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Jubilant Ingrevia Ltd

JUBLINGREA

NSE

₹623.70-1.15%19 Oct 2026

Reports

Pesticides and Agrochemicals

Jubilant Ingrevia Ltd

JUBLINGREA

NSE

₹623.70

-1.15%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Pesticides and Agrochemicals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

lead - Jubilant Ingrevia is a chemical company built on a single, recurring idea: take a cheap, bio-based raw material, master one complex chemistry, and then climb the value chain from bulk industrial inputs into high-margin specialty ingredients for pharmaceuticals, agrochemicals, and human nutrition. It was formed as a result of the demerger of the Life Science Ingredients business from Jubilant Life Sciences, but its roots go back over 45 years to making acetic acid and its derivatives. That same playbook - use the cash and know-how from a volume-driven chemical platform to fund the next, more sophisticated business - now runs across three distinct engines, with a fourth being built on top of them.

Business segments

Three engines at different stages - a volume-driven chemical-intermediates cash cow, a global specialty-chemicals leader, and a nutrition platform climbing from animal feed into human health - each built with the cash flows and chemistry of the one before.

1. Specialty Chemicals: the high-value engine built on pyridine mastery

The company is the world’s largest and lowest-cost producer of bio-based pyridine outside China, and it is converting that dominance into a fast-scaling custom-manufacturing business for pharma, agrochemical, and semiconductor innovators.

World’s biggest pyridine player in terms of sales - it holds the number-one global position in 36 pyridine derivatives with more than 50% market share, and its roughly 50,000-tonne capacity runs at over 90% utilisation at a cost that beats Chinese rivals.
Diketene is the second growth leg - a new plant making esters, amides and specialty intermediates from diketene chemistry reached about 70% utilisation within two years of start-up, and the company aims to be among the top three global players in this space.
Custom manufacturing is the future - the CDMO (custom development and manufacturing) arm already runs 15 pharma programmes and has locked in a five-year, USD 300 million-plus contract with a global agrochemical innovator, with a dedicated facility due to start contributing revenue by late FY2026.
Even semiconductors are on the map - it is developing 8-10 high-purity molecules for chip-industry customers, with sample supplies underway to multiple customers and a dedicated clean-room R&D lab built to support the push.
A competitor’s exit became its gain - when a close rival shut its US pyridine operations, the company captured the majority of the displaced volumes within weeks, showing how its scale and readiness turn industry shocks into opportunity.

2. Chemical Intermediates: the cash-generating backbone

This is the volume engine that supplies essential building-block chemicals to pharma and agrochemical makers while feeding raw materials into the company’s own higher-value businesses - and it runs on negative working capital.

India’s acetic anhydride leader - it is the largest supplier in India with over 70% domestic market share and among the top two merchant suppliers globally, with total capacity now at 210,000 metric tonnes after a new 60,000-tonne plant was commissioned in FY2024.
Bio-based from the start - it is the world’s largest producer of bio-acetaldehyde, made using proprietary technology that emits 173% less CO₂ per tonne than the petrochemical route, and that acetaldehyde is the precursor for its entire pyridine chain.
Green solvents with a carbon story - its bio-ethanol-based ethyl acetate carries a carbon footprint of 2.29 tonnes of CO₂ per tonne, less than half the 5.66 tonnes of the petrochemical equivalent, which matters to packaging and coatings customers under pressure to decarbonise.
Just-in-time, globally - it keeps storage hubs in Europe and South Korea so it can supply acetic anhydride without interruption, which is critical because the molecule goes into everyday drugs like paracetamol and ibuprofen.
Cash that funds the rest - the segment operates with negative working capital, meaning it collects cash from customers before it has to pay its own suppliers, and that cash helps finance the specialty and nutrition build-out.

3. Nutrition & Health Solutions: from animal-feed vitamins to human wellness

The company is one of the world’s top two producers of Vitamin B3, made from its own in-house raw material at the lowest cost, and it is now pushing that vitamin into regulated human-nutrition and cosmetic markets where approvals take years and margins are higher.

Fully backward-integrated in B3 - it sources a significant portion of its beta-picoline, the key raw material for niacinamide, from its own pyridine plants using a green route, and a niche air-oxidation process gives it the lowest production cost globally.
The human-nutrition pivot - a new cGMP-compliant facility at Bharuch, commissioned in early 2025, makes food- and cosmetic-grade niacinamide for dietary supplements, energy drinks, and infant nutrition, and the company has already entered the human-grade choline market for liver and brain health.
Approval barriers protect the business - getting a new nutrition ingredient approved by customers takes roughly three to five years of product testing and facility audits, so once the company is qualified, competitors cannot easily displace it.
Acquisition adds the premix layer - the purchase of Remidex Pharma in March 2026 brings in-house capability to make micronutrient premixes and nutraceuticals, moving the business up the value chain from selling single vitamins to selling finished formulations.
Animal feed still pays the bills - it supplies over 24 branded feed additives to more than 450 customers in poultry, dairy, aqua and pet food, and holds domestic market leadership in Vitamin B4 (choline chloride).

Group structure and partners

The company sits inside the Jubilant Bhartia Group, a USD 6 billion Indian conglomerate, and uses a network of subsidiaries and joint ventures to run manufacturing, global distribution, and renewable-energy supply.

A clean demerger created it - the company was formed in February 2021 by separating the life-science ingredients business from Jubilant Pharmova, and five subsidiaries came with it on day one.
Agro subsidiary landed the mega-order - wholly-owned Jubilant Agro Sciences Limited operates the dedicated facility that will fulfil the agrochemical CDMO contract, with commercial production and first dispatch starting in March 2026.
Global sales arms - wholly-owned subsidiaries in the US, Singapore, and China handle sales, distribution and business transactions in their respective regions.
A bet on plant-based meat - it owns a 37.98% stake in Mister Veg Foods, an Indian maker of plant-based meat analogues, creating a potential downstream outlet for its nutrition ingredients.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Edit Ratios

Mkt Cap

Market Capitalization

₹9,934Cr

Close Price

₹623.70

Industry

Pesticides and Agrochemicals

Price To Earnings

31.92

Price To Sales

2.14

Revenue

₹4,651Cr

Rev Gr TTM

Revenue Growth TTM

10.96%

PAT Gr TTM

PAT Growth TTM

11.21%

Upcoming Results on

27 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,020	966	1,074	1,024	1,045	1,057	1,051	1,038	1,121	1,051	1,179	1,300
Growth YoY Revenue Growth YoY%	-21.8	-16.6	-6.2	-4.7	2.5	9.3	-2.2	1.3	7.2	-0.6	12.1	25.3
Expenses ExpensesCr	902	871	983	915	921	918	905	896	985	924	1,016	1,101
Operating Profit Operating ProfitCr	118	96	91	110	125	138	147	142	136	126	163	199
OPM OPM%	11.5	9.9	8.5	10.7	11.9	13.1	13.9	13.7	12.1	12.0	13.8	15.3
Other Income Other IncomeCr	9	9	9	10	10	9	8	11	11	-4	9	10
Interest Expense Interest ExpenseCr	13	15	14	14	15	12	14	13	12	12	12	17
Depreciation DepreciationCr	34	34	36	39	40	40	39	41	41	45	48	51
PBT PBTCr	80	55	51	66	80	96	102	100	93	65	112	141
Tax TaxCr	22	17	22	17	21	26	28	25	23	19	25	35
PAT PATCr	57	39	29	49	59	69	74	75	69	47	86	106
Growth YoY PAT Growth YoY%	-31.8	-57.9	-44.1	-15.4	2.6	79.9	153.2	54.1	17.8	-32.4	16.7	40.9
NPM NPM%	5.6	4.0	2.7	4.8	5.6	6.6	7.0	7.2	6.2	4.5	7.3	8.1
EPS EPS₹	3.6	2.4	1.9	3.1	3.7	4.4	4.7	4.8	4.4	3.0	5.5	6.7

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,020	966	1,074	1,024	1,045	1,057	1,051	1,038	1,121	1,051	1,179	1,300
Growth YoY Revenue Growth YoY%	-21.8	-16.6	-6.2	-4.7	2.5	9.3	-2.2	1.3	7.2	-0.6	12.1	25.3
Expenses ExpensesCr	902	871	983	915	921	918	905	896	985	924	1,016	1,101
Operating Profit Operating ProfitCr	118	96	91	110	125	138	147	142	136	126	163	199
OPM OPM%	11.5	9.9	8.5	10.7	11.9	13.1	13.9	13.7	12.1	12.0	13.8	15.3
Other Income Other IncomeCr	9	9	9	10	10	9	8	11	11	-4	9	10
Interest Expense Interest ExpenseCr	13	15	14	14	15	12	14	13	12	12	12	17
Depreciation DepreciationCr	34	34	36	39	40	40	39	41	41	45	48	51
PBT PBTCr	80	55	51	66	80	96	102	100	93	65	112	141
Tax TaxCr	22	17	22	17	21	26	28	25	23	19	25	35
PAT PATCr	57	39	29	49	59	69	74	75	69	47	86	106
Growth YoY PAT Growth YoY%	-31.8	-57.9	-44.1	-15.4	2.6	79.9	153.2	54.1	17.8	-32.4	16.7	40.9
NPM NPM%	5.6	4.0	2.7	4.8	5.6	6.6	7.0	7.2	6.2	4.5	7.3	8.1
EPS EPS₹	3.6	2.4	1.9	3.1	3.7	4.4	4.7	4.8	4.4	3.0	5.5	6.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	684	4,949	4,773	4,136	4,178	4,388	4,651
Growth Revenue Growth%			623.5	-3.6	-13.3	1.0	5.0	11.0
Expenses ExpensesCr	0	567	4,118	4,226	3,715	3,659	3,821	4,027
Operating Profit Operating ProfitCr	0	117	832	547	421	519	567	624
OPM OPM%		17.1	16.8	11.5	10.2	12.4	12.9	13.4
Other Income Other IncomeCr	0	-10	31	33	35	38	27	27
Interest Expense Interest ExpenseCr	0	7	31	22	53	56	49	54
Depreciation DepreciationCr	0	22	123	122	136	158	175	186
PBT PBTCr	0	77	709	437	268	344	370	411
Tax TaxCr	0	23	232	129	85	92	92	102
PAT PATCr	0	54	477	308	183	251	278	309
Growth PAT Growth%		32,846.4	777.0	-35.5	-40.5	37.3	10.6	11.2
NPM NPM%		8.0	9.6	6.4	4.4	6.0	6.3	6.6
EPS EPS₹	-3.3	20.8	30.0	19.3	11.6	15.9	17.6	19.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	684	4,949	4,773	4,136	4,178	4,388	4,651
Growth Revenue Growth%			623.5	-3.6	-13.3	1.0	5.0	11.0
Expenses ExpensesCr	0	567	4,118	4,226	3,715	3,659	3,821	4,027
Operating Profit Operating ProfitCr	0	117	832	547	421	519	567	624
OPM OPM%		17.1	16.8	11.5	10.2	12.4	12.9	13.4
Other Income Other IncomeCr	0	-10	31	33	35	38	27	27
Interest Expense Interest ExpenseCr	0	7	31	22	53	56	49	54
Depreciation DepreciationCr	0	22	123	122	136	158	175	186
PBT PBTCr	0	77	709	437	268	344	370	411
Tax TaxCr	0	23	232	129	85	92	92	102
PAT PATCr	0	54	477	308	183	251	278	309
Growth PAT Growth%		32,846.4	777.0	-35.5	-40.5	37.3	10.6	11.2
NPM NPM%		8.0	9.6	6.4	4.4	6.0	6.3	6.6
EPS EPS₹	-3.3	20.8	30.0	19.3	11.6	15.9	17.6	19.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16
Reserves ReservesCr	1,907	2,417	2,650	2,722	2,965	3,192
Current Liabilities Current LiabilitiesCr	894	1,053	1,180	1,286	1,401	1,592
Non Current Liabilities Non Current LiabilitiesCr	561	311	413	708	704	766
Total Liabilities Total LiabilitiesCr	3,379	3,797	4,259	4,732	5,032	5,484
Current Assets Current AssetsCr	1,424	1,765	1,818	1,780	1,853	2,046
Non Current Assets Non Current AssetsCr	1,955	2,033	2,441	2,952	3,179	3,437
Total Assets Total AssetsCr	3,379	3,797	4,259	4,732	5,032	5,484

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	16	16	16	16	16	16
Reserves ReservesCr	1,907	2,417	2,650	2,722	2,965	3,192
Current Liabilities Current LiabilitiesCr	894	1,053	1,180	1,286	1,401	1,592
Non Current Liabilities Non Current LiabilitiesCr	561	311	413	708	704	766
Total Liabilities Total LiabilitiesCr	3,379	3,797	4,259	4,732	5,032	5,484
Current Assets Current AssetsCr	1,424	1,765	1,818	1,780	1,853	2,046
Non Current Assets Non Current AssetsCr	1,955	2,033	2,441	2,952	3,179	3,437
Total Assets Total AssetsCr	3,379	3,797	4,259	4,732	5,032	5,484

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	112	453	462	430	508	524
Investing Cash Flow Investing Cash FlowCr	0	-44	-72	-472	-569	-393	-276
Financing Cash Flow Financing Cash FlowCr	0	-72	-418	42	144	-129	-155
Net Cash Flow Net Cash FlowCr	0	-4	-36	35	6	-9	119
Free Cash Flow Free Cash FlowCr	0	85	225	-16	-136	156	235
CFO To PAT CFO To PAT%	0.0	206.6	95.0	150.4	235.1	202.3	188.7
CFO To EBITDA CFO To EBITDA%	0.0	95.9	54.4	84.5	102.1	97.9	92.5

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	112	453	462	430	508	524
Investing Cash Flow Investing Cash FlowCr	0	-44	-72	-472	-569	-393	-276
Financing Cash Flow Financing Cash FlowCr	0	-72	-418	42	144	-129	-155
Net Cash Flow Net Cash FlowCr	0	-4	-36	35	6	-9	119
Free Cash Flow Free Cash FlowCr	0	85	225	-16	-136	156	235
CFO To PAT CFO To PAT%	0.0	206.6	95.0	150.4	235.1	202.3	188.7
CFO To EBITDA CFO To EBITDA%	0.0	95.9	54.4	84.5	102.1	97.9	92.5

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		4,159	7,165	5,731	7,195	10,351	8,659	9,934
Price To Earnings Price To Earnings		76.6	15.0	18.6	39.0	40.9	30.9	31.9
Price To Sales Price To Sales		6.1	1.4	1.2	1.7	2.5	2.0	2.1
Price To Book Price To Book		2.2	2.9	2.1	2.6	3.5	2.7	3.1
EV To EBITDA EV To EBITDA		39.3	8.8	11.1	18.6	21.2	16.3	17.1
Profitability Ratios Profitability Ratios
GPM GPM%		30.2	28.4	25.4	29.5	32.5	32.4	32.4
OPM OPM%		17.1	16.8	11.5	10.2	12.4	12.9	13.4
NPM NPM%		8.0	9.6	6.4	4.4	6.0	6.3	6.6
ROCE ROCE%	143.1	3.4	27.7	14.9	9.2	10.7	10.5	10.5
ROE ROE%	143.1	2.8	19.6	11.5	6.7	8.4	8.7	8.7
ROA ROA%	-332.0	1.6	12.6	7.2	3.9	5.0	5.1	5.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		4,159	7,165	5,731	7,195	10,351	8,659	9,934
Price To Earnings Price To Earnings		76.6	15.0	18.6	39.0	40.9	30.9	31.9
Price To Sales Price To Sales		6.1	1.4	1.2	1.7	2.5	2.0	2.1
Price To Book Price To Book		2.2	2.9	2.1	2.6	3.5	2.7	3.1
EV To EBITDA EV To EBITDA		39.3	8.8	11.1	18.6	21.2	16.3	17.1
Profitability Ratios Profitability Ratios
GPM GPM%		30.2	28.4	25.4	29.5	32.5	32.4	32.4
OPM OPM%		17.1	16.8	11.5	10.2	12.4	12.9	13.4
NPM NPM%		8.0	9.6	6.4	4.4	6.0	6.3	6.6
ROCE ROCE%	143.1	3.4	27.7	14.9	9.2	10.7	10.5	10.5
ROE ROE%	143.1	2.8	19.6	11.5	6.7	8.4	8.7	8.7
ROA ROA%	-332.0	1.6	12.6	7.2	3.9	5.0	5.1	5.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	PIIND	SUMICHEM	BAYERCROP	JUBLINGREA	SHARDACROP	RALLIS	DHANUKA
Market CapitalizationMkt CapCr	32,824	19,584	15,946	9,934	6,314	3,980	3,845
Close PriceClose₹	2,163.50	392.35	3,548.20	623.70	699.80	204.65	862.50
IndustryIndustry	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals
Price To EarningsPE	28.17	33.79	21.78	31.92	10.08	18.66	14.50
Price To SalesPS	5.04	6.04	2.85	2.14	1.18	1.34	1.97
RevenueRevenueCr	6,516	3,245	5,595	4,651	5,357	2,962	1,953
Revenue Growth TTMRev Gr TTM%	-16.6%	-3.6%	-2.8%	11.0%	18.5%	4.4%	-5.6%
PAT Growth TTMPAT Gr TTM%	-27.7%	3.9%	23.6%	11.2%	49.1%	24.4%	-11.7%

	PIIND	SUMICHEM	BAYERCROP	JUBLINGREA	SHARDACROP	RALLIS	DHANUKA
Market CapitalizationMkt CapCr	32,824	19,584	15,946	9,934	6,314	3,980	3,845
Close PriceClose₹	2,163.50	392.35	3,548.20	623.70	699.80	204.65	862.50
IndustryIndustry	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals	Pesticides and Agrochemicals
Price To EarningsPE	28.17	33.79	21.78	31.92	10.08	18.66	14.50
Price To SalesPS	5.04	6.04	2.85	2.14	1.18	1.34	1.97
RevenueRevenueCr	6,516	3,245	5,595	4,651	5,357	2,962	1,953
Revenue Growth TTMRev Gr TTM%	-16.6%	-3.6%	-2.8%	11.0%	18.5%	4.4%	-5.6%
PAT Growth TTMPAT Gr TTM%	-27.7%	3.9%	23.6%	11.2%	49.1%	24.4%	-11.7%

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Jun 26