Jubilant Ingrevia (JUBLINGREA) Q3 25/26 earnings summary

Executive summary

• Specialty chemicals segment drove growth with double-digit EBITDA increases year-to-date, while nutrition business maintained healthy volume growth and chemical intermediates saw stable market share and volume gains despite pricing pressures.

• Q3 faced softer pricing, but strong volume growth offset the impact, keeping EBITDA margin at 13% as in Q2; nine-month revenue rose 3%, EBITDA up 8%, and PAT up 8% even after a one-time labor code expense.

• Consolidated revenue for Q3 was ₹105,099 lakhs, with net profit at ₹4,690 lakhs; nine-month revenue was ₹320,967 lakhs and net profit ₹19,147 lakhs.

• Interim dividend of 250% (₹2.5/share) was declared.

Financial highlights

• Q3 revenue at ₹1,051 crore (₹105,099 lakhs), nearly flat year-on-year; volumes up 9%.

• Q3 EBITDA at ₹136 crore, down 8% YoY; nine-month EBITDA at ₹436 crore, up 8% YoY; PAT for Q3 (excluding exceptional items) at ₹60 crore, after exceptional items at ₹47 crore.

• Earnings per share for Q3 was ₹2.97, and for nine months, ₹12.12.

• Net debt to EBITDA improved to 0.94x from 1.24x sequentially; net debt reduced to ₹544 crore as of Dec 31, 2025, a 20% YoY decrease.

• Energy costs reduced by 14% YTD; personnel and energy costs lower YoY.

Outlook and guidance

• Q4 expected to see sustained growth in specialty chemicals and nutrition, with partial recovery in acetyls; major CDMO order deliveries to commence in Q4.

• Multi-year EBITDA CAGR guidance of at least 20%.

• FY 2027 pivotal for capacity utilization and revenue ramp-up.

• The group continues to monitor the impact of new labour codes and will account for any further changes as required.