Jubilant Ingrevia (JUBLINGR IN) – Q1FY27 Result Update – Improved Acetyl realizations aided margins – HOLD
Published on 24 Jul 2026
JUBLININGR reported consolidated revenue of Rs13bn in Q1FY27, broadly in line with our estimates. The Chemical Intermediates segment registered strong growth of 38% YoY and 21% QoQ, driven by higher cost pass-through and improved Acetic Anhydride volumes during the quarter. The Nutrition & Health Solutions segment reported growth of 36% YoY and 6% QoQ, supported by higher volumes in Human Nutrition and Niacinamide, along with improved pricing across the Animal Nutrition portfolio. The Specialty Chemicals segment grew 11% YoY and 3% QoQ, aided by commencement of contribution from the USD300mn agrochemical CDMO contract and volume growth across the Fine Chemicals portfolio. However, Pyridine and Picoline prices remained under pressure due to continued competitive intensity from Chinese suppliers. Management has reiterated FY27 EBITDA guidance of Rs7.5–8.0bn. While the recent increase in acetic acid prices is expected to provide a near-term tailwind for the Chemical Intermediates business, any reversal in prices could adversely impact segment margins. In addition, visibility on incremental order inflows under the agrochemical CDMO contract remains limited at present. At the current market price, the stock trades at 28x FY28E EPS. Based on our SoTP valuation, we derive a target price of Rs711, implying 27x FY28E P/E, and maintain 'HOLD' rating.
