Jubilant Agri lifts FY26 EBITDA margin to 10.36% as leverage declines

Jubilant Agri and Consumer Products Limited increased its EBITDA margin to 10.36% in FY26 from 8.55% in FY24, as revenue reached Rs 1,891.1 crore and EBITDA reached Rs 196 crore. Over the three-year period, Jubilant Agri reduced net debt-to-equity to 0.06 times from 0.54 times and increased return on capital employed to 37% from 25%.

How did Jubilant Agri’s operating scale change from FY24 to FY26?

Jubilant Agri expanded revenue in each of the three reported financial years, with revenue from operations increasing from Rs 1,253.3 crore in FY24 to Rs 1,561 crore in FY25 and Rs 1,891.1 crore in FY26. Total expenses rose from Rs 1,146.1 crore to Rs 1,695.1 crore over the same period, while reported EBITDA increased from Rs 107.2 crore to Rs 196 crore.

Jubilant Agri’s EBITDA rose by Rs 88.8 crore between FY24 and FY26, while revenue from operations rose by Rs 637.8 crore and the EBITDA margin increased by 1.81 percentage points. The presentation provides these historical income-statement measures at company level and does not split the FY24-FY26 results among Performance Polymers & Chemicals, P&K Fertilizers and Agri Nutrients.

The FY26 EBITDA margin of 10.36% followed 9.33% in FY25 and 8.55% in FY24. PAT margin also rose across the period, reaching 6.76% in FY26 from 5.62% in FY25 and 2.37% in FY24, alongside FY26 PAT of Rs 127.9 crore.

What changed in Jubilant Agri’s profitability over the three years?

Jubilant Agri’s PAT increased to Rs 127.9 crore in FY26 from Rs 29.7 crore in FY24, and its PAT margin rose to 6.76% from 2.37%. FY25 was the intermediate year, reporting PAT of Rs 87.8 crore and a PAT margin of 5.62%.

The FY24 income statement included an exceptional item of Rs 33.5 crore, while FY26 included an exceptional item of Rs 3.5 crore; the FY25 table leaves the exceptional-item line blank. Profit before tax increased from Rs 40.5 crore in FY24 to Rs 117.9 crore in FY25 and Rs 172.2 crore in FY26.

Finance costs declined from Rs 19.6 crore in FY24 to Rs 13.4 crore in FY25 and Rs 6.6 crore in FY26, while depreciation and amortisation increased from Rs 15 crore to Rs 17.8 crore. Other income rose from Rs 1.4 crore in FY24 to Rs 4.1 crore in FY26, and diluted earnings per share increased from Rs 18.44 to Rs 83.31.

How did Jubilant Agri’s leverage and net worth change?

Jubilant Agri reduced reported net debt-to-equity to 0.06 times in FY26, compared with 0.15 times in FY25 and 0.54 times in FY24. Net worth increased from Rs 235.3 crore in FY24 to Rs 325.5 crore in FY25 and Rs 459.9 crore in FY26.

Return on capital employed, or ROCE, rose from 25% in FY24 to 34% in FY25 and 37% in FY26. Jubilant Agri calculates ROCE excluding exceptional items, according to the presentation, which also shows the ratio alongside the increase in FY26 net worth.

Current borrowings fell from Rs 131.5 crore in FY24 to Rs 52.8 crore in FY25 and Rs 27.9 crore in FY26. Non-current borrowings were Rs 12 crore in FY24 and Rs 2.8 crore in FY25, while the FY26 balance-sheet table does not show a long-term borrowing amount; finance costs fell to Rs 6.6 crore in FY26.

Jubilant Agri’s asset mix also changed between FY24 and FY26. Property, plant and equipment increased from Rs 170.7 crore to Rs 198.4 crore, capital work-in-progress rose from Rs 4.6 crore to Rs 27 crore, and trade receivables increased from Rs 246.1 crore to Rs 408.8 crore. Inventories declined from Rs 235.1 crore to Rs 214.7 crore, while total assets reached Rs 935.4 crore in FY26.

How does H1 FY27 compare with Jubilant Agri’s FY26 progress?

Jubilant Agri reported H1 FY27 revenue from operations of Rs 1,115.3 crore, up 17% from Rs 954.9 crore in H1 FY26, but EBITDA declined 26% to Rs 96.6 crore from Rs 127.2 crore. EBITDA margin was 8.4% in H1 FY27, compared with 13.3% in H1 FY26.

PAT fell 26% to Rs 63.7 crore in H1 FY27 from Rs 86.4 crore a year earlier, and the PAT margin declined to 5.7% from 9.0%. Total expenses increased 23% to Rs 1,018.7 crore, exceeding the 17% revenue increase, while profit before tax declined 30% to Rs 81.9 crore.

Finance costs rose 85% to Rs 5.5 crore in H1 FY27, and depreciation and amortisation rose 22% to Rs 10.2 crore. Tax declined 40% to Rs 18.2 crore from Rs 30.2 crore, while total comprehensive income fell 26% to Rs 63.9 crore.

Segment reporting shows different directions within H1 FY27. Performance Polymers & Chemicals sales rose 30% to Rs 766.8 crore, but its segment result declined 2% to Rs 91.5 crore. P&K Fertilizers sales fell 6% to Rs 336.9 crore and its segment result declined 82% to Rs 7.8 crore, while Agri Nutrients sales rose 69% to Rs 11.6 crore and its segment result increased to Rs 2.3 crore from Rs 30 lakh.

Conclusion

Jubilant Agri’s FY24-FY26 record shows higher revenue, EBITDA, PAT, net worth and ROCE alongside lower reported net debt-to-equity. FY26 ended with revenue of Rs 1,891.1 crore, EBITDA of Rs 196 crore, a 10.36% EBITDA margin and PAT of Rs 127.9 crore, but H1 FY27 recorded lower EBITDA and PAT despite revenue growth, led in part by a lower P&K Fertilizers segment result.

The next disclosed event is the proposed demerger of the Agri Division into Jubilant Agri Solutions Limited. Shareholders and unsecured creditors approved the scheme on September 5, 2026, and the National Company Law Tribunal set December 3, 2026 for a further hearing after directing notices to relevant authorities on October 8, 2026. The scheme remains subject to statutory, regulatory and tribunal approvals, and proposes one equity share of the resulting company for every one equity share held in Jubilant Agri.