Jubilant Ingrevia (JUBLINGR IN) – Q3FY26 Result Update – USD300mn agro CDMO commissioning in Mar’26 – HOLD
Published on 05 Feb 2026
JUBLINGR reported a consolidated revenue of Rs10.5bn, broadly in line with our estimates. The Chemical Intermediate segment de-grew 14% QoQ and 2% due to pricing pressure across core products. Nutrition & Health Solution segment grew by 11% QoQ and 6%YoY, driven by increased volume of Vitamin B3. In the Specialty segment, the pharma portfolio saw improved demand and stable pricing; however, the Agrochemical segment remained weak due to softening in pyridine and its derivative prices. Deliveries under the USD300mn agrochemical CDMO contract are expected to commence in this quarter. On the margin front, Chemical Intermediates and Nutrition segments saw a 170bps YoY decline, while Specialty witnessed 40bps QoQ and 50bps YoY decline.
Looking ahead, we expect the Specialty segment to remain the key growth driver. However, pricing headwinds in the Nutrition and Chemical Intermediates segments continue to pose challenges. At an implied valuation of 27x Dec’27 EPS, we maintain ‘HOLD’, with TP of Rs657, based on the SOTP valuation approach.
