Jubilant Ingrevia Ltd. (JUBLINGREA) AI Stock Analysis

• Market Cap: ₹93.13B
• Dividend Yield: 0.74%
• Average Volume (3M): 13.09K
• Price to Earnings (P/E): 59.2
• Beta (1Y): 0.90
• Revenue Growth: 3.80%
• EPS Growth: 64.94%
• Country: IN
• Employees: 2,283
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Biotechnology
• EPS (TTM): 3.00
• Shares Outstanding: 159,281,140
• 10 Day Avg. Volume: 10,350
• 30 Day Avg. Volume: 13,091
• PEG Ratio: 1.10
• Price to Book (P/B): 3.53
• Price to Sales (P/S): 2.47
• P/FCF Ratio: 72.61
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 17.29
• Revenue Forecast (FY): ₹44.39B

• Rating: 61 Neutral
• Price Target: ₹603.00 ▼(-16.94% Downside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is primarily supported by solid underlying financial performance (profitability, stable margins, and generally improving cash generation). Offsetting this are weaker technical signals (negative MACD and price below key longer-term moving averages) and a high P/E with a low dividend yield, which together limit upside confidence.

Positive Factors

Integrated manufacturing & diversified B2B model

Jubilant Ingrevia’s integrated fermentation and chemical synthesis capability creates a durable competitive advantage: it lowers unit costs, improves supply reliability and enables cross-segment synergies. That supports long-term contract wins, customer stickiness and higher-value product mixes over time.

Stable margins and consistent profitability

Reported stable EBIT/EBITDA margins and a history of rising gross and net margins indicate structural operational efficiency. Durable margin stability across cycles supports reinvestment capacity and resilience to input swings, underpinning sustainable profitability for the next several quarters.

Improving cash generation and positive FCF trend

Recent improvement to operating cash flow and a positive free cash flow trend strengthens funding flexibility for capex and working capital. Strong OCF-to-net-income implies genuine cash conversion, reducing reliance on external funding and supporting durable operational continuity.

Negative Factors

Revenue volatility including 2024 dip

Intermittent revenue dips demonstrate demand cyclicality or execution sensitivity in key end markets. Such volatility complicates forecasting and long-term capacity planning, may pressure margins during downturns, and can weaken negotiating leverage with large B2B customers over multiple quarters.

Rising total liabilities / moderate leverage

While equity is strong, rising total liabilities and moderate leverage reduce balance sheet optionality. If revenue growth falters, interest and principal service obligations could constrain capital allocation, increase refinancing risk, and limit the company’s ability to invest in new capacity or M&A.

Prior negative free cash flow periods

Historic negative free cash flow periods signal that cash generation can be uneven and is sensitive to capex timing. Recurring capex-driven FCF volatility can force external financing, delay strategic projects, or compress returns on invested capital over a multi-quarter horizon.

Jubilant Ingrevia Ltd. Business Overview & Revenue Model

Company Description

Jubilant Ingrevia Limited provides life science products and solutions in India and internationally. It operates in three segments: Specialty Chemicals, Nutrition & Health Solutions, and Life Science Chemicals. The Specialty Chemicals segment offers specialty ingredients, fine chemicals, crop protection chemicals, and custom development and manufacturing services. The Nutrition & Health Solutions segment provides nutrition and health ingredients, animal nutrition and health solutions, and human nutrition and health solutions. The Life Science Chemicals offers life science ingredients and specialty ethanol. The company also offers pyridine and picolines, cyanopyridines, piperidines, acetyl pyridines, amino pyridines, halo pyridines, pyridine aldehydes, metal complexes, amino pyridines, halogenated pyridines, quaternary salts, alkyl pyridines, vitamin B3 and picolinates, riboflavin phosphate sodium, nutritional premixes, antioxidants, straight ingredients, acetic anhydride, acetic acid, ethyl acetate, propionic anhydride, absolute alcohol, ethanol, biocompost, CO2 and ETO mixtures. In addition, it provides route design, process development, process optimization, and scale-up and commercial manufacturing of intermediates. Further, the company offers vitamins, mineral premixes, stress regulator, amino acid, herbal choline, herbal non-antibiotic growth promoter and egg quality enhancer, toxin binder, acidifiers, and enzymes and emulsifiers. It serves pharmaceutical, nutrition, agrochemical, consumer, and industrial customers. The company was formerly known as Jubilant LSI Limited and changed its name to Jubilant Ingrevia Limited in October 2020. Jubilant Ingrevia Limited was incorporated in 2019 and is based in Noida, India.

How the Company Makes Money

Jubilant Ingrevia primarily makes money by manufacturing and selling ingredients and intermediates to business customers (B2B) across multiple end markets. Its revenue model is product-sales driven: (1) Specialty chemicals and chemical intermediates: The company produces and sells specialty chemicals, building blocks, and intermediates used by downstream manufacturers in pharmaceuticals, agrochemicals, and other industrial applications. Revenue is generated through contracted supply and repeat orders where customers integrate these inputs into their own formulations and finished goods. (2) Nutrition and health ingredients (fermentation/bio-based products): The company sells nutritional ingredients such as vitamins and related products into human nutrition, animal nutrition, and wellness applications; revenue comes from supplying these products to formulators, consumer-health brands, and ingredient distributors. (3) Cross-segment integration and scale: Earnings are supported by integrated manufacturing capabilities (including fermentation and chemical synthesis), which can improve cost position and reliability of supply, helping win long-term customer relationships and higher-value product mixes. Specific, named partnerships, customer concentration, segment-level revenue splits, and contract terms: null.

Jubilant Ingrevia Ltd. Financial Statement Overview

Summary

Financial statements indicate solid profitability and stable EBIT/EBITDA margins (Income Statement score 75), supported by healthy equity and moderate leverage (Balance Sheet score 68). Cash generation is generally strong with improved recent free cash flow, though prior negative FCF and revenue fluctuations add moderate risk (Cash Flow score 70).

Income Statement

The income statement shows a consistent growth trajectory in revenue over the years, with a noticeable increase in gross and net profit margins. However, there was a dip in revenue in 2024, followed by recovery in 2025. The EBIT and EBITDA margins have been stable, indicating efficient operations. Overall, the company demonstrates a strong ability to generate profits, though fluctuations in revenue growth present moderate risk.

Balance Sheet

The balance sheet reveals a solid equity position with a reasonable debt-to-equity ratio indicating moderate leverage. Return on equity has been healthy, supporting profitability. However, increasing total liabilities highlight potential risk if revenue does not continue to grow. The equity ratio is strong, suggesting good financial stability.

Cash Flow

The company's cash flow statement shows robust operating cash flow and a positive free cash flow trend in the latest year. The operating cash flow to net income ratio indicates strong cash generation relative to profits. However, previous periods showed negative free cash flow, pointing to potential challenges in managing capital expenditures effectively.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	42.34B	41.78B	41.36B	47.73B	49.49B	6.83B
Gross Profit	17.87B	16.07B	18.98B	20.44B	19.56B	1.37B
EBITDA	6.02B	5.57B	4.56B	5.81B	8.63B	1.07B
Net Income	2.88B	2.51B	1.83B	3.08B	4.77B	543.59M
Balance Sheet
Total Assets	52.57B	50.32B	47.32B	42.59B	37.97B	33.79B
Cash, Cash Equivalents and Short-Term Investments	469.10M	1.15B	828.36M	1.08B	454.69M	1.17B
Total Debt	8.06B	7.64B	7.40B	4.07B	2.38B	5.56B
Total Liabilities	22.16B	21.05B	19.94B	15.93B	13.64B	14.56B
Stockholders Equity	30.41B	29.27B	27.37B	26.66B	24.33B	19.23B
Cash Flow
Free Cash Flow	-365.90M	1.42B	-1.38B	-189.30M	2.23B	847.36M
Operating Cash Flow	970.80M	5.08B	4.30B	4.62B	4.53B	1.12B
Investing Cash Flow	-962.50M	-3.93B	-5.70B	-4.72B	-718.56M	-436.55M
Financing Cash Flow	-495.40M	-1.29B	1.44B	416.00M	-4.18B	-723.65M

Jubilant Ingrevia Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 726.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:JUBLINGREA, the sentiment is Negative. The current price of 726 is above the 20-day moving average (MA) of 576.95, above the 50-day MA of 625.33, and above the 200-day MA of 692.33, indicating a bearish trend. The MACD of -17.77 indicates Negative momentum. The RSI at 43.92 is Neutral, neither overbought nor oversold. The STOCH value of 61.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:JUBLINGREA.

Jubilant Ingrevia Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ANURAS	66 Neutral	₹142.53B	76.50	―	0.06%	69.32%	113.55%
PRIVISCL	64 Neutral	₹114.68B	35.11	―	0.15%	24.25%	96.45%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JUBLINGREA	61 Neutral	₹93.13B	59.25	―	0.74%	3.80%	64.94%
ALKYLAMINE	61 Neutral	₹66.11B	48.28	―	0.62%	3.95%	8.28%
SUDARSCHEM	49 Neutral	₹63.68B	-16.12	―	0.46%	159.81%	-63.02%

Jubilant Ingrevia Ltd. Corporate Events

Jubilant Ingrevia to Acquire Remidex Pharma, Expands in Human Nutrition Premixes

Jubilant Ingrevia Limited has signed a share purchase agreement to acquire 100% of Remidex Pharma Private Limited, a Bengaluru-based manufacturer of micronutrient premixes, nutraceuticals, and a contract manufacturer for major Indian and multinational pharmaceutical companies. The deal, completed on March 13, 2026, will make Remidex a wholly owned subsidiary and is intended to advance Jubilant Ingrevia further along the human nutrition value chain by adding premix capabilities that complement its established leadership in vitamins, potentially strengthening its market position and product portfolio in the nutrition and pharmaceutical sectors.

Jubilant Ingrevia Launches Electronic Postal Ballot for Shareholder Approval

Jubilant Ingrevia Ltd. has initiated a postal ballot process to seek shareholder approval on a resolution, circulating the notice and explanatory statement electronically in line with provisions of the Companies Act and SEBI listing regulations. The company is conducting the exercise entirely through remote e-voting via NSDL between March 6 and April 4, 2026, underscoring its adherence to updated MCA circulars, digital-only communication practices, and regulatory-compliant corporate governance procedures for obtaining member consent.

Jubilant Ingrevia Posts Stable Q3 FY26 Margins on Volume Growth, Declares Interim Dividend

Jubilant Ingrevia’s board has approved the financial results for the quarter ended 31 December 2025, reporting stable overall performance despite soft pricing across all three business segments. For Q3 FY26, total revenue stood at ₹1,051 crore, down 1% year-on-year and 6% sequentially, while EBITDA came in at ₹136 crore with margins steady at 13%, and profit after tax declined 32% year-on-year to ₹47 crore due to exceptional items. Over the first nine months of FY26, the company delivered double-digit volume growth, leading to a 3% rise in revenue to ₹3,210 crore, an 8% increase in EBITDA to ₹436 crore and an 8% rise in post-exceptional PAT to ₹191 crore, underlining resilience amid industry-wide pricing pressure and elevated energy costs. Management highlighted continued growth momentum in Speciality Chemicals, healthy volume growth in Nutrition and sustained market share with volume gains in Chemical Intermediates, while noting steady demand in pharmaceutical markets and a gradual volume recovery in agrochemicals despite ongoing demand–supply imbalances. Reflecting confidence in its financial position, the board has recommended an interim dividend of 250%, or ₹2.5 per equity share, offering a tangible payout to shareholders even as the company pursues cost initiatives to mitigate short-term margin pressures and position for improving market conditions.