Jubilant Ingrevia Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Jubilant Ingrevia Ltd trades at ₹736, losing momentum at the top and 10 weeks into that stage. That is +8.7% against its own 200-day average. It sits at 96% of a 52-week range of ₹558 to ₹743. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is losing momentum at the top — week 10 of stage 3. At ₹736 it trades +8.7% versus its 200-day average and sits at 96% of its 52-week range (₹558–₹743).

Against the market, two honest reads. Cumulative: over the last 5.4 years the stock moved +174% while the NIFTY 500 moved +92% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Jubilant Ingrevia Ltd trades at 36.8× P/E, mid-range by its own standards (49th percentile). Its long-run median P/E is 37.4×, measured across 5.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 36.8× is mid-range by its own standards (49th percentile), against a long-run median of 37.4× measured over 5.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +10.7% against a −2.5% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +4.4%/yr price move, ~+38.0%/yr came from earnings growth and ~−33.6 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Jubilant Ingrevia Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +59.2% at its peak to +11.2% but is still expanding, ROCE holding at 12.3%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

52.7/100 — rank 9 of 24 in Pesticides/Agrochemicals · 93% evidence confidence

Jubilant Ingrevia Ltd scores 52.7 out of 100 against the 24 companies it is compared with in Pesticides/Agrochemicals, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.2 + 10.2 + 6.4 + 17.9 = 52.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Jubilant Ingrevia Ltd reported ₹1,300 Cr of revenue in the Jun 26 quarter, +25.2% year on year. That is the 2nd straight quarter of year-on-year growth. The last full year, FY26, came in at ₹4,388 Cr. The last four reported quarters add to ₹4,651 Cr.

FY26 revenue came in at ₹4,388 Cr (+5.0% on the year). The latest quarter (Jun 26) printed ₹1,300 Cr, +25.2% year on year — the 2nd consecutive quarter of year-over-year growth.

Acceleration check: trailing-twelve-month revenue grew +11.0% over the last 4 quarters against +6.7%/yr over the last 8 — accelerating; TTM profit +11.2% vs +33.0%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Jubilant Ingrevia Ltd's operating margin is 15.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 10.0% to 17.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.0%, +1.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 10.0%–17.0%.

Why the margin moved: operating margin went +1.6 pp year on year while gross margin went +0.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Jubilant Ingrevia Ltd earned ₹106 Cr of net profit in the Jun 26 quarter, +41.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹278 Cr. That is 8.2% of the quarter's revenue. The same quarter a year earlier earned ₹75.0 Cr.

Jun 26 profit was ₹106 Cr, +41.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹278 Cr (+10.8%).

Why profit moved: revenue contributed +25.2% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +10.6% vs revenue +11.0%. Profit and revenue are moving roughly in step.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 205% of Jubilant Ingrevia Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹524 Cr of operating cash against ₹278 Cr of profit. After ₹406 Cr of capital spending, ₹118 Cr was left as free cash.

FY26: operating cash of ₹524 Cr against reported profit of ₹278 Cr, leaving free cash of ₹118 Cr after ₹406 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 205% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 205%: the cash cycle tightened 112 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 3.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Jubilant Ingrevia Ltd's cash conversion cycle runs 55 days in FY26, down from 167 days in FY21. Capital spending ran ₹1,435 Cr over the last 3 years. At FY26 sales of ₹4,388 Cr each day of that cycle holds about ₹12.0 Cr, so roughly ₹661 Cr sits inside the business at any moment.

FY26: debtors at 65 days, inventory at 140 days — roughly 4.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 55 days, tighter than FY21's 167.

The full loop: cash goes out to suppliers and production on day 0; stock waits 140 days to sell; customers pay about 65 days after that; and suppliers themselves are paid at 150 days — netting out to the 55-day cycle.

In money terms: at FY26 sales of ₹4,388 Cr, each day of the cycle holds about ₹12.0 Cr — so the 55-day loop keeps roughly ₹661 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,435 Cr over the last 3 fiscal years against ₹469 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹154 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Jubilant Ingrevia Ltd earns a ROCE of 11% in FY26. That is up from a trough of 8% in FY21. Return on invested capital clears the cost of that capital by −3.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.3% net margin on 0.80× asset turns.

FY26 ROCE is 11%, recovered from a FY21 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 6.3% net margin × 0.80× asset turns × 1.75× balance-sheet leverage ≈ 8.8% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.8% − 12.0% = a −3.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Jubilant Ingrevia Ltd carries total debt of ₹792 Cr against shareholder equity of ₹3,126 Cr as of Jun 26, a debt-to-equity of 0.25 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.25 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹792 Cr against shareholder equity of ₹3,126 Cr — a debt-to-equity of 0.25. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.25 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 10.9 points of Jubilant Ingrevia Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 25.0% of the company. Promoters moved −6.3 points over the same window, to 45.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +10.9 points over 8 quarters to 25.0%; Promoters: −6.3 points over 8 quarters to 45.2%; Foreign institutions: −0.1 points over 8 quarters to 6.5%.

Why the register moved: domestic institutions drove it (+10.9 points), absorbed on the other side by promoters (−6.3 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Jubilant Ingrevia Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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