Jubilant Ingrevia's Q2 margin trails peer median by 0.47 points
Management cited crude-linked input costs, China overcapacity and muted pricing, while pointing to Acetyls, ZettaOne and new capacity for FY27.
Filed 27 Oct 2026, 18:02 IST · after market close · Jubilant Ingrevia Ltd (JUBLINGREA)
Key takeaways
- Consolidated operating margin of 15.23% was 0.47 percentage points below the 15.7% median for 20 reported Commodities peers.
- Management said the new Multi-Purpose Plant remains on track for commissioning by year-end, alongside Jubilant's signed agreement to acquire a 40% ZettaOne stake for Rs 189.2 cr.
- Other income was Rs 9 cr against consolidated profit before tax of Rs 147.98 cr, so reported profit was not mainly reliant on non-operating income.
Price around the results
Q2 operating margin sits below the peer median
Jubilant Ingrevia's consolidated operating profit of Rs 212.41 cr on revenue of Rs 1,394.23 cr translated into a 15.23% operating margin. That was 0.47 percentage points below the 15.7% median among 20 Commodities peers that have reported the quarter. Other income of Rs 9 cr was modest relative to profit before tax of Rs 147.98 cr, so the reported profit profile was not mainly supported by non-operating income.
Input costs and pricing weighed on the mix
Management said chemical intermediates faced higher input costs because of elevated crude prices, while Agrochemicals remained under pressure from China overcapacity and muted pricing. It also flagged softer Vitamin B3 pricing in the feed segment, despite steady Nutrition volumes. Offsetting this, management said Acetic Anhydride volumes rose sequentially on resilient pharmaceutical demand and European market-share gains, while Vitamin B3 recorded double-digit volume growth year-on-year and sequentially.
Management links FY27 growth to Acetyls and new capacity
Management said it expects growth across all three business segments in FY27, with Acetyls volumes supported by plant closures in Europe. The company said its new Multi-Purpose Plant remains on track for commissioning by year-end and that a new ZettaOne manufacturing facility is being established near Bengaluru. Management also said ZettaOne could grow by 60–70% this year; Jubilant has signed an agreement to acquire a 40% stake for Rs 189.2 cr.
Results were filed after market close
The consolidated results were filed at 18:02 IST on 27 October 2026, after market close. The immediate stock response therefore is not part of this quarter's results readout.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,394 cr |
| Other income | ₹9 cr |
| Expenses | ₹1,182 cr |
| Operating profit | ₹212 cr |
| Operating margin (%) | 15.23% |
| Interest | ₹23 cr |
| Depreciation | ₹51 cr |
| Profit before tax | ₹148 cr |
| Tax | ₹37 cr |
| Net profit | ₹111 cr |
| EPS (₹) | ₹7.07 |
Operating margin of 15.23% compares with a Commodities sector median of 15.70% across 20 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Acetic Anhydride delivered sequential volume growth, supported by resilient pharmaceutical demand and European market-share gains.
- Vitamin B3 delivered strong double-digit volume growth in both Human and Animal Nutrition.
Guidance & outlook
- The company expects growth across all three business segments in FY27, especially higher Acetyls volumes supported by plant closures in Europe.
- The new Multi-Purpose Plant is expected to be commissioned by year-end.
- ZettaOne is expected to grow by at least 60–70% this year.
Expansion
- The company is establishing a new ZettaOne manufacturing facility near Bengaluru.
- The upcoming R&D and clean-room facility in Greater Noida is supporting the semiconductor application pipeline.
- Jubilant signed an agreement to acquire a 40% stake in ZettaOne for ₹189.2 crore.
New initiatives
- The company is pursuing cost optimization and capacity debottlenecking in Pyridine and Picolines.
- The ZettaOne transaction is intended to create an integrated electronics and semiconductor offering.
- Jubilant and ZettaOne have started joint go-to-market activities for the semiconductor and electronics businesses.
Problems & risks
- The company faced ongoing global uncertainties and pricing volatility during the quarter.
- Chemical intermediates faced higher input costs because of elevated crude prices.
- The agrochemicals segment was under pressure because of China overcapacity and muted pricing.
- Nutrition faced softening Vitamin B3 pricing in the feed segment.
What to watch
- Whether operating margin remains around 15.23% and narrows the 0.47-point gap to the 15.7% peer median.
- Progress on the Multi-Purpose Plant's year-end commissioning and the Rs 189.2 cr, 40% ZettaOne transaction.
- ZettaOne performance against management's stated 60–70% FY27 growth expectation.