPS (Rs.) - 19.3 crore

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, CoChairman, Jubilant Ingrevia Limited said: “We are happy to announce that during the year FY23 our Specialty chemicals business grew 29%, Chemical Intermediate business placed highest ever volume of Acetic Anhydride and gained higher market share globally, however Nutrition business have faced headwinds for Niacinamide leading to lower volume as well as lower price realization. EBIDTA in FY’23 was lower mainly on account of higher energy prices and challenging market situation of Niacinamide business.

During the quarter, though our Specialty Chemicals businessrecorded higher revenue and Chemical Intermediate business have placed higher volume of Acetic Anhydride YoY, however overall revenue was lower due to lower price of Acetic Acid leading to lower price of Acetic Anhydride and the headwinds we continue to face in Niacinamide business. Though EBIDTA during the quarter for Chemical Intermediate business improved YoY however overall EBIDTA performance impacted due to challenging market situation of Niacinamide and some of our Specialty products meant for Agrochemicals customers.

We firmly believe that the challenges faced in Niacinamide business and in some of our products in Specialty Chemical meant for Agrochemical customers are of short-term nature, and business is confident to regain volumes, revenue and profitability as market situation improves.

Our endeavors towards our growth plans remains undeterred, through our structured growth capex and we are confident about delivering robust growth in the future, this growth will be led primarily through our Specialty Chemicals & Nutrition Business segment.

We are also glad to share that the Board has recommended a final dividend of 250% i.e. Rs 2.5 per equity share of face value of Re 1 each for the FY23. This shall result in cash outflow of Rs 39.8 Crore. During the year company has already declared an interim dividend of 250% i.e. Rs. 2.5 per equity share of Rs 1 each and the total dividend for FY23 works out to be 500% i.e. Rs 5.0 Per equity share of Rs 1 each amounting to Rs 79.6 Crore of Cash outflow.”

Result PDF

Specialty Chemicals firm Jubilant Ingrevia announced Q3FY23 results:

Consolidated Q3FY23:

  • Overall revenue is 10% lower on YoY basis, mainly on account of lower sales performance of the Nutrition & Health Solution Business, while volumes in Specialty Chemicals products and Acetic Anhydride continue to improve.
  • Speciality Chemicals revenue grew by 34% YoY, driven by higher price realization and volume growth across product segments.
  • In Nutrition and Health Solutions business Niacinamide (Vitamin B3) continued to witness lower demand owing to flu impact leading to lower realization, though we have improved our volumes sequentially.
  • Chemical intermediates revenue is lower, mainly impacted on account of lower prices of key feedstock (Acetic Acid). Though we continue to increase our volume of Acetic Anhydride.
  • EBITDA is at Rs 158 Crore. Though Specialty Chemical EBDITA improved, the overall impact is mainly due to significantly lower profitability in the Nutrition business and non-availability of contracted coal leading to higher energy cost.
  • Lower EBITDA also resulted in lower profit after tax.
  • ROCE for the quarter stood at 16.3% on TTM basis, as against 27.8% in FY22.
  • ROE during the quarter stood at 12.7% on TTM basis, as against 21.9% in FY22.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, CoChairman, Jubilant Ingrevia Limited said: “We are pleased to announce stable performance during the quarter under review, amidst the continuing headwinds of higher energy costs and challenging global market situation.

We are also glad to share that the Board has recommended interim dividend of 250% i.e. Rs 2.50 per equity share of face value of Rs 1 each for the FY23. This shall result in cash outflow of Rs 39.8 Crore.

We are pleased to inform that our Specialty Chemicals Business revenue grew by 34% YoY and absolute EBIDTA grew by 15% YoY driven by higher volumes and improved price realization.

In Nutrition & Health Solution business the demand for Niacinamide (Vitamin B3) continue to be subdued impacting our price realization though we have improved our volumes sequentially. The flu situation in EU and US regions is still continuing, though the situation is improving in EU region. The demand-related challenges of Vitamin B3 are short-term and we continue to remain focused towards improving our presence in food and cosmetics segment.

In Chemical Intermediates Business the revenue on YoY basis is impacted due to lower prices of feedstock (Acetic Acid), leading to lower sales prices of Acetic Anhydride and Ethyl Acetate. However, we continue to improve our volumes and market share of Acetic Anhydride globally.

The company has firm plans to significantly reduce overall energy cost in a phased manner through various initiatives by sourcing power from Grid and renewable sources, optimizing coal consumption through efficiency improvement in consumption as well as in generation.

We continue to focus on our growth plans through new products and platforms and we are committed to deliver robust growth in the future.”

 

Result PDF

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