01 — At a Glance
Sticky Things, Sticky Margins, and a Very Sticky Demerger Drama
- 52-Week High / Low₹3,032 / ₹1,020
- Q3 FY26 Revenue₹451 Cr
- Q3 FY26 PAT₹21.5 Cr
- TTM EPS₹82.2
- Annualised EPS (Q3 Avg × 4)₹94.5
- Book Value / Share₹274
- Price to Book6.05x
- Operating Margin10.7%
- Debt / Equity0.10x
- Return (52-weeks)-45.3%
Flash Summary: JACPL posted Q3 revenue of ₹451 crore (+13.4% YoY), but profit barely budged year-on-year due to input cost pressures. What’s truly bonkers: 9M FY26 profit is ₹107.9 crore, up 50% YoY. Margins are 31.5% ROE, 33.2% ROCE. The agri demerger triggered panic selling. The market dropped this stock from ₹2,242 (Feb 2026) to ₹1,658 (Mar 2026). Ask yourself: when was the last time you saw a 31% ROE company trade down 26% in five weeks while fundamentals got *better*?
02 — Introduction
Jivanjor, Charmwood, Ultra Italia, and the Agri Nobody Wants to Talk About
You’ve glued something to something else in India. A poster to a wall. A label to a bottle. A veneer to plywood. That adhesive had a decent chance of being made by Jubilant Agri and Consumer Products Limited. They’re not household names like Pidilite (Fevicryl, M-Seal), but they’ve captured serious category share in specialty adhesives, wood finishes, and polymers. Nobody talks about them at dinner parties. But venture capitalists, industrialists, and automotive engineers know exactly who they are.
JACPL is part of the Jubilant Bhartia group — a diversified conglomerate that does pharmaceuticals, chemicals, food services, and life sciences. The company demerged from Jubilant Industries in FY24 and listed on NSE/BSE. Since listing, it’s been doing the most classically Indian corporate theatre: announcing a demerger that prompted panic selling, then posting data so good that the panic looks retrospectively hilarious.
Two business poles: Performance Polymers & Chemicals (62% of revenue — the moneymaker), and Agri Products (38% of revenue — the drain). They run eight manufacturing plants, export to 30 countries, and hold market leadership in categories most people have never heard of. Position: No. 1 in India for SPVA (food polymers), Vinyl Pyridine Latex (automotive tyres), SSP fertilizer in UP. Global No. 2 for SPVA. The demerger separates the high-margin polymers business from the low-margin agri business. The market heard “demerger” and sold first, asked questions never. Then 9M FY26 showed profit was up 50%. Oops.
Concall Insight (Feb 2026): During the earnings concall, management disclosed that they’re deploying ₹50 crore capex over 12 months to expand polymer capacity by 30,000 MTPA. Current utilization is at ~79%. Demand for SPVA and VP Latex is “healthy,” with strong domestic and export traction. The demerger will unlock the agri business’s standalone valuation. Translation: the growth story is on cylinders, and the market panicked at a corporate shuffle.
03 — Business Model: WTF Do They Even Do?
Glue, Latex, Fertilizer. And a Whole Lot of Untapped Margin Upside.
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