Jubilant Ingrevia posts record Q2 revenue, EBITDA up 51%

Jubilant Ingrevia Limited reported record revenue of Rs 1,394 crore in Q2 FY27, ended September 30, 2026, up 24% year-on-year, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 51% to Rs 221 crore. Improved realisations and stable volumes supported growth across specialty chemicals, nutrition and health solutions, and chemical intermediates.

How did Jubilant Ingrevia perform in Q2 FY27?

Jubilant Ingrevia delivered its highest quarterly revenue in Q2 FY27, with EBITDA reaching its highest level in three years. Revenue rose 24% year-on-year to Rs 1,394 crore, EBITDA grew 51% to Rs 221 crore, and profit after tax increased 60% to Rs 111 crore.

Management said quarterly EBITDA had more than doubled over the preceding three years, attributing the outcome to execution under its Pinnacle strategy and cost management. For the first half of FY27, management reported 25% year-on-year revenue growth and 44% EBITDA growth, without providing absolute half-year figures during the call.

Jubilant Ingrevia said stronger realisations, rather than volume growth alone, drove the consolidated result, while volumes remained stable. Its three reported businesses generated Rs 560 crore in specialty chemicals revenue, Rs 270 crore in nutrition and health solutions revenue, and Rs 563 crore in chemical intermediates revenue; the call did not provide a reconciliation of these segment figures to consolidated revenue.

Which Jubilant Ingrevia segments led quarterly growth?

Jubilant Ingrevia's nutrition and health solutions business posted the fastest reported revenue growth, rising 50% year-on-year and 11% sequentially to Rs 270 crore. Segment EBITDA increased 87% year-on-year and 9% quarter-on-quarter to Rs 39 crore, with a 15% EBITDA margin.

Within human nutrition, vitamin B3 volumes recorded double-digit growth both year-on-year and sequentially in food and cosmetic applications. Management said CCCBT saw better volumes and pricing through customer traction in the European Union, the United States and India, while the Remidex integration supported sales engagement with tier-1 customers in India.

Specialty chemicals reported Rs 560 crore of revenue, up 16% year-on-year and 5% sequentially, and EBITDA of Rs 140 crore, equating to a 25% margin. Management attributed the result to healthy volume growth in fine chemicals and contract development and manufacturing organisation (CDMO) operations, alongside improved pricing in value-added products.

Chemical intermediates reported Rs 563 crore of revenue, up 24% year-on-year and 8% sequentially, while EBITDA grew 26% year-on-year and 13% sequentially to Rs 64 crore. The segment's revenue growth exceeded specialty chemicals' 16% year-on-year increase, but specialty chemicals generated the higher EBITDA of Rs 140 crore.

What supported chemical intermediates and where did pricing remain under pressure?

Jubilant Ingrevia's chemical intermediates performance was supported by improved realisations despite higher crude-linked input costs. Acetic anhydride recorded healthy sequential volume growth, backed by pharmaceutical demand and market-share gains in Europe, while its domestic market position remained stable.

Management said acetic anhydride achieved double-digit year-on-year pricing improvement. Ethyl acetate also delivered sequential volume growth, while its realisations improved both year-on-year and quarter-on-quarter in an environment of elevated input costs.

Pricing conditions were not uniform across the portfolio in Q2 FY27. Pyridine and picolines volumes were stable but pricing remained soft, while agrochemicals faced muted pricing because of excess capacity in China despite stable volumes.

In nutrition, management said vitamin B3 pricing in animal feed had softened in recent weeks, although animal-nutrition B3 volumes rose at a double-digit rate year-on-year and sequentially. Personal care was a contrasting area, with strong volume growth and growing customer interest in outsourcing partnerships.

What are Jubilant Ingrevia's FY27 plans and targets?

Jubilant Ingrevia maintained its annual Rs 750 crore to Rs 800 crore guidance range and management said it expected to be closer to the upper end after the first-half performance. Management also said growth was expected across all three businesses in FY27, subject to the market conditions discussed on the call.

The Gajraula multipurpose plant remains on track for commissioning by the end of FY27, according to management. The facility is intended to support the company's CDMO and fine-chemicals roadmap, while management said it was conceptualising additional investments after building roughly two new plants, ideally multipurpose plants, each year on average.

Management reiterated planned annual capital expenditure of at least Rs 400 crore to Rs 500 crore on a multi-year average basis. It said about Rs 120 crore had been spent in the first half of FY27, while board-approved details for additional projects would be disclosed separately.

For CDMO, management said it had more than 25 commercially secured opportunities with peak potential revenue of more than Rs 1,500 crore, excluding the large contract still being discussed. Management expects at least one-third of that potential to be recorded in FY27; the first order under the large contract has been delivered, but future-volume terms were still being finalised.

How does Zettaone fit into Jubilant Ingrevia's electronics strategy?

Jubilant Ingrevia has agreed to acquire a 40% stake in Zettaone Technologies Limited for Rs 189 crore to enter electronics design and manufacturing services. Management said the agreement would provide access to customers and a more integrated offering for electronics and semiconductor sectors.

Zettaone had doubled over the previous few years and management expects it to grow at least 60% to 70% in the current year. Management also said Jubilant Ingrevia's semiconductor opportunity funnel had increased by almost 30% over recent months, with customer discussions involving mid-sized and large companies.

The transaction's shareholder agreement was yet to be concluded when management spoke on October 27, 2026. Zettaone is establishing a manufacturing facility near Bangalore, which management said would support its growth, including relationships with original equipment manufacturers, technology companies, aerospace, defence and industrial customers.

Conclusion

Jubilant Ingrevia's Q2 FY27 result combined record revenue of Rs 1,394 crore with a 51% rise in EBITDA to Rs 221 crore. Nutrition and health solutions produced the fastest reported revenue growth at 50%, specialty chemicals delivered the largest segment EBITDA at Rs 140 crore, and chemical intermediates benefited from improved realisations despite higher input costs.

The next developments to watch are the planned FY27-end commissioning of the Gajraula multipurpose plant, an expected update on future volumes for the large CDMO contract, and the timing of demand effects from European competitor plant closures. Management said any uplift from those closures may begin in early calendar 2027 and could become more material in FY28.