Jubilant Ingrevia plans ₹600 crore annual capex, weighs $500-million-plus acquisitions

After investing nearly ₹2,000 crore in capex over the past three years, Jubilant Ingrevia plans to spend another ₹500-600 crore annually to expand production of Vitamin B3, or niacinamide, used in skin creams, fortified foods and dietary supplements; Vitamin B4, or choline chloride, used mainly in poultry and animal feed; personal care actives used in shampoos and skincare products; and vitamin-mineral premixes blended into infant food, health drinks, flour, edible oils and supplements.

The company will also keep open the option of acquisitions exceeding $500 million to build scale in personal care, nutrition, contract development and manufacturing (CDMO), and semiconductor chemicals, Deepak Jain, Chief Executive Officer and Managing Director, told businessline.

“We intend to invest at least ₹500-600 crore every year in new plants to support our organic growth under Pinnacle,” Jain said. He added that Jubilant was targeting 20-25 per cent annual growth in both revenue and EBITDA in FY27, with specialty chemicals and nutrition expected to lead the expansion.

Jubilant will use the investment to expand niacinamide and nutrition operations at Bharuch, commission a multi-purpose plant at Gajraula by this year-end, and develop cleanroom and pilot capabilities for semiconductor chemicals at its Greater Noida R&D centre.

The strong demand is reflected in the financial performance. Revenue increased from ₹4,178 crore in FY25 to ₹4,388 crore in FY26, while EBITDA rose from ₹557 crore to ₹607 crore. In Q1 FY27, revenue jumped 25 per cent year-on-year to a 15-quarter high of ₹1,300 crore, with EBITDA up 36 per cent to ₹209 crore and net profit rising 41 per cent to Rs 106 crore.

Jubilant Ingrevia’s ₹2,000-crore specialty bet starts paying off as CDMO, nutrition drive growth

Nutrition and health solutions grew 36 per cent to ₹243 crore, specialty chemicals rose 11 per cent to ₹533 crore, and chemical intermediates increased 38 per cent to ₹524 crore.

Jubilant supplies specialised chemicals and premixes to FMCG, beauty and nutrition companies, helping reduce import dependence, supply-chain risks and currency exposure. The company says it is the only scaled non-Chinese player in pyridine and picolines, key chemical building blocks used in pharmaceuticals, agrochemicals, nutrition and consumer products.

The ₹16.28 crore acquisition of Remidex Pharma has strengthened Jubilant’s presence in human nutrition premixes, enabling it to manufacture powders, liquids and tablets for food and FMCG companies. Jain said demand for fortified foods, protein products, infant nutrition and health drinks is growing at 20-30 per cent annually, presenting a significant consolidation opportunity.

The company’s 5,000-tonne niacinamide plant at Bharuch is operating at about half its capacity, with utilisation expected to exceed 70 per cent by year-end. Jubilant also commands a 50-55 per cent share of the domestic choline chloride market, while exports to Europe continue to rise.

Jubilant’s CDMO and Fine Chemicals pipeline includes more than 100 molecules with potential annual revenue exceeding Rs 3,500 crore. More than 25 molecules are already under commercial supply, and five new molecules were added in Q1. The company expects 25-30 per cent of incremental CDMO revenue to flow through to EBITDA.

At Greater Noida, Jubilant is developing cleanroom and pilot-scale semiconductor capabilities. Eight to 10 customers are evaluating custom synthesis and purification services, while an electronic-grade pyridine product is nearing pilot production.

With debt maintained at ₹700-800 crore and net debt-to-EBITDA below 1x, Jubilant remains open to acquisitions that fit its strategy. Under its Pinnacle roadmap, the company aims to triple revenue and quadruple EBITDA by FY30. Jubilant currently employs over 2,300 people across six manufacturing facilities in India.