Jubilant Ingrevia Ltd

Target overview

• Zettaone Technologies India Private Limited, India-based integrated electronics design and manufacturing platform.

Transaction

• Acquisition: 40% stake for INR 189.2 crore, cash consideration.
• Two-tranche completion: first by November 2026, second by September 2027.

Related party

• Not a related party; no promoter/group interest.

Industry

• Industry: Integrated electronics design and manufacturing.

Strategic rationale

• Aims to extend Jubilant Ingrevia into EDMS with electronics/semiconductor focus.

Regulatory approvals

• Regulatory approvals: Not required.

Target background

• Turnover in last three years: FY25-26 ₹98.1 Cr; FY24-25 ₹79.1 Cr; FY23-24 ₹51.1 Cr.

Post-transaction status

• Post-acquisition, Zettaone will become an associate of Jubilant Ingrevia.

Financial Performance

• Q1 FY27 revenue INR 1,300 crore; up 25% YoY; 15-quarter high.
• EBITDA INR 209 crore; up 36% YoY and 22% QoQ.
• PAT INR 106 crore; up 41% YoY and 22% QoQ.
• Specialty Chemicals revenue INR 533 crore; EBITDA INR 139 crore; margins 26%.
• Nutrition segment revenue INR 243 crore; EBITDA INR 36 crore; margins 15%.
• Pinnacle strategy driving revenue and EBITDA growth; sequential improvement expected.

CDMO and Pipeline

• CDMO/fine chemicals funnel: 100+ molecules; INR3,500+ crore peak revenue; 25+ confirmed molecules.
• Five new molecules added; peak potential not yet updated.
• Volumes paused by innovator due to raw-material price escalation; EBITDA still positive.
• EBITDA mix from specialty and nutrition remains 70%-80% of total.

Operational Highlights

• Niacinamide plant: 5,000 tonnes annual capacity; current 50% run rate; target 70%+ by year-end.
• Pyridine volumes steady; utilization 95%+; pricing holding in derivatives; captive usage rising.
• New multipurpose plant on track for commissioning by end of calendar year.
• Supernova program advancing with new Gen AI use cases.
• Lean-savings target: INR 100 crore in FY27; audits and safety milestones achieved.

Outlook and Capex

• FY27 EBITDA guidance unchanged at INR 750-800 crore.
• Growth to be led by Specialty Chemicals and Nutrition; acetyls recovery.
• Sequential revenue and EBITDA improvement expected over coming quarters.
• Investor Day feedback positive; Pinnacle execution reinforces growth potential.

Q&A Highlights

• CDMO contract volumes paused last quarter due to innovator pause from raw-material price escalation.
• Contract EBITDA expectations maintained; full protection covers earnings if volumes don’t materialize.
• CDMO funnel updated to 100+ molecules; 25+ confirmed; new opportunities after US visits.
• Five new molecules added; peak potential not yet updated for them.
• Nutrition pricing stable; Q2 volumes rising; inventory risk minimal; niacinamide plant running at 50% with 70% target by year-end.
• Base pyridines: captive usage rising; external sales not disclosed; pricing steady in derivatives.
• Power and fuel costs higher due to volume growth and Gulf crisis; logistics costs up; pricing pass-through.
• Large agro CDMO contract: no firm timeline for full volume visibility; plan for Q3 requires clarity within a month.
• Take-or-pay not applicable; contract protection exists; extension not guaranteed.

Notable Updates

• Remidex integration completed; evaluating new growth opportunities in electronics, semiconductors, cosmetics, nutrition.
• Gajraula facility earned a British Safety Council International Safety Award; Bharuch and Nira recognized.
• Great Place to Work certification; top 50 manufacturing companies.

Meeting Details

• Date and time: July 23, 2026 at 05:00 pm IST.
• Mode: virtual conference call for analysts and investors.

Participants

• Company management team to host the call.

Purpose

• Discuss unaudited quarter ended June 30, 2026 results; interactive Q&A.

Additional Notes

• Audio link will be available on the company website.
• Pre-registration required; access details to be sent by email.

Dematerialisation processing status

• Dematerialisation/rematerialisation requests for the quarter processed; certificates mutilated and depository registered owner substituted.
• Securities dematerialised have been listed on the stock exchanges.
• Physical certificates received for dematerialisation were mutilated and cancelled; depository named as registered owner.

Acquisition Completion

• Jubilant Ingrevia Limited acquired 100% equity stake in Remidex Pharma Private Limited
• Acquisition completed on March 30, 2026 at 6:05 pm IST
• Remidex Pharma Private Limited is the target entity
• Details of the acquisition were previously disclosed on March 13, 2026