Jubilant Agri and Consumer Products Ltd

GST SCN

• GST Show Cause Notice from Central GST Audit Ludhiana proposes Rs 50.90 million demand.

Period and basis

• Period covered: FY 2020-21 to 2023-24; relates to 18% GST on 'Invoices to be Sent'.

Company stance

• Company believes SCN is based on incorrect facts and will file detailed reply.

Financial impact

• No anticipated financial implications from the SCN.

Next steps

• Reply to be filed before adjudicating authority contesting GST demand.

Demerger plan status

• Board approved demerger of Agri Business to Jubilant Agri Solutions Ltd on 04 Nov 2025.
• NSE and BSE issued No Objection Certificates on Apr 17, 2026.
• NCLT order Jul 8, 2026 directs shareholder/creditor meetings on Sep 5, 2026.
• Share exchange ratio 1:1; new shares to be listed on BSE/NSE post-demerger.

Q1 FY27 financial highlights

• Consolidated revenue from operations ₹5,232 mn, up 18% YoY.
• EBITDA ₹680 mn; margin 13.0%.
• PAT ₹461 mn; diluted EPS ₹29.96.

Capex and capacity expansion

• Brownfield capex ₹50 crore sanctioned; SBR Latex expansion adds 30,000 MTPA.
• Phase-1 Adhesives started commercial production in Q1 FY27.
• Phase-2 SBR Latex to be completed by end-Q3 FY27.

Standalone financials

• Standalone revenue from operations: ₹51,880 lakhs; total income: ₹51,948 lakhs.
• Net profit after tax: ₹4,553 lakhs; basic EPS ₹30.05; diluted ₹29.58.
• Segment net sales: Polymers & Chemicals ₹39,402 lakhs; Fertilizers ₹13,548; Agri Nutrients ₹618; total ₹53,568 lakhs.
• PBT ₹6,099 lakhs; current tax ₹1,533; deferred ₹13; PAT ₹4,553 lakhs.

Consolidated financials

• Consolidated revenue from operations: ₹52,318 lakhs; total income: ₹52,401 lakhs.
• Net profit after tax: ₹4,611 lakhs; basic EPS ₹30.43; diluted ₹29.96.
• Consolidated segment net sales: Polymers ₹39,840 lakhs; Fertilizers ₹13,548; Agri ₹618; net ₹52,318 lakhs.
• PBT ₹6,157 lakhs; tax ₹1,546; PAT ₹4,611 lakhs.

Demerger update

• Demerger scheme: 1-for-1 equity swap; Agri Division to Jubilant Agri Solutions.
• NSE/BSE NOCs received on 17 Apr 2026; NCLT order dated 8 Jul 2026; meetings on 5 Sep 2026.
• Board approved demerger on 4 November 2025; approvals are pending regulatory clearance.

ESOP grant details

• Approval by NRC Committee to grant 26,367 stock options under JACPL ESOS 2018.
• Options cover 26,367 equity shares, with an exercise price of ₹10 per option.
• Vesting on the third anniversary of the grant date, subject to pre-vesting conditions.
• Exercisable within eight years from the grant date.
• Scheme complies with SEBI SBEB Regulations 2021.
• Grant date confirmed as August 11, 2026.
• No cash outlay at grant; potential dilution on exercise.

AGM and AR access

• 18th AGM on Sep 1, 2026 at 11:00 IST via VC/OAVM.
• Notice and FY25-26 Annual Report emailed to registered shareholders.
• Annual Report available on company site and stock exchange portals.
• E-voting window: Aug 29–31, 2026; cut-off Aug 25.
• Result to be declared on or before Sep 3, 2026.

Demat suspense shares

• 62,930 equity shares in Demat Suspense Escrow as of Mar 31, 2026.
• Voting rights on these shares remain frozen until claimed.
• Alankit Assignments Limited contact for release and related assistance.

Financial performance

• Consolidated revenue from operations: 18,910.91 million; up from 15,610.30.
• Consolidated EBITDA: 2,000.49 million.
• Profit after tax from continuing operations: 1,278.66 million; total comprehensive income 1,288.51.
• Standalone revenue: 18,571.80 million; EBITDA: 1,991.97 million; Basic EPS: 84.49.
• Consolidated Basic EPS: 84.64; Diluted: 83.31.
• No dividend declared for FY2025-26.
• Net debt: 221.32 million; gearing: 0.05x.
• Paid-up capital: 151.52 million shares; authorised capital: 779.78 million.
• Demerger approved; approvals pending. NSE/BSE NOCs received; NCLT filing in progress.
• Upcoming AGM date and venue not disclosed in this chunk.

Capital structure & ESOPs

• Authorized share capital: 779.78 million; issued capital: 151.52 million shares.
• Paid-up capital rose to 151.52 million shares due to ESOP exercises.
• Two ESOP schemes: 2013 and 2018; 24,679 options granted in 2026.
• Options outstanding at 31 Mar 2026: 114,120 (Scheme 2013) and 159,887 (Scheme 2018).
• Total sitting fees to non-executive directors: 32.50 lakh.
• Promoter group holdings: HSB Trustee 35.10%, SPB Trustee 34.54%.

Demerger & corporate actions

• Demerger between Demerged and Resulting Jubilant Agri Solutions approved; approvals pending.
• NSE/BSE issued NOCs on 17-Apr-2026; NCLT filing in progress.

Subsidiaries

• Two wholly-owned subsidiaries: Jubilant Industries Inc., USA; Jubilant Agri Solutions Limited (JASL).
• JIL USA revenue: 869.21 million; net profit after tax: 11.20.
• JASL formed on 07-Apr-2025; FY2026 revenue nil; net loss 0.19.
• JASL is 100% owned; no associates or JVs.

Governance & risk management

• Board size six; three Independent Directors, including one Woman Independent Director.
• Audit Committee: Ravinder Pal Sharma (Chair), Radhey Shyam Sharma, Sanjanthi Sajan; four meetings.
• Committees include NRC, SRC, Risk Management, CSR, Finance, Restructuring, Independent Directors.
• Independent Directors’ meeting held on 22-Apr-2026 to evaluate performance.
• Secretarial and Cost Auditors appointed; Secretarial Auditor report without qualifications.
• CEO/CFO certification on financial statements and internal controls.

CSR & sustainability

• CSR expenditure: 156.00 Lakhs; standalone FY2025-26; policy on company website.
• CSR focus: health, education, farmer empowerment, social entrepreneurship; SDG alignment.
• Sustainability measures: energy conservation, wastewater reuse; Renewable fuel adoption; EcoVadis Bronze at Gajraula and Savli.

Risk management & financial risk

• Trade receivables: 4,088.35 million; allowance for credit losses 130.85.
• Currency risk: net exposure USD 92.13m, EUR 125.23m; hedging not used.
• Liquidity risk managed by treasury; disclosure of maturities of financial liabilities.
• Capital commitments: 175.26 million; export obligations: 396.26 million.

Audits & internal controls

• Statutory auditors BGJC & Associates LLP; no qualifications.
• Secretarial auditor: Sanjay Grover & Associates; Annexure 1; no qualifications.
• Cost Auditors: M/s J. K. Kabra & Co.; remuneration ratified previously; 2026-27 appointment proposed.
• Internal financial controls reviewed; auditors’ report confirms adequacy and effectiveness.

Operational & financial highlights

• Capital expenditure: total 405.36 million; major investments in polymers and packaging adhesives.
• Segment revenues: Polymers & Chemicals 11,648.41; P&K Fertilizers 6,811.92; Agri Nutrients 111.47.
• Consolidated cash flows: operating 747.99; investing -394.83; financing -361.74.

AGM Details

• Date and time: 1 September 2026 at 11:00 IST.
• Mode: VC/OAVM for the AGM.
• Cut-off date for voting: 25 August 2026 (record date).
• Remote e-voting: 29–31 August 2026, 09:00–17:00 IST.
• Proceedings to be conducted from registered office via VC/OAVM.

Resolutions to be considered

• Adopt standalone and consolidated financial statements for FY 2025-26.
• Re-appoint Priyavrat Bhartia by rotation as Director.
• Approve Independent Directors’ commission up to Rs 5,00,000 per annum.
• Ratify remuneration of Cost Auditor for 2026-27 at Rs 2,00,000.

Voting status

• Voting results not disclosed in this filing.

Director changes

• Priyavrat Bhartia to be re-appointed as Non-Executive, Non-Independent Director.
• Related to Shamit Bhartia (brother).

Auditor appointments/remuneration

• Cost Auditor remuneration for 2026-27 ratified at Rs 2,00,000 plus taxes.