Jubilant Ingrevia Q2 FY27 results: net profit up 60.4% to ₹111.43 crore, revenue up 24.4%

How did Jubilant Ingrevia perform in Q2 FY27?

On a consolidated basis, Jubilant Ingrevia reported revenue of ₹1,394 crore for the July–September 2026 quarter, against ₹1,121 crore in Q2 FY26 and ₹1,300 crore in Q1 FY27. That was a rise of 24.4% year on year and 7.2% from the previous quarter. EBITDA came in at ₹212.41 crore, up 56.7% from ₹135.52 crore a year earlier and 6.7% from ₹199.11 crore in the preceding quarter.

The EBITDA margin for Q2 FY27 was 15.2%, against 12.1% in Q2 FY26, a gain of 3.1 percentage points, and marginally lower than 15.3% in Q1 FY27. Profit before tax was ₹148.01 crore, against ₹92.94 crore a year earlier and ₹140.89 crore in the previous quarter. Net profit was ₹111.43 crore, compared with ₹69.47 crore in Q2 FY26 and ₹105.82 crore in Q1 FY27, while basic EPS was ₹7.07.

On a standalone basis, revenue for the quarter was ₹1,225.95 crore, up 16.3%, with profit after tax of ₹70.40 crore against ₹44.03 crore in the year-ago quarter. The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 27 October 2026.

What changed in Jubilant Ingrevia's costs and profit?

Total expenses were ₹1,255 crore in Q2 FY27, up 20.9% from ₹1,039 crore in Q2 FY26. Cost of materials consumed was the largest increase at ₹697.90 crore, up 27.4% or ₹149.95 crore, followed by other expenses of ₹338.10 crore, up 22.0% or ₹60.90 crore. Employee cost rose 13.6% to ₹122.11 crore, depreciation was ₹50.93 crore against ₹41.23 crore, and finance costs were ₹22.50 crore against ₹12.16 crore, an increase of 85.0%.

Other income was ₹9.03 crore, down ₹1.78 crore or 16.5% from ₹10.81 crore in the year-ago quarter. There was no exceptional item in the quarter. Tax expense was ₹36.55 crore, up ₹13.16 crore or 56.3% from ₹23.39 crore. The company said volumes remained stable, firmer crude prices supported improved realisations, and higher input and utility costs partially offset the benefits of improved pricing.

Against the previous quarter, total expenses rose 7.3% to ₹1,255 crore from ₹1,170 crore. Cost of materials consumed fell to ₹697.90 crore from ₹717.68 crore, down 2.8%, and other expenses fell 4.8% to ₹338.10 crore from ₹355.23 crore. Employee cost rose 4.0% to ₹122.11 crore, finance costs rose 29.1% to ₹22.50 crore, other income fell 11.6% to ₹9.03 crore, and tax was ₹36.55 crore against ₹35.04 crore.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue was ₹2,694.5 crore, up 24.8% from ₹2,158.68 crore in H1 FY26, while total income rose 24.4% to ₹2,713.75 crore from ₹2,180.71 crore. Profit before tax increased 49.9% to ₹288.9 crore from ₹192.77 crore.

Profit after tax for the first half was ₹217.25 crore, up 50.3% from ₹144.57 crore in H1 FY26, and EPS was ₹13.77 against ₹9.15. The company reported H1 revenue growth of 25% and EBITDA growth of 44%.

What do the balance sheet and cash flow show?

Total assets stood at ₹5,999.03 crore as on 30 September 2026, against ₹5,483.73 crore as on 31 March 2026. Total equity was ₹3,316.4 crore against ₹3,126.22 crore, and borrowings were ₹895.3 crore against ₹791.81 crore. Cash was ₹200.69 crore against ₹188.47 crore, while inventories rose to ₹1,083.65 crore from ₹879.96 crore.

Trade receivables were ₹908.03 crore as on 30 September 2026, up from ₹782.54 crore at the previous balance sheet date, and trade payables were ₹1,097.21 crore against ₹940.65 crore. For the first half, net cash from operating activities was ₹181.35 crore, compared with ₹97.08 crore in H1 FY26, and capital expenditure was ₹160.98 crore against ₹133.67 crore.

How has Jubilant Ingrevia done over the last 8 quarters?

Revenue reached its highest level in the series at ₹1,394 crore in Q2 FY27, having dipped to ₹1,037.95 crore in Q1 FY26. The trend has moved upward since then, with revenue rising to ₹1,050.99 crore in Q3 FY26, ₹1,178.65 crore in Q4 FY26 and ₹1,300.27 crore in Q1 FY27 before the latest quarter.

Profit after tax bottomed at ₹46.9 crore in Q3 FY26 and has since risen to ₹86.44 crore, ₹105.82 crore and then ₹111.43 crore, the highest in the series. The EBITDA margin stood at 15.2% in Q2 FY27, close to the 15.3% recorded in Q1 FY27 and above the 12.0% of Q3 FY26. Revenue rose year on year in each of the last three quarters, as did profit.

Which businesses drove the quarter?

Speciality Chemicals reported revenue of ₹681.16 crore, up 27.2% from ₹535.44 crore in the year-ago quarter, with EBIT of ₹110.22 crore against ₹100.37 crore. The segment EBIT margin was 16.2%. Management said the specialty chemicals business delivered revenue of ₹560 crore, up 16% year on year, with EBITDA of ₹140 crore and an EBITDA margin of 25%, driven by improved pricing across the Fine Chemicals and CDMO portfolio.

Nutrition & Health Solutions reported revenue of ₹270.7 crore, up 49.9% from ₹180.61 crore, and EBIT of ₹31.34 crore against ₹16.62 crore, with an EBIT margin of 11.6%. Management said the nutrition segment delivered revenue of ₹270 crore, up 50% year on year, with EBITDA of ₹39 crore, up 87%, and margins at 15%.

Chemical Intermediates reported revenue of ₹565.19 crore, up 23.7% from ₹457.05 crore, and EBIT of ₹51.56 crore against ₹7.95 crore, with an EBIT margin of 9.1%. Management said segment revenue grew 24% year on year to ₹563 crore, while EBITDA rose 226% to ₹64 crore on improved realisations across the product portfolio.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 27 October 2026, with a limited review report from the statutory auditors enclosed. The company also filed a press release and presentation on the same day, stating that revenue grew 24% and EBITDA grew 51% year on year.

The same-day filings disclosed that the company signed an agreement to acquire a 40% stake in ZettaOne Technologies Limited with an investment of ₹189.2 crore, marking its entry into the electronics design management system space. Management said the transaction was progressing well and the shareholders' agreement would be concluded soon. No dividend or fund raise was disclosed in these filings.

A separate filing on 27 October 2026 intimated the resignation of Ms. Vinita Koul, Sr. Vice President and Head HR, effective from the close of business hours on 6 November 2026, with the stated reason to pursue other interests.

What did Jubilant Ingrevia's management say?

Management maintained its multi-year aspiration to grow the specialty chemicals portfolio 20-25% year on year on a CAGR basis, and said assets built over the last three to three-and-a-half years were expected to start reaching average utilisation of 70%-plus by the end of the fiscal year. It confirmed a CDMO pipeline of 25-plus molecules with ₹1,500 crore-plus peak potential, with at least one-third expected to be booked in FY27 and scaling over the following two years.

Management said the 40% ZettaOne stake was bought for ₹189.2 crore and that the target was seen growing 60-70% in FY27. On the European acetic anhydride market, management said its current share is in the high teens, close to 20%, with an aspiration to double it over the next couple of years if competitor plants remain shut, though the uplift was expected to start only from early CY27. ZettaOne was described as opening the electronics design management system space.

Management flagged risks including softened vitamin B3 pricing in animal feed that may linger into Q3, agrochemicals under pressure from excess capacity in China, soft base pyridine pricing, and no confirmed take-or-pay or volume visibility on the large innovator CDMO contract. On that contract, the CEO and Managing Director said there was a solid agreement and understanding, and that the company's risk was fully protected as per that arrangement, while an update was promised within weeks.

How did Jubilant Ingrevia shares react?

The stock traded on the day of the filing, and the price rose 3.9% in the first five minutes, 2.6% by 15 minutes and 3.1% by 30 minutes after the results appeared. From the previous close of ₹607.25, the reaction-day move was 5.4%, with the base price at ₹620.65.

By the next day's close, the stock was down 3.0% from its pre-results close, and by the five-session close it was down 7.1%. The Specialty Chemicals sector median was up 1.6% on the reaction day and up 2.0% by the next close, leaving the stock 3.8 percentage points ahead of the sector on the day and 5.0 percentage points behind it by the next close.

Earlier results-day moves were mixed: the stock fell 2.2% on 22 July 2026, 4.0% on 26 May 2026 and 4.4% on 4 February 2026, while it rose 2.1% on 27 October 2025. Moves on 31 July 2025, 13 May 2025, 28 January 2025 and 22 October 2024 were 4.8%, 2.1%, 0.2% and 3.7% lower, respectively.

How did other Specialty Chemicals companies do?

As on 4 November 2026, 50 Specialty Chemicals companies had filed for the quarter, with a median revenue growth of 28.3%. Of the peers, 20 grew more slowly than Jubilant Ingrevia and 29 grew faster, based on the company comparison of peers_compared for the industry group.