JUBLCPL - Jubilant Agri
📢 Recent Corporate Announcements
Jubilant Agri and Consumer Products Limited (JUBLCPL) reported a 13.4% YoY growth in consolidated revenue for Q3 FY26, reaching ₹450.99 crore. While Q3 net profit remained relatively flat at ₹21.52 crore due to higher material costs and an exceptional item of ₹3.83 crore, the nine-month (9M) performance was robust with net profit rising 50.4% to ₹107.93 crore. A key positive is the P&K Fertilizers segment, which turned around from a loss of ₹5.73 crore in Q3 FY25 to a profit of ₹8.50 crore in Q3 FY26.
- Consolidated revenue for Q3 FY26 increased to ₹45,099 Lakhs from ₹39,752 Lakhs in the previous year.
- 9M FY26 Net Profit grew significantly by 50.4% YoY to ₹10,793 Lakhs.
- P&K Fertilizers segment reported a turnaround profit of ₹850 Lakhs vs a loss of ₹573 Lakhs in Q3 FY25.
- Performance Polymers & Chemicals remains the largest segment with Q3 revenue of ₹29,459 Lakhs.
- Finance costs for the 9M period reduced sharply to ₹502 Lakhs from ₹1,127 Lakhs YoY.
Jubilant Agri and Consumer Products Limited (JUBLCPL) has received a GST demand order totaling ₹38.91 lakh from the Assistant Commissioner of State Tax-Maharashtra. The demand pertains to the erstwhile Jubilant Industries Limited (merged with JUBLCPL in 2024) regarding differential GST rates on bottling charges for FY 2019-20. The authority claims a tax rate of 18% should have been applied instead of the 5% charged by the company. The company intends to contest the order before the GST Appellate Authority and expects no significant financial impact.
- Total demand of ₹38,91,190 includes ₹12.76 lakh tax, ₹13.40 lakh interest, and ₹12.76 lakh penalty.
- The dispute involves a differential GST rate (5% vs 18%) on bottling services provided to Allied Blenders and Distillers Limited.
- The order relates to the financial year 2019-20 for the erstwhile Jubilant Industries Limited (JIL).
- JUBLCPL will file an appeal before the Commissioner Appeals, asserting they have a strong case on merits.
- Management expects no material financial or operational impact on the listed entity.
Jubilant Agri and Consumer Products Limited (JUBLCPL) reported a steady Q3 FY26 with consolidated revenue growing 13% YoY to 4,510 million. While Q3 PAT growth was muted at 1% due to exceptional items and margin pressure in polymers, the 9M FY26 performance remains strong with PAT rising 50% to 1,079 million. The company is pursuing a 50 crore capacity expansion in Performance Polymers and has approved a strategic demerger of its Agri Division to unlock shareholder value.
- 9M FY26 Consolidated PAT grew 50% YoY to 1,079 million, while 9M EBITDA rose 41% to 1,665 million.
- Agri Products segment revenue surged 34% YoY in Q3 FY26 to 1,654 million, supported by favorable monsoons.
- Performance Polymers & Chemicals Q3 EBIT declined 23% YoY to 320 million due to global demand softness and higher input costs.
- Approved 50 crore Capex to add 30,000 MTPA capacity at Samlya site, expected to be completed in 12 months.
- Strategic demerger of Agri Division into Jubilant Agri Solutions Limited is underway to focus on core business verticals.
Jubilant Agri and Consumer Products Limited (JUBLCPL) has approved the grant of 1,000 stock options to eligible employees under its 2018 ESOP scheme. Each option is convertible into one equity share of face value ₹10 at an exercise price of ₹10 per share. The options are scheduled to vest on the third anniversary of the grant date, subject to pre-vesting conditions. This routine administrative action is designed to align employee interests with long-term shareholder value.
- Grant of 1,000 stock options to eligible employees under the JACPL ESOP Scheme 2018
- Exercise price is fixed at ₹10 per stock option, equal to the face value
- Options will vest on the 3rd anniversary of the grant date (February 09, 2029)
- The exercise period extends up to 8 years from the date of grant
Jubilant Agri and Consumer Products Limited (JUBLCPL) has announced that India Ratings and Research (Ind-Ra) upgraded its credit rating for bank loan facilities worth INR 6,132.85 million. The long-term rating was improved from IND A/Positive to IND A+/Stable before being voluntarily withdrawn at the company's request. The company clarified that it continues to maintain active credit ratings with CARE Ratings Limited, as previously disclosed in October 2025. This administrative move suggests a consolidation of rating agencies rather than any change in financial health.
- Ind-Ra upgraded ratings to IND A+/Stable/IND A1+ from IND A/Positive/IND A1 before withdrawal.
- The rating action pertains to bank loan facilities totaling INR 6,132.85 million.
- The withdrawal was voluntary and requested by the company for administrative reasons.
- Active credit ratings from CARE Ratings Limited remain in force for the company's facilities.
Jubilant Agri and Consumer Products Limited has approved the allotment of 3,199 equity shares following the exercise of options under its 2013 ESOP scheme. The allotment was executed at exercise prices of Rs. 320 and Rs. 529.25 per share, realizing a total of approximately Rs. 11.98 lakhs. This issuance results in a marginal increase in the company's paid-up share capital to 1,51,52,493 shares. The new shares will rank pari-passu with existing equity, though a small portion is subject to lock-in periods until 2027.
- Allotment of 3,199 equity shares of face value Rs. 10 each under the JACPL ESOP 2013 scheme.
- Exercise prices were bifurcated into 2,367 shares at Rs. 320 and 832 shares at Rs. 529.25.
- Total money realized by the company from this exercise is Rs. 11,97,776 excluding taxes.
- Paid-up share capital increased from Rs. 15,14,92,940 to Rs. 15,15,24,930 post-allotment.
- Specific lock-in periods apply to 1,539 shares, with some restricted until February 2027.
Jubilant Agri and Consumer Products Limited has submitted its quarterly compliance certificate for the period ended December 31, 2025, as per SEBI (Depositories and Participants) Regulations. The company's Registrar, Alankit Assignments Limited, confirmed that no requests for dematerialization or rematerialization of shares were processed during the quarter. This confirms that the company's shares are already maintained in electronic form, ensuring efficient shareholding management. This is a standard regulatory disclosure required by all listed entities in India to maintain transparency in share records.
- Quarterly compliance certificate filed for the period ending December 31, 2025.
- Registrar Alankit Assignments Limited confirmed zero demat or remat requests received during the quarter.
- Company confirms that the entire shareholding is currently held in dematerialized form.
- The filing ensures adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Jubilant Agri and Consumer Products Limited (JUBLCPL) has issued formal notices to shareholders regarding shares held in the Investor Education and Protection Fund (IEPF) and Demat Suspense Accounts. This follows the amalgamation of Jubilant Industries Limited (JIL) into JUBLCPL, effective October 2024. Approximately 61,268 shares related to unpaid dividends from FY 2010-11 are with the IEPF, while over 65,000 shares are in the company's suspense account due to physical holdings or corporate action rejections. Shareholders must follow specific regulatory procedures to claim these assets.
- 61,268 equity shares transferred to IEPF Authority pertaining to unpaid dividends from FY 2010-11.
- 61,473 shares previously held in physical mode and 196 rejected shares moved to Demat Suspense Escrow Account.
- 3,858 shares from the erstwhile JIL unclaimed suspense account transferred to JUBLCPL suspense account.
- Shareholders can claim IEPF shares by filing E-form IEPF-5 with the IEPF Authority.
- The action follows the NCLT-approved Composite Scheme of Arrangement effective from October 03, 2024.
Jubilant Agri and Consumer Products Limited (JUBLCPL) has announced the closure of its trading window for designated persons starting January 1, 2026. This closure is in compliance with SEBI Insider Trading regulations ahead of the announcement of financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the un-audited financial results are declared to the stock exchanges. The specific date for the board meeting to approve these results is yet to be announced.
- Trading window closure commences on January 1, 2026, for all designated persons.
- The closure is related to the upcoming un-audited financial results for the quarter ending December 31, 2025.
- Trading restriction will be lifted 48 hours after the official announcement of the quarterly results.
- The board meeting date for financial result approval will be intimated separately in due course.
Jubilant Agri and Consumer Products Limited (JUBLCPL) has received an order from the GST authority in Rajasthan demanding the recovery of ₹1.95 crore in alleged excess GST refunds. The demand, which covers the period from March 2022 to October 2022, also includes a 10% penalty of ₹19.48 lakh and uncomputed interest. The company states that previous rulings on this matter were in its favor and intends to contest the order before the GST Appellate Authority. Management currently expects no material financial or operational impact from this development.
- Tax demand of ₹1,94,75,114 (₹1.95 Cr) confirmed by Assistant Commissioner, GST, Chittorgarh.
- Penalty of ₹19,47,512 (₹19.48 Lakhs) imposed, representing 10% of the tax demand.
- Dispute relates to Inverted Structure Duty refunds for the period March 2022 to October 2022.
- Company will file a detailed appeal, asserting that previous appellate orders were held in their favor.
- Management anticipates no significant impact on operations or financials due to strong grounds for appeal.
Financial Performance
Revenue Growth by Segment
The company's Total Operating Income grew at a CAGR of 26% between FY21 and FY25. In FY22, the Agriculture business (SSP and Sulphuric Acid) contributed 42% of revenue, while the Performance Polymers and Consumer Products division contributed 58%. Revenue in FY22 reached INR 1,166 Cr, representing a massive 87% YoY growth from INR 622 Cr in FY21, driven by volume expansion and higher fertilizer realizations.
Geographic Revenue Split
The Ramban fertilizer brand holds a healthy market share specifically in Uttar Pradesh and Uttarakhand. While a specific percentage split for all regions is not disclosed, the company operates manufacturing facilities in Gajraula (UP) and Savli (Gujarat), indicating a strong domestic focus in Northern and Western India.
Profitability Margins
Operating profitability has historically ranged between 8-9%. Net Profit (PAT) margin stood at 4.6% in FY22 (INR 54 Cr) compared to a negative margin of -1.5% (INR -9 Cr loss) in FY21. The improvement was driven by better absorption of fixed costs following the 87% revenue surge.
EBITDA Margin
The PBILDT margin improved to 9.5% in FY25 from 8.5% in FY21. This 100 bps expansion was aided by raw material cost moderation and a shift toward higher-margin consumer products (CPD) and performance polymers, which together with VP latex accounted for 84% of total EBITDA in FY25.
Capital Expenditure
The Board approved a CAPEX of INR 50 Cr in November 2025 for the Savli, Vadodara site. This investment is intended to expand the Performance Polymers and Chemical segment capacity by 30,000 MT per annum to meet increasing market demand.
Credit Rating & Borrowing
The company holds a 'CARE A+; Stable / CARE A1+' rating as of October 2025. Borrowing costs are linked to market rates; interest coverage was robust at 6.7 times in FY22, up from 3.25 times in FY21, reflecting significantly reduced financial risk.
Operational Drivers
Raw Materials
Key raw materials include Vinyl Acetate Monomer (VAM) for polymers, and Rock Phosphate and Sulphur for the fertilizer segment. Raw material costs represent approximately 60% of total revenue, making profitability highly sensitive to global commodity cycles.
Import Sources
A sizeable portion of raw materials is imported, exposing the company to international price benchmarks and shipping logistics. While specific countries are not listed, the reliance on imports necessitates significant foreign exchange management.
Key Suppliers
Not specifically disclosed in the available documents; however, the company notes it benefits from long-standing relationships and receives longer credit periods from its supplier base.
Capacity Expansion
Current capacity is being augmented by a planned expansion of 30,000 MT per annum at the Savli (Gujarat) facility for Performance Polymers. This expansion leverages existing infrastructure to improve operating efficiency.
Raw Material Costs
Raw material costs account for 60% of revenue. In FY24-25, moderation in raw material prices helped stabilize PBILDT margins at 9.5%. The company has limited ability to pass on sudden spikes in VAM or Rock Phosphate prices in the consumer segment due to intense retail competition.
Manufacturing Efficiency
The company is focusing on leveraging existing infrastructure at Savli to bring overall cost and operating efficiency. Capacity utilization is supported by a 26% CAGR in sales volumes over the last four years.
Logistics & Distribution
The company maintains an extensive dealer network for its Jivanjor and Ramban brands. Distribution costs are a key factor in the consumer segment where brand differentiation and availability are critical for market share.
Strategic Growth
Expected Growth Rate
26%
Growth Strategy
Growth will be achieved through the demerger of the agri-business to allow a specialized focus on the high-margin Performance Polymers and Adhesives segment. The company is investing INR 50 Cr to add 30,000 MTPA capacity in Gujarat and is strengthening its dealer network for consumer brands like Jivanjor and Charmwood to increase retail penetration.
Products & Services
Single Super Phosphate (SSP) fertilizer, Sulphuric Acid, Solid Polyvinyl Acetate (SPVA), VP Latex, Wood Adhesives, and Wood Finishes.
Brand Portfolio
Jivanjor (Adhesives), Charmwood (Wood Finishes), Ultra Italia (Premium Finishes), and Ramban (Fertilizers).
New Products/Services
The company is diversifying the agri-business into bulk fertilizers and agri-nutrients post-demerger to capture a wider share of the farm-input market.
Market Expansion
Expansion is focused on the Western region via the Savli plant expansion and deepening the retail presence of consumer brands across India.
Market Share & Ranking
JACPL holds a leading market position in Solid Polyvinyl Acetate (SPVA) and Vinyl Pyridine (VP) Latex in India.
Strategic Alliances
The company operates as a key subsidiary of the Jubilant Bhartia Group (JBG), receiving strategic and financial support, including INR 42 Cr equity infusion and INR 56 Cr in inter-corporate deposits in previous years.
External Factors
Industry Trends
The industry is shifting toward high-performance polymers and specialized agri-nutrients. The SSP fertilizer market is growing due to government focus on balanced soil nutrition, while the wood adhesives market is seeing a shift toward branded, high-quality products.
Competitive Landscape
Intense competition exists from large incumbents in the consumer adhesive segment (e.g., Pidilite) and from both organized and regional players in the SSP fertilizer market.
Competitive Moat
The moat is built on market leadership in SPVA/VP Latex and strong brand recall for 'Jivanjor'. These are sustainable due to high switching costs in industrial applications and an established distribution network of thousands of dealers that is difficult for new entrants to replicate.
Macro Economic Sensitivity
The Agri-business is highly sensitive to monsoon performance and government subsidy policies. A 10% change in subsidy realizations can significantly impact the working capital cycle of the fertilizer segment.
Consumer Behavior
There is an increasing trend toward premium wood finishes (Ultra Italia) and branded adhesives as consumers move away from unbranded local alternatives.
Geopolitical Risks
Trade barriers or supply disruptions in countries exporting Rock Phosphate or VAM could increase procurement costs and lead to production bottlenecks.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by the Department of Fertilizers' subsidy policies and environmental regulations regarding the handling of Sulphuric Acid and chemical manufacturing standards.
Environmental Compliance
The company operates in the chemical and fertilizer sectors, requiring strict adherence to pollution control norms at its Gajraula and Savli plants. Compliance is managed through internal controls and regular audits.
Taxation Policy Impact
The company is subject to standard Indian corporate tax rates; current tax liabilities stood at INR 306.29 Cr in the FY25 balance sheet.
Legal Contingencies
The company has disclosed pending litigations in Note 40 of its financial statements. While specific values are not detailed in the summary, the management believes they will not have a material adverse impact on the financial position.
Risk Analysis
Key Uncertainties
Volatility in VAM and Rock Phosphate prices (60% cost base) and monsoon dependency for the 42% revenue-contributing agri-segment are the primary uncertainties.
Geographic Concentration Risk
There is a concentration of fertilizer sales in Uttar Pradesh and Uttarakhand, making the agri-revenue highly dependent on the agricultural economy of Northern India.
Third Party Dependencies
Dependency on global suppliers for VAM and Rock Phosphate is high, as these are critical raw materials with limited domestic availability.
Technology Obsolescence Risk
The company is mitigating technology risks by investing INR 50 Cr in new manufacturing facilities and focusing on R&D for performance polymers.
Credit & Counterparty Risk
Receivables quality is considered adequate; however, the fertilizer segment is subject to delays in government subsidy payments, which can stretch the working capital cycle.