Jubilant Pharmova Ltd

- There is no explicit mention of any new fundraising through debt or equity in the provided transcript. - The company indicated that the capital expenditure (CAPEX) incurred during the quarter (~Rs. 54 crore) was primarily funded through internal accruals. - The net debt as of 30th June was Rs. 700 crore, with a stable net debt to EBITDA ratio of 1.18x. - For FY’26, the planned CAPEX is Rs. 600 crore, but no mention of raising external funds was made. - Overall, the company appears to be funding growth and CAPEX through internal resources rather than through fresh debt or equity as per the current disclosures.

- Completed Rs. 2000 crore investment largely into specialty chemicals, including multipurpose and dedicated plants for CDMO and Fine Chemicals. - Major dedicated plant construction in Bharuch expected to complete by end of FY'26. - Commissioning of a new boiler at Bharuch scheduled for Q2 FY'26. - Debottlenecking initiatives to increase capacity by 15%-20% at existing multipurpose plants in Bharuch and Gajraula. - Detailed engineering started for a new multipurpose plant (MPP8) at Gajraula, with construction expected to begin in the next few months. - Conversion of recently commissioned niacinamide plant into a multipurpose plant for human nutrition segment underway. - Overall CAPEX planned at Rs. 600 crore for FY’26, primarily funded through internal accruals. - Ongoing strategic investments to support growth in CDMO, Agro, Semiconductor segments, and specialty chemicals, including R&D enhancements.

- Specialty Chemicals and Nutrition segments expected to sustain growth; Specialty to contribute 65%-70% of overall EBITDA going forward. - Overall business is projected to grow at 20%-25% year-on-year driven by specialty and export growth. - CDMO business pipeline is strong, with 70+ active opportunities; pharma funnel has doubled in one year. - Agro CDMO contracts progressing; more contracts expected in coming months. - Semiconductor segment has 12+ opportunities, with near commercial stage molecules. - New multipurpose plants and capacity debottlenecking underway to support growth. - Niacinamide plant commissioning to accelerate growth in human nutrition. - Big agro CDMO order supplies to start early 2026. - Recovery expected in Acetyl segment with improving volumes and margins. - US and Rest of World revenues growing strongly (US +11% YoY, ROW +45% YoY). - CAPEX of ~Rs.600 crore planned in FY’26 focusing on capacity expansions.

- Specialty Chemicals and Nutrition segments expected to sustain strong growth, contributing ~63% revenue and 90% EBITDA. - Specialty segment EBITDA expected to remain at 65%-70% of overall company EBITDA in steady state. - Anticipated recovery and volume growth in Acetyls segment, with margins expected to improve. - Double-digit volume growth anticipated in specialty portfolio and export markets including the US, Europe, and Japan. - Lean 2.0 cost optimization program targeting Rs. 100+ crore annualized savings in FY’26. - CDMO business pipeline expanding significantly, with large upcoming contracts expected to drive growth starting early 2026. - Niacinamide and human nutrition segments poised for accelerated growth due to new plant ramp-up. - Overall company EBITDA rose 29% YoY in Q1 FY’26; profit after tax increased 54% YoY. - Capex of Rs. 600 crore planned in FY’26 to support these growth initiatives. - Expect to reach near 70%-80% capacity utilization of Rs. 2,000 crore CAPEX by FY’27, supporting revenue ~Rs. 6,500 crore.

- The CDMO business pipeline has doubled in the last year, with about 70 molecules in the funnel, representing addressable markets running into thousands of crores. - Orders include a big $300 million agro CDMO contract, with plant construction ongoing and supplies expected to start early 2026. - Two agro CDMO contracts were awarded last year; five to six more are in advanced stages or discussions. - Multiple opportunities exist in pharma, agro, and semiconductor segments, with 12+ pipeline opportunities in semiconductor alone. - The company is actively engaging with 30+ key accounts across geographies (EU, US, Japan) to convert opportunities into orders. - Debottlenecking and capacity expansions are in progress to meet the expected demand from these orders. - Management is confident about converting 70%-80% of pipeline opportunities over time but notes that external factors can influence timelines.