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Jubilant Ingrevia analysts hold mixed views — some recommend ‘Hold’, while others see over 80% upside.
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Jhunjhunwala stock may deliver strong growth as Specialty Chemicals and CDMO drive long-term earnings.
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Ebitda CAGR of 32% expected over FY25–28, led by expansion in high-value businesses and improving margins.
🧪 Jubilant Ingrevia: Analysts Divided After Mixed Q2 Results
Jubilant Ingrevia, part of the Jhunjhunwala stock portfolio, has received mixed reactions from analysts following its September quarter results. The company reported revenue of ₹1,120 crore, broadly matching market expectations, but with varying trends across business segments. Its Specialty Chemicals division showed strong growth, while other units like Nutrition and Chemical Intermediates continued to face pricing pressure.
The company’s Ebitda margin improved by 570 basis points year-on-year to 25.8%, mainly driven by higher sales of Pyridine, diketene derivatives, and CDMO products. However, the management faces challenges in maintaining momentum as global chemical prices remain volatile.
💰 Jhunjhunwala Stock: Big Name, Mixed Opinions
Jhunjhunwala stock Jubilant Ingrevia has long been on investor radars, largely because Rekha Jhunjhunwala holds a 2.97% stake valued at around ₹330 crore. Despite that, the stock has fallen nearly 16% year-to-date, reflecting investor caution amid uncertain pricing trends.
Analysts have differing views. PL Capital’s Swarnendu Bhushan has suggested a Hold rating with a target price of ₹695, citing that while Specialty Chemicals remain a key growth driver, the Nutrition and Chemical Intermediates divisions are still under pricing pressure. He added that these segments might take a few more quarters to stabilize before showing meaningful profitability improvement.
⚗️ Jubilant Ingrevia: Specialty Chemicals Leading Growth
Jubilant Ingrevia has found stability in its Specialty Chemicals business, which grew 12% year-on-year in the September quarter. The division benefited from strong demand in Contract Development and Manufacturing Organization (CDMO) services, as well as Pyridine and diketene derivatives.
On the pharma side, demand remained steady with stable pricing, while the Agrochemical portfolio saw better volumes but price fluctuations in key products like Pyridine and Picoline. This led to a 140 basis point decline in Ebitda margin sequentially. Still, analysts see the Specialty Chemicals segment as the backbone of the company’s future earnings, particularly as global demand for customized chemical solutions continues to rise.
🧭 Jhunjhunwala Stock: Long-Term Potential Still Intact
While short-term challenges persist, the Jhunjhunwala stock continues to attract positive long-term outlooks from several brokerages. Equirus Securities remains bullish, projecting that Jubilant Ingrevia will deliver a 32% Ebitda CAGR between FY25–28, driven by rapid expansion in its CDMO operations.
Equirus expects CDMO revenues to rise from ₹200–250 crore in FY25 to ₹1,500 crore by FY28, supported by confirmed export orders and stronger demand from international clients. The brokerage added that 90% of the company’s Ebitda will come from high-value businesses like CDMO and Specialty Chemicals by FY27, compared to only 10% from commodities.
📈 Jubilant Ingrevia: Attractive Valuation and Future Triggers
According to Equirus Securities, Jubilant Ingrevia remains attractively priced. The stock currently trades at 12.7 times FY27E Ebitda, significantly below both its Specialty Chemical peers (around 25 times) and commodity chemical peers (around 16 times). This discount, combined with strong future earnings potential, makes the stock a compelling investment opportunity for patient investors.
Equirus also highlighted that the Nutrition segment is gradually improving its product mix, focusing on higher-margin molecules that can support profitability once market conditions stabilize. As global demand improves and raw material costs normalize, margins are expected to expand further.
🚀 Jhunjhunwala Stock: Brokerages See Varied Targets
Different brokerage houses have issued a range of price targets for Jhunjhunwala stock Jubilant Ingrevia. PL Capital maintained a cautious approach with a ₹695 target, citing ongoing pricing headwinds. In contrast, Nuvama Institutional Equities expressed optimism, maintaining a Buy call with a revised target of ₹971 per share, up from ₹910 earlier.
Nuvama said that Jubilant’s CDMO business is expected to start contributing meaningfully from Q2FY26, with a large $300 million order likely to begin deliveries by early 2026. It also noted that the company’s entry into new molecule development could generate an additional ₹1,200 crore in peak sales opportunity, supporting a steady earnings trajectory over the next few years.
⚙️ Jubilant Ingrevia: Chemical Intermediates and Nutrition Challenges
Despite overall stability, Jubilant Ingrevia continues to face challenges in its Nutrition and Chemical Intermediates segments. The Nutrition division reported a 1% year-on-year revenue decline, with margins slipping by 160 basis points YoY and 240 bps QoQ, mainly due to weak pricing across product categories.
On the other hand, the Chemical Intermediates segment showed a 20% sequential revenue recovery, driven by higher sales volumes. However, pricing pressure remains, and analysts believe that this segment will take a few more quarters to normalize as global supply chains and raw material markets adjust.
🔮 Jhunjhunwala Stock: What Lies Ahead
Looking ahead, analysts believe the Jhunjhunwala stock has significant re-rating potential if the company successfully scales up its high-margin businesses. The key catalysts include the execution of its large CDMO order by early 2026, recovery in global chemical prices, and expansion in the Specialty and Nutrition portfolios.
Overall, the Street remains divided — with price targets ranging from ₹695 to ₹1,300 depending on growth assumptions and valuation metrics. Yet, the consensus view is that Jubilant Ingrevia is transitioning into a more value-added chemical and CDMO-focused company, which could support higher profitability in the medium to long term.
✅ Conclusion
Analysts may differ on price targets, but most agree that Jubilant Ingrevia is at an important turning point. As a prominent Jhunjhunwala stock, it carries investor interest and potential for substantial growth. With a robust Specialty Chemicals business, expanding CDMO contracts, and improving mix of high-value products, the company could deliver 25–80% upside over the next few years — provided it manages margin recovery and execution discipline.
