Jubilant Ingrevia Q2 FY27: Consolidated PAT +60% YoY to ₹111 Cr as margins expand

Jubilant Ingrevia's consolidated Q2 FY27 (quarter ended September 30, 2026) print showed revenue of ₹1,394.23 Cr, up 24.4% YoY from ₹1,120.73 Cr and up 7.2% QoQ from ₹1,300.27 Cr, while consolidated PAT rose 60.4% YoY to ₹111.43 Cr from ₹69.47 Cr (+5.3% QoQ from ₹105.82 Cr), with EPS at ₹7.07 against ₹4.40 a year ago. Standalone PAT was ₹70.40 Cr on revenue of ₹1,225.95 Cr — materially lower than consolidated, as expected given subsidiary contributions, and consolidated is the basis used throughout. There were no exceptional items in either the current or year-ago quarter, so the growth above is clean and needs no adjustment. The YoY profit beat was driven almost entirely by a turnaround in the Chemical Intermediates segment, where segment result jumped to ₹51.56 Cr from just ₹7.95 Cr a year ago (+548%) on 23.7% revenue growth to ₹565.19 Cr — margin recovery here, not the larger Speciality Chemicals business (result +9.8% YoY on 27.2% revenue growth), is the real story. Nutrition & Health Solutions also contributed, with revenue up 49.9% YoY to ₹270.70 Cr and segment result up 88.6% to ₹31.34 Cr. Consolidated net margin expanded to 7.94% from 6.14% a year ago, and operating margin (PBT excluding other income, plus finance costs and depreciation, over operating revenue) improved to roughly 15.2% from 12.1% YoY — though it eased marginally from 15.3% in Q1 FY27, a sequential plateau rather than a slip. Against our pre-result preview, which flagged revenue of ₹1,350–1,400 Cr, EBITDA margin of 15.5–16%, and PAT growth of 30–40% YoY as the on-plan range, the quarter beat on profit (+60.4% YoY, well above the top of the range) and landed inside the revenue range, but margin came in just under the floor at ~15.2%. Management's FY27 EBITDA guidance of ₹750–800 Cr, maintained as of the Q1 call, looks on track: H1 FY27 EBITDA (PBT + finance costs + depreciation) totals roughly ₹430.7 Cr, already more than half the full-year band with two quarters left, consistent with the sequential growth management projected for Q2–Q4. The quarter's other developments were largely non-P&L: the company incorporated Jubilant Advanced Electronics as a wholly owned subsidiary on October 12 to house a proposed 40% strategic stake in Zettaone Technologies India (~₹189.2 Cr consideration), the electronics diversification play the Street has been debating since Q1; a senior VP of Supply Chain resigned October 1, with no visible operational impact in this print; and the company withheld its FY26 final dividend for shareholders non-compliant with KYC norms. No standalone management press release was filed alongside the board outcome letter, so the numbers here are read directly from the financial statements rather than management's own framing. Heading into Q3, the key markers are whether the Chemical Intermediates margin recovery holds (it is now the swing factor for group profitability), whether niacinamide capacity utilization reaches management's guided 70% by year-end, and progress on the MPP plant commissioning, guided for completion by end-2026.