NSE: JUBLCPL · BSE: 544355
JUBILANT AGRI N CON PRO L
Makes specialty chemicals and fertilizers through two main businesses. The Performance Polymers & Chemicals segment, which houses the adhesives franchise, accounted for 64.1% of segment revenue in FY26 and posted 8.7% standalone revenue growth. P&K (phosphatic and potash) fertilizers made up 35.3% of segment revenue and grew 54% YoY on a standalone basis, with a small Agri Nutrients line contributing the remaining 0.6%. Raw materials are the largest cost item at 48.5% of revenue, followed by other operating expenses at 24.5% and employee costs at 10.7%. Consolidated FY26 revenue reached ₹1,891.09 crore with a net profit of ₹127.86 crore and an EBITDA margin of 10.4%. The company is pursuing a demerger of its Agri Division into a wholly-owned subsidiary called Jubilant Agri Solutions Limited on a 1:1 share swap, with NCLT-convened meetings of equity shareholders and unsecured creditors (₹195.35 crore owed) scheduled for September 5, 2026; the listed entity is to be renamed Jubilant Industries Limited post-demerger. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Performance Polymers & Chemicals (64%), P&K Fertilizers (35%), Agri Nutrients (1%). Specialty chemicals and fertilizers manufacturer with a low-leverage balance sheet, currently reorganising via demerger
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,561 | 1,891 |
| EBITDA (ex other income) | 146 | 193 |
| margin % | 9.3 | 10.2 |
| Owners' profit | 88 | 128 |
| EPS, as reported (₹) | 58.25 | 84.64 |
| ROE % · ROCE % | 27.0 · 35.3 | 27.8 · 34.9 |
| Debt / equity (x) | 0.17 | 0.06 |
| Cash from operations | 129 | 75 |
| Capex | (35) | (40) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 398 | 398 | 442 | 513 | 451 | 485 | 523 |
| Profit before tax | 28 | 21 | 58 | 58 | 29 | 27 | 62 |
| Net profit | 21 | 16 | 44 | 42 | 22 | 20 | 46 |
| EPS (₹) | 14.16 | 10.64 | 58.58 | 28.06 | 14.20 | 13.09 | 30.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Performance Polymers & Chemicals | 1,239 | 64.1 |
| P&K Fertilizers | 681 | 35.3 |
| Agri Nutrients | 11 | 0.6 |
| Total, before eliminations | 1,931 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.7 | 23.1 | 49 of 99 | 51% |
| P/B | 6.4 | 2.8 | 86 of 99 | 13% |
| ROCE | 33.6 | 10.1 | 4 of 106 | 97% |
| ROE | 27.8 | 8.1 | 3 of 99 | 98% |
| Debt / Equity | 0.1 | 0.2 | 38 of 99 | 62% |
| EBITDA margin | 13.2 | 15.5 | 61 of 99 | 39% |
| Revenue growth | 18.4 | 24.4 | 58 of 94 | 39% |
| Profit growth | 4.5 | 55.1 | 69 of 92 | 25% |
| Market cap | 2954 | 699 | 32 of 108 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Tribunal hearing set for December 3 in Jubilant Agri separation | compliance | minimal | — | — |
| 9 Oct 2026 · NCLT directs notice issuance on second motion petition for JASL demerger | regulatory legal | high | — | — |
| 6 Oct 2026 · RTA compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading Window Closed for Q2 FY26 Results Period | compliance | minimal | — | — |
| 24 Sept 2026 · CARE Reaffirms Credit Rating at A+ Stable; Withdraws Long-Term Facility Rating | credit debt | medium | — | — |
| 7 Sept 2026 · Demerger scheme approved by unsecured creditors at NCLT meeting | regulatory legal | high | — | — |
| 7 Sept 2026 · Shareholders approve NCLT scheme for demerger of Agri Business | strategic transactions | high | — | — |
| 6 Sept 2026 · NCLT meeting of unsecured creditors held for demerger scheme approval | strategic transactions | high | — | — |
| 5 Sept 2026 · Shareholders meet to consider proposed demerger | strategic transactions | high | — | — |
| 1 Sept 2026 · AGM 2026: All 4 resolutions passed with over 99.99% approval | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.