Jubilant Ingrevia Ltd

- There is no mention of any current or upcoming fundraising through debt or equity in the transcript. - The company’s net debt as of June 30, 2025, stands at Rs. 700 crore with a stable net debt to EBITDA ratio of 1.18x. - Capital expenditure for the quarter was primarily funded through internal accruals. - For FY’26, the company plans to invest Rs. 600 crore in CAPEX, expected to be funded internally. - No disclosures or indications regarding new debt or equity issuance were made during the call.

- Rs. 2000 crore invested recently, with 70% allocated to specialty chemicals, mainly for multipurpose and dedicated plants serving CDMO and Fine Chemicals businesses. - Major ongoing CAPEX includes a big dedicated plant for an agro CDMO contract at Bharuch, expected to complete by end FY’26. - Additional CAPEX projects: new boiler at Bharuch (commissioning expected Q2 FY’26), debottlenecking existing plants at Bharuch and Gajraula to increase capacity by 15-20%, and a new multi-purpose plant (MPP8) at Gajraula with construction starting soon. - Niacinamide plant commissioned in March is being converted to a multi-purpose plant for human nutrition. - FY’26 planned CAPEX of Rs. 600 crore focused on supporting growth, including the $300 million big agro CDMO contract, with deliveries to start early 2026. - Continued investments in R&D and capacity expansions to support CDMO pipeline and specialty segments.

- Specialty Chemicals and Nutrition segments expected to sustain strong growth; these now contribute ~63% of revenue and 90% of EBITDA. - Anticipated 20%-25% year-on-year growth driven by specialty chemicals and export growth, offsetting feed segment volatility. - Pharma CDMO business funnel doubled in last year; strong traction with innovators and tier-1 CDMOs in US, EU, Japan. - CDMO agro plant capacity expansion underway; first agro contract deliveries started; big CDMO order supply expected early 2026. - Semiconductor segment has 12+ molecules in pipeline; focus on high-value, low-volume products with expected commercial-stage progress. - New multi-purpose plants under construction and debottlenecking ongoing to enhance capacity by 15-20%. - Nutrition segment sees growth potential in food and cosmetic segments; new Niacinamide plant commissioned with expected volume ramp-up. - Overall, expect revenue and margin growth through FY ’26-27, with Rs. 2000 crore CAPEX utilization targeted at 70%-80% by FY’27.

- Specialty and Nutrition segments contribute ~63% of revenue and ~90% of EBITDA, expected to sustain strong growth and margin expansion. - FY’26 targeted annualized cost savings of Rs 100+ crore through Lean 2.0 program to improve margins. - CDMO business capacity utilization expected to reach 70%-80% by FY’27, supporting topline growth. - Big Agro CDMO order supplies to start early 2026, accelerating growth trajectory. - Specialty Chemicals segment EBITDA grew 52% YoY in Q1 FY’26, with margins at 27%, indicating margin expansion potential. - Acetyls segment expected to recover gradually, improving overall profitability. - Pipeline of 70 molecules with multi-geography opportunities in pharma, agro, and other sectors, supporting future revenue growth. - Revenue growth guidance of 20%-25% year-on-year for Specialty and exports segments driven by new capacities and market expansion. - PAT rose 54% YoY in Q1 FY’26, indicating strong near-term profit growth momentum.

- Jubilant Ingrevia has a robust CDMO order book with over 70 active molecules in the pipeline, representing a multi-thousand crore addressable market. - The pharma segment funnel has doubled in the last year, engaging with over 30 key global accounts across EU, US, and Japan. - In agro CDMO, the company has announced two contracts last year and expects 5-6 more contracts in advanced stages, with deliveries already started on the first agro CDMO order. - A significant $300 million agro CDMO contract is in execution, with plant commissioning and supplies expected early 2026. - Several other discussions with innovators in agro and semiconductor segments are ongoing, with 12+ opportunities in semiconductor. - Overall, order confirmations are expected in the coming months to quarters, reflecting a growing and diversified pending orderbook supporting future growth.