Jubilant Ingrevia (JUBLINGREA) Q2 26/27 earnings summary

Executive summary

• Q2 revenue reached a 16-quarter high at ₹1,394.23 cr, up 24% YoY; EBITDA rose 51% to ₹221 cr.

• H1 revenue grew 25% to ₹2,694.50 cr and EBITDA increased 44% to ₹431 cr.

• Growth was reported across Specialty Chemicals, Nutrition & Health Solutions, and Chemical Intermediates.

• FY27 growth is expected across all three segments, with performance expected closer to the upper end of the ₹750–800 cr annual guidance range.

• Signed an agreement for a 40% Zettaone stake for ₹189.2 cr, expanding the electronics and semiconductor offering.

Financial highlights

• Consolidated Q2 revenue from operations was ₹139,423 lakh versus ₹112,073 lakh YoY; H1 revenue was ₹269,450 lakh versus ₹215,868 lakh.

• Consolidated Q2 net profit was ₹11,143 lakh versus ₹6,947 lakh YoY; H1 net profit was ₹21,725 lakh versus ₹14,457 lakh.

• Q2 EBITDA rose 6% QoQ and 51% YoY to ₹221 cr; H1 EBITDA increased 44% to ₹431 cr.

• H1 operating cash flow was ₹18,135 lakh versus ₹9,708 lakh YoY; net cash before working-capital changes was ₹44,180 lakh versus ₹30,706 lakh.

Outlook and guidance

• Specialty Chemicals has a multi-year growth aspiration of 20%–25% CAGR; quarterly growth may vary with lumpy CDMO projects.

• At least one-third of the confirmed CDMO opportunity pipeline is expected to be realized in FY27; peak potential revenue is ₹1,500+ cr, excluding the large contract.

• European plant closures may lift Acetic Anhydride volumes from early next calendar year, with greater potential in FY28 if closures persist.

• Recent investments are expected to exceed 70% average utilization by FY27-end; the new multipurpose plant remains on track for commissioning by year-end.