Jubilant Ingrevia (JUBLINGR IN) – Q2FY26 Result Update – New projects to drive growth going ahead – HOLD
Published on 27 Oct 2025
JUBLINGR reported a consolidated revenue of Rs11.2bn, broadly in line with our estimates. The Specialty Chemicals segment registered 12% YoY growth, driven by increased sales of CDMO, Pyridine and diketene derivatives. The Pharma side witnessed improved demand and stable pricing, while the Agrochemical portfolio volume improved but witnessed price volatility in Pyridine and Picoline leading to 140bps sequential decline in EBITDAM. Deliveries under the $300mn agrochemical CDMO contract are expected to commence by early CY26. The Nutrition segment saw a 1% YoY revenue decline, along with a 160bps YoY and 240bps QoQ drop in margins, primarily due to lower prices across the nutrition portfolio. Meanwhile, the Chemical Intermediates segment experienced a 20% sequential recovery in revenue, led by strong volume growth, although pricing continued to remain under pressure.
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 28x Sep’27 EPS, we maintain “HOLD,” with a target price of Rs695, based on a sum-of-the-parts (SOTP) valuation approach.
