Jubilant Ingrevia Q2FY26 Concall Decoded – Chemistry, Contracts & a Pinch of Premium Niacinamide

1. Opening Hook

While Europe’s chemical giants are drowning in energy bills and existential dread, Jubilant Ingrevia just posted its highest quarterly revenue in 10 quarters. The Bhartias may not have found the philosopher’s stone, but they’ve clearly mastered profit alchemy — especially when margins stay intact in a global price slump.

With ₹1,200 crore worth of CDMO molecules in the pipeline, Vitamin B3 turning into a skincare influencer, and semiconductor chemistry sneaking into the chat, this call was more Breaking Bad than boring. Read on — because Ingrevia’s next compound might just be money itself. 💸

2. At a Glance

• Revenue up 7% YoY: Highest in 10 quarters; clearly, volume > volatility.
• EBITDA ₹146 Cr (+8% YoY): Margin magic amid flat pricing — CFO smiles, market frowns.
• PAT ₹70 Cr (+18% YoY): Profit finally decided to compound.
• H1 EBITDA ₹300 Cr (+18%): Scaling chemistry into chemistry sets.
• Net Debt ₹748 Cr: 1.24x EBITDA; leverage lighter than an ethanol molecule.
• Capex ₹109 Cr (H1): Mostly for CDMO and the “multipurpose wonder plant.”
• Specialty Margins: 26% — still the golden goose.

3. Management’s Key Commentary

“We achieved our highest quarterly revenue in 10 quarters.”
(Translation: Inflation who? Our molecules don’t care about your macro headwinds.*)

“Specialty Chemicals margin at 25%+, driven by Fine Chemicals and CDMO.”
(The lab coats are printing money again.)

“Nutrition business saw strong volume growth in Vitamin B3 and Choline.”
(Because even chickens and skincare addicts are feeling festive this year.) 😏

“Global anti-dumping on Chinese Choline = our export opportunity.”
(EU bans, Bhartias plan — the perfect formula.)

“CDMO pipeline of 100+ molecules, ₹3,500 Cr peak potential.”
(Translation: We’ve become the Tinder of custom chemistry — everyone’s swiping right.*)

“Renewable power now 28% of total energy.”
(Even electrons at Bharuch are going green now.) ⚡

“We’ll invest ₹600 Cr this year — mostly from internal accruals.”
(Because debt is so FY24.)

“Semi-conductor R&D lab coming up in Greater Noida.”
(Adani’s building data centers, we’ll make the chemicals that keep them cool.)

4. Numbers Decoded