Jubilant Ingrevia Limited has released its Q2 and H1 FY27 earnings, highlighting strong revenue growth of 24% year-on-year for Q2 and a 51% increase in EBITDA. The company also announced the signing of an agreement to acquire a 40% stake in Zettaone Technologies Limited for INR189 crore, marking an entry into the electronics design and manufacturing services space. Management expressed confidence in sustaining growth momentum across all business segments in FY2027.
Jubilant Ingrevia Q2 & H1 FY27 Earnings Conference Call Transcript
The conference call for Jubilant Ingrevia Limited’s Q2 and H1 FY27 earnings took place on October 27, 2026. The management, including Mr. Shyam Bhartia (Chairman), Mr. Hari Bhartia (Co-Chairman), Mr. Deepak Jain (CEO and Managing Director), and Mr. Varun Gupta (CFO), provided an overview of the company’s performance and strategic outlook.
Financial Performance Highlights
In Q2 FY27, Jubilant Ingrevia reported a 24% year-on-year revenue growth and a significant 51% increase in EBITDA. The company’s quarterly EBITDA has more than doubled over the past three years. The first half of FY27 also showed strong performance with revenue growing 25% and EBITDA by 44% year-on-year. Revenue reached an all-time high of INR1,394 crore in Q2 FY27, with EBITDA rising 51% to INR221 crore. PAT increased by 60% year-on-year to INR111 crore.
Strategic Acquisition
A key announcement was the agreement to acquire a 40% stake in Zettaone Technologies Limited for an investment of INR189 crore. This acquisition signifies Jubilant Ingrevia’s entry into the electronics design and manufacturing services (EDMS) space. Zettaone operates in this sector and is expected to provide access to the broader electronics and semiconductor ecosystem, enabling an integrated value proposition and long-term value creation. The company is projected to grow by at least 60% to 70% this year.
Business Segment Updates
Acetyls: Volumes remained stable amidst geopolitical uncertainties, with pharma crude prices supporting realizations. Input and utility costs partially offset pricing benefits.
Pharmaceuticals: The segment continued to grow, supported by steady volumes and sustained demand for intermediates.
Agro-chemicals: This segment faced pressure with stable volumes but muted pricing due to excess capacity in China.
Personal Care: Strong volume growth was witnessed, with increasing traction from new customers seeking outsourcing partnerships.
Nutrition: Steady volumes were maintained, despite some softening in vitamin B3 pricing. The company sees strong growth in its new molecule pipeline in semiconductors and electronics, especially in Japan.
Specialty Chemicals: Revenue grew 16% year-on-year to INR560 crore, with healthy volume growth in fine chemicals and CDMO. EBITDA increased to INR39 crore, up 87% year-on-year.
Future Outlook and Guidance
Jubilant Ingrevia remains confident in sustaining its growth momentum, with growth expected across all three business segments in FY2027. The company anticipates higher volumes in Acetyls supported by planned closures in Europe. The new multipurpose plant is on track for commissioning by year-end. Management confirmed adherence to the annual guidance of INR750 crore to INR800 crore, expecting to be closer to the upper end due to strong first-half performance. The impact of recent European plant closures is still being assessed, with potential uplift expected from early next calendar year.
Investor Q&A Key Takeaways
Discussions covered the Zettaone acquisition’s strategic benefits, including integrated value propositions and leveraging Zettaone’s customer access and technical capabilities. Capex plans include investing at least INR400 crore to INR500 crore annually. Specialty Chemicals segment is targeted for 20% to 25% year-on-year growth on a multi-year CAGR basis. The company expects significant revenue flow from secured orders, with a pipeline potential of INR1,500 crore plus, and at least one-third expected to be realized this fiscal year. The 100-plus molecule pipeline conversion is ongoing, with confirmed pipeline revenue of INR1,500 crore and one-third expected this year.
Regarding pricing, while most segments are holding up, there is some pressure on pyridine and vitamin B3. Management anticipates the combined effect of various factors will lead to a steady growth trajectory.
Source: BSE
