Jubilant Ingrevia shares at Rs 700 or Rs 1,300? Analysts mixed on Jhunjhunwala stock
Jubilant Ingrevia: Jhunjhunwala held 2.97 per cent stake worth roughly Rs 330 crore in the company. Equirus Securities said Jubilant Ingrevia is poised to deliver a robust 32% Ebitda CAGR over FY25–28.
- Oct 28, 2025,
- Updated Oct 28, 2025 4:53 PM IST
Jubilant Ingrevia, which has Rekha Jhunjhunwala as shareholder, received mixed views from stock analysts following its an inline September quarter results. Analysts said Jubilant Ingrevia Q2 growth and profitability was led by specialty chemicals, as year-on-year Ebitda improved 570 basis points YoY to 25.8 per cent. Profitability of nutrition and chemical intermediates portfolio was strained largely due to pricing, they said.
Swarnendu Bhushan, Co- Head of Research at PL Capital suggested a 'Hold' on the stock with a target of Rs 695. Bhushan expects the Specialty segment to remain the key growth driver. However, pricing headwinds in the Nutrition and Chemical Intermediates segments continue to pose challenges, the anlayst said.
Jhunjhunwala held 2.97 per cent stake worth roughly Rs 330 crore in the company, whose shares are down 16 per cent year-to-date
For the quarter, Jubilant Ingrevia reported a consolidated revenue of Rs 1,120 crore, broadly in line with its estimates. The Specialty Chemicals segment registered 12 per cent YoY growth, driven by increased sales of CDMO, Pyridine and diketene derivatives.
The pharma side witnessed improved demand and stable pricing, while the Agrochemical portfolio volume improved but witnessed price volatility in Pyridine and Picoline leading to 140 basis points sequential decline in Ebitda margin.
"Deliveries under the $300 million agrochemical CDMO contract are expected to commence by early CY26. The Nutrition segment saw a 1 per cent YoY revenue decline, along with a 160 bps YoY and 240 bps QoQ drop in margins, primarily due to lower prices across the nutrition portfolio. Meanwhile, the Chemical Intermediates segment experienced a 20 per cent sequential recovery in revenue, led by strong volume growth, although pricing continued to remain under pressure," PL Capital said.
Equirus Securities is bullish. It said Jubilant Ingrevia is poised to deliver a robust 32 per cent Ebitda CAGR over FY25–28, led by a sharp scale-up in CDMO revenues from Rs 200-250 crore in FY25 to Rs 1,500 crore by FY28E, supported by confirmed orders, and an improved mix in the Nutrition segment driven by a rising share of high-value products.
"Valuations remain compelling, with the stock trading at 12.7 times FY27E Ebitda — a significant discount to specialty peers (25 times) and even commodity peers (16 times). By FY27E, we expect 90 per cent of Ebitda to come from high-value businesses, with only 10 per cent from commodities, where margins are currently at cyclical lows but may recover as demand improves. Maintain LONG," it said.
Nuvama said Jubilant’s inroad in CDMO begins from Q2FY26, and expectations of commissioning a large CDMO order in early 2026 should keep the earnings momentum intact.
New molecule additions open up Rs 1,200 crore peak sales opportunity, the brokerage said it it maintained ‘Buy’ with a revised target of Rs 971 per share against Rs 910.
Jubilant Ingrevia, which has Rekha Jhunjhunwala as shareholder, received mixed views from stock analysts following its an inline September quarter results. Analysts said Jubilant Ingrevia Q2 growth and profitability was led by specialty chemicals, as year-on-year Ebitda improved 570 basis points YoY to 25.8 per cent. Profitability of nutrition and chemical intermediates portfolio was strained largely due to pricing, they said.
Swarnendu Bhushan, Co- Head of Research at PL Capital suggested a 'Hold' on the stock with a target of Rs 695. Bhushan expects the Specialty segment to remain the key growth driver. However, pricing headwinds in the Nutrition and Chemical Intermediates segments continue to pose challenges, the anlayst said.
Jhunjhunwala held 2.97 per cent stake worth roughly Rs 330 crore in the company, whose shares are down 16 per cent year-to-date
For the quarter, Jubilant Ingrevia reported a consolidated revenue of Rs 1,120 crore, broadly in line with its estimates. The Specialty Chemicals segment registered 12 per cent YoY growth, driven by increased sales of CDMO, Pyridine and diketene derivatives.
The pharma side witnessed improved demand and stable pricing, while the Agrochemical portfolio volume improved but witnessed price volatility in Pyridine and Picoline leading to 140 basis points sequential decline in Ebitda margin.
"Deliveries under the $300 million agrochemical CDMO contract are expected to commence by early CY26. The Nutrition segment saw a 1 per cent YoY revenue decline, along with a 160 bps YoY and 240 bps QoQ drop in margins, primarily due to lower prices across the nutrition portfolio. Meanwhile, the Chemical Intermediates segment experienced a 20 per cent sequential recovery in revenue, led by strong volume growth, although pricing continued to remain under pressure," PL Capital said.
Equirus Securities is bullish. It said Jubilant Ingrevia is poised to deliver a robust 32 per cent Ebitda CAGR over FY25–28, led by a sharp scale-up in CDMO revenues from Rs 200-250 crore in FY25 to Rs 1,500 crore by FY28E, supported by confirmed orders, and an improved mix in the Nutrition segment driven by a rising share of high-value products.
"Valuations remain compelling, with the stock trading at 12.7 times FY27E Ebitda — a significant discount to specialty peers (25 times) and even commodity peers (16 times). By FY27E, we expect 90 per cent of Ebitda to come from high-value businesses, with only 10 per cent from commodities, where margins are currently at cyclical lows but may recover as demand improves. Maintain LONG," it said.
Nuvama said Jubilant’s inroad in CDMO begins from Q2FY26, and expectations of commissioning a large CDMO order in early 2026 should keep the earnings momentum intact.
New molecule additions open up Rs 1,200 crore peak sales opportunity, the brokerage said it it maintained ‘Buy’ with a revised target of Rs 971 per share against Rs 910.