Jubilant Ingrevia Ltd

- In Q3 FY '26, Jubilant Ingrevia incurred year-to-date capex of INR366 crore, mainly funded through internal accruals, for projects including the upcoming CDMO agro plant and a new multipurpose facility. - The company plans to invest approximately INR500 crore in capex in 2027, which will also be supported by internal accruals. - There is no mention of any new fundraising through debt or equity in the current quarter or near future. - The net debt-to-EBITDA ratio improved to 0.94x, indicating controlled leverage and no immediate need for external debt. - Overall, Jubilant Ingrevia is funding its growth and capex plans internally without announcing any new debt or equity fundraising.

- Year-to-date capex of INR366 crore primarily spent on the upcoming CDMO agro plant at Bharuch and new multipurpose facility at Gajraula. - Planned capex of approximately INR500 crore in FY 2027, funded mainly through internal accruals. - Commissioned a new boiler at Bharuch site in Q3 FY '26 to enhance operational efficiency. - Agro innovator project commissioning on track, expected to start dispatching volumes from March 2026. - Construction commenced on a new multipurpose plant at Gajraula to add flexibility and capacity to CDMO and fine chemicals portfolio. - Strategic investments in R&D and technology teams focusing on human nutrition and semiconductors to support long-term growth. - Ongoing INR120 crore annual lean savings program to drive cost efficiency and operational excellence.

- Specialty Chemicals volume growth has been double-digit over the past years, expected to continue. - Pricing has bottomed out recently, with signs of marginal price increases in some segments. - FY '27 is considered a pivotal year to fill new capacity, including the new CDMO agro plant, with significant volume growth expected. - 16 molecules confirmed with peak potential of INR1,400 crore; 80+ molecules in pipeline, implying future revenue growth over 3-4 years. - Nutritional & Health Solutions showed volume growth; cosmetic grade and food grade products maintain steady growth. - CDMO agro project shipment to start March 2026, with scaling expected in FY '27 and beyond. - Revenue from CDMO agro plant expected to be meaningful in FY '26, with full scaling by FY '27. - Overall, the company targets at least 20% CAGR in EBITDA over multiple years, implying steady sales and volume growth.

- Specialty Chemicals segment aims for at least 20% CAGR EBITDA growth over a multi-year horizon, maintaining stable EBITDA margins around 25-26%. - Cost-saving initiatives and improving business mix (fine chemicals and CDMO) are expected to support margin expansion beyond the current 25%. - Nutrition and Health segment margins are expected to improve as the product mix shifts from animal feed to cosmetics and food grade, with visible benefits starting from Q4 FY '26 and scaling further in FY '27. - The large CDMO agrochemical intermediate project is on track to start shipments from March 2026, expected to scale up meaningfully in FY '27. - Overall company EBITDA grew 8% on a 9-month basis; FY '26 Q4 and FY '27 expected to sustain growth momentum. - PAT impacted by some exceptional items but showed 8% increase year-to-date (excluding these); interim dividend of 250% declared. - Capex investment of ~INR500 crore planned for 2027 to support growth, funded through internal accruals.

- Jubilant Ingrevia has an expanded opportunity funnel of over 100 active CDMO opportunities with a peak annual revenue potential of approximately INR 3,500 crore. - In the past year, more than 16 molecules have been confirmed with an estimated peak potential of INR 1,400 crore. - Advanced discussions are ongoing for over 7 additional opportunities valued at around INR 900 crore. - The CDMO contracts have visibility for the first few months and shipments for a large agrochemical order are expected to start by mid-March FY '26. - Customer order booking had slowed due to FTA uncertainties but is expected to accelerate following recent trade agreements with the US and EU. - Capacity utilization for new plants including the Bharuch CDMO plant is currently around 50%, with significant growth expected to be capitalized in FY '27.