Jubilant Ingrevia financials and balance sheet

NSE: JUBLINGREABSE: 543271Chemicals & PetrochemicalsSmall Cap

₹601.90₹7.55 (1.24%)BSE ₹601.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹609.45.

52-week range of traded prices to 23 Oct 2026

₹537.30Low, 9 Mar 2026₹795.00High, 22 Jul 2026

Next results date: the board meets on 27 Oct 2026 to consider: financial results.

Market cap: ₹9,587 Cr549th largest listed
P/E: 31.1
P/B: 3.1
Dividend yield: 0.83%
ROE: 10.2%
ROCE: 11.2%
Debt to equity: 0.25
Volume, NSE: 2,85,55457.7% delivered

6 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Jubilant Ingrevia annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,949 Cr, year to Mar 2022

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,388
Materials and goods−2,295
Employee costs−426
Other expenses−1,101
Operating profit567
Depreciation−175
Other income+41
One-off items−13
Finance costs−49
Profit before tax370
Tax−92
Joint ventures−0.2
Net profit278

What the company owns

Plant, investments and other assets₹3,631 Cr
Inventory₹880 Cr
Receivables₹783 Cr
Cash and bank₹190 Cr

What pays for it: net worth and liabilities

Net worth₹3,126 Cr
Owed to suppliers₹941 Cr
Borrowings₹792 Cr
Other liabilities₹625 Cr

Jubilant Ingrevia business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Jubilant Ingrevia segment results by quarter

Revenue by segment

₹4,673 CrTotal

Speciality Chemicals₹2,214 Cr47.4% of total
Chemical Intermediates₹1,668 Cr35.7% of total
Nutrition & Health Solutions₹790 Cr16.9% of total

Profit by segment

Speciality Chemicals₹410 Cr80.7% of total
Chemical Intermediates₹19 Cr3.7% of total
Nutrition & Health Solutions₹79 Cr15.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Speciality Chemicals
Revenue, ₹ crore
220
1,724
1,981
1,849
2,061
2,214
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
35
245
215
168
330
410
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemical Intermediates
Revenue, ₹ crore
348
2,934
2,466
1,897
1,622
1,668
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
46
374
244
159
59
19
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Nutrition & Health Solutions
Revenue, ₹ crore
179
767
551
680
748
790
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20
151
33
49
87
79
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	747	5,425	4,998	4,426	4,431	4,673
Company revenue, as in its results	684	4,949	4,773	4,136	4,178	4,388
Revenue	220	1,724	1,981	1,849	2,061	2,214
Revenue growth	–	684.2%	14.9%	−6.7%	11.5%	7.4%
Profit	35	245	215	168	330	410
Profit growth	–	605.9%	−12.3%	−21.8%	95.8%	24.4%
Margin	15.8%	14.2%	10.9%	9.1%	16.0%	18.5%
Return on capital	2.8%	17.1%	12.1%	7.4%	15.0%	17.8%
Assets	1,554	1,840	2,304	2,671	2,810	2,954
Liabilities	332	402	525	410	608	646
Capital employed	1,222	1,438	1,779	2,261	2,202	2,308
Revenue	348	2,934	2,466	1,897	1,622	1,668
Revenue growth	–	743.3%	−15.9%	−23.1%	−14.5%	2.9%
Profit	46	374	244	159	59	19
Profit growth	–	721.2%	−34.9%	−34.8%	−62.6%	−68.2%
Margin	13.1%	12.8%	9.9%	8.4%	3.7%	1.1%
Return on capital	6.2%	42.1%	25.0%	17.7%	6.0%	2.1%
Assets	1,203	1,328	1,373	1,386	1,351	1,439
Liabilities	466	438	398	486	364	530
Capital employed	737	890	975	899	987	909
Revenue	179	767	551	680	748	790
Revenue growth	–	327.9%	−28.2%	23.4%	10.0%	5.7%
Profit	20	151	33	49	87	79
Profit growth	–	673.3%	−78.4%	49.0%	79.4%	−8.9%
Margin	10.9%	19.7%	5.9%	7.1%	11.7%	10.0%
Return on capital	5.3%	39.9%	9.0%	12.3%	14.2%	12.1%
Assets	442	523	446	518	723	803
Liabilities	72	143	81	123	110	147
Capital employed	369	379	364	395	613	656

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Jubilant Ingrevia quarterly results

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Revenue from operations	684	4,949	4,773	4,136	4,178	4,388
	567	4,118	4,226	3,715	3,659	3,821
Materials and goods bought	370	2,794	2,582	2,143	2,107	2,295
Employee costs	49	327	343	384	418	426
Other expenses	148	996	1,301	1,188	1,133	1,101
Operating profit before depreciation	117	832	547	421	519	567
Operating margin	17.1%	16.8%	11.5%	10.2%	12.4%	12.9%
Materials, % of revenue	54.1%	56.5%	54.1%	51.8%	50.4%	52.3%
Employee costs, % of revenue	7.2%	6.6%	7.2%	9.3%	10.0%	9.7%
Other expenses, % of revenue	21.6%	20.1%	27.2%	28.7%	27.1%	25.1%
Depreciation and amortisation	22	123	122	136	158	175
Operating profit after depreciation	95	708	425	285	361	392
Other income	3	31	33	35	38	41
Finance costs	7	31	22	53	56	49
Profit before one-off items and tax	90	709	437	268	344	383
One-off items	−13	0	0	0	0	−13
Profit before tax	77	709	437	268	344	370
	23	232	129	85	92	92
Current tax	13	125	70	64	85	84
Deferred tax	10	107	59	21	7	8
Share of profit of joint ventures and associates	–	0	–	0	0	0
Net profit	54	477	308	183	251	278
Other comprehensive income	5	96	2	4	2	20
Total comprehensive income	59	572	310	186	253	298
Net margin	7.9%	9.6%	6.4%	4.4%	6.0%	6.3%
Net margin without joint ventures and associates	–	9.6%	–	4.4%	6.0%	6.3%

Share of profit of joint ventures and associates is left blank for the year to Mar 2023: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
	1,923	2,433	2,666	2,737	2,927	3,126
Share capital	16	16	16	16	16	16
Reserves	1,907	2,417	2,650	2,722	2,911	3,110
	456	229	397	733	764	792
Repayable after a year	456	100	150	426	368	330
Repayable within a year	0	129	247	307	396	462
	894	1,053	1,180	1,286	1,401	1,592
Trade payables	694	798	801	767	815	941
Other financial liabilities	158	79	91	147	125	130
Other liabilities	25	22	19	23	16	24
Provisions	12	17	20	18	21	23
Tax owed	5	7	1	23	29	13
	561	311	413	708	704	766
Other financial liabilities	8	7	7	4	44	121
Provisions	69	68	66	65	67	73
Deferred tax	28	137	190	214	225	242
Total assets	3,379	3,797	4,259	4,732	5,032	5,484
	1,955	2,033	2,441	2,952	3,179	3,437
Plant in use, after depreciation	1,745	1,745	1,788	2,478	2,558	3,148
Plant being built	63	169	525	331	525	154
Intangible assets	11	9	58	20	23	29
Goodwill	0	0	0	0	0	6
Intangible assets being developed	2	5	0	1	0	0
Investments	48	3	3	10	14	26
Stakes in joint ventures and associates	–	3	5	5	6	7
Loans given	3	1	0	0	0	0
Other financial assets	1	12	4	15	4	13
Deferred tax	12	15	10	13	17	14
Other assets	70	71	47	80	31	40
	1,424	1,765	1,818	1,780	1,853	2,046
Inventories	609	911	1,035	941	943	880
Trade receivables	471	581	511	572	607	783
Cash and cash equivalents	73	38	73	79	69	188
Other bank balances	43	11	12	1	29	1
Current investments	0	0	0	0	16	0
Loans given	2	0	1	0	0	0
Other financial assets	66	70	23	36	38	45
Tax paid in advance	–	1	1	5	3	0
Other assets	159	153	163	146	147	148
Net debt	339	180	312	653	649	602

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 Jun	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
	112	453	462	430	508	524
	124	581	540	476	588	628
	1	−301	−45	6	23	15
Receivables	−40	−99	114	−62	−37	−168
Inventories	−37	−305	−126	93	−2	65
Payables	79	103	−33	−34	49	107
Other working capital	0	0	0	9	13	10
Tax paid	−12	−128	−77	−46	−80	−103
Capital spending	28	230	481	568	366	299
Free cash flow	85	223	−19	−138	142	225
	−44	−72	−472	−569	−393	−276
Plant and property sold	0	3	0	2	14	10
Companies bought	−2	−6	0	0	0	−11
Interest received	0	1	1	1	3	1
	−72	−418	42	144	−129	−155
Borrowings raised	0	129	268	336	48	110
Borrowings repaid	−62	−448	−100	0	−24	−89
Interest paid	−9	−33	−44	−68	−74	−63
Lease payments	0	0	−3	−3	−3	−4
Dividends paid	0	45	79	79	80	79
Shares bought back	0	18	0	0	0	32
Shares issued	0	0	0	0	0	0
Net change in cash	−4	−37	32	5	−13	93

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.Jubilant Ingrevia dividend history

₹ per share	Mar 2021Filed 8 Jun	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Earnings per share	₹20.78	₹29.98	₹19.34	₹11.56	₹15.89	₹17.59
Diluted earnings per share	₹20.78	₹29.97	₹19.33	₹11.55	₹15.84	₹17.51
Dividend per share	₹0.35	₹5.00	₹5.00	₹5.00	₹5.00	₹5.00
Book value per share	₹120.73	₹152.74	₹167.69	₹173.26	₹183.77	₹196.27
Dividend payout	10.3%	16.7%	25.9%	43.2%	31.7%	28.7%
Shareholder yield	0.0%	0.9%	1.4%	1.1%	0.8%	1.3%
Market cap at the year end (₹ crore)	4,137	7,165	5,733	7,211	10,352	8,660

Ratios

Consolidated, years to March.Jubilant Ingrevia PE ratio and valuation

Ratio	Mar 2021Filed 8 Jun	Mar 2022Filed 18 May	Mar 2023Filed 17 May	Mar 2024Filed 15 May	Mar 2025Filed 10 Jun	Mar 2026Filed 26 May
Revenue growth	–	623.5%	−3.6%	−13.3%	1.0%	5.0%
Operating profit growth	–	610.2%	−34.2%	−23.0%	23.3%	9.2%
Net profit growth	–	777.0%	−35.5%	−40.5%	37.3%	10.6%
Earnings per share growth	–	44.3%	−35.5%	−40.2%	37.5%	10.7%
	2.8%	21.9%	12.1%	6.8%	8.9%	9.2%
	–	19.1 pts	−9.8 pts	−5.3 pts	2.1 pts	0.3 pts
From the net margin	–	0.6 pts	−7.2 pts	−3.8 pts	2.4 pts	0.5 pts
From asset turnover	–	19.9 pts	−2.1 pts	−1.9 pts	−0.6 pts	−0.2 pts
From borrowing	–	−1.5 pts	−0.5 pts	0.3 pts	0.3 pts	0.1 pts
Return on capital employed	4.0%	26.6%	13.9%	8.2%	9.8%	10.0%
Cash conversion	206.5%	95.0%	150.4%	235.1%	202.3%	188.6%
Interest cover	13.0	22.9	19.7	5.4	6.5	8.0
Debt to equity	0.24	0.09	0.15	0.27	0.26	0.25
Receivable days	251	43	39	50	53	65
Inventory days	601	119	146	160	163	140
Payable days	685	104	113	131	141	150
Cash conversion cycle, days	167	58	72	80	75	55
Working capital days	220	58	61	64	64	60
Asset turnover	0.20	1.38	1.18	0.92	0.86	0.83
Assets per rupee of net worth	1.76	1.65	1.58	1.66	1.72	1.74
Sales per rupee of plant	0.39	2.84	2.67	1.67	1.63	1.39
Capital spending to depreciation	1.25	1.87	3.94	4.17	2.32	1.71
Plant being built, % of plant in use	3.6%	9.7%	29.4%	13.3%	20.5%	4.9%

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.3%
Cash from operations against operating profit: 92.5%

Measure	5 years	3 years
Revenue growth, yearly rate	45.0%	−2.8%
Profit growth, yearly rate	38.6%	−3.3%
Return on equity, average	11.8%	8.3%
Return on capital employed, average	13.7%	9.3%
Operating margin, average	12.8%	11.8%
Net margin, average	6.6%	5.6%
Asset turnover, average	1.03	0.87
Cash conversion cycle, days, average	68	70
Interest cover, average	12.5	6.6
Debt to equity, average	0.21	0.26

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,378	1,462	524
Cash from investing	−1,781	−1,238	−276
Cash from financing	−516	−140	−155
Capital spending	1,945	1,234	299
Dividends paid	362	238	79
Shares bought back	50	32	32
Shares issued for cash	0	0	0
Borrowings raised	891	494	110
Borrowings repaid	662	114	89

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	5	5	6	6
Altman Z-scorePublished threshold 1.81	2.97	6.21	4.68	4.18	4.96	4.15
Beneish M-scorePublished threshold −1.78	–	2.57	−2.45	−2.79	−2.60	−2.64
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	2.67	7.87	7.16	2.78	0.56
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	1.23	1.39	1.89	2.05
Receivables growth less revenue growthOur threshold 0 percentage points	–	−600.13	−8.48	25.30	5.14	23.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−605.68	21.21	7.94	1.87	−15.62
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−0.02	−0.77	−0.01	0.02	0.14
Assets under construction, years of additionsOur threshold 2 years of additions	–	1.37	3.19	0.40	2.21	0.20
Effective tax ratePublished threshold 17.16 per cent	29.76	32.76	29.59	31.66	26.90	24.83
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	14.69	11.87	14.47	3.75	−3.11

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
11 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		600
2 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	2,388.38
2 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	WDReview, Other		400

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.